Reliance Steel & Aluminum (RS) 10-Q 31 Oct 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Oct. 25, 2019
Document and Entity Information
Entity Registrant Name	RELIANCE STEEL & ALUMINUM CO
Entity Central Index Key	0000861884
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE
Entity File Number	001-13122
Entity Tax Identification Number	95-1142616
Entity Address, Address Line One	350 South Grand Avenue, Suite 5100
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90071
City Area Code	213
Local Phone Number	687-7700
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	RS
Security Exchange Name	NYSE
Entity Interactive Data Current	Yes
Document Period End Date	Sep. 30, 2019
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		66,656,861
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 166	$ 128.2
Accounts receivable, less allowance for doubtful accounts of $21.3 at September 30, 2019 and $18.8 at December 31, 2018	1,250.9	1,242.3
Inventories	1,669.5	1,817.1
Prepaid expenses and other current assets	69.6	81.5
Income taxes receivable	9	15.9
Total current assets	3,165	3,285
Property, plant and equipment:
Land	236.5	233.9
Buildings	1,183.7	1,158.9
Machinery and equipment	2,005.7	1,880.1
Accumulated depreciation	(1,650.1)	(1,543)
Property, plant and equipment, net	1,775.8	1,729.9
Operating lease right-of-use assets	198.9
Goodwill	1,872.8	1,870.8
Intangible assets, net	1,040.7	1,072
Cash surrender value of life insurance policies, net	30.2	43.6
Other assets	47.5	43.6
Total assets	8,130.9	8,044.9
Current liabilities:
Accounts payable	385.9	338.8
Accrued expenses	94.4	77.4
Accrued compensation and retirement costs	146.3	174.8
Accrued insurance costs	45.3	42.9
Current maturities of long-term debt and short-term borrowings	65.2	65.2
Current maturities of operating lease liabilities	51.4
Total current liabilities	788.5	699.1
Long-term debt	1,578.2	2,138.5
Operating lease liabilities	148.5
Long-term retirement costs	81	71.8
Other long-term liabilities	14	15.9
Deferred income taxes	439	440.1
Commitment and contingencies
Equity:
Preferred stock, $0.001 par value: Authorized shares - 5,000 None issued or outstanding
Common stock and additional paid-in capital, $0.001 par value: Authorized shares - 200,000 Issued and outstanding shares - 66,656 at September 30, 2019 and 66,882 at December 31, 2018	114.9	136.4
Retained earnings	5,061.9	4,637.9
Accumulated other comprehensive loss	(103.4)	(102.7)
Total Reliance stockholders' equity	5,073.4	4,671.6
Noncontrolling interests	8.3	7.9
Total equity	5,081.7	4,679.5
Total liabilities and equity	$ 8,130.9	$ 8,044.9

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts	$ 21.3	$ 18.8
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	66,656,000	66,882,000
Common stock, outstanding shares	66,656,000	66,882,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
CONSOLIDATED STATEMENTS OF INCOME
Net sales	$ 2,685.9	$ 2,974.5	$ 8,526	$ 8,720.5
Costs and expenses:
Cost of sales (exclusive of depreciation and amortization shown below)	1,871.2	2,140.2	5,990.8	6,148.8
Warehouse, delivery, selling, general and administrative	518.7	531	1,582.2	1,586.3
Depreciation and amortization	54.8	53.4	163.2	161.8
Impairment of long-lived assets		35.5	1.2	35.5
Total costs and expenses	2,444.7	2,760.1	7,737.4	7,932.4
Operating income	241.2	214.4	788.6	788.1
Other (income) expense:
Interest expense	20.5	22	68.4	62.6
Other expense (income), net	2.3	(2.5)	0.5	(1.2)
Income before income taxes	218.4	194.9	719.7	726.7
Income tax provision	54.5	44.6	179.9	172.2
Net income	163.9	150.3	539.8	554.5
Less: Net income attributable to noncontrolling interests	1.2	2	3.9	6.4
Net income attributable to Reliance	$ 162.7	$ 148.3	$ 535.9	$ 548.1
Earnings per share attributable to Reliance stockholders:
Diluted earnings per common share (in dollars per share)	$ 2.40	$ 2.03	$ 7.90	$ 7.49
Basic earnings per common share (in dollars per share)	$ 2.44	$ 2.06	$ 8.01	$ 7.57
Shares used in computing earning per share:
Diluted (in shares)	67,704	72,981	67,868	73,137
Basic (in shares)	66,656	71,940	66,941	72,364
Cash dividends per share (in dollars per share)	$ 0.55	$ 0.50	$ 1.65	$ 1.50

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 163.9	$ 150.3	$ 539.8	$ 554.5
Other comprehensive (loss) income:
Foreign currency translation (loss) gain	(8.7)	2.6	(0.7)	(11.5)
Total other comprehensive (loss) income	(8.7)	2.6	(0.7)	(11.5)
Comprehensive income	155.2	152.9	539.1	543
Less: Comprehensive income attributable to noncontrolling interests	1.2	2	3.9	6.4
Comprehensive income attributable to Reliance	$ 154	$ 150.9	$ 535.2	$ 536.6

