Reliance Steel & Aluminum (RS) 10-Q5 May 222022 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2022	Apr. 29, 2022
Cover Abstract
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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		61,948,113
Entity Central Index Key	0000861884
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 548	$ 300.5
Accounts receivable, less allowance for credit losses of $29.6 at March 31, 2022 and $26.7 at December 31, 2021	2,078.7	1,683
Inventories	2,010.3	2,065
Prepaid expenses and other current assets	107	111.6
Total current assets	4,744	4,160.1
Property, plant and equipment:
Land	259.1	260.1
Buildings	1,281.8	1,285
Machinery and equipment	2,292.1	2,241.4
Accumulated depreciation	(1,981.3)	(1,949.7)
Property, plant and equipment, net	1,851.7	1,836.8
Operating lease right-of-use assets	216.4	224.6
Goodwill	2,113	2,107.6
Intangible assets, net	1,059.9	1,077.7
Cash surrender value of life insurance policies, net	39.1	44.9
Other assets	90.1	84.3
Total assets	10,114.2	9,536
Current liabilities:
Accounts payable	636.2	453.9
Accrued expenses	132.1	148.2
Accrued compensation and retirement costs	184.6	294
Accrued insurance costs	44.2	41
Current maturities of long-term debt and short-term borrowings	5	5
Current maturities of operating lease liabilities	54.9	58.6
Income taxes payable	141.3	64.3
Total current liabilities	1,198.3	1,065
Long-term debt	1,642.8	1,642
Operating lease liabilities	159.2	162.5
Deferred compensation and retirement costs	85.2	81
Other long-term liabilities	6.8	7
Deferred income taxes	483.2	484.8
Commitments and contingencies
Equity:
Preferred stock, $0.001 par value: 5,000 shares authorized; none issued or outstanding
Common stock and additional paid-in capital, $0.001 par value and 200,000 shares authorized, Issued and outstanding shares-61,948 at March 31, 2022 and 61,806 at December 31, 2021	0.1	0.1
Retained earnings	6,599.5	6,155.3
Accumulated other comprehensive loss	(68.3)	(68.9)
Total Reliance stockholders' equity	6,531.3	6,086.5
Noncontrolling interests	7.4	7.2
Total equity	6,538.7	6,093.7
Total liabilities and equity	$ 10,114.2	$ 9,536

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Millions	Mar. 31, 2022	Dec. 31, 2021
CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for credit losses	$ 29.6	$ 26.7
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, Authorized shares	5,000	5,000
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	200,000
Common stock, Issued shares	61,948	61,806
Common stock, outstanding shares	61,948	61,806

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CONSOLIDATED STATEMENTS OF INCOME
Net sales	$ 4,485.8	$ 2,838.4
Costs and expenses:
Cost of sales (exclusive of depreciation and amortization shown below)	3,098.7	1,884.7
Warehouse, delivery, selling, general and administrative (SG&A)	611.9	518.5
Depreciation and amortization	59.1	56.9
Total costs and expenses	3,769.7	2,460.1
Operating income	716.1	378.3
Other expense:
Interest expense	15.6	15.7
Other expense, net	3.3	3.6
Income before income taxes	697.2	359
Income tax provision	172.6	90.8
Net income	524.6	268.2
Less: net income attributable to noncontrolling interests	1.3	1.3
Net income attributable to Reliance	$ 523.3	$ 266.9
Earnings per share attributable to Reliance stockholders:
Diluted (in dollars per share)	$ 8.33	$ 4.12
Basic (in dollars per share)	$ 8.46	$ 4.19
Shares used in computing earnings per share:
Diluted (in shares)	62,784	64,711
Basic (in shares)	61,833	63,645
Cash dividends per share (in dollars per share)	$ 0.8750	$ 0.6875

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 524.6	$ 268.2
Other comprehensive income (loss):
Foreign currency translation gain (loss)	0.7	(1.2)
Postretirement benefit plan adjustments, net of tax	(0.1)
Total other comprehensive income (loss)	0.6	(1.2)
Comprehensive income	525.2	267
Less: comprehensive income attributable to noncontrolling interests	1.3	1.3
Comprehensive income attributable to Reliance	$ 523.9	$ 265.7

