Reliance Steel & Aluminum (RS) 10-Q 1 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Apr. 27, 2020
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-13122
Entity Registrant Name	RELIANCE STEEL & ALUMINUM CO
Entity Incorporation, State or Country Code	DE
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		63,640,761
Entity Central Index Key	0000861884
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 172.1	$ 174.3
Accounts receivable, less allowance for doubtful accounts of $20.6 at March 31, 2020 and $17.8 at December 31, 2019	1,216.1	1,067.8
Inventories	1,630	1,645.7
Prepaid expenses and other current assets	68.2	85.2
Income taxes receivable		37.2
Total current assets	3,086.4	3,010.2
Property, plant and equipment:
Land	239.5	239.8
Buildings	1,211.5	1,195.1
Machinery and equipment	2,062.5	2,044.4
Accumulated depreciation	(1,721.8)	(1,684.1)
Property, plant and equipment, net	1,791.7	1,795.2
Operating lease right-of-use assets	201.5	201.5
Goodwill	1,998.8	2,003.8
Intangible assets, net	928	1,031.1
Cash surrender value of life insurance policies, net	35.2	42.7
Other assets	43.9	46.6
Total assets	8,085.5	8,131.1
Current liabilities:
Accounts payable	347	275
Accrued expenses	85.8	67.4
Accrued compensation and retirement costs	127.9	172.1
Accrued insurance costs	46.5	43.4
Current maturities of long-term debt and short-term borrowings	64.8	64.9
Current maturities of operating lease liabilities	52.4	52.5
Income taxes payable	11.2
Total current liabilities	735.6	675.3
Long-term debt	1,772.3	1,523.6
Operating lease liabilities	149.7	149.5
Long-term retirement costs	81.2	87
Other long-term liabilities	12.6	12.3
Deferred income taxes	434.8	469.3
Commitments 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 - 63,641 at March 31, 2020 and 66,854 at December 31, 2019	0.1	122.2
Retained earnings	5,028.6	5,189.5
Accumulated other comprehensive loss	(136.5)	(105.1)
Total Reliance stockholders' equity	4,892.2	5,206.6
Noncontrolling interests	7.1	7.5
Total equity	4,899.3	5,214.1
Total liabilities and equity	$ 8,085.5	$ 8,131.1

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts	$ 20.6	$ 17.8
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	63,641,000	66,854,000
Common stock, outstanding shares	63,641,000	66,854,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CONSOLIDATED STATEMENTS OF INCOME
Net sales	$ 2,572.9	$ 2,956.6
Costs and expenses:
Cost of sales (exclusive of depreciation and amortization shown below)	1,792.2	2,089.7
Warehouse, delivery, selling, general and administrative	522.7	532.1
Depreciation and amortization	57	54
Impairment of long-lived assets	97.7
Total costs and expenses	2,469.6	2,675.8
Operating income	103.3	280.8
Other expense:
Interest expense	16.9	24.2
Other expense, net	3.3	1.1
Income before income taxes	83.1	255.5
Income tax provision	20.2	63.9
Net income	62.9	191.6
Less: Net income attributable to noncontrolling interests	1.2	1.5
Net income attributable to Reliance	$ 61.7	$ 190.1
Earnings per share attributable to Reliance stockholders:
Diluted (in dollars per share)	$ 0.92	$ 2.80
Basic (in dollars per share)	$ 0.93	$ 2.83
Shares used in computing earnings per share:
Diluted (in shares)	67,248	67,926
Basic (in shares)	66,337	67,127
Cash dividends per share (in dollars per share)	$ 0.625	$ 0.55

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 62.9	$ 191.6
Other comprehensive (loss) income:
Foreign currency translation (loss) gain	(31.4)	6.8
Total other comprehensive (loss) income	(31.4)	6.8
Comprehensive income	31.5	198.4
Less: Comprehensive income attributable to noncontrolling interests	1.2	1.5
Comprehensive income attributable to Reliance	$ 30.3	$ 196.9