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Millions	Common Stock	Common Stock and Additional Paid in Capital	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Non-controlling Interests	Total
Balance at Dec. 31, 2017		$ 594.6	$ 4,144.1	$ (71.6)	$ 32.8	$ 4,699.9
Balance (in shares) at Dec. 31, 2017	72,610
Increase (Decrease) in Stockholders' Equity
Net income			169		2.1	171.1
Other comprehensive income (loss)				(2.9)		(2.9)
Dividends to noncontrolling interest holders					(1.8)	(1.8)
Stock-based compensation, net		1				1
Stock-based compensation, net (in shares)	269
Stock options exercised		2.8				2.8
Stock options exercised (in shares)	48
Repurchase of common shares		(49.3)				(49.3)
Repurchase of common shares (in shares)	(584)
Cash dividends - $0.55 and $0.50 per share for the quarter ended March 31, 2019 and March 31, 2018, respectively, and $0.55 and $0.50 per share for the quarter ended June 30, 2019 and June 30, 2018, respectively, and $0.55 and $0.50 per share for the quarter ended September 30, 2019 and September 30, 2018, respectively			(37.2)			(37.2)
Balance at Mar. 31, 2018		549.1	4,275.9	(74.5)	33.1	4,783.6
Balance (in shares) at Mar. 31, 2018	72,343
Balance at Dec. 31, 2017		594.6	4,144.1	(71.6)	32.8	4,699.9
Balance (in shares) at Dec. 31, 2017	72,610
Increase (Decrease) in Stockholders' Equity
Net income						554.5
Other comprehensive income (loss)						(11.5)
Balance at Sep. 30, 2018		495.6	4,583	(83.1)	34.8	5,030.3
Balance (in shares) at Sep. 30, 2018	71,443
Balance at Mar. 31, 2018		549.1	4,275.9	(74.5)	33.1	4,783.6
Balance (in shares) at Mar. 31, 2018	72,343
Increase (Decrease) in Stockholders' Equity
Net income			230.8		2.3	233.1
Other comprehensive income (loss)				(11.2)		(11.2)
Dividends to noncontrolling interest holders					(0.8)	(0.8)
Stock-based compensation, net		12.9				12.9
Stock-based compensation, net (in shares)	15
Repurchase of common shares		(0.7)				(0.7)
Repurchase of common shares (in shares)	(8)
Cash dividends - $0.55 and $0.50 per share for the quarter ended March 31, 2019 and March 31, 2018, respectively, and $0.55 and $0.50 per share for the quarter ended June 30, 2019 and June 30, 2018, respectively, and $0.55 and $0.50 per share for the quarter ended September 30, 2019 and September 30, 2018, respectively			(36.1)			(36.1)
Balance at Jun. 30, 2018		561.3	4,470.6	(85.7)	34.6	4,980.8
Balance (in shares) at Jun. 30, 2018	72,350
Increase (Decrease) in Stockholders' Equity
Net income			148.3		2	150.3
Other comprehensive income (loss)				2.6		2.6
Dividends to noncontrolling interest holders					(1.8)	(1.8)
Stock-based compensation, net		14.4				14.4
Stock-based compensation, net (in shares)	4
Repurchase of common shares		(80.1)				(80.1)
Repurchase of common shares (in shares)	(911)
Cash dividends - $0.55 and $0.50 per share for the quarter ended March 31, 2019 and March 31, 2018, respectively, and $0.55 and $0.50 per share for the quarter ended June 30, 2019 and June 30, 2018, respectively, and $0.55 and $0.50 per share for the quarter ended September 30, 2019 and September 30, 2018, respectively			(35.9)			(35.9)
Balance at Sep. 30, 2018		495.6	4,583	(83.1)	34.8	5,030.3
Balance (in shares) at Sep. 30, 2018	71,443
Balance at Dec. 31, 2018		136.4	4,637.9	(102.7)	7.9	$ 4,679.5
Balance (in shares) at Dec. 31, 2018	66,882					66,882
Increase (Decrease) in Stockholders' Equity
Net income			190.1		1.5	$ 191.6
Other comprehensive income (loss)				6.8		6.8
Stock-based compensation, net		(1.3)				(1.3)
Stock-based compensation, net (in shares)	333
Stock options exercised		0.8				0.8
Stock options exercised (in shares)	20
Cash dividends - $0.55 and $0.50 per share for the quarter ended March 31, 2019 and March 31, 2018, respectively, and $0.55 and $0.50 per share for the quarter ended June 30, 2019 and June 30, 2018, respectively, and $0.55 and $0.50 per share for the quarter ended September 30, 2019 and September 30, 2018, respectively			(38.2)			(38.2)
Balance at Mar. 31, 2019		135.9	4,789.8	(95.9)	9.4	4,839.2
Balance (in shares) at Mar. 31, 2019	67,235
Balance at Dec. 31, 2018		136.4	4,637.9	(102.7)	7.9	$ 4,679.5
Balance (in shares) at Dec. 31, 2018	66,882					66,882
Increase (Decrease) in Stockholders' Equity
Net income						$ 539.8
Other comprehensive income (loss)						(0.7)
Repurchase of common shares						(50)
Balance at Sep. 30, 2019		114.9	5,061.9	(103.4)	8.3	$ 5,081.7
Balance (in shares) at Sep. 30, 2019	66,656					66,656
Balance at Mar. 31, 2019		135.9	4,789.8	(95.9)	9.4	$ 4,839.2
Balance (in shares) at Mar. 31, 2019	67,235
Increase (Decrease) in Stockholders' Equity
Net income			183.1		1.2	184.3
Other comprehensive income (loss)				1.2		1.2
Dividends to noncontrolling interest holders					(1.7)	(1.7)
Noncontrolling interest purchased					(0.4)	(0.4)
Stock-based compensation, net		13.8				13.8
Stock-based compensation, net (in shares)	12
Repurchase of common shares		(50)				(50)
Repurchase of common shares (in shares)	(593)
Cash dividends - $0.55 and $0.50 per share for the quarter ended March 31, 2019 and March 31, 2018, respectively, and $0.55 and $0.50 per share for the quarter ended June 30, 2019 and June 30, 2018, respectively, and $0.55 and $0.50 per share for the quarter ended September 30, 2019 and September 30, 2018, respectively			(36.9)			(36.9)
Balance at Jun. 30, 2019		99.7	4,936	(94.7)	8.5	4,949.5
Balance (in shares) at Jun. 30, 2019	66,654
Increase (Decrease) in Stockholders' Equity
Net income			162.7		1.2	163.9
Other comprehensive income (loss)				(8.7)		(8.7)
Dividends to noncontrolling interest holders					(1.4)	(1.4)
Stock-based compensation, net		15.2				15.2
Stock-based compensation, net (in shares)	2
Cash dividends - $0.55 and $0.50 per share for the quarter ended March 31, 2019 and March 31, 2018, respectively, and $0.55 and $0.50 per share for the quarter ended June 30, 2019 and June 30, 2018, respectively, and $0.55 and $0.50 per share for the quarter ended September 30, 2019 and September 30, 2018, respectively			(36.8)			(36.8)
Balance at Sep. 30, 2019		$ 114.9	$ 5,061.9	$ (103.4)	$ 8.3	$ 5,081.7
Balance (in shares) at Sep. 30, 2019	66,656					66,656

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	Oct. 22, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018
CONSOLIDATED STATEMENTS OF EQUITY
Cash dividends per share (in dollars per share)	$ 0.55	$ 0.55	$ 0.55	$ 0.55	$ 0.50	$ 0.50	$ 0.50

