Reliance Steel & Aluminum (RS) 10-Q29 Jul 212021 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Jul. 23, 2021
Cover Abstract
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
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		63,483,196
Entity Central Index Key	0000861884
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 727.6	$ 683.5
Accounts receivable, less allowance for credit losses of $24.6 at June 30, 2021 and $19.0 at December 31, 2020	1,492.6	926.3
Inventories	1,644.8	1,420.4
Prepaid expenses and other current assets	79.6	80.5
Income taxes receivable		2.1
Total current assets	3,944.6	3,112.8
Property, plant and equipment:
Land	256.4	260.1
Buildings	1,253.1	1,240
Machinery and equipment	2,184.8	2,107.8
Accumulated depreciation	(1,897.2)	(1,815.7)
Property, plant and equipment, net	1,797.1	1,792.2
Operating lease right-of-use assets	209.7	204
Goodwill	1,936.3	1,935.2
Intangible assets, net	928.9	947.1
Cash surrender value of life insurance policies, net	35.7	43.7
Other assets	77.7	71.8
Total assets	8,930	8,106.8
Current liabilities:
Accounts payable	473.6	259.3
Accrued expenses	116.6	88.9
Accrued compensation and retirement costs	198.6	165.8
Accrued insurance costs	42.8	42
Current maturities of long-term debt and short-term borrowings	5.3	6
Current maturities of operating lease liabilities	50.1	51
Income taxes payable	17.9
Total current liabilities	904.9	613
Long-term debt	1,640.6	1,638.9
Operating lease liabilities	160.6	154.1
Long-term retirement costs	105.4	95.8
Other long-term liabilities	23.3	26.7
Deferred income taxes	456.2	455.6
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 - 63,568 at June 30, 2021 and 63,600 at December 31, 2020	5.7	0.1
Retained earnings	5,700.6	5,193.2
Accumulated other comprehensive loss	(74.6)	(77.9)
Total Reliance stockholders' equity	5,631.7	5,115.4
Noncontrolling interests	7.3	7.3
Total equity	5,639	5,122.7
Total liabilities and equity	$ 8,930	$ 8,106.8

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for credit losses	$ 24.6	$ 19
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	63,568,000	63,600,000
Common stock, outstanding shares	63,568,000	63,600,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
CONSOLIDATED STATEMENTS OF INCOME
Net sales	$ 3,418.8	$ 2,019.3	$ 6,257.2	$ 4,592.2
Costs and expenses:
Cost of sales (exclusive of depreciation and amortization shown below)	2,336.6	1,404.6	4,221.3	3,196.8
Warehouse, delivery, selling, general and administrative ("SG&A")	563.3	438.5	1,081.8	961.2
Depreciation and amortization	58.5	57.4	115.4	114.4
Impairment of long-lived assets		0.2		97.9
Total costs and expenses	2,958.4	1,900.7	5,418.5	4,370.3
Operating income	460.4	118.6	838.7	221.9
Other expense:
Interest expense	15.7	14.6	31.4	31.5
Other expense, net	0.6	2	4.2	5.3
Income before income taxes	444.1	102	803.1	185.1
Income tax provision	113.9	21.3	204.7	41.5
Net income	330.2	80.7	598.4	143.6
Less: Net income attributable to noncontrolling interests	1.1	0.5	2.4	1.7
Net income attributable to Reliance	$ 329.1	$ 80.2	$ 596	$ 141.9
Earnings per share attributable to Reliance stockholders:
Diluted (in dollars per share)	$ 5.08	$ 1.24	$ 9.20	$ 2.15
Basic (in dollars per share)	$ 5.17	$ 1.26	$ 9.36	$ 2.18
Shares used in computing earnings per share:
Diluted (in shares)	64,793	64,582	64,752	65,915
Basic (in shares)	63,663	63,647	63,654	64,992
Cash dividends per share (in dollars per share)	$ 0.6875	$ 0.6250	$ 1.3750	$ 1.2500

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 330.2	$ 80.7	$ 598.4	$ 143.6
Other comprehensive income (loss):
Foreign currency translation gain (loss)	4.5	8.7	3.3	(22.7)
Pension and postretirement benefit adjustments, net of tax		3.7		3.7
Total other comprehensive income (loss)	4.5	12.4	3.3	(19)
Comprehensive income	334.7	93.1	601.7	124.6
Less: Comprehensive income attributable to noncontrolling interests	1.1	0.5	2.4	1.7
Comprehensive income attributable to Reliance	$ 333.6	$ 92.6	$ 599.3	$ 122.9

