Reliance Steel & Aluminum (RS) 10-Q 2 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 27, 2016
Document and Entity Information
Entity Registrant Name	RELIANCE STEEL & ALUMINUM CO
Entity Central Index Key	861,884
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		72,332,193
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 120.5	$ 104.3
Accounts receivable, less allowance for doubtful accounts of $17.2 at March 31, 2016 and $16.3 at December 31, 2015	1,009	916.6
Inventories	1,525.7	1,436
Prepaid expenses and other current assets	55.4	60.8
Income taxes receivable	29.3	36.5
Total current assets	2,739.9	2,554.2
Property, plant and equipment:
Land	202.7	196.2
Buildings	1,029.9	1,006.3
Machinery and equipment	1,617.1	1,569.8
Accumulated depreciation	(1,177.8)	(1,136.8)
Total property, plant and equipment	1,671.9	1,635.5
Goodwill	1,824.6	1,724.8
Intangible assets, net	1,205	1,125.4
Cash surrender value of life insurance policies, net	42.2	45.8
Other assets	35.9	35.9
Total assets	7,519.5	7,121.6
Current liabilities:
Accounts payable	350.4	247
Accrued expenses	94.7	83
Accrued compensation and retirement costs	91	118.7
Accrued insurance costs	41.5	40.2
Current maturities of long-term debt and short-term borrowings	493.8	500.8
Total current liabilities	1,071.4	989.7
Long-term debt	1,640.3	1,427.9
Long-term retirement costs	107.2	103.8
Other long-term liabilities	30.2	30.4
Deferred income taxes	$ 630	$ 627.1
Commitments and contingencies
Equity:
Common stock and additional paid-in capital, $0.001 par value: Authorized shares — 200,000,000 Issued and outstanding shares – 72,222,793 at March 31, 2016 and 71,739,072 at December 31, 2015	$ 553.4	$ 533.8
Retained earnings	3,542.6	3,480
Accumulated other comprehensive loss	(84)	(99.7)
Total Reliance stockholders' equity	4,012	3,914.1
Noncontrolling interests	28.4	28.6
Total equity	4,040.4	3,942.7
Total liabilities and equity	$ 7,519.5	$ 7,121.6

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 17.2	$ 16.3
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, Authorized shares	5,000,000	5,000,000
Preferred stock, issued shares	0	0
Preferred stock, outstanding shares	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, Authorized shares	200,000,000	200,000,000
Common stock, Issued shares	72,222,793	71,739,072
Common stock, outstanding shares	72,222,793	71,739,072

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CONSOLIDATED STATEMENTS OF INCOME
Net sales	$ 2,162.7	$ 2,614.4
Costs and expenses:
Cost of sales (exclusive of depreciation and amortization shown below)	1,526	1,943.7
Warehouse, delivery, selling, general and administrative	450.8	446.1
Depreciation and amortization	56.1	55.3
Total costs and expenses	2,032.9	2,445.1
Operating income	129.8	169.3
Other income (expense):
Interest	(21.7)	(20.6)
Other income, net	1.1	1.9
Income before income taxes	109.2	150.6
Income tax provision	15.7	47.7
Net income	93.5	102.9
Less: Net income attributable to noncontrolling interests	1.3	1.6
Net income attributable to Reliance	$ 92.2	$ 101.3
Earnings per share attributable to Reliance stockholders:
Diluted earnings per common share (in dollars per share)	$ 1.27	$ 1.30
Basic earnings per common share (in dollars per share)	1.28	1.31
Cash dividends per share (in dollars per share)	$ 0.40	$ 0.40

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 93.5	$ 102.9
Other comprehensive income:
Foreign currency translation gain (loss)	15.7	(24.9)
Unrealized gain on investments, net of tax		0.1
Total other comprehensive income (loss)	15.7	(24.8)
Comprehensive income	109.2	78.1
Less: comprehensive income attributable to noncontrolling interests	1.3	1.6
Comprehensive income attributable to Reliance	$ 107.9	$ 76.5

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating activities:
Net income	$ 93.5	$ 102.9
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	56.1	55.3
Deferred income tax provision (benefit)	2.3	(0.2)
Gain on sales of property, plant and equipment	(0.5)	(0.1)
Stock-based compensation expense	3.3	3.7
Other	1	1
Changes in operating assets and liabilities (excluding effect of businesses acquired):
Accounts receivable	(80.3)	(73.6)
Inventories	(29.3)	(57.6)
Prepaid expenses and other assets	17	23.1
Accounts payable and other liabilities	92.3	116.9
Net cash provided by operating activities	155.4	171.4
Investing activities:
Purchases of property, plant and equipment	(34.4)	(31.3)
Acquisitions, net of cash acquired	(290.9)
Other	(6.2)	4.1
Net cash used in investing activities	(331.5)	(27.2)
Financing activities:
Net short-term debt (repayments) borrowings	(6.2)	1.1
Proceeds from long-term debt borrowings	399	363
Principal payments on long-term debt	(188)	(311)
Dividends and dividend equivalents paid	(29)	(31.7)
Exercise of stock options	16.5	6.1
Share repurchases		(171.2)
Other	(2.6)	(2.3)
Net cash provided by (used in) financing activities	189.7	(146)
Effect of exchange rate changes on cash	2.6	(2.8)
Increase (decrease) in cash and cash equivalents	16.2	(4.6)
Cash and cash equivalents at beginning of year	104.3	106.2
Cash and cash equivalents at end of period	120.5	101.6
Supplemental cash flow information:
Interest paid during the period	5.1	5.3
Income taxes paid during the period, net	$ 5.7	$ 23.2

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2016
Basis of Presentation
Basis of Presentation	1. Basis of Presentation Principles of Consolidation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair presentation with respect to the interim financial statements, have been included. The results of operations for the first quarter of 2016 are not necessarily indicative of the results for the full year ending December 31, 2016. These financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto for the year ended December 31, 2015, included in Reliance Steel & Aluminum Co.’s (“Reliance”, the “Company”, “we”, “our” or “us”) Annual Report on Form 10-K. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. Our consolidated financial statements include the assets, liabilities and operating results of majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. The ownership of the other interest holders of consolidated subsidiaries is reflected as noncontrolling interests. Our investments in unconsolidated subsidiaries are recorded under the equity method of accounting.