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Operating activities:
Net income	$ 539.8	$ 554.5
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	163.2	161.8
Impairment of long-lived assets	1.2	35.5
Provision for uncollectible accounts	5.2	8.4
Stock-based compensation expense	37.3	33.8
Other	4.9	(4.3)
Changes in operating assets and liabilities (excluding effect of businesses acquired):
Accounts receivable	(14.2)	(339.6)
Inventories	147	(352.2)
Prepaid expenses and other assets	59.7	9.9
Accounts payable and other liabilities	10	125.5
Net cash provided by operating activities	954.1	233.3
Investing activities:
Purchases of property, plant and equipment	(182.8)	(152.6)
Acquisitions, net of cash acquired	(1)	(55.6)
Other	11.9	19.2
Net cash used in investing activities	(171.9)	(189)
Financing activities:
Net short-term debt repayments		(24.6)
Proceeds from long-term debt borrowings	742	941
Principal payments on long-term debt	(1,304.3)	(752.5)
Dividends and dividend equivalents paid	(113.3)	(110.5)
Share repurchases	(50)	(130.1)
Other	(13.2)	(7.1)
Net cash used in financing activities	(738.8)	(83.8)
Effect of exchange rate changes on cash and cash equivalents	(5.6)	(2.8)
Increase (decrease) in cash and cash equivalents	37.8	(42.3)
Cash and cash equivalents at beginning of year	128.2	154.4
Cash and cash equivalents at end of period	166	112.1
Supplemental cash flow information:
Interest paid during the period	57.2	50.6
Income taxes paid during the period, net	$ 173.7	171.4
Non-cash investing and financing activities:
Debt assumed in connection with acquisitions		$ 3.3

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2019
Basis of Presentation
Basis of Presentation	RELIANCE STEEL & ALUMINUM CO. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS September 30, 2019 ​ Note 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, our financial statements reflect all adjustments, which are of a normal recurring nature, necessary for presentation of financial statements for interim periods in accordance with U.S. GAAP. The results of operations for the nine months ended September 30, 2019 are not necessarily indicative of the results for the full year ending December 31, 2019. These financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto for the year ended December 31, 2018, included in the Reliance Steel & Aluminum Co. (“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	9 Months Ended
	Sep. 30, 2019
Impact of Recently Issued Accounting Guidance
Impact of Recently Issued Accounting Guidance	Note 2. Impact of Recently Issued Accounting Guidance ​ Impact of Recently Issued Accounting Standards—Adopted ​ Leases ​ We adopted the new standard on January 1, 2019 using the optional transition method and available practical expedients. The practical expedients allow us, among other things, to carry forward our assessment of lease classification and remaining lease terms under the previous lease accounting guidance. Our adoption of the new lease standard resulted in the recognition of $186.3 million of operating lease right-of-use assets and $187.1 million of operating lease liabilities but did not have a material impact on our consolidated statements of income, equity or cash flows. For further discussion of our leases, see Note 7 – “Leases.” ​

Revenues

Revenues	9 Months Ended
	Sep. 30, 2019
Revenue
Revenues	Note 3. Revenues ​ The following table presents our sales disaggregated by product and service. Certain sales taxes and value-added taxes collected from customers are excluded from our reported net sales. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ September 30, ​ September 30, ​ 2019 2018 2019 2018 ​ (in millions) Carbon steel $ 1,416.1 ​ $ 1,637.6 ​ $ 4,542.4 ​ $ 4,741.0 Aluminum ​ 532.4 ​ ​ 559.9 ​ ​ 1,662.6 ​ ​ 1,680.1 Stainless steel ​ 388.7 ​ ​ 418.7 ​ ​ 1,202.4 ​ ​ 1,250.6 Alloy ​ 160.7 ​ ​ 171.2 ​ ​ 515.0 ​ ​ 512.7 Toll processing and logistics ​ 111.8 ​ ​ 106.5 ​ ​ 343.6 ​ ​ 311.9 Other and eliminations ​ 76.2 ​ ​ 80.6 ​ ​ 260.0 ​ ​ 224.2 Total $ 2,685.9 ​ $ 2,974.5 ​ $ 8,526.0 ​ $ 8,720.5 ​

Goodwill

Goodwill	9 Months Ended
	Sep. 30, 2019
Goodwill.
Goodwill	Note 4. Goodwill ​ The change in the carrying amount of goodwill is as follows: ​ ​ ​ ​ ​ (in millions) Balance at January 1, 2019 $ 1,870.8 Acquisition ​ 1.0 Purchase price allocation adjustments ​ (0.5) Foreign currency translation gain ​ 1.5 Balance at September 30, 2019 $ 1,872.8 ​ We had no accumulated impairment losses related to goodwill at September 30, 2019.

Intangible Assets, net

Intangible Assets, net	9 Months Ended
	Sep. 30, 2019
Intangible Assets, net
Intangible Assets, net	Note 5. Intangible Assets, net ​ Intangible assets, net consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2019 ​ December 31, 2018 ​ 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 4.8 ​ $ 0.8 ​ $ (0.5) ​ $ 0.8 ​ $ (0.4) Customer lists/relationships 15.0 ​ ​ 708.7 ​ ​ (426.4) ​ ​ 707.3 ​ ​ (393.4) Software 10.0 ​ ​ 8.1 ​ ​ (8.1) ​ ​ 8.1 ​ ​ (8.1) Other 7.3 ​ ​ 1.1 ​ ​ (0.9) ​ ​ 1.0 ​ ​ (0.9) ​ ​ ​ ​ 718.7 ​ ​ (435.9) ​ ​ 717.2 ​ ​ (402.8) Intangible assets not subject to amortization: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade names ​ ​ ​ 757.9 ​ ​ — ​ ​ 757.6 ​ ​ — ​ ​ ​ $ 1,476.6 ​ $ (435.9) ​ $ 1,474.8 ​ $ (402.8) ​ Amortization expense for intangible assets was $32.3 million and $35.1 million for the nine months ended September 30, 2019 and 2018, respectively. Foreign currency translation gains related to intangible assets, net, were $1.0 million for the nine months ended September 30, 2019 compared to $1.5 million of foreign currency translation losses for the nine months ended September 30, 2018. ​ During the three months and nine months ended September 30, 2018, we recognized impairment losses of $16.5 million and $16.7 million on our trade name and customer relationship intangible assets, respectively, related to one of our energy businesses. See Note 12—“Impairment and Restructuring Charges” ​ The following is a summary of estimated future amortization expense for the remaining three months of 2019 and each of the succeeding five years: ​ ​ ​ ​ ​ (in millions) 2019 (remaining three months) $ 10.8 2020 ​ 43.1 2021 ​ 41.4 2022 ​ 36.7 2023 ​ 30.7 2024 ​ 27.2 ​