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Common Stock	Common Stock and Additional Paid in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Non-controlling Interests	Total
Balance at Dec. 31, 2019		$ 122.2	$ 5,189.5	$ (105.1)	$ 7.5	$ 5,214.1
Balance (in shares) at Dec. 31, 2019	66,854,000
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)	111,000
Stock options exercised		0.3				0.3
Stock options exercised (in shares)	6,000
Repurchase of common shares		(119.3)	(180.7)			(300)
Repurchase of common shares (in shares)	(3,330,000)
Cash dividends - $0.625 and $0.6875 per share for the quarter ended March 31, 2020 and 2021, respectively, and $0.625 and $0.6875 per share for the quarter ended June 30, 2020 and June 30, 2021, 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	63,641,000
Balance at Dec. 31, 2019		122.2	5,189.5	(105.1)	7.5	5,214.1
Balance (in shares) at Dec. 31, 2019	66,854,000
Increase (Decrease) in Stockholders' Equity
Net income						143.6
Other comprehensive income (loss)						(19)
Repurchase of common shares						$ (300)
Repurchase of common shares (in shares)						3,300,000
Balance at Jun. 30, 2020		9.1	5,068.9	(124.1)	7.6	$ 4,961.5
Balance (in shares) at Jun. 30, 2020	63,654,000
Balance at Mar. 31, 2020		0.1	5,028.6	(136.5)	7.1	4,899.3
Balance (in shares) at Mar. 31, 2020	63,641,000
Increase (Decrease) in Stockholders' Equity
Net income			80.2		0.5	80.7
Other comprehensive income (loss)				12.4		12.4
Stock-based compensation, net		9				$ 9
Stock-based compensation, net (in shares)	13,000
Repurchase of common shares (in shares)						0
Cash dividends - $0.625 and $0.6875 per share for the quarter ended March 31, 2020 and 2021, respectively, and $0.625 and $0.6875 per share for the quarter ended June 30, 2020 and June 30, 2021, respectively			(39.9)			$ (39.9)
Balance at Jun. 30, 2020		9.1	5,068.9	(124.1)	7.6	4,961.5
Balance (in shares) at Jun. 30, 2020	63,654,000
Balance at Dec. 31, 2020		0.1	5,193.2	(77.9)	7.3	$ 5,122.7
Balance (in shares) at Dec. 31, 2020	63,600,000					63,600,000
Increase (Decrease) in Stockholders' Equity
Net income			266.9		1.3	$ 268.2
Other comprehensive income (loss)				(1.2)		(1.2)
Dividend to noncontrolling interest holder					(2.4)	(2.4)
Stock-based compensation, net		6.5				6.5
Stock-based compensation, net (in shares)	107,000
Cash dividends - $0.625 and $0.6875 per share for the quarter ended March 31, 2020 and 2021, respectively, and $0.625 and $0.6875 per share for the quarter ended June 30, 2020 and June 30, 2021, respectively			(44.8)			(44.8)
Balance at Mar. 31, 2021		6.6	5,415.3	(79.1)	6.2	5,349
Balance (in shares) at Mar. 31, 2021	63,707,000
Balance at Dec. 31, 2020		0.1	5,193.2	(77.9)	7.3	$ 5,122.7
Balance (in shares) at Dec. 31, 2020	63,600,000					63,600,000
Increase (Decrease) in Stockholders' Equity
Net income						$ 598.4
Other comprehensive income (loss)						3.3
Repurchase of common shares						$ (24)
Repurchase of common shares (in shares)						147,016
Balance at Jun. 30, 2021		5.7	5,700.6	(74.6)	7.3	$ 5,639
Balance (in shares) at Jun. 30, 2021	63,568,000					63,568,000
Balance at Mar. 31, 2021		6.6	5,415.3	(79.1)	6.2	$ 5,349
Balance (in shares) at Mar. 31, 2021	63,707,000
Increase (Decrease) in Stockholders' Equity
Net income			329.1		1.1	330.2
Other comprehensive income (loss)				4.5		4.5
Stock-based compensation, net		23.1				23.1
Stock-based compensation, net (in shares)	8,000
Repurchase of common shares		(24)				$ (24)
Repurchase of common shares (in shares)	(147,000)					147,016
Cash dividends - $0.625 and $0.6875 per share for the quarter ended March 31, 2020 and 2021, respectively, and $0.625 and $0.6875 per share for the quarter ended June 30, 2020 and June 30, 2021, respectively			(43.8)			$ (43.8)
Balance at Jun. 30, 2021		$ 5.7	$ 5,700.6	$ (74.6)	$ 7.3	$ 5,639
Balance (in shares) at Jun. 30, 2021	63,568,000					63,568,000

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	Jul. 20, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020
CONSOLIDATED STATEMENTS OF EQUITY
Cash dividends per share (in dollars per share)	$ 0.6875	$ 0.6875	$ 0.6875	$ 0.625	$ 0.625

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating activities:
Net income	$ 598.4	$ 143.6
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	115.4	114.4
Impairment of long-lived assets		97.9
Provision for credit losses	6.7	7
Deferred income tax benefit	(0.2)	(33.3)
Stock-based compensation expense	37.9	18
Postretirement benefit plan settlement expense		4.8
Other	(1.7)	8.5
Changes in operating assets and liabilities (excluding effect of businesses acquired):
Accounts receivable	(568.3)	136
Inventories	(217.8)	150.5
Prepaid expenses and other assets	32.1	55.5
Accounts payable and other liabilities	260.9	(56.4)
Net cash provided by operating activities	263.4	646.5
Investing activities:
Purchases of property, plant and equipment	(123.8)	(96.5)
Proceeds from sales of property, plant and equipment	26.1	1.7
Other	(0.9)	(1.6)
Net cash used in investing activities	(98.6)	(96.4)
Financing activities:
Net short-term debt repayments	(0.8)
Proceeds from long-term debt borrowings		770
Principal payments on long-term debt		(868)
Dividends and dividend equivalents paid	(88.6)	(81.8)
Share repurchases	(24)	(300)
Noncontrolling interest purchased		(8)
Other	(9)	(5.8)
Net cash used in financing activities	(122.4)	(493.6)
Effect of exchange rate changes on cash and cash equivalents	1.7	(8.1)
Increase in cash and cash equivalents	44.1	48.4
Cash and cash equivalents at beginning of year	683.5	174.3
Cash and cash equivalents at end of period	727.6	222.7
Supplemental cash flow information:
Interest paid during the period	30.3	30.1
Income taxes paid during the period, net	$ 181.3	$ 16.1

Basis of Presentation

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2021
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 six months ended June 30, 2021 are not necessarily indicative of the results for the full year ending December 31, 2021. These financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto for the year ended December 31, 2020, 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	6 Months Ended
Impact of Recently Issued Accounting Guidance	Jun. 30, 2021
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 Income Taxes Impact of Recently Issued Accounting Standards—Not Yet Adopted Reference Rate Reform We currently do not expect the transition from LIBOR to have a material impact on our consolidated financial statements.