Impact of Recently Issued Accou

Impact of Recently Issued Accounting Guidance	3 Months Ended
	Mar. 31, 2016
Impact of Recently Issued Accounting Guidance
Impact of Recently Adopted Accounting Guidance	2. Impact of Recently Issued Accounting Guidance Impact of Recently Issued Accounting Standards—Adopted Improvements to Employee Share-Based Payment Accounting —In March 2016, the Financial Accounting Standards Board (“FASB”) issued accounting changes intended to improve various aspects of the accounting for share-based payment transactions as part of its simplification initiative. We adopted these changes as of January 1, 2016. The adoption of these changes did not have a material impact on our consolidated financial statements. For further discussion of our adoption of these accounting changes, see Note 8 — “Equity”. Impact of Recently Issued Accounting Standards—Not Yet Adopted Leases —In February 2016, the FASB issued accounting changes which will require lessees to recognize most long-term leases on-balance sheet through the recognition of a right-of-use asset and a lease liability. The guidance will be effective for fiscal years beginning after December 15, 2018. Early adoption is permitted. We are evaluating the new standard and have not determined what impact the adoption of these accounting changes will have on our consolidated financial statements. Revenue from Contracts with Customers —In May 2014, the FASB issued accounting changes which replace most of the detailed guidance on revenue recognition that currently exists under U.S. GAAP. Under the new guidance an entity should recognize revenue in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The FASB issued additional clarifying guidance in March 2016 and April 2016. The guidance will be effective for fiscal years beginning after December 15, 2017. Early adoption is not permitted. We are evaluating the new standard, but do not expect this standard to have a material impact on our consolidated financial statements.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2016
Acquisitions
Acquisitions	3. Acquisition 2016 Acquisition On January 1, 2016, we acquired Tubular Steel, Inc. (“Tubular Steel”), a distributor and processor of carbon, alloy and stainless steel pipe, tubing and bar products. Tubular Steel, headquartered in St. Louis, Missouri, has seven locations and a fabrication business that supports its diverse customer base. This acquisition was funded with borrowings on our revolving credit facility. For the first quarter of 2016, Tubular Steel’s net sales were approximately $29.8 million. The preliminary allocation of the total purchase price of Tubular Steel to the fair values of the assets acquired and liabilities assumed was as follows: (in millions) Cash $ Accounts receivable Inventories Property, plant and equipment Goodwill Intangible assets subject to amortization Intangible assets not subject to amortization Other current and long-term assets Total assets acquired Other current and long-term liabilities Net assets acquired $ The acquisition discussed in this note has been accounted for under the acquisition method of accounting and, accordingly, the respective purchase price has been allocated to the assets acquired and liabilities assumed based on their estimated fair values at the date of the acquisition. The accompanying consolidated statement of income includes the revenues and expenses of the acquisition since its acquisition date. The consolidated balance sheet reflects the allocation of the acquisition’s purchase price as of March 31, 2016. The purchase price allocation for the acquisition is preliminary and is pending the completion of certain purchase price adjustments based on tangible and intangible asset valuations and various pre-acquisition period income tax returns. The measurement period for the purchase price allocation does not exceed 12 months from the acquisition date.

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2016
Goodwill.
Goodwill	4. Goodwill The change in the carrying amount of goodwill is as follows: (in millions) Balance at January 1, 2016 $ Acquisition Effect of foreign currency translation Balance at March 31, 2016 $ We had no accumulated impairment losses related to goodwill at March 31, 2016. All of the goodwill recorded from our acquisition of Tubular Steel is tax deductible.

Intangible Assets, net

Intangible Assets, net	3 Months Ended
	Mar. 31, 2016
Intangible Assets, net
Intangible Assets, net	5. Intangible Assets, net Intangible assets, net consisted of the following: March 31, 2016 December 31, 2015 Weighted Average Gross Gross Amortizable Carrying Accumulated Carrying Accumulated Life in Years Amount Amortization Amount Amortization (in millions) Intangible assets subject to amortization: Covenants not to compete 4.4 $ $ $ $ Customer lists/relationships 14.9 Software – internal use 10.0 Other 5.3 Intangible assets not subject to amortization: Trade names — — $ $ $ $ Intangible assets recorded in connection with our acquisition of Tubular Steel were $89.0 million as of March 31, 2016 (see Note 3). A total of $27.3 million was allocated to the acquisition of Tubular Steel’s trade name, which is not subject to amortization. We recognized amortization expense for intangible assets of $13.6 million and $ 14.3 million for the first quarter of 2016 and 2015, respectively. Foreign currency translation gains related to intangible assets, net, were approximately $ 4.2 million during the first quarter of 2016. The following is a summary of estimated aggregate amortization expense for the remaining nine months of 2016 and each of the succeeding five years: (in millions) 2016 $ 2017 2018 2019 2020 2021

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt
Debt	6. Debt Debt consisted of the following: March 31, December 31, 2016 2015 (in millions) Unsecured revolving credit facility due April 4, 2018 $ $ Unsecured term loan due from June 30, 2016 to April 4, 2018 Senior unsecured notes due November 15, 2016 Senior unsecured notes due April 15, 2023 Senior unsecured notes due November 15, 2036 Other notes and revolving credit facilities Total Less: unamortized discount and debt issuance costs Less: amounts due within one year and short-term borrowings Total long-term debt $ $ Unsecured Credit Facility On April 4, 2013, we entered into an unsecured five -year credit agreement with a syndicated bank group (“Credit Agreement”). The Credit Agreement amended and restated our existing $1.5 billion unsecured revolving credit facility and provided for a $500.0 million term loan and an option to increase the revolving credit facility for up to $500.0 million at our request, subject to approval of the lenders and certain other conditions. The term loan due April 4, 2018 amortizes in quarterly installments, with an annual amortization of 10% until March 2018, with the balance to be paid at maturity. Interest on borrowings from the revolving credit facility and term loan during the first quarter of 2016 was 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 of the revolving credit facility. 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 in the Credit Agreement. Weighted average interest rates on borrowings outstanding on the revolving credit facility were 1.73% and 1.81% as of March 31, 2016 and December 31, 2015, respectively . Weighted average interest rates on borrowings outstanding on the term loan were 1.68% and 1.67% as of March 31, 2016 and December 31, 2015, respectively. As of March 31, 2016, we had $556.0 million of outstanding borrowings, $ 56.9 million of letters of credit issued and $ 887.1 million available on the revolving credit facility. Senior Unsecured Notes On November 20, 2006, we entered into an indenture (the “2006 Indenture”), for the issuance of $600.0 million of unsecured debt securities. The total debt issued was comprised of two tranches, (a) $350.0 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) $250.0 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 of these notes were used to partially fund the acquisition of Metals USA Holdings Corp. (“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 certain of our 100% -owned domestic subsidiaries that guarantee our revolving credit facility. 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 both 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 $7 4.3 million are in place for operations in Asia and Europe with combined outstanding balances of $ 53.2 million and $59.9 million as of March 31, 2016 and December 31, 2015, respectively. In connection with our acquisition of Metals USA, we assumed industrial revenue bonds with combined outstanding balances of $11. 0 million as of March 31, 2016 and December 31, 2015, and maturities through 2027. Additionally, we assumed mortgage obligations pursuant to our acquisition of a portfolio of real estate properties that we were leasing, which have outstanding balances of $40. 1 million and $4 0.4 million as of March 31, 2016 and December 31, 2015, respectively. 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. Our obligations under the Credit Agreement and Indentures are required to be guaranteed by certain of our 100% -owned domestic subsidiaries. The subsidiary guarantors, together with Reliance, are required to collectively account for at least 80% of our consolidated EBITDA and 80% of consolidated tangible assets. We were in compliance with all material covenants in our debt agreements at March 31, 2016.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Taxes
Income Taxes	7. Income Taxes Our effective income tax rates for the first quarter of 2016 and 2015 were 14.4% and 31.7% , respectively. During the first quarter of 2016, favorable developments occurred toward the resolution of a tax position that was previously uncertain. The re-measurement of that tax position lowered our effective tax rate by 16.1% in the first quarter of 2016, which is not expected to occur in subsequent periods. Permanent items that lowered our effective income tax rates from the federal statutory rate were not materially different during both years and relate mainly to company-owned life insurance policies, domestic production activities deductions and foreign income levels that are taxed at rates lower than the U.S. statutory rate of 35% .