Debt

Debt	9 Months Ended
	Sep. 30, 2019
Debt
Debt	Note 6. Debt ​ Debt consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2019 2018 ​ (in millions) Unsecured revolving credit facility due September 30, 2021 $ 408.0 ​ $ 925.0 Unsecured term loan due from December 31, 2019 to September 30, 2021 ​ 480.0 ​ ​ 525.0 Senior unsecured notes due April 15, 2023 ​ 500.0 ​ ​ 500.0 Senior unsecured notes due November 15, 2036 ​ 250.0 ​ ​ 250.0 Other notes and revolving credit facilities ​ 13.8 ​ ​ 14.2 Total ​ 1,651.8 ​ ​ 2,214.2 Less: unamortized discount and debt issuance costs ​ (8.4) ​ ​ (10.5) Less: amounts due within one year and short-term borrowings ​ (65.2) ​ ​ (65.2) Total long-term debt $ 1,578.2 ​ $ 2,138.5 ​ Unsecured Credit Facility ​ On September 30, 2016, we entered into a $2.1 billion unsecured five-year credit agreement (“Credit Agreement”) comprised of a $1.5 billion unsecured revolving credit facility and a $600.0 million unsecured term loan, with an option to increase the revolving credit facility up to an additional $500.0 million at our request, subject to approval of the lenders and certain other customary conditions. The term loan due September 30, 2021 amortizes in quarterly installments, with an annual amortization of 10% until June 2021, with the balance to be paid at maturity. Interest on borrowings under the Credit Agreement at September 30, 2019 was at variable rates based on LIBOR plus 1.00% or the bank prime rate and we pay a commitment fee at an annual rate of 0.125% on the unused portion of the revolving credit facility. During the third quarter of 2019, applicable margins were lowered by 25 basis points and our commitment fees were reduced per the terms of the Credit Agreement as a result of a decrease in our calculated leverage ratio. The applicable margins over LIBOR and base rate borrowings, along with commitment fees, are subject to adjustment every quarter based on our leverage ratio, as defined in the Credit Agreement. All borrowings under the Credit Agreement may be prepaid without penalty. ​ Weighted average interest rates on borrowings outstanding on the revolving credit facility were 3.20% and 3.86% as of September 30, 2019 and December 31, 2018, respectively. Weighted average interest rates on borrowings outstanding on the term loan were 3.04% and 3.77% as of September 30, 2019 and December 31, 2018, respectively. As of September 30, 2019, we had $408.0 million of outstanding borrowings, $40.6 million of letters of credit issued and $1.05 billion available for borrowing 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, which matured and were repaid 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. ​ 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. If we experience a change in control accompanied by a downgrade in our credit rating, we will be required to make an offer to repurchase the notes at a price equal to 101% of their principal amount plus accrued and unpaid interest. ​ Other Notes and Revolving Credit Facilities ​ Revolving credit facilities with a combined credit limit of $9.8 million are in place for operations in Asia with combined outstanding balances of $4.6 million and $4.7 million as of September 30, 2019 and December 31, 2018, respectively. ​ Various industrial revenue bonds had combined outstanding balances of $9.2 million as of September 30, 2019 and $9.5 million as of December 31, 2018, and have maturities through 2027. ​ Covenants ​ The Credit Agreement and the Indentures include customary representations, warranties, covenants and events of default provisions. The covenants under the Credit Agreement include, among other things, two financial maintenance covenants that require us to comply with a minimum interest coverage ratio and a maximum leverage ratio. We were in compliance with all financial covenants in our Credit Agreement at September 30, 2019.

Leases

Leases	9 Months Ended
	Sep. 30, 2019
Leases
Leases	Note 7. Leases ​ Our metals service center leases are comprised of processing and distribution facilities, equipment, trucks and trailers, ground leases and other leased spaces, such as depots, sales offices and storage. We also lease various office buildings, including our corporate headquarters in Los Angeles, California. Our leases of facilities and other spaces expire at various times through 2031 and our ground leases expire at various times through 2068. Nearly all of our leases are operating leases. Information regarding the insignificant amount of finance leases we have is not meaningful to an understanding of our lease obligations. ​ The following is a summary of our lease cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ September 30, ​ September 30, ​ 2019 2018 2019 2018 ​ (in millions) Operating lease cost $ 20.9 ​ $ 21.2 ​ $ 62.8 ​ $ 61.6 ​ Supplemental cash flow and balance sheet information is presented below: ​ ​ ​ ​ ​ September 30, ​ 2019 ​ (in millions) Supplemental cash flow information: ​ ​ Cash payments for operating leases (nine months ended) $ 62.6 Right-of-use assets obtained in exchange for lease obligations (nine months ended) $ 53.2 ​ ​ ​ Other lease information: ​ ​ Weighted average remaining lease term—operating leases ​ 5.8 years Weighted average discount rate—operating leases ​ 4.4% ​ Maturities of operating lease liabilities as of September 30, 2019 are as follows: ​ ​ ​ ​ ​ (in millions) 2019 (remaining three months) $ 15.8 2020 ​ 56.0 2021 ​ 44.4 2022 ​ 32.5 2023 ​ 24.6 Thereafter ​ 58.0 Total operating lease payments ​ 231.3 Less: imputed interest ​ (31.4) Total operating lease liabilities $ 199.9 ​ As previously presented in our consolidated financial statements for the year ended December 31, 2018, included in our Annual Report on Form 10-K, future minimum payments under previous lease accounting guidance for non-cancelable operating leases were as follows: ​ ​ ​ ​ ​ (in millions) 2019 $ 59.5 2020 ​ 45.5 2021 ​ 32.9 2022 ​ 22.7 2023 ​ 16.2 Thereafter ​ 40.7 Total operating lease payments $ 217.5 ​

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2019
Income Taxes
Income Taxes	Note 8. Income Taxes ​ Our effective income tax rate for the three months and nine months ended September 30, 2019 was 25.0% compared to 22.9% and 23.7% for the three months and nine months ended September 30, 2018, respectively. The differences between our effective income tax rates and the U.S. federal statutory rate of 21% were mainly due to state income taxes partially offset by the effects of company-owned life insurance policies. ​