Revenues

Revenues	6 Months Ended
Revenues	Jun. 30, 2021
Revenues.
Revenues	Note 3. Revenues The following table presents our net 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 Six Months Ended June 30, June 30, 2021 2020 2021 2020 (in millions) Carbon steel $ 2,098.1 $ 1,073.8 $ 3,757.3 $ 2,390.0 Stainless steel 539.5 336.4 992.4 741.3 Aluminum 498.8 393.4 961.6 905.6 Alloy 134.9 99.9 252.2 251.3 Toll processing and logistics 115.6 61.4 231.2 173.9 Other and eliminations 31.9 54.4 62.5 130.1 Total $ 3,418.8 $ 2,019.3 $ 6,257.2 $ 4,592.2

Goodwill

Goodwill	6 Months Ended
Goodwill	Jun. 30, 2021
Goodwill.
Goodwill	Note 4. Goodwill The change in the carrying amount of goodwill is as follows: (in millions) Balance at January 1, 2021 $ 1,935.2 Foreign currency translation gain 1.1 Balance at June 30, 2021 $ 1,936.3 We had no accumulated impairment losses related to goodwill at June 30, 2021.

Intangible Assets, net

Intangible Assets, net	6 Months Ended
Intangible Assets, net	Jun. 30, 2021
Intangible Assets, net
Intangible Assets, net	Note 5. Intangible Assets, net Intangible assets, net consisted of the following: June 30, 2021 December 31, 2020 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 $ (0.5) $ 0.7 $ (0.5) Customer lists/relationships 14.9 623.4 (415.2) 623.2 (396.7) Software 10.0 8.1 (8.1) 8.1 (8.1) Other 5.2 0.8 (0.6) 1.1 (0.9) 633.0 (424.4) 633.1 (406.2) Intangible assets not subject to amortization: Trade names 720.3 — 720.2 — $ 1,353.3 $ (424.4) $ 1,353.3 $ (406.2) Amortization expense for intangible assets was $18.4 million and $20.9 million for the six months ended June 30, 2021 and 2020, respectively. Foreign currency translation gains related to intangible assets, net, were $0.2 million for the six months ended June 30, 2021 compared to foreign currency translation losses of $3.2 million for the same period in 2020. In the six months ended June 30, 2020, we recognized impairment losses of $64.3 million on our trade names and $24.7 million on our customer lists/relationships intangible assets, mainly related to certain of our energy-related businesses. See Note 12— Impairment and Restructuring Charges” The following is a summary of estimated future amortization expense for the remaining six months of 2021 and each of the succeeding five years: (in millions) 2021 (remaining six months) $ 18.1 2022 35.9 2023 31.6 2024 28.1 2025 23.9 2026 14.4

Debt

Debt	6 Months Ended
Debt	Jun. 30, 2021
Debt
Debt	Note 6. Debt Debt consisted of the following: June 30, December 31, 2021 2020 (in millions) Unsecured revolving credit facility maturing September 3, 2025 $ — $ — Senior unsecured notes due April 15, 2023 500.0 500.0 Senior unsecured notes due August 15, 2025 400.0 400.0 Senior unsecured notes due August 15, 2030 500.0 500.0 Senior unsecured notes due November 15, 2036 250.0 250.0 Other notes and revolving credit facilities 13.0 13.7 Total 1,663.0 1,663.7 Less: unamortized discount and debt issuance costs (17.1) (18.8) Less: amounts due within one year and short-term borrowings (5.3) (6.0) Total long-term debt $ 1,640.6 $ 1,638.9 Unsecured Credit Facility On September 3, 2020, we entered into a $1.5 billion unsecured five-year Amended and Restated Credit Agreement (“Credit Agreement”) that amended and restated our existing $1.5 billion unsecured revolving credit facility. At June 30, 2021, borrowings under the Credit Agreement were available at variable rates based on LIBOR plus 1.25% or the bank prime rate plus 0.25% and we currently pay a commitment fee at an annual rate of 0.20% 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 total net leverage ratio, as defined in the Credit Agreement. All borrowings under the Credit Agreement may be prepaid without penalty. Our Credit Agreement includes provisions to change the reference rate to the then-prevailing market convention for similar agreements if a replacement rate for LIBOR is necessary during its term. As of June 30, 2021, we had no outstanding borrowings and $31.2 million of letters of credit issued 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 issuance was comprised of (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”) 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. On August 3, 2020, we entered into an indenture (the “2020 Indenture” and, together with the 2013 Indenture and 2006 Indenture, the “Indentures”) for the issuance of $900.0 million of unsecured debt securities. The total issuance was comprised of (a) $400.0 million aggregate principal amount of senior unsecured notes bearing interest at the rate of 1.30% per annum, maturing on August 15, 2025 and (b) $500.0 million aggregate principal amount of senior unsecured notes bearing interest at the rate of 2.15% per annum, maturing on August 15, 2030. 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 each series of the notes at a price equal to 101% of their principal amount plus accrued and unpaid interest. Other Notes, Revolving Credit and Letter of Credit/Letters of Guarantee Facilities A revolving credit facility with a credit limit of $8.4 million is in place for an operation in Asia with an outstanding balance of $4.7 million and $5.4 million as of June 30, 2021 and December 31, 2020, respectively. Various industrial revenue bonds had combined outstanding balances of $8.3 million as of June 30, 2021 and December 31, 2020, and have maturities through 2027. A standby letters of credit/letters of guarantee agreement with one of the lenders under our Credit Agreement is in place that provides letters of credit or letters of guarantee in an amount not to exceed $50.0 million in the aggregate. As of June 30, 2021, a total of $1.4 million letters of credit/guarantee were issued on the facility. Covenants The Credit Agreement and the Indentures include customary representations, warranties, covenants and events of default provisions. The covenants under the Credit Agreement include, among other things, two financial maintenance covenants that require us to comply with a minimum interest coverage ratio and a maximum leverage ratio. We were in compliance with all financial maintenance covenants in our Credit Agreement at June 30, 2021.