Equity

Equity	3 Months Ended
	Mar. 31, 2016
Equity
Equity	8. Equity Common Stock As of March 31, 2016, we had authorization to purchase a total of approximately 8.4 million shares under our existing share repurchase plan, or about 12% of outstanding shares. There were no share repurchases in the first quarter of 2016. Repurchased and subsequently retired shares are restored to the status of authorized but unissued shares. Common stock and additional paid-in capital activity included the following: Three Months Ended March 31, 2016 Weighted Average Shares Amount Exercise Price (in millions, except share and per share amounts) Stock-based compensation — $ — Stock options exercised $ Cumulative effect of change in accounting for stock-based compensation — — Total $ Dividends On April 19, 2016, our Board of Directors declared the 2016 second quarter cash dividend of $0.40 per share. The dividend is payable on June 17, 2016 to stockholders of record as of May 27, 2016. During the first quarter of 2016 and 2015, we declared and paid a quarterly dividend of $0.40 per share, or $2 8.9 million and $ 30.7 million in total, respectively. During the first quarter of 2016 and 2015, we paid $0.9 million and $1.0 million in dividend equivalents with respect to vested RSUs, respectively. Stock-Based Compensation Effective January 1, 2016, we adopted accounting changes issued by the FASB for stock-based compensation that allow us to account for forfeitures of restricted stock unit (“RSUs”) as they occur rather than estimating the number of forfeitures. As a result of the adoption, we recorded a cumulative-effect adjustment that reduced beginning retained earnings by $0.6 million, net of tax. We make annual grants of long-term incentive awards to officers and key employees in the forms of service-based and performance-based RSUs that generally have 3 -year vesting periods. The performance-based RSU awards are subject to both service and performance goal criteria. We also grant restricted stock to the non-employee members of the Board of Directors. The fair value of the RSUs and restricted stock awards is determined based on the closing stock price of our common stock on the grant date. A summary of the status of our unvested restricted stock grants and service-based and performance-based RSUs as of March 31, 2016 and changes during the quarter then ended is as follows: Weighted Average Grant Unvested Shares Shares Date Fair Value Unvested at January 1, 2016 $ Granted (1) Vested Canceled Unvested at March 31, 2016 $ Shares reserved for future grants (all plans) (1) 512,895 RSUs, including 190,175 performance-based RSUs. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss included the following: Pension and Accumulated Foreign Currency Postretirement Other Translation Benefit Adjustments, Comprehensive (Loss) Gain Net of Tax (Loss) Income (in millions) Balance as of January 1, 2016 $ $ $ Current-period change — Balance as of March 31, 2016 $ $ $ Foreign currency translation adjustments are not generally adjusted for income taxes as they relate to indefinite investments in foreign subsidiaries. Pension and postretirement benefit adjustments are net of taxes of $ 15.6 million as of March 31, 2016 and December 31, 2015.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies.
Commitments and Contingencies	9. Commitments and Contingencies Environmental Contingencies We are currently involved with an environmental remediation project related to activities at former manufacturing operations of Earle M. Jorgensen Company (“EMJ”), our 100% -owned subsidiary, which 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 they owned the manufacturing operations that have covered costs incurred to date, and are expected to continue to cover the majority of the remaining 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 From time to time, we are named as a defendant in legal actions. Generally, these actions arise out of our normal course of business. 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 a material adverse effect on our results of operations, financial condition or cash flows. We maintain general liability insurance against risks arising out of our ordinary course of business.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share
Earnings Per Share	10. Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended March 31, 2016 2015 (in millions, except share and per share amounts) Numerator: Net income attributable to Reliance $ $ Denominator: Weighted average shares outstanding Dilutive effect of stock-based awards Weighted average diluted shares outstanding Earnings per share attributable to Reliance stockholders: Diluted $ $ Basic $ $ Potentially dilutive securities whose effect would have been antidilutive were not significant for the first quarter of 2016 and 2015.

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2016
Subsequent Event
Subsequent Event	11. Subsequent Event On April 1, 2016, we acquired Best Manufacturing, Inc. (“Best Manufacturing”), a custom sheet metal fabricator of steel and aluminum products on both a direct and toll basis. Best Manufacturing, headquartered in Jonesboro, Arkansas, provides various precision fabrication services including laser cutting, shearing, computer numerated control (“CNC”) punching, CNC forming and rolling, as well as welding, assembly, painting, inventory management and engineering expertise. For the year ended December 31, 2015, Best Manufacturing’s net sales were approximately $20.0 million.

Condensed Consolidating Financi

Condensed Consolidating Financial Statements	3 Months Ended
	Mar. 31, 2016
Condensed Consolidating Financial Statements
Condensed Consolidating Financial Statements	12. 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 certain of our 100% -owned domestic subsidiaries that also guarantee borrowings under the Credit Agreement. The accompanying consolidating financial information has been prepared and presented pursuant to Rule 3-10 of 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 subsidiary guarantors. There are no significant restrictions on our ability to obtain funds from any of the subsidiary guarantors by dividends or loans. The supplemental consolidating financial information has been presented in lieu of separate financial statements of the subsidiary guarantors as such separate financial statements are not considered meaningful. Condensed Unaudited Consolidating Balance Sheet As of March 31, 2016 (in millions) Non- Guarantor Guarantor Consolidating Parent Subsidiaries Subsidiaries Adjustments Consolidated Assets Cash and cash equivalents $ $ $ $ — $ Accounts receivable, net Inventories — Income taxes receivable — — Other current assets Total current assets Investments in subsidiaries — — Property, plant and equipment, net — Goodwill — Intangible assets, net — Intercompany receivables — Other assets — Total assets $ $ $ $ $ Liabilities & Equity Accounts payable $ $ $ $ $ Accrued compensation and retirement costs — Other current liabilities Current maturities of long-term debt and short-term borrowings — — Total current liabilities Long-term debt — Intercompany borrowings — — Other long-term liabilities — Total Reliance stockholders’ equity Noncontrolling interests — — Total equity Total liabilities and equity $ $ $ $ $ Condensed Unaudited Consolidating Balance Sheet As of December 31, 2015 (in millions) Non- Guarantor Guarantor Consolidating Parent Subsidiaries Subsidiaries Adjustments Consolidated Assets Cash and cash equivalents $ $ $ $ — $ Accounts receivable, net Inventories — Income taxes receivable — — Other current assets Total current assets Investments in subsidiaries — — Property, plant and equipment, net — Goodwill — Intangible assets, net — Intercompany receivables — Other assets — Total assets $ $ $ $ $ Liabilities & Equity Accounts payable $ $ $ $ $ Accrued compensation and retirement costs — Other current liabilities Current maturities of long-term debt and short-term borrowings — — Total current liabilities Long-term debt — Intercompany borrowings — — Other long-term liabilities — Total Reliance stockholders’ equity Noncontrolling interests — — Total equity Total liabilities and equity $ $ $ $ $ Condensed Unaudited Consolidating Statement of Comprehensive Income For the Three Months Ended March 31, 2016 (in millions) Non- Guarantor Guarantor Consolidating Parent Subsidiaries Subsidiaries Adjustments Consolidated Net sales $ $ $ $ $ Costs and expenses: Cost of sales (exclusive of depreciation and amortization shown below) Warehouse, delivery, selling, general and administrative Depreciation and amortization — Operating (loss) income Other income (expense): Interest Other income, net (Loss) income before equity in earnings of subsidiaries and income taxes — Equity in earnings of subsidiaries — — Income before income taxes Income tax (benefit) provision — Net income Less: Net income attributable to noncontrolling interests — — — Net income attributable to Reliance $ $ $ $ $ Comprehensive income attributable to Reliance $ $ $ $ $ Condensed Unaudited Consolidating Statement of Comprehensive Income For the Three Months Ended March 31, 2015 (in millions) Non- Guarantor Guarantor Consolidating Parent Subsidiaries Subsidiaries Adjustments Consolidated Net sales $ $ $ $ $ Costs and expenses: Cost of sales (exclusive of depreciation and amortization shown below) Warehouse, delivery, selling, general and administrative Depreciation and amortization — Operating (loss) income Other income (expense): Interest Other income, net (Loss) income before equity in earnings of subsidiaries and income taxes — Equity in earnings of subsidiaries — — Income before income taxes Income tax (benefit) provision — Net income Less: Net income attributable to noncontrolling interests — — Net income attributable to Reliance $ $ $ $ $ Comprehensive income (loss) attributable to Reliance $ $ $ $ $ Condensed Unaudited Consolidating Cash Flow Statement For the Three Months ended March 31, 2016 (in millions) Non- Guarantor Guarantor Consolidating Parent Subsidiaries Subsidiaries Adjustments Consolidated Net cash (used in) provided by operating activities $ $ $ $ — $ Investing activities: Purchases of property, plant and equipment — Acquisition, net of cash acquired — — Net repayments from subsidiaries — — — Other investing activities, net — Net cash used in investing activities Financing activities: Net short-term debt repayments — — — Proceeds from long-term debt borrowings — — — Principal payments on long-term debt — — Dividends and dividend equivalents paid — — — Net intercompany (repayments) borrowings — — Other financing activities, net — — Net cash provided by (used in) financing activities Effect of exchange rate changes on cash and cash equivalents — — — Increase (decrease) in cash and cash equivalents — Cash and cash equivalents at beginning of year — Cash and cash equivalents at end of period $ $ $ $ — $ Condensed Unaudited Consolidating Cash Flow Statement For the Three Months Ended March 31, 2015 (in millions) Non- Guarantor Guarantor Consolidating Parent Subsidiaries Subsidiaries Adjustments Consolidated Net cash (used in) provided by operating activities $ $ $ $ — $ Investing activities: Purchases of property, plant and equipment — Net repayments from subsidiaries — — — Other investing activities, net — — — Net cash provided by (used) in investing activities Financing activities: Net short-term debt borrowings — — — Proceeds from long-term debt borrowings — — — Principal payments on long-term debt — — Dividends and dividend equivalents paid — — — Share repurchases — — — Net intercompany repayments — — Other financing activities, net — — Net cash used in financing activities Effect of exchange rate changes on cash and cash equivalents — — — (Decrease) increase in cash and cash equivalents — Cash and cash equivalents at beginning of year — Cash and cash equivalents at end of period $ $ $ $ — $