Equity

Equity	9 Months Ended
	Sep. 30, 2019
Equity
Equity	Note 9. Equity ​ Dividends ​ On October 22, 2019, our Board of Directors declared the 2019 fourth quarter cash dividend of $0.55 per share of common stock, payable on December 6, 2019 to stockholders of record as of November 15, 2019. ​ During the three months ended September 30, 2019 and 2018, we declared and paid quarterly dividends of $0.55 and $0.50 per share, or $36.7 million and $35.9 million in total, respectively. During the nine months ended September 30, 2019 and 2018, we declared and paid quarterly dividends of $1.65 and $1.50 per share, or $110.6 million and $108.5 million in total, respectively. In addition, we paid $2.7 million and $2.0 million in dividend equivalents with respect to vested restricted stock units (“RSUs”) during the nine months ended September 30, 2019 and 2018, respectively. ​ Stock-Based Compensation ​ 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 have approximately 3-year vesting periods. The performance-based RSU awards are subject to both service and performance goal criteria. We also make annual grants of stock to the non-employee members of the Board of Directors that vest immediately upon grant. The fair value of the RSUs and stock grants is determined based on the closing stock price of our common stock on the grant date. ​ In the nine months ended September 30, 2019 and 2018, we made payments of $9.6 million and $5.5 million, respectively, to tax authorities on our employees’ behalf for shares withheld related to net share settlements. These payments are reflected in the Stock-based compensation, net caption of our consolidated statements of equity. ​ A summary of the status of our unvested service-based and performance-based RSUs as of September 30, 2019 and changes during the nine-month period then ended is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant Date ​ ​ ​ ​ Fair Value Unvested RSUs ​ Shares ​ Per RSU Unvested at January 1, 2019 ​ 889,830 ​ $ 82.05 Granted (1) ​ 488,345 ​ ​ 88.05 Vested ​ (3,837) ​ ​ 82.05 Cancelled or forfeited ​ (10,318) ​ ​ 82.99 Unvested at September 30, 2019 ​ 1,364,020 ​ $ 84.19 Shares reserved for future grants (all plans) ​ 1,037,999 ​ ​ ​ (1) Comprised of 294,190 service-based RSUs and 194,155 performance-based RSUs granted in March 2019 with a fair value of $88.05 per RSU. The service-based RSUs cliff vest on December 1, 2021 and the performance-based RSUs are subject to a three-year performance period ending December 31, 2021. ​ Share Repurchase Plan ​ On October 23, 2018, our Board of Directors amended our share repurchase plan, increasing the total authorized number of shares available to be repurchased by 5.0 million and extending the duration of the plan through December 31, 2021. As of September 30, 2019, we had authorization under the plan to repurchase approximately 6.4 million shares, or about 10% of our current outstanding shares. We repurchase shares through open market purchases under plans complying with Rule 10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Repurchased and subsequently retired shares are restored to the status of authorized but unissued shares. Our share repurchases were $50.0 million in the nine months ended September 30, 2019 and $130.7 million, including $0.6 million pending settlement, in the nine months ended September 30, 2018. ​ ​ Accumulated Other Comprehensive Loss ​ Accumulated other comprehensive loss included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension and ​ Accumulated ​ Foreign Currency ​ Postretirement ​ Other ​ Translation ​ Benefit Adjustments, ​ Comprehensive ​ Loss Net of Tax Loss ​ (in millions) Balance as of January 1, 2019 $ (76.8) ​ $ (25.9) ​ $ (102.7) Current-period change ​ (0.7) ​ ​ — ​ ​ (0.7) Balance as of September 30, 2019 $ (77.5) ​ $ (25.9) ​ $ (103.4) ​ Foreign currency translation adjustments have not been adjusted for income taxes. Pension and postretirement benefit adjustments are net of taxes of $6.5 million as of September 30, 2019 and December 31, 2018. Income tax effects are released from accumulated other comprehensive loss as defined benefit plan and supplemental executive retirement plan obligations are settled.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
Commitment and Contingencies
Commitments and Contingencies	Note 10. 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 wholly owned subsidiary, that were sold many years prior to our acquisition of EMJ in 2006. Although the potential cleanup costs could be significant, EMJ maintained insurance policies during the time it owned the manufacturing operations that have covered costs incurred to date, and are expected to continue to cover the majority of the related costs. We do not expect that this obligation will have a material adverse impact on our consolidated financial position, results of operations or cash flows. ​ Legal Matters ​ From time to time, we are named as a defendant in legal actions. Generally, these actions arise in the ordinary course of business. We are not currently a party to any pending legal proceedings other than routine litigation incidental to the business. We expect that these matters will be resolved without having a material adverse impact on our consolidated financial position, results of operations or cash flows. We maintain general liability insurance against risks arising in the ordinary course of business. ​

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2019
Earnings Per Share
Earnings Per Share	Note 11. Earnings Per Share ​ The following table sets forth the computation of basic and diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ September 30, ​ September 30, ​ 2019 2018 ​ 2019 ​ 2018 ​ (in millions, except number of shares which are reflected in thousands and per share amounts) Numerator: ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to Reliance $ 162.7 $ 148.3 $ 535.9 $ 548.1 Denominator: ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding ​ 66,656 ​ 71,940 ​ 66,941 ​ 72,364 Dilutive effect of stock-based awards ​ 1,048 ​ 1,041 ​ 927 ​ 773 Weighted average diluted shares outstanding ​ 67,704 ​ 72,981 ​ 67,868 ​ 73,137 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per share attributable to Reliance stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted $ 2.40 ​ $ 2.03 ​ $ 7.90 ​ $ 7.49 Basic $ 2.44 ​ $ 2.06 ​ $ 8.01 ​ $ 7.57 ​ Potentially dilutive securities whose effect would have been antidilutive were not significant for all periods presented.

Impairment and Restructuring Ch

Impairment and Restructuring Charges	9 Months Ended
	Sep. 30, 2019
Impairment and Restructuring Charges
Impairment and Restructuring Charges	Note 12. Impairment and Restructuring Charges ​ The impairment and restructuring charges consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ September 30, ​ September 30, ​ 2019 2018 2019 2018 (in millions) Property, plant and equipment $ — ​ $ 2.3 ​ $ 1.2 ​ $ 2.3 Intangible assets, net ​ — ​ ​ 33.2 ​ ​ — ​ ​ 33.2 Total impairment charges ​ — ​ ​ 35.5 ​ ​ 1.2 ​ ​ 35.5 Restructuring warehouse, delivery, selling, general and administrative expense ​ — ​ ​ 1.3 ​ ​ — ​ ​ 1.3 Total impairment and restructuring charges $ — ​ $ 36.8 ​ $ 1.2 ​ $ 36.8 ​ ​ The $36.8 million of impairment and restructuring charges in the three months and nine months ended September 30, 2018 mainly related to our decision to downsize one of our energy businesses due to changes in competitive factors for certain products they sell.