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, 2018		$ 136.4	$ 4,637.9	$ (102.7)	$ 7.9	$ 4,679.5
Balance (in shares) at Dec. 31, 2018	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
Repurchase of common shares (in shares)						0
Cash dividends - $0.55 and $0.625 per share and dividend equivalents for the quarter ended March 31, 2019 and March 31, 2020, 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, 2019		122.2	5,189.5	(105.1)	7.5	$ 5,214.1
Balance (in shares) at Dec. 31, 2019	66,854					66,854
Increase (Decrease) in Stockholders' Equity
Net income			61.7		1.2	$ 62.9
Other comprehensive income (loss)				(31.4)		(31.4)
Noncontrolling interest purchased		(6.9)			(1.1)	(8)
Dividend to noncontrolling interest holder					(0.5)	(0.5)
Stock-based compensation, net		3.8				3.8
Stock-based compensation, net (in shares)	111
Stock options exercised		0.3				0.3
Stock options exercised (in shares)	6
Repurchase of common shares		(119.3)	(180.7)			$ (300)
Repurchase of common shares (in shares)	(3,330)					3,300
Cash dividends - $0.55 and $0.625 per share and dividend equivalents for the quarter ended March 31, 2019 and March 31, 2020, respectively			(41.9)			$ (41.9)
Balance at Mar. 31, 2020		$ 0.1	$ 5,028.6	$ (136.5)	$ 7.1	$ 4,899.3
Balance (in shares) at Mar. 31, 2020	63,641					63,641

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	Apr. 21, 2020	Mar. 31, 2020	Mar. 31, 2019
CONSOLIDATED STATEMENTS OF EQUITY
Cash dividends per share (in dollars per share)	$ 0.625	$ 0.625	$ 0.55

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating activities:
Net income	$ 62.9	$ 191.6
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	57	54
Impairment of long-lived assets	97.7
Provision for uncollectible accounts	3.8	1.7
Deferred income tax benefit	(33.5)	(0.1)
Stock-based compensation expense	8.9	8.2
Other	9.7	1.7
Changes in operating assets and liabilities (excluding effect of businesses acquired):
Accounts receivable	(155.8)	(180.7)
Inventories	12.4	(119)
Prepaid expenses and other assets	68.3	41.2
Accounts payable and other liabilities	39.4	118.6
Net cash provided by operating activities	170.8	117.2
Investing activities:
Purchases of property, plant and equipment	(55.5)	(53)
Other	0.5	4.3
Net cash used in investing activities	(55)	(48.7)
Financing activities:
Proceeds from long-term debt borrowings	667	374
Principal payments on long-term debt	(419)	(391)
Dividends and dividend equivalents paid	(41.9)	(39.6)
Share repurchases	(300)
Noncontrolling interest purchased	(8)
Other	(5.5)	(8.8)
Net cash used in financing activities	(107.4)	(65.4)
Effect of exchange rate changes on cash and cash equivalents	(10.6)	2.3
(Decrease) increase in cash and cash equivalents	(2.2)	5.4
Cash and cash equivalents at beginning of year	174.3	128.2
Cash and cash equivalents at end of period	172.1	133.6
Supplemental cash flow information:
Interest paid during the period	6	13.6
Income taxes paid during the period, net	$ 5.2	$ 7.9

Basis of Presentation

Basis of Presentation	12 Months Ended
	Dec. 31, 2020
Basis of Presentation
Basis of Presentation	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 first quarter of 2020 are not necessarily indicative of the results for the full year ending December 31, 2020. These financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto for the year ended December 31, 2019, 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. During the first quarter of 2020, we purchased the remaining 49% noncontrolling interest of Feralloy Processing Company, which increased our ownership from 51% to 100%. See Note 9—“Equity”

Impact of Recently Issued Accou

Impact of Recently Issued Accounting Guidance	3 Months Ended
	Mar. 31, 2020
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 ​ Financial Instruments – Credit Losses ​ Impact of Recently Issued Accounting Standards—Not Yet Adopted ​ Income Taxes ​ Reference Rate Reform to evaluate which contracts may be impacted by reference rate reform, but believe our use of these accounting changes will not have a material impact on our consolidated financial statements.

Revenues

Revenues	3 Months Ended
	Mar. 31, 2020
Revenues
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 ​ March 31, ​ 2020 2019 ​ (in millions) Carbon steel $ 1,316.2 ​ $ 1,593.6 Aluminum ​ 512.2 ​ ​ 565.8 Stainless steel ​ 404.9 ​ ​ 406.5 Alloy ​ 151.4 ​ ​ 184.3 Toll processing and logistics ​ 112.5 ​ ​ 111.7 Other and eliminations ​ 75.7 ​ ​ 94.7 Total $ 2,572.9 ​ $ 2,956.6 ​

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2020
Goodwill.
Goodwill	Note 4. Goodwill ​ The change in the carrying amount of goodwill is as follows: ​ ​ ​ ​ ​ (in millions) Balance at January 1, 2020 $ 2,003.8 Purchase price allocation adjustments ​ 0.6 Foreign currency translation loss ​ (5.6) Balance at March 31, 2020 $ 1,998.8 ​ We had no accumulated impairment losses related to goodwill at March 31, 2020. ​ The purchase price allocation for our 2019 acquisition of Fry Steel Company is pending the completion of purchase price adjustments, based on tangible and intangible asset valuations, and the completion of pre-acquisition period tax returns.