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2016
Tubular Steel
Acquisitions
Schedule of allocation of the purchase price of acquisition to the fair value of the assets acquired and liabilities assumed	(in millions) Cash $ Accounts receivable Inventories Property, plant and equipment Goodwill Intangible assets subject to amortization Intangible assets not subject to amortization Other current and long-term assets Total assets acquired Other current and long-term liabilities Net assets acquired $

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Mar. 31, 2016
Goodwill.
Schedule of changes in the carrying amount of goodwill	(in millions) Balance at January 1, 2016 $ Acquisition Effect of foreign currency translation Balance at March 31, 2016 $

Intangible Assets, net (Tables)

Intangible Assets, net (Tables)	3 Months Ended
	Mar. 31, 2016
Intangible Assets, net
Summary of intangible assets, net	March 31, 2016 December 31, 2015 Weighted Average Gross Gross Amortizable Carrying Accumulated Carrying Accumulated Life in Years Amount Amortization Amount Amortization (in millions) Intangible assets subject to amortization: Covenants not to compete 4.4 $ $ $ $ Customer lists/relationships 14.9 Software – internal use 10.0 Other 5.3 Intangible assets not subject to amortization: Trade names — — $ $ $ $
Summary of estimated aggregate amortization expense	(in millions) 2016 $ 2017 2018 2019 2020 2021

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt
Summary of debt	March 31, December 31, 2016 2015 (in millions) Unsecured revolving credit facility due April 4, 2018 $ $ Unsecured term loan due from June 30, 2016 to April 4, 2018 Senior unsecured notes due November 15, 2016 Senior unsecured notes due April 15, 2023 Senior unsecured notes due November 15, 2036 Other notes and revolving credit facilities Total Less: unamortized discount and debt issuance costs Less: amounts due within one year and short-term borrowings Total long-term debt $ $

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2016
Equity
Schedule of common stock and additional paid-in capital activity	Three Months Ended March 31, 2016 Weighted Average Shares Amount Exercise Price (in millions, except share and per share amounts) Stock-based compensation — $ — Stock options exercised $ Cumulative effect of change in accounting for stock-based compensation — — Total $
Summary of the status of the Company's unvested restricted stock grants and restricted stock units and changes during the period	Weighted Average Grant Unvested Shares Shares Date Fair Value Unvested at January 1, 2016 $ Granted (1) Vested Canceled Unvested at March 31, 2016 $ Shares reserved for future grants (all plans) (1) 512,895 RSUs, including 190,175 performance-based RSUs.
Schedule of accumulated other comprehensive loss	Pension and Accumulated Foreign Currency Postretirement Other Translation Benefit Adjustments, Comprehensive (Loss) Gain Net of Tax (Loss) Income (in millions) Balance as of January 1, 2016 $ $ $ Current-period change — Balance as of March 31, 2016 $ $ $

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share
Computation of basic and diluted earnings per share	Three Months Ended March 31, 2016 2015 (in millions, except share and per share amounts) Numerator: Net income attributable to Reliance $ $ Denominator: Weighted average shares outstanding Dilutive effect of stock-based awards Weighted average diluted shares outstanding Earnings per share attributable to Reliance stockholders: Diluted $ $ Basic $ $