Leases

Leases	6 Months Ended
Leases	Jun. 30, 2021
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 space. Our leases of facilities and other spaces expire at various times through 2045 and our ground leases expire at various times through 2068. Nearly all of our leases are operating leases. 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 Six Months Ended June 30, June 30, 2021 2020 2021 2020 (in millions) (in millions) Operating lease cost $ 19.3 $ 20.4 $ 39.0 $ 41.5 Supplemental cash flow and balance sheet information is presented below: Six Months Ended June 30, 2021 2020 (in millions) Supplemental cash flow information: Cash payments for operating leases $ 39.1 $ 41.3 Right-of-use assets obtained in exchange for operating lease obligations $ 33.0 $ 27.5 June 30, December 31, 2021 2020 Other lease information: Weighted average remaining lease term—operating leases 6.2 years 5.7 years Weighted average discount rate—operating leases 3.6% 3.7% Maturities of operating lease liabilities as of June 30, 2021 are as follows: (in millions) 2021 (remaining six months) $ 29.4 2022 51.6 2023 41.9 2024 33.7 2025 23.9 Thereafter 60.5 Total operating lease payments 241.0 Less: imputed interest (30.3) Total operating lease liabilities $ 210.7

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2021
Income Taxes
Income Taxes	Note 8. Income Taxes Our effective income tax rates for the second quarter and six months ended June 30, 2021 were 25.6% and 25.5%, respectively, compared to 20.9% and 22.4% in the same 2020 periods, respectively. The increase in our effective income tax rates were mainly due to the significant increases in our profitability in 2021. The differences between our effective income tax rates and the U.S. federal statutory rate of 21.0% were mainly due to state income taxes partially offset by the effects of company-owned life insurance policies.

Equity

Equity	6 Months Ended
Equity	Jun. 30, 2021
Equity
Equity	Note 9. Equity Dividends On July 20, 2021, our Board of Directors declared the 2021 third quarter cash dividend of $0.6875 per share of common stock, payable on August 27, 2021 to stockholders of record as of August 13, 2021. During the second quarters of 2021 and 2020, we declared and paid quarterly dividends of $0.6875 and $0.625 per share, or $43.8 million and $39.9 million in total, respectively. During the six months ended June 30, 2021 and 2020, we declared and paid quarterly dividends of $1.375 and $1.25 per share, or $87.6 million and $80.9 million in total, respectively. In addition, we paid $1.0 million and $0.9 million in dividend equivalents with respect to vested restricted stock units (“RSUs”) during the six months ended June 30, 2021 and 2020, 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 criteria and performance goals based on the Company’s return on assets. 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 six months ended June 30, 2021 and 2020, we made payments of $8.3 million and $5.2 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 June 30, 2021 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, 2021 995,720 $ 85.27 Granted (1) 318,495 141.41 Vested (5,977) 85.38 Cancelled or forfeited (12,529) 87.42 Unvested at June 30, 2021 1,295,709 $ 99.05 Shares reserved for future grants (all plans) 1,864,400 (1) Comprised of 191,139 service-based RSUs and 127,356 performance-based RSUs granted in March 2021 with a fair value of $141.41 per RSU. The service-based RSUs cliff vest on December 1, 2023 and the performance-based RSUs are subject to a three-year performance period ending December 31, 2023. Share Repurchase Plan On July 20, 2021, our Board of Directors authorized a $1.0 billion share repurchase program that replaced our existing share repurchase program authorized in October 2018. The share repurchase program does not obligate us to repurchase any specific number of shares, does not have a specific expiration date and may be suspended or discontinued at any time. We repurchase shares through open market purchases, privately negotiated transactions and transactions structured through investment banking institutions under plans relying on Rule 10b5-1 or Rule 10b-18 under the Securities Exchange Act of 1934, as amended. Repurchased and subsequently retired shares are restored to the status of authorized but unissued shares. During the second quarter and six months ended June 30, 2021, we repurchased approximately 147,016 shares at an average cost of $163.50 per share, for a total of $24.0 million compared to no repurchases in the second quarter of 2020 and repurchases of approximately 3.3 million shares at an average cost of $90.09 per share, for a total of $300.0 million in the six months ended June 30, 2020. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss included the following: Pension and Accumulated Foreign Currency Postretirement Other Translation Benefit Adjustments, Comprehensive (Loss) Gain Net of Tax (Loss) Income (in millions) Balance as of January 1, 2021 $ (52.7) $ (25.2) $ (77.9) Current-period change 3.3 — 3.3 Balance as of June 30, 2021 $ (49.4) $ (25.2) $ (74.6) Foreign currency translation adjustments have not been adjusted for income taxes. Pension and postretirement benefit adjustments are net of taxes of $5.8 million as of June 30, 2021 and December 31, 2020. The income tax effects relating to our pension and postretirement benefit adjustments are reflected in our income tax provision in future periods as the pension and postretirement benefit adjustments are amortized over service periods and reflected in the amortization of net loss component of our net periodic benefit cost or are otherwise released and recognized as a settlement loss as a result of a plan termination.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2021
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. These actions generally arise in the ordinary course of business. We are not currently a party to any pending legal proceedings other than routine litigation incidental to the business. We maintain general liability insurance against risks arising in the ordinary course of 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. COVID-19 Risks and Uncertainties The global COVID-19 outbreak and associated countermeasures implemented by governments around the world, as well as increased business uncertainty and economic contraction, had an adverse impact on our financial results during 2020. We took a variety of actions during 2020 to help mitigate the financial impact, including rightsizing our inventory, reducing our workforce and furloughing employees. Activity in many of the end markets we serve sequentially improved as 2020 progressed, and this trend continued in the six months ended June 30, 2021, although the long-term impact of COVID-19 on our business is uncertain at this time. Accordingly, our estimates and judgments may be subject to greater volatility than in the past.