Intangible Assets, net

Intangible Assets, net	3 Months Ended
	Mar. 31, 2020
Intangible Assets, net
Intangible Assets, net	Note 5. Intangible Assets, net ​ Intangible assets, net consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ December 31, 2019 ​ 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 5.0 ​ $ 0.7 ​ $ (0.4) ​ $ 0.7 ​ $ (0.4) Customer lists/relationships 15.5 ​ ​ 680.2 ​ ​ (445.4) ​ ​ 710.1 ​ ​ (438.1) Software 10.0 ​ ​ 8.1 ​ ​ (8.1) ​ ​ 8.1 ​ ​ (8.1) Other 7.2 ​ ​ 1.0 ​ ​ (0.9) ​ ​ 1.1 ​ ​ (0.9) ​ ​ ​ ​ 690.0 ​ ​ (454.8) ​ ​ 720.0 ​ ​ (447.5) Intangible assets not subject to amortization: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade names ​ ​ ​ 692.8 ​ ​ — ​ ​ 758.6 ​ ​ — ​ ​ ​ $ 1,382.8 ​ $ (454.8) ​ $ 1,478.6 ​ $ (447.5) ​ Amortization expense for intangible assets was $10.8 million for the first quarters of 2020 and 2019. Foreign currency translation losses related to intangible assets, net, were $3.5 million in the first quarter of 2020 compared to foreign currency translation gains of $1.2 million in the first quarter of 2019. ​ In the first quarter of 2020, we recognized impairment losses of $64.1 million on our trade name and $24.7 million on our customer lists/relationships intangible assets related to certain of our energy-related businesses. See Note 12—“Impairment and Restructuring Charge” ​ The following is a summary of estimated future amortization expense for the remaining nine months of 2020 and each of the succeeding five years: ​ ​ ​ ​ ​ (in millions) 2020 (remaining nine months) $ 26.4 2021 ​ 34.7 2022 ​ 34.0 2023 ​ 29.7 2024 ​ 26.2 ​

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt
Debt	Note 6. Debt ​ Debt consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2020 2019 ​ (in millions) Unsecured revolving credit facility due September 30, 2021 $ 631.0 ​ $ 368.0 Unsecured term loan due from June 30, 2020 to September 30, 2021 ​ 450.0 ​ ​ 465.0 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 ​ 13.2 ​ ​ 13.3 Total ​ 1,844.2 ​ ​ 1,596.3 Less: unamortized discount and debt issuance costs ​ (7.1) ​ ​ (7.8) Less: amounts due within one year and short-term borrowings ​ (64.8) ​ ​ (64.9) Total long-term debt $ 1,772.3 ​ $ 1,523.6 ​ 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 March 31, 2020 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. 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 2.14% and 3.69% as of March 31, 2020 and December 31, 2019, respectively. Weighted average interest rates on borrowings outstanding on the term loan were 1.99% and 2.80% as of March 31, 2020 and December 31, 2019, respectively. As of March 31, 2020, we had $631.0 million of outstanding borrowings, $37.5 million of letters of credit issued and $831.5 million 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 repaid ​ 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 ​ A revolving credit facility with a credit limit of $7.7 million is in place for an operation in Asia with an outstanding balance of $4.2 million and $4.3 million as of March 31, 2020 and December 31, 2019, respectively. ​ Various industrial revenue bonds had combined outstanding balances of $9.0 million as of March 31, 2020 and December 31, 2019, 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 March 31, 2020.

Leases

Leases	3 Months Ended
	Mar. 31, 2020
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, storage and data centers. 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 our insignificant finance leases is not included as it is not meaningful to an understanding of our lease obligations. ​ The following is a summary of our lease cost: ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ March 31, ​ 2020 2019 ​ (in millions) Operating lease cost $ 21.1 ​ $ 20.8 ​ Supplemental cash flow and balance sheet information is presented below: ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ March 31, ​ 2020 ​ 2019 ​ (in millions) Supplemental cash flow information ​ ​ ​ ​ ​ Cash payments for operating leases $ 21.2 ​ $ 20.2 Right-of-use assets obtained in exchange for operating lease obligations $ 14.5 ​ $ 11.7 ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2020 ​ 2019 Other lease information ​ ​ ​ ​ ​ Weighted average remaining lease term—operating leases ​ 5.5 years ​ ​ 5.6 years Weighted average discount rate—operating leases ​ 4.2% ​ ​ 4.3% ​ Maturities of operating lease liabilities as of March 31, 2020 are as follows: ​ ​ ​ ​ ​ (in millions) 2020 (remaining nine months) $ 45.1 2021 ​ 50.4 2022 ​ 39.0 2023 ​ 30.0 2024 ​ 23.1 Thereafter ​ 41.9 Total operating lease payments ​ 229.5 Less: imputed interest ​ (27.4) Total operating lease liabilities $ 202.1 ​