Condensed Consolidating Finan25

Condensed Consolidating Financial Statements (Tables)	3 Months Ended
	Mar. 31, 2016
Condensed Consolidating Financial Statements
Schedule of Condensed Consolidating Balance Sheet	Condensed Unaudited Consolidating Balance Sheet As of March 31, 2016 (in millions) Non- Guarantor Guarantor Consolidating Parent Subsidiaries Subsidiaries Adjustments Consolidated Assets Cash and cash equivalents $ $ $ $ — $ Accounts receivable, net Inventories — Income taxes receivable — — Other current assets Total current assets Investments in subsidiaries — — Property, plant and equipment, net — Goodwill — Intangible assets, net — Intercompany receivables — Other assets — Total assets $ $ $ $ $ Liabilities & Equity Accounts payable $ $ $ $ $ Accrued compensation and retirement costs — Other current liabilities Current maturities of long-term debt and short-term borrowings — — Total current liabilities Long-term debt — Intercompany borrowings — — Other long-term liabilities — Total Reliance stockholders’ equity Noncontrolling interests — — Total equity Total liabilities and equity $ $ $ $ $ Condensed Unaudited Consolidating Balance Sheet As of December 31, 2015 (in millions) Non- Guarantor Guarantor Consolidating Parent Subsidiaries Subsidiaries Adjustments Consolidated Assets Cash and cash equivalents $ $ $ $ — $ Accounts receivable, net Inventories — Income taxes receivable — — Other current assets Total current assets Investments in subsidiaries — — Property, plant and equipment, net — Goodwill — Intangible assets, net — Intercompany receivables — Other assets — Total assets $ $ $ $ $ Liabilities & Equity Accounts payable $ $ $ $ $ Accrued compensation and retirement costs — Other current liabilities Current maturities of long-term debt and short-term borrowings — — Total current liabilities Long-term debt — Intercompany borrowings — — Other long-term liabilities — Total Reliance stockholders’ equity Noncontrolling interests — — Total equity Total liabilities and equity $ $ $ $ $
Schedule of Condensed Consolidating Statement of Comprehensive Income	Condensed Unaudited Consolidating Statement of Comprehensive Income For the Three Months Ended March 31, 2016 (in millions) Non- Guarantor Guarantor Consolidating Parent Subsidiaries Subsidiaries Adjustments Consolidated Net sales $ $ $ $ $ Costs and expenses: Cost of sales (exclusive of depreciation and amortization shown below) Warehouse, delivery, selling, general and administrative Depreciation and amortization — Operating (loss) income Other income (expense): Interest Other income, net (Loss) income before equity in earnings of subsidiaries and income taxes — Equity in earnings of subsidiaries — — Income before income taxes Income tax (benefit) provision — Net income Less: Net income attributable to noncontrolling interests — — — Net income attributable to Reliance $ $ $ $ $ Comprehensive income attributable to Reliance $ $ $ $ $ Condensed Unaudited Consolidating Statement of Comprehensive Income For the Three Months Ended March 31, 2015 (in millions) Non- Guarantor Guarantor Consolidating Parent Subsidiaries Subsidiaries Adjustments Consolidated Net sales $ $ $ $ $ Costs and expenses: Cost of sales (exclusive of depreciation and amortization shown below) Warehouse, delivery, selling, general and administrative Depreciation and amortization — Operating (loss) income Other income (expense): Interest Other income, net (Loss) income before equity in earnings of subsidiaries and income taxes — Equity in earnings of subsidiaries — — Income before income taxes Income tax (benefit) provision — Net income Less: Net income attributable to noncontrolling interests — — Net income attributable to Reliance $ $ $ $ $ Comprehensive income (loss) attributable to Reliance $ $ $ $ $
Schedule of Condensed Consolidating Cash Flow Statement	Condensed Unaudited Consolidating Cash Flow Statement For the Three Months ended March 31, 2016 (in millions) Non- Guarantor Guarantor Consolidating Parent Subsidiaries Subsidiaries Adjustments Consolidated Net cash (used in) provided by operating activities $ $ $ $ — $ Investing activities: Purchases of property, plant and equipment — Acquisition, net of cash acquired — — Net repayments from subsidiaries — — — Other investing activities, net — Net cash used in investing activities Financing activities: Net short-term debt repayments — — — Proceeds from long-term debt borrowings — — — Principal payments on long-term debt — — Dividends and dividend equivalents paid — — — Net intercompany (repayments) borrowings — — Other financing activities, net — — Net cash provided by (used in) financing activities Effect of exchange rate changes on cash and cash equivalents — — — Increase (decrease) in cash and cash equivalents — Cash and cash equivalents at beginning of year — Cash and cash equivalents at end of period $ $ $ $ — $ Condensed Unaudited Consolidating Cash Flow Statement For the Three Months Ended March 31, 2015 (in millions) Non- Guarantor Guarantor Consolidating Parent Subsidiaries Subsidiaries Adjustments Consolidated Net cash (used in) provided by operating activities $ $ $ $ — $ Investing activities: Purchases of property, plant and equipment — Net repayments from subsidiaries — — — Other investing activities, net — — — Net cash provided by (used) in investing activities Financing activities: Net short-term debt borrowings — — — Proceeds from long-term debt borrowings — — — Principal payments on long-term debt — — Dividends and dividend equivalents paid — — — Share repurchases — — — Net intercompany repayments — — Other financing activities, net — — Net cash used in financing activities Effect of exchange rate changes on cash and cash equivalents — — — (Decrease) increase in cash and cash equivalents — Cash and cash equivalents at beginning of year — Cash and cash equivalents at end of period $ $ $ $ — $

Acquisitions (Details)

Acquisitions (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Jan. 01, 2016location	Dec. 31, 2015USD ($)
Acquisitions
Net sales	$ 2,162.7	$ 2,614.4
Allocation of the total purchase price of the acquisitions to the fair value of the assets acquired and liabilities assumed
Goodwill	1,824.6			$ 1,724.8
Tubular Steel
Acquisitions
Number of locations of the acquiree entity | location			7
Net sales	29.8
Allocation of the total purchase price of the acquisitions to the fair value of the assets acquired and liabilities assumed
Cash	0.2
Accounts receivable	10.6
Inventories	57.6
Property, plant and equipment	43.4
Goodwill	96
Intangible assets subject to amortization	61.7
Intangible assets not subject to amortization	27.3
Other current and long-term assets	0.1
Total assets acquired	296.9
Other current and long-term liabilities	5.8
Net assets acquired	291.1
Summary purchase price allocation information for all acquisitions
Tax deductible goodwill amount	$ 96

Goodwill (Details)

Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Change in the carrying amount of goodwill
Balance at the beginning of the period	$ 1,724.8
Acquisition	96
Effect of foreign currency translation	3.8
Balance at the end of the period	1,824.6
Accumulated impairment losses	0
Tubular Steel
Change in the carrying amount of goodwill
Balance at the end of the period	96
Goodwill, tax deductible amount	$ 96

Intangible Assets, net (Details

Intangible Assets, net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Intangible assets subject to amortization:
Intangible assets subject to amortization, Gross Carrying Amount	$ 740.2		$ 674.7
Intangible assets subject to amortization, Accumulated Amortization	(314.7)		(299.6)
Intangible assets
Intangible assets, Gross Carrying Amount	1,519.7		1,425
Amortization expense for intangible assets	13.6	$ 14.3
Changes in intangible assets due to foreign currency translation gains	4.2
Summary of estimated aggregate amortization expense for the remaining nine months of 2016 and each of the succeeding five years
2,016	39.6
2,017	49
2,018	44.7
2,019	44.6
2,020	44.6
2,021	40.6
Tubular Steel
Intangible assets
Intangible assets recorded in connection with our 2016 acquisition	89
Trade names
Intangible assets not subject to amortization:
Intangible assets not subject to amortization, Gross Carrying Amount	779.5		750.3
Trade names | Tubular Steel
Intangible assets
Intangible assets recorded in connection with our 2016 acquisition	$ 27.3
Covenants not to compete
Intangible assets subject to amortization:
Weighted average amortizable life in years	4 years 4 months 24 days
Intangible assets subject to amortization, Gross Carrying Amount	$ 1.4		1.3
Intangible assets subject to amortization, Accumulated Amortization	$ (1.1)		(1)
Customer lists/relationships
Intangible assets subject to amortization:
Weighted average amortizable life in years	14 years 10 months 24 days
Intangible assets subject to amortization, Gross Carrying Amount	$ 724.3		659
Intangible assets subject to amortization, Accumulated Amortization	$ (300.1)		(285.7)
Software - internal use
Intangible assets subject to amortization:
Weighted average amortizable life in years	10 years
Intangible assets subject to amortization, Gross Carrying Amount	$ 8.1		8.1
Intangible assets subject to amortization, Accumulated Amortization	$ (8.1)		(7.9)
Other
Intangible assets subject to amortization:
Weighted average amortizable life in years	5 years 3 months 18 days
Intangible assets subject to amortization, Gross Carrying Amount	$ 6.4		6.3
Intangible assets subject to amortization, Accumulated Amortization	$ (5.4)		$ (5)

Debt - Summary (Details)

Debt - Summary (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Debt
Total	$ 2,146.6	$ 1,942.1
Less: unamortized discount and debt issuance costs	(12.5)	(13.4)
Less: amounts due within one year and short-term borrowings	(493.8)	(500.8)
Total long-term debt	1,640.3	1,427.9
Unsecured revolving credit facility due April 4, 2018
Debt
Total	556	332
Unsecured term loan due from June 30, 2016 to April 4, 2018
Debt
Total	386.3	398.8
Senior unsecured notes due November 15, 2016
Debt
Total	350	350
Senior unsecured notes due April 15, 2023
Debt
Total	500	500
Senior unsecured notes due November 15, 2036
Debt
Total	250	250
Other notes and revolving credit facilities
Debt
Total	$ 104.3	$ 111.3