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	Jun. 30, 2021
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 Six Months Ended June 30, June 30, 2021 2020 2021 2020 (in millions, except number of shares which are reflected in thousands and per share amounts) Numerator: Net income attributable to Reliance $ 329.1 $ 80.2 $ 596.0 $ 141.9 Denominator: Weighted average shares outstanding 63,663 63,647 63,654 64,992 Dilutive effect of stock-based awards 1,130 935 1,098 923 Weighted average diluted shares outstanding 64,793 64,582 64,752 65,915 Earnings per share attributable to Reliance stockholders: Diluted $ 5.08 $ 1.24 $ 9.20 $ 2.15 Basic $ 5.17 $ 1.26 $ 9.36 $ 2.18 Potentially dilutive securities were not significant for the second quarters of 2021 and 2020. The computations of earnings per share for the six months ended June 30, 2021 and 2020 do not include 230,186 and 358,082 weighted average shares, respectively, in respect of RSUs, because their inclusion would have been anti-dilutive.

Impairment and Restructuring Ch

Impairment and Restructuring Charges	6 Months Ended
Impairment and Restructuring Charges	Jun. 30, 2021
Impairment and Restructuring Charges
Impairment and Restructuring Charges	Note 12. Impairment and Restructuring Charges Our impairment and restructuring charges consisted of the following: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 (in millions) Intangible assets, net $ — $ 0.2 $ — $ 89.0 Property, plant and equipment — — — 8.7 Operating lease right-of-use assets — — — 0.2 Total impairment charges — 0.2 — 97.9 Restructuring cost of sales — — — 39.8 Restructuring SG&A — 5.4 0.1 5.4 Total impairment and restructuring charges $ — $ 5.6 $ 0.1 $ 143.1 We recorded impairment and restructuring charges of $143.1 million in the six months ended June 30, 2020 that were mainly comprised of a $137.5 million impairment and restructuring charge recognized during the first quarter of 2020 due to our reduced long-term outlook for our businesses serving the energy (oil and natural gas) market and charges at certain of our other businesses for which our outlook had turned negative based on impacts from COVID-19. Our first quarter of 2020 impairment and restructuring charge also included a property, plant and equipment impairment charge and an inventory provision related to the closure of certain locations where we anticipated losses on the disposition of certain real property, machinery and equipment and inventories. The measurement of the intangible assets at fair value in the second quarter of 2020 was determined using discounted cash flow techniques. The use of discounted cash flow models requires judgment and the use of inputs by management that are unobservable, including revenue forecasts, discount rates and long-term growth rates. Unobservable inputs are inputs that reflected the Company’s expectations of the assumptions market participants would use in pricing the eventual recovery of the oil and natural gas and aerospace industries based on the best information available in the circumstances at that time.

Revenues (Tables)

Revenues (Tables)	6 Months Ended
Revenues (Tables)	Jun. 30, 2021
Revenues.
Schedule of disaggregation of revenue	Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 (in millions) Carbon steel $ 2,098.1 $ 1,073.8 $ 3,757.3 $ 2,390.0 Stainless steel 539.5 336.4 992.4 741.3 Aluminum 498.8 393.4 961.6 905.6 Alloy 134.9 99.9 252.2 251.3 Toll processing and logistics 115.6 61.4 231.2 173.9 Other and eliminations 31.9 54.4 62.5 130.1 Total $ 3,418.8 $ 2,019.3 $ 6,257.2 $ 4,592.2

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
Goodwill (Tables)	Jun. 30, 2021
Goodwill.
Schedule of changes in the carrying amount of goodwill	(in millions) Balance at January 1, 2021 $ 1,935.2 Foreign currency translation gain 1.1 Balance at June 30, 2021 $ 1,936.3

Intangible Assets, net (Tables)