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Taxes
Income Taxes	Note 8. Income Taxes ​ Our effective income tax rates for the first quarters of 2020 and 2019 were 24.3% and 25.0%, 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. ​ The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted on March 27, 2020. The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer’s share of social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. We continue to examine the impacts the CARES Act may have on our business. ​

Equity

Equity	3 Months Ended
	Mar. 31, 2020
Equity
Equity	Note 9. Equity ​ Dividends ​ On April 21, 2020, our Board of Directors declared the 2020 second quarter cash dividend of $0.625 per share of common stock, payable on June 12, 2020 to stockholders of record as of May 29, 2020. ​ During the first quarters of 2020 and 2019, we declared and paid quarterly dividends of $0.625 and $0.55 per share, or $41.0 million and $37.0 million in total, respectively. In addition, we paid $0.9 million and $2.6 million in dividend equivalents with respect to vested restricted stock units (“RSUs”) during the first quarters of 2020 and 2019, 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 first quarters of 2020 and 2019, we made payments of $5.1 million and $9.5 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 March 31, 2020 and changes during the quarter then ended is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant Date ​ ​ ​ ​ Fair Value Unvested RSUs ​ Shares ​ Per RSU Unvested at January 1, 2020 ​ 859,005 ​ $ 86.40 Granted (1) ​ 540,547 ​ ​ 82.81 Vested ​ (721) ​ ​ 84.54 Cancelled or forfeited ​ (3,964) ​ ​ 85.79 Unvested at March 31, 2020 ​ 1,394,867 ​ $ 85.01 Shares reserved for future grants (all plans) ​ 494,905 ​ ​ ​ (1) Comprised of 330,144 service-based RSUs and 210,403 performance-based RSUs granted in March 2020 with a fair value of $82.81 per RSU. The service-based RSUs cliff vest on December 1, 2022 and the performance-based RSUs are subject to a three-year performance period ending December 31, 2022. ​ 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 March 31, 2020, we had authorization under the plan to repurchase approximately 3.1 million shares, or about 5% of our current outstanding shares. Repurchased and subsequently retired shares are restored to the status of authorized but unissued shares. During the first quarter of 2020, we repurchased approximately 3.3 million shares at an average cost of $90.09, for a total of $300.0 million. There were no share repurchases in the first quarter of 2019. ​ 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, 2020 $ (64.4) ​ $ (40.7) ​ $ (105.1) Current-period change ​ (31.4) ​ ​ — ​ ​ (31.4) Balance as of March 31, 2020 $ (95.8) ​ $ (40.7) ​ $ (136.5) ​ Foreign currency translation adjustments have not been adjusted for income taxes. Pension and postretirement benefit adjustments are net of taxes of $7.9 million as of March 31, 2020 and December 31, 2019. Income tax effects are released from accumulated other comprehensive loss as defined benefit plan and supplemental executive retirement plan obligations are settled. ​ Noncontrolling Interest Transaction ​ On March 31, 2020, through our wholly owned subsidiary, Feralloy Corporation, we purchased the remaining 49% noncontrolling interest of Feralloy Processing Company (“FPC”), a toll processor in Portage, Indiana. The increase in our ownership from 51% to 100% was accounted for as an equity transaction. The difference between the $8.0 million consideration paid for the noncontrolling interest with a carrying amount of $1.1 million

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
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 ​ 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	3 Months Ended
	Mar. 31, 2020
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 ​ March 31, ​ 2020 2019 ​ (in millions, except number of shares which are reflected in thousands and per share amounts) Numerator: ​ ​ ​ ​ Net income attributable to Reliance $ 61.7 $ 190.1 Denominator: ​ ​ ​ ​ Weighted average shares outstanding ​ 66,337 ​ 67,127 Dilutive effect of stock-based awards ​ 911 ​ 799 Weighted average diluted shares outstanding ​ 67,248 ​ 67,926 ​ ​ ​ ​ ​ ​ Earnings per share attributable to Reliance stockholders: ​ ​ ​ ​ ​ Diluted $ 0.92 ​ $ 2.80 Basic $ 0.93 ​ $ 2.83 ​ The computations of earnings per share for the first quarters of 2020 and 2019 do not include 701,053 and 682,660 weighted average shares, respectively, in respect of RSUs, because their inclusion would have been anti-dilutive.