Debt - Other (Details)

Debt - Other (Details) $ in Millions	Apr. 12, 2013USD ($)	Apr. 04, 2013USD ($)	Nov. 20, 2006USD ($)item	Nov. 20, 2006USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Debt
Debt outstanding					$ 2,146.6	$ 1,942.1
Ownership interest in domestic subsidiaries (as a percent)					100.00%
Third Amended and Restated Credit Agreement
Debt
Debt term		5 years
Unsecured revolving credit facility due April 4, 2018
Debt
Debt outstanding					$ 556	$ 332
Unsecured revolving credit facility due April 4, 2018 | Third Amended and Restated Credit Agreement
Debt
Maximum borrowing capacity of the credit facility		$ 1,500
Debt outstanding					$ 556
Increased maximum borrowing capacity under the credit subject to approval of the lenders and certain other conditions		500
Commitment fee on unused portion of revolving credit facility (as a percent)					0.20%
Weighted average fixed interest rate (as a percent)					1.73%	1.81%
Letters of credit outstanding					$ 56.9
Available on the revolving credit facilities					$ 887.1
Unsecured revolving credit facility due April 4, 2018 | LIBOR | Third Amended and Restated Credit Agreement
Debt
Variable interest rate					LIBOR
Interest rate added to base (as a percent)					1.25%
Unsecured revolving credit facility due April 4, 2018 | Bank prime rate | Third Amended and Restated Credit Agreement
Debt
Variable interest rate					bank prime rate
Interest rate added to base (as a percent)					0.25%
Unsecured term loan due from June 30, 2016 to April 4, 2018
Debt
Debt outstanding					$ 386.3	$ 398.8
Unsecured term loan due from June 30, 2016 to April 4, 2018 | Third Amended and Restated Credit Agreement
Debt
Issuance of debt		$ 500
Annual amortization of term loan thereafter until March 2018 (as a percent)					10.00%
Weighted average fixed interest rate (as a percent)					1.68%	1.67%
Unsecured term loan due from June 30, 2016 to April 4, 2018 | LIBOR | Third Amended and Restated Credit Agreement
Debt
Variable interest rate					LIBOR
Interest rate added to base (as a percent)					1.25%
Unsecured term loan due from June 30, 2016 to April 4, 2018 | Bank prime rate | Third Amended and Restated Credit Agreement
Debt
Variable interest rate					bank prime rate
Interest rate added to base (as a percent)					0.25%
Senior Unsecured Notes
Debt
Percentage of principal amount at which the notes may be required to be repurchased in event of a change of control and a downgrade of the entity's credit rating					101.00%
Senior unsecured notes issued November 20, 2006
Debt
Issuance of debt				$ 600
Number of tranches comprising the debt issuance | item			2
Senior unsecured notes due November 15, 2016
Debt
Debt outstanding					$ 350	$ 350
Interest rate (as a percent)			6.20%	6.20%
Issuance of debt			$ 350
Senior unsecured notes due November 15, 2036
Debt
Debt outstanding					250	250
Interest rate (as a percent)			6.85%	6.85%
Issuance of debt			$ 250
Senior unsecured notes due April 15, 2023
Debt
Debt outstanding					$ 500	500
Interest rate (as a percent)	4.50%
Issuance of debt	$ 500
Unsecured Revolving Credit Facility and Senior Unsecured Notes
Debt
Ownership interest in domestic subsidiaries (as a percent)					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%
Other separate revolving credit facilities
Debt
Maximum borrowing capacity of the credit facility					$ 74.3
Debt outstanding					53.2	59.9
IRB | Metals USA
Debt
Debt outstanding					11
Mortgage obligations | Real Estate Properties Portfolio
Debt
Debt outstanding					$ 40.1	$ 40.4
Interest rate (as a percent)					6.40%
Lump sum payment on maturity					$ 39.2

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Taxes
Effective tax rate (as a percent)	14.40%	31.70%
Decrease in effective tax rate due to re-measurement of tax position (as a percent)	16.10%
Income tax at U.S. federal statutory tax rate (as a percent)	35.00%

Equity - Share Repurchases, Div

Equity - Share Repurchases, Dividends, Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	Apr. 19, 2016	Jan. 01, 2016	Mar. 31, 2016	Mar. 31, 2015
Share Repurchase Plan
Number of shares authorized by the Board of Directors to be repurchased under share repurchase plan			8,400,000
Number of shares authorized by the Board of Directors to be repurchased under share repurchase plan, expressed as a percentage of outstanding shares (as a percent)			12.00%
Number of shares repurchased under stock repurchase plan			0
Common Stock and Additional Paid-In (in Shares)
Repurchase of common shares (in shares)			0
Dividends
Common stock dividend quarterly declared and paid per share (in dollars per share)			$ 0.40	$ 0.40
Dividends paid			$ 28.9	$ 30.7
Changes in unvested restricted stock grants and RSUs
Unvested at the beginning of the period (in shares)		900,410	900,410
Granted (in shares)			512,895
Vested (in shares)			(256)
Canceled (in shares)			(5,684)
Unvested at the end of the period (in shares)			1,407,365
Shares reserved for future grants (all plans)			1,859,259
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share)		$ 63.26	$ 63.26
Granted (in dollars per shares)			69.16
Vested (in dollars per shares)			59.27
Canceled (in dollars per shares)			65.96
Unvested at the end of the period (in dollars per shares)			$ 65.40
Subsequent event
Dividends
Common stock quarterly dividend per share (in dollars per share)	$ 0.40
Early Adoption | Improvements to Employee Share-Based Payment Accounting
Stock-Based Compensation
Cumulative-effect adjustment		$ 0.6
Common Stock Including Additional Paid in Capital
Common Stock and Additional Paid-In (in Shares)
Stock options exercised (in shares)			345,170
Total ( in shares)			345,170
Common Stock and Additional Paid-In (in Amount)
Stock-based compensation			$ 2.1
Stock options exercised			16.5
Cumulative effect of change in accounting for stock-based compensation			1
Total			$ 19.6
Weighted Average Exercise/(Purchase) Price
Stock options exercised (in dollars per share)			$ 64.87
RSU's
Dividends
Dividend equivalents			$ 0.9	$ 1
Stock-Based Compensation
Vesting period (in years)			3 years
Changes in unvested restricted stock grants and RSUs
Granted (in shares)			512,895
RSU's | Performance-based
Changes in unvested restricted stock grants and RSUs
Granted (in shares)			190,175

Equity - Accumulated Other Comp

Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Schedule of accumulated other comprehensive loss
Balance at the beginning of the period	$ (99.7)
Current-period change	15.7
Balance at the end of the period	(84)
Deferred tax assets in accumulated other comprehensive income, pension liabilities	15.6	$ 15.6
Foreign Currency Transaction (Loss) Gain
Schedule of accumulated other comprehensive loss
Balance at the beginning of the period	(74.2)
Current-period change	15.7
Balance at the end of the period	(58.5)
Pension and Postretirement Benefit Adjustments, Net of Tax
Schedule of accumulated other comprehensive loss
Balance at the beginning of the period	(25.5)
Balance at the end of the period	$ (25.5)