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Sep. 30, 2019
Revenue
Schedule of disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ September 30, ​ September 30, ​ 2019 2018 2019 2018 ​ (in millions) Carbon steel $ 1,416.1 ​ $ 1,637.6 ​ $ 4,542.4 ​ $ 4,741.0 Aluminum ​ 532.4 ​ ​ 559.9 ​ ​ 1,662.6 ​ ​ 1,680.1 Stainless steel ​ 388.7 ​ ​ 418.7 ​ ​ 1,202.4 ​ ​ 1,250.6 Alloy ​ 160.7 ​ ​ 171.2 ​ ​ 515.0 ​ ​ 512.7 Toll processing and logistics ​ 111.8 ​ ​ 106.5 ​ ​ 343.6 ​ ​ 311.9 Other and eliminations ​ 76.2 ​ ​ 80.6 ​ ​ 260.0 ​ ​ 224.2 Total $ 2,685.9 ​ $ 2,974.5 ​ $ 8,526.0 ​ $ 8,720.5

Goodwill (Tables)

Goodwill (Tables)	9 Months Ended
	Sep. 30, 2019
Goodwill.
Schedule of changes in the carrying amount of goodwill	​ ​ ​ ​ ​ (in millions) Balance at January 1, 2019 $ 1,870.8 Acquisition ​ 1.0 Purchase price allocation adjustments ​ (0.5) Foreign currency translation gain ​ 1.5 Balance at September 30, 2019 $ 1,872.8

Intangible Assets, net (Tables)

Intangible Assets, net (Tables)	9 Months Ended
	Sep. 30, 2019
Intangible Assets, net
Summary of intangible assets, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2019 ​ December 31, 2018 ​ 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 4.8 ​ $ 0.8 ​ $ (0.5) ​ $ 0.8 ​ $ (0.4) Customer lists/relationships 15.0 ​ ​ 708.7 ​ ​ (426.4) ​ ​ 707.3 ​ ​ (393.4) Software 10.0 ​ ​ 8.1 ​ ​ (8.1) ​ ​ 8.1 ​ ​ (8.1) Other 7.3 ​ ​ 1.1 ​ ​ (0.9) ​ ​ 1.0 ​ ​ (0.9) ​ ​ ​ ​ 718.7 ​ ​ (435.9) ​ ​ 717.2 ​ ​ (402.8) Intangible assets not subject to amortization: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade names ​ ​ ​ 757.9 ​ ​ — ​ ​ 757.6 ​ ​ — ​ ​ ​ $ 1,476.6 ​ $ (435.9) ​ $ 1,474.8 ​ $ (402.8)
Summary of estimated aggregate amortization expense	​ ​ ​ ​ ​ (in millions) 2019 (remaining three months) $ 10.8 2020 ​ 43.1 2021 ​ 41.4 2022 ​ 36.7 2023 ​ 30.7 2024 ​ 27.2

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2019
Debt
Summary of debt	​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2019 2018 ​ (in millions) Unsecured revolving credit facility due September 30, 2021 $ 408.0 ​ $ 925.0 Unsecured term loan due from December 31, 2019 to September 30, 2021 ​ 480.0 ​ ​ 525.0 Senior unsecured notes due April 15, 2023 ​ 500.0 ​ ​ 500.0 Senior unsecured notes due November 15, 2036 ​ 250.0 ​ ​ 250.0 Other notes and revolving credit facilities ​ 13.8 ​ ​ 14.2 Total ​ 1,651.8 ​ ​ 2,214.2 Less: unamortized discount and debt issuance costs ​ (8.4) ​ ​ (10.5) Less: amounts due within one year and short-term borrowings ​ (65.2) ​ ​ (65.2) Total long-term debt $ 1,578.2 ​ $ 2,138.5

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Leases
Schedule of lease cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ September 30, ​ September 30, ​ 2019 2018 2019 2018 ​ (in millions) Operating lease cost $ 20.9 ​ $ 21.2 ​ $ 62.8 ​ $ 61.6
Schedule of supplemental cash flow and other lease information	​ ​ ​ ​ ​ September 30, ​ 2019 ​ (in millions) Supplemental cash flow information: ​ ​ Cash payments for operating leases (nine months ended) $ 62.6 Right-of-use assets obtained in exchange for lease obligations (nine months ended) $ 53.2 ​ ​ ​ Other lease information: ​ ​ Weighted average remaining lease term—operating leases ​ 5.8 years Weighted average discount rate—operating leases ​ 4.4%
Schedule of maturities of operating lease liabilities	​ ​ ​ ​ ​ (in millions) 2019 (remaining three months) $ 15.8 2020 ​ 56.0 2021 ​ 44.4 2022 ​ 32.5 2023 ​ 24.6 Thereafter ​ 58.0 Total operating lease payments ​ 231.3 Less: imputed interest ​ (31.4) Total operating lease liabilities $ 199.9
Schedule of future minimum payments under the non-cancelable leases	​ ​ ​ ​ ​ (in millions) 2019 $ 59.5 2020 ​ 45.5 2021 ​ 32.9 2022 ​ 22.7 2023 ​ 16.2 Thereafter ​ 40.7 Total operating lease payments $ 217.5

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2019
Equity
Summary of the status of the Company's unvested restricted stock units and changes during the year	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant Date ​ ​ ​ ​ Fair Value Unvested RSUs ​ Shares ​ Per RSU Unvested at January 1, 2019 ​ 889,830 ​ $ 82.05 Granted (1) ​ 488,345 ​ ​ 88.05 Vested ​ (3,837) ​ ​ 82.05 Cancelled or forfeited ​ (10,318) ​ ​ 82.99 Unvested at September 30, 2019 ​ 1,364,020 ​ $ 84.19 Shares reserved for future grants (all plans) ​ 1,037,999 ​ ​ ​ (1) Comprised of 294,190 service-based RSUs and 194,155 performance-based RSUs granted in March 2019 with a fair value of $88.05 per RSU. The service-based RSUs cliff vest on December 1, 2021 and the performance-based RSUs are subject to a three-year performance period ending December 31, 2021.
Schedule of accumulated other comprehensive loss	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension and ​ Accumulated ​ Foreign Currency ​ Postretirement ​ Other ​ Translation ​ Benefit Adjustments, ​ Comprehensive ​ Loss Net of Tax Loss ​ (in millions) Balance as of January 1, 2019 $ (76.8) ​ $ (25.9) ​ $ (102.7) Current-period change ​ (0.7) ​ ​ — ​ ​ (0.7) Balance as of September 30, 2019 $ (77.5) ​ $ (25.9) ​ $ (103.4)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share
Computation of basic and diluted earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ September 30, ​ September 30, ​ 2019 2018 ​ 2019 ​ 2018 ​ (in millions, except number of shares which are reflected in thousands and per share amounts) Numerator: ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to Reliance $ 162.7 $ 148.3 $ 535.9 $ 548.1 Denominator: ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding ​ 66,656 ​ 71,940 ​ 66,941 ​ 72,364 Dilutive effect of stock-based awards ​ 1,048 ​ 1,041 ​ 927 ​ 773 Weighted average diluted shares outstanding ​ 67,704 ​ 72,981 ​ 67,868 ​ 73,137 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per share attributable to Reliance stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted $ 2.40 ​ $ 2.03 ​ $ 7.90 ​ $ 7.49 Basic $ 2.44 ​ $ 2.06 ​ $ 8.01 ​ $ 7.57