Intangible Assets, net (Tables)	6 Months Ended
Intangible Assets, net (Tables)	Jun. 30, 2021
Intangible Assets, net
Summary of intangible assets, net	June 30, 2021 December 31, 2020 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 $ (0.5) $ 0.7 $ (0.5) Customer lists/relationships 14.9 623.4 (415.2) 623.2 (396.7) Software 10.0 8.1 (8.1) 8.1 (8.1) Other 5.2 0.8 (0.6) 1.1 (0.9) 633.0 (424.4) 633.1 (406.2) Intangible assets not subject to amortization: Trade names 720.3 — 720.2 — $ 1,353.3 $ (424.4) $ 1,353.3 $ (406.2)
Summary of estimated aggregate amortization expense	(in millions) 2021 (remaining six months) $ 18.1 2022 35.9 2023 31.6 2024 28.1 2025 23.9 2026 14.4

Debt (Tables)

Debt (Tables)	6 Months Ended
Debt (Tables)	Jun. 30, 2021
Debt
Summary of debt	June 30, December 31, 2021 2020 (in millions) Unsecured revolving credit facility maturing September 3, 2025 $ — $ — Senior unsecured notes due April 15, 2023 500.0 500.0 Senior unsecured notes due August 15, 2025 400.0 400.0 Senior unsecured notes due August 15, 2030 500.0 500.0 Senior unsecured notes due November 15, 2036 250.0 250.0 Other notes and revolving credit facilities 13.0 13.7 Total 1,663.0 1,663.7 Less: unamortized discount and debt issuance costs (17.1) (18.8) Less: amounts due within one year and short-term borrowings (5.3) (6.0) Total long-term debt $ 1,640.6 $ 1,638.9

Leases (Tables)

Leases (Tables)	6 Months Ended
Leases (Tables)	Jun. 30, 2021
Leases
Schedule of lease cost	Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 (in millions) (in millions) Operating lease cost $ 19.3 $ 20.4 $ 39.0 $ 41.5
Schedule of supplemental cash flow and other lease information	Six Months Ended June 30, 2021 2020 (in millions) Supplemental cash flow information: Cash payments for operating leases $ 39.1 $ 41.3 Right-of-use assets obtained in exchange for operating lease obligations $ 33.0 $ 27.5 June 30, December 31, 2021 2020 Other lease information: Weighted average remaining lease term—operating leases 6.2 years 5.7 years Weighted average discount rate—operating leases 3.6% 3.7%
Schedule of maturities of operating lease liabilities	(in millions) 2021 (remaining six months) $ 29.4 2022 51.6 2023 41.9 2024 33.7 2025 23.9 Thereafter 60.5 Total operating lease payments 241.0 Less: imputed interest (30.3) Total operating lease liabilities $ 210.7

Equity (Tables)

Equity (Tables)	6 Months Ended
Equity (Tables)	Jun. 30, 2021
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, 2021 995,720 $ 85.27 Granted (1) 318,495 141.41 Vested (5,977) 85.38 Cancelled or forfeited (12,529) 87.42 Unvested at June 30, 2021 1,295,709 $ 99.05 Shares reserved for future grants (all plans) 1,864,400 (1) Comprised of 191,139 service-based RSUs and 127,356 performance-based RSUs granted in March 2021 with a fair value of $141.41 per RSU. The service-based RSUs cliff vest on December 1, 2023 and the performance-based RSUs are subject to a three-year performance period ending December 31, 2023.
Schedule of accumulated other comprehensive loss	Pension and Accumulated Foreign Currency Postretirement Other Translation Benefit Adjustments, Comprehensive (Loss) Gain Net of Tax (Loss) Income (in millions) Balance as of January 1, 2021 $ (52.7) $ (25.2) $ (77.9) Current-period change 3.3 — 3.3 Balance as of June 30, 2021 $ (49.4) $ (25.2) $ (74.6)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
Earnings Per Share (Tables)	Jun. 30, 2021
Earnings Per Share
Computation of basic and diluted earnings per share	Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 (in millions, except number of shares which are reflected in thousands and per share amounts) Numerator: Net income attributable to Reliance $ 329.1 $ 80.2 $ 596.0 $ 141.9 Denominator: Weighted average shares outstanding 63,663 63,647 63,654 64,992 Dilutive effect of stock-based awards 1,130 935 1,098 923 Weighted average diluted shares outstanding 64,793 64,582 64,752 65,915 Earnings per share attributable to Reliance stockholders: Diluted $ 5.08 $ 1.24 $ 9.20 $ 2.15 Basic $ 5.17 $ 1.26 $ 9.36 $ 2.18

Impairment and Restructuring _2

Impairment and Restructuring Charges (Tables)	6 Months Ended
Impairment and Restructuring Charges (Tables)	Jun. 30, 2021
Impairment and Restructuring Charges
Schedule of impairment and restructuring charge	Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 (in millions) Intangible assets, net $ — $ 0.2 $ — $ 89.0 Property, plant and equipment — — — 8.7 Operating lease right-of-use assets — — — 0.2 Total impairment charges — 0.2 — 97.9 Restructuring cost of sales — — — 39.8 Restructuring SG&A — 5.4 0.1 5.4 Total impairment and restructuring charges $ — $ 5.6 $ 0.1 $ 143.1

Revenues (Details)