Impairment and Restructuring Ch

Impairment and Restructuring Charge	3 Months Ended
	Mar. 31, 2020
Impairment and Restructuring Charge
Impairment and Restructuring Charge	Note 12. Impairment and Restructuring Charge ​ We recorded an impairment and restructuring charge of $137.5 million in the first quarter of 2020. The recent significant decline in crude oil prices that is expected to result in reduced drilling activity and decreased demand for the products we sell informed our decision to close three of our energy-related businesses and reduce our long-term outlook for our businesses servicing the energy market. ​ The impairment and restructuring charge consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ March 31, ​ 2020 2019 (in millions) Intangible assets, net $ 88.8 ​ $ — Property, plant and equipment ​ 8.7 ​ ​ — Operating lease right-of-use assets ​ 0.2 ​ ​ — Total impairment charge ​ 97.7 ​ ​ — Restructuring cost of sales ​ 39.8 ​ ​ — Total impairment and restructuring charge $ 137.5 ​ $ — ​ ​ The property, plant and equipment and restructuring – cost of sales charges relate to the planned closure of certain locations where we anticipate losses on the disposition of certain real property, machinery and equipment and inventories. The measurement of the intangible assets at fair value was determined using discounted cash flow techniques. The use of discounted cash flow models requires significant judgement and requires the use of inputs by management that are unobservable, including revenue forecasts, discount rates and long-term growth rates. Unobservable inputs are inputs that reflect the Company’s expectations of the assumptions market participants would use in pricing the eventual recovery of the oil and gas industry based on the best information available in the circumstances.

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2020
Subsequent Event
Subsequent Event	Note 13. Subsequent Event ​ COVID-19 Risks and Uncertainties ​ In March 2020, the World Health Organization declared the outbreak of the novel strain of coronavirus ("COVID-19") a global pandemic and recommended containment and mitigation measures worldwide. The Company is monitoring this, and although operations have not been materially affected by the COVID-19 outbreak as of and for the three months ended March 31, 2020, we are unable to predict the impact that COVID-19 will have on our future financial position and operating results due to numerous uncertainties. The duration and severity of the outbreak and its long-term impact on our business are uncertain at this time. ​

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2020
Revenues
Schedule of disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ March 31, ​ 2020 2019 ​ (in millions) Carbon steel $ 1,316.2 ​ $ 1,593.6 Aluminum ​ 512.2 ​ ​ 565.8 Stainless steel ​ 404.9 ​ ​ 406.5 Alloy ​ 151.4 ​ ​ 184.3 Toll processing and logistics ​ 112.5 ​ ​ 111.7 Other and eliminations ​ 75.7 ​ ​ 94.7 Total $ 2,572.9 ​ $ 2,956.6

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill.
Schedule of changes in the carrying amount of goodwill	​ ​ ​ ​ ​ (in millions) Balance at January 1, 2020 $ 2,003.8 Purchase price allocation adjustments ​ 0.6 Foreign currency translation loss ​ (5.6) Balance at March 31, 2020 $ 1,998.8

Intangible Assets, net (Tables)

Intangible Assets, net (Tables)	3 Months Ended
	Mar. 31, 2020
Intangible Assets, net
Summary of intangible assets, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ December 31, 2019 ​ 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 5.0 ​ $ 0.7 ​ $ (0.4) ​ $ 0.7 ​ $ (0.4) Customer lists/relationships 15.5 ​ ​ 680.2 ​ ​ (445.4) ​ ​ 710.1 ​ ​ (438.1) Software 10.0 ​ ​ 8.1 ​ ​ (8.1) ​ ​ 8.1 ​ ​ (8.1) Other 7.2 ​ ​ 1.0 ​ ​ (0.9) ​ ​ 1.1 ​ ​ (0.9) ​ ​ ​ ​ 690.0 ​ ​ (454.8) ​ ​ 720.0 ​ ​ (447.5) Intangible assets not subject to amortization: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade names ​ ​ ​ 692.8 ​ ​ — ​ ​ 758.6 ​ ​ — ​ ​ ​ $ 1,382.8 ​ $ (454.8) ​ $ 1,478.6 ​ $ (447.5)
Summary of estimated aggregate amortization expense	​ ​ ​ ​ ​ (in millions) 2020 (remaining nine months) $ 26.4 2021 ​ 34.7 2022 ​ 34.0 2023 ​ 29.7 2024 ​ 26.2

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt
Summary of debt	​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2020 2019 ​ (in millions) Unsecured revolving credit facility due September 30, 2021 $ 631.0 ​ $ 368.0 Unsecured term loan due from June 30, 2020 to September 30, 2021 ​ 450.0 ​ ​ 465.0 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 ​ 13.2 ​ ​ 13.3 Total ​ 1,844.2 ​ ​ 1,596.3 Less: unamortized discount and debt issuance costs ​ (7.1) ​ ​ (7.8) Less: amounts due within one year and short-term borrowings ​ (64.8) ​ ​ (64.9) Total long-term debt $ 1,772.3 ​ $ 1,523.6