Impairment and Restructuring _2

Impairment and Restructuring Charges (Tables)	9 Months Ended
	Sep. 30, 2019
Impairment and Restructuring Charges
Schedule of impairment and restructuring charges	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ September 30, ​ September 30, ​ 2019 2018 2019 2018 (in millions) Property, plant and equipment $ — ​ $ 2.3 ​ $ 1.2 ​ $ 2.3 Intangible assets, net ​ — ​ ​ 33.2 ​ ​ — ​ ​ 33.2 Total impairment charges ​ — ​ ​ 35.5 ​ ​ 1.2 ​ ​ 35.5 Restructuring warehouse, delivery, selling, general and administrative expense ​ — ​ ​ 1.3 ​ ​ — ​ ​ 1.3 Total impairment and restructuring charges $ — ​ $ 36.8 ​ $ 1.2 ​ $ 36.8

Impact of Recently Issued Acc_2

Impact of Recently Issued Accounting Guidance (Details) - USD ($) $ in Millions	Sep. 30, 2019	Jan. 01, 2019
Impact of Recently Issued Accounting Standards-Not Yet Adopted
Operating lease right-of-use assets	$ 198.9
Operating lease liability	$ 199.9
Restated Amount | ASU 2016-02 Leases
Impact of Recently Issued Accounting Standards-Not Yet Adopted
Operating lease right-of-use assets		$ 186.3
Operating lease liability		$ 187.1

Revenues (Details)

Revenues (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue Disaggregation
Revenue	$ 2,685.9	$ 2,974.5	$ 8,526	$ 8,720.5
Carbon steel
Revenue Disaggregation
Revenue	1,416.1	1,637.6	4,542.4	4,741
Aluminum
Revenue Disaggregation
Revenue	532.4	559.9	1,662.6	1,680.1
Stainless steel
Revenue Disaggregation
Revenue	388.7	418.7	1,202.4	1,250.6
Alloy
Revenue Disaggregation
Revenue	160.7	171.2	515	512.7
Toll processing and logistics
Revenue Disaggregation
Revenue	111.8	106.5	343.6	311.9
Other
Revenue Disaggregation
Revenue	$ 76.2	$ 80.6	$ 260	$ 224.2

Goodwill (Details)

Goodwill (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)
Change in the carrying amount of goodwill
Balance at the beginning of the period	$ 1,870.8
Acquisition	1
Purchase price allocation adjustments	(0.5)
Foreign currency translation gain	1.5
Balance at the end of the period	1,872.8
Accumulated impairment losses	$ 0

Intangible Assets, net (Details

Intangible Assets, net (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Intangible assets subject to amortization:
Intangible assets subject to amortization, Gross Carrying Amount		$ 718.7		$ 717.2
Intangible assets subject to amortization, Accumulated Amortization		(435.9)		(402.8)
Intangible assets
Intangible assets, Gross Carrying Amount		1,476.6		1,474.8
Amortization expense for intangible assets		32.3	$ 35.1
Changes in intangible assets due to foreign currency translation gains (losses)		1	(1.5)
Impairment losses of intangible assets	$ 16.5		$ 16.7
Summary of estimated aggregate amortization expense for each of the succeeding five years
2019 (remaining three months)		10.8
2020		43.1
2021		41.4
2022		36.7
2023		30.7
2024		27.2
Trade names
Intangible assets not subject to amortization:
Intangible assets not subject to amortization, Gross Carrying Amount		$ 757.9		757.6
Covenants not to compete
Intangible assets subject to amortization:
Weighted average amortizable life in years		4 years 9 months 18 days
Intangible assets subject to amortization, Gross Carrying Amount		$ 0.8		0.8
Intangible assets subject to amortization, Accumulated Amortization		$ (0.5)		(0.4)
Customer lists/relationships
Intangible assets subject to amortization:
Weighted average amortizable life in years		15 years
Intangible assets subject to amortization, Gross Carrying Amount		$ 708.7		707.3
Intangible assets subject to amortization, Accumulated Amortization		$ (426.4)		(393.4)
Software
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)		(8.1)
Other
Intangible assets subject to amortization:
Weighted average amortizable life in years		7 years 3 months 18 days
Intangible assets subject to amortization, Gross Carrying Amount		$ 1.1		1
Intangible assets subject to amortization, Accumulated Amortization		$ (0.9)		$ (0.9)

Debt - Summary (Details)

Debt - Summary (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Debt
Total	$ 1,651.8	$ 2,214.2
Less: unamortized discount and debt issuance costs	(8.4)	(10.5)
Less: amounts due within one year and short-term borrowings	(65.2)	(65.2)
Total long-term debt	1,578.2	2,138.5
Unsecured revolving credit facility due September 30, 2021
Debt
Total	408	925
Unsecured term loan due from December 31, 2019 to September 30, 2021
Debt
Total	480	525
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	$ 13.8	$ 14.2

Debt - Other (Details)

Debt - Other (Details) $ in Millions	Apr. 12, 2013USD ($)	Nov. 20, 2006USD ($)tranche	Sep. 30, 2016USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)item	Dec. 31, 2018USD ($)	Nov. 15, 2016USD ($)
Debt
Total				$ 1,651.8	$ 1,651.8	$ 2,214.2
Number of financial covenants | item					2
Credit Agreement
Debt
Maximum borrowing capacity			$ 2,100
Debt term			5 years
Unsecured revolving credit facility due September 30, 2021
Debt
Maximum borrowing capacity			$ 1,500
Total				$ 408	$ 408	$ 925
Additional maximum borrowing capacity under the credit agreement subject to approval of the lenders and certain other conditions			500
Commitment fee on unused portion of revolving credit facility (as a percent)					0.125%
Weighted average fixed interest rate (as a percent)				3.20%	3.20%	3.86%
Letters of credit outstanding				$ 40.6	$ 40.6
Available on the revolving credit facility				1,050	$ 1,050
Unsecured revolving credit facility due September 30, 2021 | LIBOR
Debt
Variable interest rate					LIBOR
Interest rate added to base (as a percent)					1.00%
Unsecured revolving credit facility due September 30, 2021 | Bank prime rate
Debt
Variable interest rate					bank prime
Unsecured term loan due from December 31, 2019 to September 30, 2021
Debt
Total				$ 480	$ 480	$ 525
Debt amount			$ 600
Annual amortization of term loan thereafter until June 2021 (as a percent)			10.00%
Interest rate added to base rate adjustment (as a percent)				(0.25%)
Weighted average fixed interest rate (as a percent)				3.04%	3.04%	3.77%
Unsecured term loan due from December 31, 2019 to September 30, 2021 | LIBOR
Debt
Variable interest rate					LIBOR
Interest rate added to base (as a percent)					1.00%
Unsecured term loan due from December 31, 2019 to September 30, 2021 | Bank prime rate
Debt
Variable interest rate					bank prime
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 | tranche		2
Senior unsecured notes due November 15, 2016
Debt
Total							$ 0
Interest rate (as a percent)		6.20%
Lump sum payment on maturity							$ 350
Issuance of debt		$ 350
Senior unsecured notes due April 15, 2023
Debt
Total				$ 500	$ 500	$ 500
Interest rate (as a percent)	4.50%
Issuance of debt	$ 500
Senior unsecured notes due November 15, 2036
Debt
Total				250	250	250
Interest rate (as a percent)		6.85%
Issuance of debt		$ 250
Other notes and revolving credit facilities
Debt
Maximum borrowing capacity				9.8	9.8
Total				4.6	4.6	4.7
IRB
Debt
Total				$ 9.2	$ 9.2	$ 9.5