Revenues (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Revenues (Details) - USD ($) $ in Millions	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue Disaggregation
Revenue	$ 3,418.8	$ 2,019.3	$ 6,257.2	$ 4,592.2
Carbon steel
Revenue Disaggregation
Revenue	2,098.1	1,073.8	3,757.3	2,390
Aluminum
Revenue Disaggregation
Revenue	498.8	393.4	961.6	905.6
Stainless steel
Revenue Disaggregation
Revenue	539.5	336.4	992.4	741.3
Alloy
Revenue Disaggregation
Revenue	134.9	99.9	252.2	251.3
Toll processing and logistics
Revenue Disaggregation
Revenue	115.6	61.4	231.2	173.9
Other and eliminations
Revenue Disaggregation
Revenue	$ 31.9	$ 54.4	$ 62.5	$ 130.1

Goodwill (Details)

Goodwill (Details) $ in Millions	6 Months Ended
Goodwill (Details) $ in Millions	Jun. 30, 2021USD ($)
Change in the carrying amount of goodwill
Balance at the beginning of the period	$ 1,935.2
Effect of foreign currency translation	1.1
Balance at the end of the period	1,936.3
Accumulated impairment losses	$ 0

Intangible Assets, net (Details

Intangible Assets, net (Details) - USD ($) $ in Millions	6 Months Ended
Intangible Assets, net (Details) - USD ($) $ in Millions	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Intangible assets subject to amortization:
Intangible assets subject to amortization, Gross Carrying Amount	$ 633		$ 633.1
Intangible assets subject to amortization, Accumulated Amortization	(424.4)		(406.2)
Intangible assets
Intangible assets, Gross Carrying Amount	1,353.3		1,353.3
Amortization expense for intangible assets	18.4	$ 20.9
Changes in intangible assets due to foreign currency translation gains (losses)	0.2	(3.2)
Summary of estimated aggregate amortization expense for each of the succeeding five years
2021 (remaining six months)	18.1
2022	35.9
2023	31.6
2024	28.1
2025	23.9
2026	14.4
Trade names
Intangible assets not subject to amortization:
Intangible assets not subject to amortization, Gross Carrying Amount	$ 720.3		720.2
Intangible assets
Impairment losses of intangible assets, indefinite-lived		64.3
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	$ (0.5)		(0.5)
Customer lists/relationships
Intangible assets subject to amortization:
Weighted average amortizable life in years	14 years 10 months 24 days
Intangible assets subject to amortization, Gross Carrying Amount	$ 623.4		623.2
Intangible assets subject to amortization, Accumulated Amortization	$ (415.2)		(396.7)
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	5 years 2 months 12 days
Intangible assets subject to amortization, Gross Carrying Amount	$ 0.8		1.1
Intangible assets subject to amortization, Accumulated Amortization	$ (0.6)		$ (0.9)

Debt - Summary (Details)

Debt - Summary (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Debt
Total	$ 1,663	$ 1,663.7
Less: unamortized discount and debt issuance costs	(17.1)	(18.8)
Less: amounts due within one year and short-term borrowings	(5.3)	(6)
Total long-term debt	1,640.6	1,638.9
Unsecured revolving credit facility maturing September 3, 2025
Debt
Total	0
Senior unsecured notes due April 15, 2023
Debt
Total	500	500
Senior unsecured notes due August 15, 2025
Debt
Total	400	400
Senior unsecured notes due August 15, 2030
Debt
Total	500	500
Senior unsecured notes due November 15, 2036
Debt
Total	250	250
Other notes and revolving credit facilities
Debt
Total	$ 13	$ 13.7

Debt - Other (Details)

Debt - Other (Details) $ in Millions	Sep. 03, 2020USD ($)	Aug. 03, 2020USD ($)	Apr. 12, 2013USD ($)	Nov. 20, 2006USD ($)	Jun. 30, 2021USD ($)item	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Nov. 15, 2016USD ($)
Debt
Total					$ 1,663		$ 1,663.7
Number of financial maintenance covenants \| item					2
Unsecured revolving credit facility maturing September 3, 2025
Debt
Maximum borrowing capacity	$ 1,500
Debt term	5 years
Total					$ 0
Commitment fee on unused portion of revolving credit facility (as a percent)					0.20%
Letters of credit outstanding					$ 31.2
Unsecured revolving credit facility maturing September 3, 2025 \| LIBOR
Debt
Variable interest rate					LIBOR
Interest rate added to base (as a percent)					1.25%
Unsecured revolving credit facility maturing September 3, 2025 \| Bank prime rate
Debt
Variable interest rate					bank prime rate
Interest rate added to base (as a percent)					0.25%
Senior Unsecured Notes
Debt
Percentage of principal amount at which the notes may be required to be repurchased in event of a change of control and a downgrade of the entity's credit rating					101.00%
Senior unsecured notes issued November 20, 2006
Debt
Issuance of debt				$ 600
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 issued August 3, 2020
Debt
Issuance of debt		$ 900
Senior unsecured notes due August 15, 2025
Debt
Interest rate (as a percent)		1.30%
Issuance of debt		$ 400
Senior unsecured notes due August 15, 2030
Debt
Interest rate (as a percent)		2.15%
Issuance of debt		$ 500
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					8.4
Total					4.7		5.4
IRB
Debt
Total						$ 8.3	$ 8.3
Letter of Credit \| Credit Agreement
Debt
Maximum borrowing capacity					50
Letters of credit outstanding					$ 1.4

Leases (Details)