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases
Schedule of lease cost	​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ March 31, ​ 2020 2019 ​ (in millions) Operating lease cost $ 21.1 ​ $ 20.8
Schedule of supplemental cash flow and other lease information	​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ March 31, ​ 2020 ​ 2019 ​ (in millions) Supplemental cash flow information ​ ​ ​ ​ ​ Cash payments for operating leases $ 21.2 ​ $ 20.2 Right-of-use assets obtained in exchange for operating lease obligations $ 14.5 ​ $ 11.7 ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2020 ​ 2019 Other lease information ​ ​ ​ ​ ​ Weighted average remaining lease term—operating leases ​ 5.5 years ​ ​ 5.6 years Weighted average discount rate—operating leases ​ 4.2% ​ ​ 4.3%
Schedule of maturities of operating lease liabilities	​ ​ ​ ​ ​ (in millions) 2020 (remaining nine months) $ 45.1 2021 ​ 50.4 2022 ​ 39.0 2023 ​ 30.0 2024 ​ 23.1 Thereafter ​ 41.9 Total operating lease payments ​ 229.5 Less: imputed interest ​ (27.4) Total operating lease liabilities $ 202.1

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2020
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, 2020 ​ 859,005 ​ $ 86.40 Granted (1) ​ 540,547 ​ ​ 82.81 Vested ​ (721) ​ ​ 84.54 Cancelled or forfeited ​ (3,964) ​ ​ 85.79 Unvested at March 31, 2020 ​ 1,394,867 ​ $ 85.01 Shares reserved for future grants (all plans) ​ 494,905 ​ ​ ​ (1) Comprised of 330,144 service-based RSUs and 210,403 performance-based RSUs granted in March 2020 with a fair value of $82.81 per RSU. The service-based RSUs cliff vest on December 1, 2022 and the performance-based RSUs are subject to a three-year performance period ending December 31, 2022.
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, 2020 $ (64.4) ​ $ (40.7) ​ $ (105.1) Current-period change ​ (31.4) ​ ​ — ​ ​ (31.4) Balance as of March 31, 2020 $ (95.8) ​ $ (40.7) ​ $ (136.5)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share
Computation of basic and diluted earnings per share	​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ March 31, ​ 2020 2019 ​ (in millions, except number of shares which are reflected in thousands and per share amounts) Numerator: ​ ​ ​ ​ Net income attributable to Reliance $ 61.7 $ 190.1 Denominator: ​ ​ ​ ​ Weighted average shares outstanding ​ 66,337 ​ 67,127 Dilutive effect of stock-based awards ​ 911 ​ 799 Weighted average diluted shares outstanding ​ 67,248 ​ 67,926 ​ ​ ​ ​ ​ ​ Earnings per share attributable to Reliance stockholders: ​ ​ ​ ​ ​ Diluted $ 0.92 ​ $ 2.80 Basic $ 0.93 ​ $ 2.83

Impairment and Restructuring _2

Impairment and Restructuring Charge (Tables)	3 Months Ended
	Mar. 31, 2020
Impairment and Restructuring Charge
Schedule of impairment and restructuring charge	​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ March 31, ​ 2020 2019 (in millions) Intangible assets, net $ 88.8 ​ $ — Property, plant and equipment ​ 8.7 ​ ​ — Operating lease right-of-use assets ​ 0.2 ​ ​ — Total impairment charge ​ 97.7 ​ ​ — Restructuring cost of sales ​ 39.8 ​ ​ — Total impairment and restructuring charge $ 137.5 ​ $ —

Basis of Presentation (Details)

Basis of Presentation (Details) - Feralloy Processing Company	Mar. 31, 2020	Mar. 30, 2020
Basis of Presentation
Ownership percentage acquired	49.00%
Ownership percentage in consolidated investments other than equity method investment	100.00%	51.00%

Revenues (Details)

Revenues (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue Disaggregation
Revenue	$ 2,572.9	$ 2,956.6
Carbon steel
Revenue Disaggregation
Revenue	1,316.2	1,593.6
Aluminum
Revenue Disaggregation
Revenue	512.2	565.8
Stainless steel
Revenue Disaggregation
Revenue	404.9	406.5
Alloy
Revenue Disaggregation
Revenue	151.4	184.3
Toll processing and logistics
Revenue Disaggregation
Revenue	112.5	111.7
Other and eliminations
Revenue Disaggregation
Revenue	$ 75.7	$ 94.7

Goodwill (Details)

Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Change in the carrying amount of goodwill
Balance at the beginning of the period	$ 2,003.8
Purchase price allocation adjustments	0.6
Foreign currency translation loss	(5.6)
Balance at the end of the period	1,998.8
Accumulated impairment losses	$ 0

Intangible Assets, net (Details

Intangible Assets, net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Intangible assets subject to amortization:
Intangible assets subject to amortization, Gross Carrying Amount	$ 690		$ 720
Intangible assets subject to amortization, Accumulated Amortization	(454.8)		(447.5)
Intangible assets
Intangible assets, Gross Carrying Amount	1,382.8		1,478.6
Amortization expense for intangible assets	10.8	$ 10.8
Changes in intangible assets due to foreign currency translation gains (losses)	(3.5)	$ 1.2
Summary of estimated aggregate amortization expense for each of the succeeding five years
2020 (remaining nine months)	26.4
2021	34.7
2022	34
2023	29.7
2024	26.2
Trade names
Intangible assets not subject to amortization:
Intangible assets not subject to amortization, Gross Carrying Amount	692.8		758.6
Intangible assets
Impairment losses of intangible assets, indefinite-lived	$ 64.1
Covenants not to compete
Intangible assets subject to amortization:
Weighted average amortizable life in years	5 years
Intangible assets subject to amortization, Gross Carrying Amount	$ 0.7		0.7
Intangible assets subject to amortization, Accumulated Amortization	$ (0.4)		(0.4)
Customer lists/relationships
Intangible assets subject to amortization:
Weighted average amortizable life in years	15 years 6 months
Intangible assets subject to amortization, Gross Carrying Amount	$ 680.2		710.1
Intangible assets subject to amortization, Accumulated Amortization	(445.4)		(438.1)
Intangible assets
Impairment losses of intangible assets, finite-lived	$ 24.7
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 2 months 12 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	Mar. 31, 2020	Dec. 31, 2019
Debt
Total	$ 1,844.2	$ 1,596.3
Less: unamortized discount and debt issuance costs	(7.1)	(7.8)
Less: amounts due within one year and short-term borrowings	(64.8)	(64.9)
Total long-term debt	1,772.3	1,523.6
Unsecured revolving credit facility due September 30, 2021
Debt
Total	631	368
Unsecured term loan due from June 30, 2020 to September 30, 2021
Debt
Total	450	465
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	$ 13.2	$ 13.3

Debt - Other (Details)

Debt - Other (Details) $ in Millions	Sep. 30, 2016USD ($)	Apr. 12, 2013USD ($)	Nov. 20, 2006USD ($)tranche	Sep. 30, 2016USD ($)	Mar. 31, 2020USD ($)item	Dec. 31, 2019USD ($)	Nov. 15, 2016USD ($)
Debt
Total					$ 1,844.2	$ 1,596.3
Number of financial covenants | item					2
Credit Agreement
Debt
Maximum borrowing capacity	$ 2,100			$ 2,100
Debt term	5 years
Unsecured revolving credit facility due September 30, 2021
Debt
Maximum borrowing capacity	$ 1,500			1,500
Total					$ 631	$ 368
Additional maximum borrowing capacity under the credit agreement subject to approval of the lenders and certain other conditions	500			500
Commitment fee on unused portion of revolving credit facility (as a percent)					0.125%
Weighted average fixed interest rate (as a percent)					2.14%	3.69%
Letters of credit outstanding					$ 37.5
Available on the revolving credit facility					$ 831.5
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 rate
Unsecured term loan due from June 30, 2020 to September 30, 2021
Debt
Maximum borrowing capacity	$ 600			$ 600
Total					$ 450	$ 465
Annual amortization of term loan thereafter until June 2021 (as a percent)				10.00%
Weighted average fixed interest rate (as a percent)					1.99%	2.80%
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
Interest rate (as a percent)		4.50%
Issuance of debt		$ 500
Senior unsecured notes due November 15, 2036
Debt
Total					250	250
Interest rate (as a percent)			6.85%
Issuance of debt			$ 250
Other notes and revolving credit facilities
Debt
Maximum borrowing capacity					7.7
Total					4.2	4.3
IRB
Debt
Total					$ 9	$ 9

Leases (Details)

Leases (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Leases
Operating lease cost	$ 21.1	$ 20.8
Cash payments for operating leases	21.2	20.2
Right-of-use assets obtained in exchange for operating lease obligations	$ 14.5	$ 11.7
Weighted average remaining lease term - operating leases	5 years 6 months		5 years 7 months 6 days
Weighted average discount rate - operating leases	4.20%		4.30%
Maturities of operating lease liabilities
2020 (remaining nine months)	$ 45.1
2021	50.4
2022	39
2023	30
2024	23.1
Thereafter	41.9
Total operating lease payments	229.5
Less: imputed interest	(27.4)
Total operating lease liabilities	$ 202.1