Leases (Details)

Leases (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Leases
Operating lease cost	$ 20.9	$ 21.2	$ 62.8	$ 61.6
Cash payments for operating leases (nine months ended)			62.6
Right-of-use assets obtained in exchange for lease obligations (nine months ended)			$ 53.2
Weighted average remaining lease term - operating leases	5 years 9 months 18 days		5 years 9 months 18 days
Weighted average discount rate - operating leases	4.40%		4.40%
Maturities of operating lease liabilities
2019 (remaining three months)	$ 15.8		$ 15.8
2020	56		56
2021	44.4		44.4
2022	32.5		32.5
2023	24.6		24.6
Thereafter	58		58
Total operating lease payments	231.3		231.3
Less: imputed interest	(31.4)		(31.4)
Total operating lease liabilities	$ 199.9		$ 199.9
Maturities of non-cancellable operating leases under ASC 840.
2019					$ 59.5
2020					45.5
2021					32.9
2022					22.7
2023					16.2
Thereafter					40.7
Total operating lease payments					$ 217.5

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Taxes
Effective tax rate (as a percent)	25.00%	22.90%	25.00%	23.70%
Income tax at U.S. federal statutory tax rate (as a percent)			21.00%	21.00%

Equity - Share Repurchases, Div

Equity - Share Repurchases, Dividends, Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	Oct. 22, 2019	Oct. 23, 2018	Mar. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Share Repurchase Plan
Increase in authorized number of shares to be repurchased		5,000,000
Number of shares authorized by the Board of Directors to be repurchased under share repurchase plan				6,400,000						6,400,000
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)				10.00%						10.00%
Value of shares repurchased					$ 50		$ 80.1	$ 0.7	$ 49.3	$ 50
Value of shares repurchased											$ 130.7
Value of shares repurchased pending settlement											$ 0.6
Dividends
Common stock quarterly dividend per share (in dollars per share)	$ 0.55			$ 0.55	$ 0.55	$ 0.55	$ 0.50	$ 0.50	$ 0.50
Common stock dividend quarterly declared and paid per share (in dollars per share)				$ 0.55			$ 0.50			$ 1.65	$ 1.50
Dividends paid				$ 36.7			$ 35.9			$ 110.6	$ 108.5
Common Stock and Additional Paid in Capital
Share Repurchase Plan
Value of shares repurchased					$ 50		$ 80.1	$ 0.7	$ 49.3
Common Stock and Additional Paid-In (in Shares)
Payments made to tax authorities on employees' behalf										9.6	5.5
RSU's
Dividends
Dividend equivalents paid										$ 2.7	$ 2
Stock-Based Compensation
Vesting period (in years)										3 years
RSU's | Service-based
Stock-Based Compensation
Vesting period (in years)			3 years
Changes
Granted (in shares)			294,190
Weighted Average Grant Date Fair Value
Granted (in dollars per shares)			$ 88.05
RSU's | Performance-based
Stock-Based Compensation
Vesting period (in years)			3 years
Changes
Granted (in shares)			194,155
Weighted Average Grant Date Fair Value
Granted (in dollars per shares)			$ 88.05
Unvested RSUs
Changes
Unvested at the beginning of the period (in shares)						889,830				889,830
Granted (in shares)										488,345
Vested (in shares)										(3,837)
Cancelled or forfeited (in shares)										(10,318)
Unvested at the end of the period (in shares)				1,364,020						1,364,020
Shares reserved for future grants (all plans)				1,037,999						1,037,999
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share)						$ 82.05				$ 82.05
Granted (in dollars per shares)										88.05
Vested (in dollars per shares)										82.05
Cancelled or forfeited (in dollars per shares)										82.99
Unvested at the end of the period (in dollars per shares)				$ 84.19						$ 84.19

Equity - Accumulated Other Comp

Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Schedule of accumulated other comprehensive loss
Balance at the beginning of the period	$ (102.7)
Current-period change	(0.7)
Balance at the end of the period	(103.4)
Deferred tax assets in accumulated other comprehensive loss, pension liabilities	6.5	$ 6.5
Foreign Currency Translation Loss
Schedule of accumulated other comprehensive loss
Balance at the beginning of the period	(76.8)
Current-period change	(0.7)
Balance at the end of the period	(77.5)
Pension and Postretirement Benefit Adjustments, Net of Tax
Schedule of accumulated other comprehensive loss
Balance at the beginning of the period	(25.9)
Balance at the end of the period	$ (25.9)

Commitments and Contingencies -

Commitments and Contingencies - (Details)	Sep. 30, 2019
Environmental Contingencies
Ownership interest in domestic subsidiaries (as a percent)	100.00%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Numerator:
Net income attributable to Reliance	$ 162.7	$ 148.3	$ 535.9	$ 548.1
Denominator:
Weighted average shares outstanding (in shares)	66,656	71,940	66,941	72,364
Dilutive effect of stock-based awards (in shares)	1,048	1,041	927	773
Weighted average diluted shares outstanding (in shares)	67,704	72,981	67,868	73,137
Earnings per share attributable to Reliance stockholders - diluted (in dollars per share)	$ 2.40	$ 2.03	$ 7.90	$ 7.49
Earnings per share attributable to Reliance stockholders - basic (in dollars per share)	$ 2.44	$ 2.06	$ 8.01	$ 7.57

Impairment and Restructuring _3

Impairment and Restructuring Charges (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Impairment and Restructuring Charges
Property, plant and equipment	$ 2.3	$ 1.2	$ 2.3
Intangible assets, net	33.2		33.2
Total impairment charges	35.5	1.2	35.5
Total impairment and restructuring charges	36.8	$ 1.2	36.8
Warehouse, delivery, selling, general and administrative expense
Impairment and Restructuring Charges
Restructuring	$ 1.3		$ 1.3