Leases (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Leases (Details) - USD ($) $ in Millions	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Leases
Operating lease cost	$ 19.3	$ 20.4	$ 39	$ 41.5
Cash payments for operating leases			39.1	41.3
Right-of-use assets obtained in exchange for operating lease obligations			$ 33	$ 27.5
Weighted average remaining lease term - operating leases	6 years 2 months 12 days		6 years 2 months 12 days		5 years 8 months 12 days
Weighted average discount rate - operating leases	3.60%		3.60%		3.70%
Maturities of operating lease liabilities
2021 (remaining six months)	$ 29.4		$ 29.4
2022	51.6		51.6
2023	41.9		41.9
2024	33.7		33.7
2025	23.9		23.9
Thereafter	60.5		60.5
Total operating lease payments	241		241
Less: imputed interest	(30.3)		(30.3)
Total operating lease liabilities	$ 210.7		$ 210.7

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
Income Taxes (Details)	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Taxes
Effective tax rate (as a percent)	25.60%	20.90%	25.50%	22.40%
Income tax at U.S. federal statutory tax rate (as a percent)	21.00%	21.00%	21.00%	21.00%

Equity - Share Repurchases, Div

Equity - Share Repurchases, Dividends, Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	Jul. 20, 2021	Mar. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Share Repurchase Plan
Value of shares authorized by the Board of Directors to be repurchased under share repurchase plan	$ 1,000
Share repurchases (in shares)			147,016		0		147,016	3,300,000
Average costs per share			$ 163.50				$ 163.50	$ 90.09
Value of shares repurchased			$ 24			$ 300	$ 24	$ 300
Dividends
Common stock quarterly dividend per share (in dollars per share)	$ 0.6875		$ 0.6875	$ 0.6875	$ 0.625	$ 0.625
Common stock dividend quarterly declared and paid per share (in dollars per share)			$ 0.6875		$ 0.6250		$ 1.3750	$ 1.2500
Dividends paid			$ 43.8		$ 39.9		$ 87.6	$ 80.9
Common Stock and Additional Paid in Capital
Share Repurchase Plan
Value of shares repurchased			$ 24			$ 119.3
Common Stock and Additional Paid-In (in Shares)
Payments made to tax authorities on employees' behalf							8.3	5.2
RSU's
Dividends
Dividend equivalents paid							$ 1	$ 0.9
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)		191,139
Weighted Average Grant Date Fair Value
Granted (in dollars per share)		$ 141.41
RSU's \| Performance-based
Stock-Based Compensation
Vesting period (in years)		3 years
Changes
Granted (in shares)		127,356
Weighted Average Grant Date Fair Value
Granted (in dollars per share)		$ 141.41
Unvested RSUs
Changes
Unvested at the beginning of the year (in shares)				995,720			995,720
Granted (in shares)							318,495
Vested (in shares)							(5,977)
Cancelled or forfeited (in shares)							(12,529)
Unvested at the end of the period (in shares)			1,295,709				1,295,709
Shares reserved for future grants (all plans)			1,864,400				1,864,400
Weighted Average Grant Date Fair Value
Unvested at the beginning of the year (in dollars per share)				$ 85.27			$ 85.27
Granted (in dollars per share)							141.41
Vested (in dollars per share)							85.38
Cancelled or forfeited (in dollars per share)							87.42
Unvested at the end of the period (in dollars per share)			$ 99.05				$ 99.05

Equity - Accumulated Other Comp

Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Schedule of accumulated other comprehensive loss
Balance at the beginning of the period	$ (77.9)
Current-period change	3.3
Balance at the end of the period	(74.6)
Deferred tax assets in accumulated other comprehensive loss, pension liabilities	5.8	$ 5.8
Foreign Currency Translation Loss
Schedule of accumulated other comprehensive loss
Balance at the beginning of the period	(52.7)
Current-period change	3.3
Balance at the end of the period	(49.4)
Pension and Postretirement Benefit Adjustments, Net of Tax
Schedule of accumulated other comprehensive loss
Balance at the beginning of the period	(25.2)
Balance at the end of the period	$ (25.2)

Commitments and Contingencies (

Commitments and Contingencies (Details)	Jun. 30, 2021
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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net income attributable to Reliance	$ 329.1	$ 80.2	$ 596	$ 141.9
Denominator:
Weighted average shares outstanding (in shares)	63,663,000	63,647,000	63,654,000	64,992,000
Dilutive effect of stock-based awards (in shares)	1,130,000	935,000	1,098,000	923,000
Weighted average diluted shares outstanding (in shares)	64,793,000	64,582,000	64,752,000	65,915,000
Earnings per share attributable to Reliance stockholders - diluted (in dollars per share)	$ 5.08	$ 1.24	$ 9.20	$ 2.15
Earnings per share attributable to Reliance stockholders - basic (in dollars per share)	$ 5.17	$ 1.26	$ 9.36	$ 2.18
Diluted shares
Weighted average shares, respectively, for RSU's, not included in the diluted calculation due to their anti-dilutive effect			230,186	358,082

Impairment and Restructuring _3

Impairment and Restructuring Charges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Impairment and Restructuring Charge
Intangible assets, net	$ 0.2			$ 89
Property, plant and equipment				8.7
Operating lease right-of-use assets				0.2
Total impairment charges	0.2			97.9
Total impairment and restructuring charge	5.6	$ 137.5	$ 0.1	143.1
Cost of sales
Impairment and Restructuring Charge
Restructuring				39.8
Warehouse, delivery, selling, general and administrative expense
Impairment and Restructuring Charge
Restructuring	$ 5.4		$ 0.1	$ 5.4