Commitments and Contingencies -

Commitments and Contingencies - (Details)	Mar. 31, 2016
Environmental Contingencies
Ownership interest in domestic subsidiaries (as a percent)	100.00%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Numerator:
Net income attributable to Reliance	$ 92.2	$ 101.3
Denominator for basic earnings per share:
Weighted average shares outstanding (in shares)	71,929,821	77,119,266
Effect of dilutive securities:
Dilutive effect of stock-based awards (in shares)	778,528	713,054
Denominator:
Weighted average diluted shares outstanding (in shares)	72,708,349	77,832,320
Net income per share attributable to Reliance shareholders - diluted (in dollars per share)	$ 1.27	$ 1.30
Net income per share attributable to Reliance shareholders - basic (in dollars per share)	$ 1.28	$ 1.31

Subsequent Event (Details)

Subsequent Event (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Subsequent Event
Net sales	$ 2,162.7	$ 2,614.4
Best Manufacturing
Subsequent Event
Net sales			$ 20

Condensed Consolidating Finan37

Condensed Consolidating Financial Statements - Balance Sheet (Details) - USD ($) $ in Millions	1 Months Ended
	Apr. 30, 2013	Nov. 30, 2006	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Condensed Unaudited Consolidating Balance Sheet
Ownership interest in domestic subsidiaries (as a percent)			100.00%
Assets
Cash and cash equivalents			$ 120.5	$ 104.3	$ 101.6	$ 106.2
Accounts receivable, net			1,009	916.6
Inventories			1,525.7	1,436
Income taxes receivable			29.3	36.5
Other current assets			55.4	60.8
Total current assets			2,739.9	2,554.2
Property, plant and equipment, net			1,671.9	1,635.5
Goodwill			1,824.6	1,724.8
Intangible assets, net			1,205	1,125.4
Other assets			78.1	81.7
Total assets			7,519.5	7,121.6
Liabilities & Equity
Accounts payable			350.4	247
Accrued compensation and retirement costs			91	118.7
Other current liabilities			136.2	123.2
Current maturities of long-term debt and short-term borrowings			493.8	500.8
Total current liabilities			1,071.4	989.7
Long-term debt			1,640.3	1,427.9
Other long-term liabilities			767.4	761.3
Total Reliance stockholders' equity			4,012	3,914.1
Noncontrolling interests			28.4	28.6
Total equity			4,040.4	3,942.7
Total liabilities and equity			7,519.5	7,121.6
Senior Unsecured Notes
Condensed Unaudited Consolidating Balance Sheet
Aggregate principal amount	$ 1,100	$ 1,100
Ownership interest in domestic subsidiaries (as a percent)	100.00%	100.00%
Reportable legal entities | Parent
Assets
Cash and cash equivalents			17.1	10.7	26.6	41.9
Accounts receivable, net			75.2	66.5
Inventories			61.7	56
Income taxes receivable			47.7	38.2
Other current assets			30.1	36.4
Total current assets			231.8	207.8
Investments in subsidiaries			5,172.2	5,046.2
Property, plant and equipment, net			115.8	115.5
Goodwill			23.8	23.8
Intangible assets, net			13.5	14
Intercompany receivables			787.3	614.2
Other assets			24.5	24.6
Total assets			6,368.9	6,046.1
Liabilities & Equity
Accounts payable			33.7	25.3
Accrued compensation and retirement costs			15.4	29.5
Other current liabilities			67.2	54
Current maturities of long-term debt and short-term borrowings			400	400
Total current liabilities			516.3	508.8
Long-term debt			1,629.7	1,417.3
Other long-term liabilities			210.9	205.9
Total Reliance stockholders' equity			4,012	3,914.1
Total equity			4,012	3,914.1
Total liabilities and equity			6,368.9	6,046.1
Reportable legal entities | Guarantor Subsidiaries
Assets
Cash and cash equivalents			(4.8)	(1)	(3.5)	(8.3)
Accounts receivable, net			775.8	701.8
Inventories			1,242	1,145.1
Other current assets			13.1	15.1
Total current assets			2,026.1	1,861
Investments in subsidiaries			340	328
Property, plant and equipment, net			1,345.5	1,311.3
Goodwill			1,667.1	1,571.1
Intangible assets, net			1,055.1	977.5
Intercompany receivables			47.5	45.4
Other assets			47.6	50.9
Total assets			6,528.9	6,145.2
Liabilities & Equity
Accounts payable			252	160
Accrued compensation and retirement costs			69.6	79.1
Other current liabilities			34.2	15.3
Total current liabilities			355.8	254.4
Long-term debt			5.7	5.7
Intercompany borrowings			712.6	547.6
Other long-term liabilities			505.2	505
Total Reliance stockholders' equity			4,942.3	4,824.5
Noncontrolling interests			7.3	8
Total equity			4,949.6	4,832.5
Total liabilities and equity			6,528.9	6,145.2
Reportable legal entities | Non-Guarantor Subsidiaries
Assets
Cash and cash equivalents			108.2	94.6	$ 78.5	$ 72.6
Accounts receivable, net			162.2	152.3
Inventories			222	234.9
Income taxes receivable				(1.7)
Other current assets			13.5	12.6
Total current assets			505.9	492.7
Property, plant and equipment, net			210.6	208.7
Goodwill			133.7	129.9
Intangible assets, net			136.4	133.9
Intercompany receivables			32	30.5
Other assets			6	6.2
Total assets			1,024.6	1,001.9
Liabilities & Equity
Accounts payable			68.9	65.7
Accrued compensation and retirement costs			6	10.1
Other current liabilities			54.5	57.2
Current maturities of long-term debt and short-term borrowings			93.8	100.8
Total current liabilities			223.2	233.8
Long-term debt			4.9	4.9
Intercompany borrowings			154.2	142.5
Other long-term liabilities			51.3	50.4
Total Reliance stockholders' equity			569.9	549.7
Noncontrolling interests			21.1	20.6
Total equity			591	570.3
Total liabilities and equity			1,024.6	1,001.9
Consolidating Adjustments
Assets
Accounts receivable, net			(4.2)	(4)
Income taxes receivable			(18.4)
Other current assets			(1.3)	(3.3)
Total current assets			(23.9)	(7.3)
Investments in subsidiaries			(5,512.2)	(5,374.2)
Intercompany receivables			(866.8)	(690.1)
Total assets			(6,402.9)	(6,071.6)
Liabilities & Equity
Accounts payable			(4.2)	(4)
Other current liabilities			(19.7)	(3.3)
Total current liabilities			(23.9)	(7.3)
Intercompany borrowings			(866.8)	(690.1)
Total Reliance stockholders' equity			(5,512.2)	(5,374.2)
Total equity			(5,512.2)	(5,374.2)
Total liabilities and equity			$ (6,402.9)	$ (6,071.6)