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Taxes
Effective tax rate (as a percent)	24.30%	25.00%
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	Apr. 21, 2020	Oct. 23, 2018	Mar. 31, 2020	Mar. 31, 2020	Mar. 31, 2019
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			3,100,000	3,100,000
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)			5.00%	5.00%
Share repurchases (in shares)				3,300,000	0
Average costs per share				$ 90.09
Value of shares repurchased				$ 300
Dividends
Common stock quarterly dividend per share (in dollars per share)	$ 0.625			$ 0.625	$ 0.55
Common stock dividend quarterly declared and paid per share (in dollars per share)				$ 0.625	$ 0.55
Dividends paid				$ 41	$ 37
Common Stock and Additional Paid in Capital
Share Repurchase Plan
Value of shares repurchased				119.3
Common Stock and Additional Paid-In (in Shares)
Payments made to tax authorities on employees' behalf				5.1	9.5
RSU's
Dividends
Dividend equivalents paid				$ 0.9	$ 2.6
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)			330,144
Weighted Average Grant Date Fair Value
Granted (in dollars per share)			$ 82.81
RSU's | Performance-based
Stock-Based Compensation
Vesting period (in years)			3 years
Changes
Granted (in shares)			210,403
Weighted Average Grant Date Fair Value
Granted (in dollars per share)			$ 82.81
Unvested RSUs
Changes
Unvested at the beginning of the year (in shares)				859,005
Granted (in shares)				540,547
Vested (in shares)				(721)
Cancelled or forfeited (in shares)				(3,964)
Unvested at the end of the period (in shares)			1,394,867	1,394,867
Shares reserved for future grants (all plans)			494,905	494,905
Weighted Average Grant Date Fair Value
Unvested at the beginning of the year (in dollars per share)				$ 86.40
Granted (in dollars per share)				82.81
Vested (in dollars per share)				84.54
Cancelled or forfeited (in dollars per share)				85.79
Unvested at the end of the period (in dollars per share)			$ 85.01	$ 85.01

Equity - Accumulated Other Comp

Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Schedule of accumulated other comprehensive loss
Balance at the beginning of the period	$ (105.1)
Current-period change	(31.4)
Balance at the end of the period	(136.5)
Deferred tax assets in accumulated other comprehensive loss, pension liabilities	7.9	$ 7.9
Foreign Currency Translation Loss
Schedule of accumulated other comprehensive loss
Balance at the beginning of the period	(64.4)
Current-period change	(31.4)
Balance at the end of the period	(95.8)
Pension and Postretirement Benefit Adjustments, Net of Tax
Schedule of accumulated other comprehensive loss
Balance at the beginning of the period	(40.7)
Balance at the end of the period	$ (40.7)

Equity - Noncontrolling (Detail

Equity - Noncontrolling (Details) - USD ($) $ in Millions	Mar. 31, 2020	Mar. 30, 2020
Feralloy Processing Company
Joint Ventures and Noncontrolling Interests
Carrying value of noncontrolling interest	$ 0	$ 1.1
Feralloy Processing Company
Joint Ventures and Noncontrolling Interests
Ownership percentage acquired	49.00%
Ownership percentage in consolidated investments other than equity method investment	100.00%	51.00%
Payments for acquired equity interest	$ 8

Commitments and Contingencies (

Commitments and Contingencies (Details)	Mar. 31, 2020
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, 2020	Mar. 31, 2019
Numerator:
Net income attributable to Reliance	$ 61.7	$ 190.1
Denominator:
Weighted average shares outstanding (in shares)	66,337,000	67,127,000
Dilutive effect of stock-based awards (in shares)	911,000	799,000
Weighted average diluted shares outstanding (in shares)	67,248,000	67,926,000
Earnings per share attributable to Reliance stockholders - diluted (in dollars per share)	$ 0.92	$ 2.80
Earnings per share attributable to Reliance stockholders - basic (in dollars per share)	$ 0.93	$ 2.83
Diluted shares
Weighted average shares, respectively, primarily for RSU's and stock options, not included in the diluted calculation due to their aniti-dilutive effect	701,053	682,660

Impairment and Restructuring _3

Impairment and Restructuring Charge (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Impairment and Restructuring Charge
Intangible assets, net	$ 88.8
Property, plant and equipment	8.7
Operating lease right-of-use assets	0.2
Total impairment charge	97.7
Total impairment and restructuring charge	137.5
Cost of sales
Impairment and Restructuring Charge
Restructuring	$ 39.8