Condensed Consolidating Finan38

Condensed Consolidating Financial Statements - Statement of Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Condensed Unaudited Consolidating Statement of Comprehensive Income
Net sales	$ 2,162.7	$ 2,614.4
Costs and expenses:
Cost of sales (exclusive of depreciation and amortization shown below)	1,526	1,943.7
Warehouse, delivery, selling, general and administrative	450.8	446.1
Depreciation and amortization	56.1	55.3
Total costs and expenses	2,032.9	2,445.1
Operating (loss) income	129.8	169.3
Other income (expense):
Interest	(21.7)	(20.6)
Other (expense) income, net	1.1	1.9
(Loss) income before equity in earnings of subsidiaries and income taxes	109.2	150.6
Income before income taxes	109.2	150.6
Income tax (benefit) provision	15.7	47.7
Net income	93.5	102.9
Less: Net income attributable to noncontrolling interests	1.3	1.6
Net income attributable to Reliance	92.2	101.3
Comprehensive income attributable to Reliance	107.9	76.5
Reportable legal entities | Parent
Condensed Unaudited Consolidating Statement of Comprehensive Income
Net sales	169.8	192.1
Costs and expenses:
Cost of sales (exclusive of depreciation and amortization shown below)	129.3	155.1
Warehouse, delivery, selling, general and administrative	47.6	39.9
Depreciation and amortization	4.1	5.1
Total costs and expenses	181	200.1
Operating (loss) income	(11.2)	(8)
Other income (expense):
Interest	(20.7)	(19.6)
Other (expense) income, net	3.4	18.9
(Loss) income before equity in earnings of subsidiaries and income taxes	(28.5)	(8.7)
Equity in earnings of subsidiaries	114.6	98.8
Income before income taxes	86.1	90.1
Income tax (benefit) provision	(6.1)	(11.2)
Net income	92.2	101.3
Net income attributable to Reliance	92.2	101.3
Comprehensive income attributable to Reliance	107.9	76.5
Reportable legal entities | Guarantor Subsidiaries
Condensed Unaudited Consolidating Statement of Comprehensive Income
Net sales	1,816.5	2,237.1
Costs and expenses:
Cost of sales (exclusive of depreciation and amortization shown below)	1,270.5	1,660.9
Warehouse, delivery, selling, general and administrative	373.6	385.4
Depreciation and amortization	46.4	44.5
Total costs and expenses	1,690.5	2,090.8
Operating (loss) income	126	146.3
Other income (expense):
Interest	(2.9)	(5.9)
Other (expense) income, net	1.2	0.3
(Loss) income before equity in earnings of subsidiaries and income taxes	124.3	140.7
Equity in earnings of subsidiaries	4.2	3.5
Income before income taxes	128.5	144.2
Income tax (benefit) provision	18.5	55
Net income	110	89.2
Less: Net income attributable to noncontrolling interests	1.3	1.4
Net income attributable to Reliance	108.7	87.8
Comprehensive income attributable to Reliance	121.8	70.1
Reportable legal entities | Non-Guarantor Subsidiaries
Condensed Unaudited Consolidating Statement of Comprehensive Income
Net sales	220.8	237.9
Costs and expenses:
Cost of sales (exclusive of depreciation and amortization shown below)	170.6	180.4
Warehouse, delivery, selling, general and administrative	34.7	37.4
Depreciation and amortization	5.6	5.7
Total costs and expenses	210.9	223.5
Operating (loss) income	9.9	14.4
Other income (expense):
Interest	(1.5)	(1.5)
Other (expense) income, net	5	5.7
(Loss) income before equity in earnings of subsidiaries and income taxes	13.4	18.6
Income before income taxes	13.4	18.6
Income tax (benefit) provision	3.3	3.9
Net income	10.1	14.7
Less: Net income attributable to noncontrolling interests		0.2
Net income attributable to Reliance	10.1	14.5
Comprehensive income attributable to Reliance	28.7	(5.8)
Consolidating Adjustments
Condensed Unaudited Consolidating Statement of Comprehensive Income
Net sales	(44.4)	(52.7)
Costs and expenses:
Cost of sales (exclusive of depreciation and amortization shown below)	(44.4)	(52.7)
Warehouse, delivery, selling, general and administrative	(5.1)	(16.6)
Total costs and expenses	(49.5)	(69.3)
Operating (loss) income	5.1	16.6
Other income (expense):
Interest	3.4	6.4
Other (expense) income, net	(8.5)	(23)
Equity in earnings of subsidiaries	(118.8)	(102.3)
Income before income taxes	(118.8)	(102.3)
Net income	(118.8)	(102.3)
Net income attributable to Reliance	(118.8)	(102.3)
Comprehensive income attributable to Reliance	$ (150.5)	$ (64.3)

Condensed Consolidating Finan39

Condensed Consolidating Financial Statements - Cash Flow Statement (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Condensed Unaudited Consolidating Cash Flow Statement
Net cash (used in) provided by operating activities	$ 155.4	$ 171.4
Investing activities:
Purchases of property, plant and equipment	(34.4)	(31.3)
Acquisitions, net of cash acquired	(290.9)
Other investing activities, net	(6.2)	4.1
Net cash used in investing activities	(331.5)	(27.2)
Financing activities:
Net short-term debt borrowings	(6.2)	1.1
Proceeds from long-term debt borrowings	399	363
Principal payments on long-term debt	(188)	(311)
Dividends and dividend equivalents paid	(29)	(31.7)
Share repurchases		(171.2)
Other financing activities, net	13.9	3.8
Net cash provided by (used in) financing activities	189.7	(146)
Effect of exchange rate changes on cash and cash equivalents	2.6	(2.8)
Increase (decrease) in cash and cash equivalents	16.2	(4.6)
Cash and cash equivalents at beginning of year	104.3	106.2
Cash and cash equivalents at end of period	120.5	101.6
Reportable legal entities | Parent
Condensed Unaudited Consolidating Cash Flow Statement
Net cash (used in) provided by operating activities	(16.6)	(41)
Investing activities:
Purchases of property, plant and equipment	(4)	(3.1)
Acquisitions, net of cash acquired	(291.1)
Net repayments (advances) from subsidiaries	125.1	174.6
Other investing activities, net	(4.9)
Net cash used in investing activities	(174.9)	171.5
Financing activities:
Proceeds from long-term debt borrowings	399	363
Principal payments on long-term debt	(187.5)	(310.3)
Dividends and dividend equivalents paid	(29)	(31.7)
Share repurchases		(171.2)
Other financing activities, net	15.4	4.4
Net cash provided by (used in) financing activities	197.9	(145.8)
Increase (decrease) in cash and cash equivalents	6.4	(15.3)
Cash and cash equivalents at beginning of year	10.7	41.9
Cash and cash equivalents at end of period	17.1	26.6
Reportable legal entities | Guarantor Subsidiaries
Condensed Unaudited Consolidating Cash Flow Statement
Net cash (used in) provided by operating activities	157.2	189
Investing activities:
Purchases of property, plant and equipment	(26.2)	(25.1)
Acquisitions, net of cash acquired	0.2
Other investing activities, net	(1.4)	4.1
Net cash used in investing activities	(27.4)	(21)
Financing activities:
Principal payments on long-term debt	(0.5)	(0.7)
Net intercompany borrowings (repayments)	(133.1)	(162.5)
Net cash provided by (used in) financing activities	(133.6)	(163.2)
Increase (decrease) in cash and cash equivalents	(3.8)	4.8
Cash and cash equivalents at beginning of year	(1)	(8.3)
Cash and cash equivalents at end of period	(4.8)	(3.5)
Reportable legal entities | Non-Guarantor Subsidiaries
Condensed Unaudited Consolidating Cash Flow Statement
Net cash (used in) provided by operating activities	14.8	23.4
Investing activities:
Purchases of property, plant and equipment	(4.2)	(3.1)
Other investing activities, net	0.1
Net cash used in investing activities	(4.1)	(3.1)
Financing activities:
Net short-term debt borrowings	(6.2)	1.1
Net intercompany borrowings (repayments)	8	(12.1)
Other financing activities, net	(1.5)	(0.6)
Net cash provided by (used in) financing activities	0.3	(11.6)
Effect of exchange rate changes on cash and cash equivalents	2.6	(2.8)
Increase (decrease) in cash and cash equivalents	13.6	5.9
Cash and cash equivalents at beginning of year	94.6	72.6
Cash and cash equivalents at end of period	108.2	78.5
Consolidating Adjustments
Investing activities:
Net repayments (advances) from subsidiaries	(125.1)	(174.6)
Net cash used in investing activities	(125.1)	(174.6)
Financing activities:
Net intercompany borrowings (repayments)	125.1	174.6
Net cash provided by (used in) financing activities	$ 125.1	$ 174.6