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 Income (Loss)	Non-controlling Interests	Total
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
Increase (Decrease) in Stockholders' Equity
Net income			266.9		1.3	268.2
Other comprehensive loss				(1.2)		(1.2)
Dividend to noncontrolling interest holder					(2.4)	(2.4)
Stock-based compensation		14.7				14.7
Stock-based compensation (in shares)	107,000
Common stock withheld related to net share settlements		(8.2)				$ (8.2)
Repurchase of common shares (in shares)						0
Cash dividends per share and dividend equivalents			(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, 2021		0.1	6,155.3	(68.9)	7.2	$ 6,093.7
Balance (in shares) at Dec. 31, 2021	61,806,000					61,806,000
Increase (Decrease) in Stockholders' Equity
Net income			523.3		1.3	$ 524.6
Other comprehensive loss				0.6		0.6
Dividend to noncontrolling interest holder					(1.1)	(1.1)
Stock-based compensation		11.8				11.8
Stock-based compensation (in shares)	255,000
Common stock withheld related to net share settlements		(17.1)				(17.1)
Repurchase of common shares		5.3	(22.4)			$ (17.1)
Repurchase of common shares (in shares)	(113,000)					113,529
Cash dividends per share and dividend equivalents			(56.7)			$ (56.7)
Balance at Mar. 31, 2022		$ 0.1	$ 6,599.5	$ (68.3)	$ 7.4	$ 6,538.7
Balance (in shares) at Mar. 31, 2022	61,948,000					61,948,000

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CONSOLIDATED STATEMENTS OF EQUITY
Cash dividends per share (in dollars per share)	$ 0.875	$ 0.6875

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities:
Net income	$ 524.6	$ 268.2
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	59.1	56.9
Provision for credit losses	3.5	4.5
Deferred income tax benefit	(0.4)	(0.1)
Stock-based compensation expense	11.8	14.7
Other	4.9	0.4
Changes in operating assets and liabilities (excluding effect of businesses acquired):
Accounts receivable	(399.6)	(346.2)
Inventories	54	(50.4)
Prepaid expenses and other assets	19.5	(4.1)
Accounts payable and other liabilities	126.6	217.9
Net cash provided by operating activities	404	161.8
Investing activities:
Purchases of property, plant and equipment	(66.7)	(43.7)
Proceeds from sales of property, plant and equipment	8.2	20.6
Other	(4.8)	(4.6)
Net cash used in investing activities	(63.3)	(27.7)
Financing activities:
Net short-term debt repayments		(0.8)
Dividends and dividend equivalents paid	(56.7)	(44.8)
Share repurchases	(17.1)
Payments for taxes related to net share settlements	(17.1)	(8.2)
Other	(1.1)	(2.6)
Net cash used in financing activities	(92)	(56.4)
Effect of exchange rate changes on cash and cash equivalents	(1.2)	(0.9)
Increase in cash and cash equivalents	247.5	76.8
Cash and cash equivalents at beginning of year	300.5	683.5
Cash and cash equivalents at end of period	548	760.3
Supplemental cash flow information:
Interest paid during the period	9.6	9.5
Income taxes paid during the period, net	$ 89.8	$ 6.9

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2022
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 1. Summary of Significant Accounting Policies 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 material 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 quarter ended March 31, 2022 are not necessarily indicative of the results for the full year ending December 31, 2022. These financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto for the year ended December 31, 2021, 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. Inventories The majority of our inventory is valued using the last-in, first-out (“LIFO”) method, which is not in excess of market. We estimate the effect of LIFO on interim periods by allocating the projected year-end LIFO calculation to interim periods on a pro rata basis. Recently Issued Accounting Standards—Not Yet Adopted Reference Rate Reform

Acquisitions

Acquisitions	3 Months Ended
Acquisitions	Mar. 31, 2022
Acquisitions
Acquisitions	Note 2. Acquisitions 2021 Acquisitions On October 1, 2021, we acquired Merfish United, Inc. (“Merfish United”), a leading master distributor of tubular building products that are distributed to its independent wholesale distributor customers across a variety of end markets in the United States. Merfish United, headquartered in Ipswich, Massachusetts, serves 47 U.S. states through its twelve strategically located distribution centers. On December 10, 2021, we acquired Admiral Metals Servicenter Company, Incorporated (“Admiral Metals”), a leading distributor of non-ferrous metals products in the Northeastern U.S. Admiral Metals, headquartered in Woburn, Massachusetts, serves a variety of end markets, including semiconductor, automotive, medical, infrastructure, aerospace and industrial markets through its eight strategically located service centers. On December 10, 2021, we acquired Nu-Tech Precision Metals Inc. (“Nu-Tech Precision Metals”), a custom manufacturer of specialty extruded metals, fabricated parts and welded components. Nu-Tech Precision Metals, services the nuclear energy, aerospace and defense end markets from its location near Ottawa, Ontario, Canada. On December 17, 2021, we acquired Rotax Metals, Inc. (“Rotax Metals”), a metals service center specializing in copper, bronze and brass alloys. Located in Brooklyn, New York, Rotax Metals operates as a subsidiary of Yarde Metals, Inc., a wholly owned subsidiary of Reliance. Included in our net sales for the quarter ended March 31, 2022 were combined net sales of $226.5 million from our 2021 acquisitions. We funded our 2021 acquisitions with cash on hand. The preliminary allocations of the total purchase for our 2021 acquisitions to the fair values of the assets acquired and liabilities assumed were as follows: (in millions) Cash $ 1.0 Accounts receivable 107.2 Inventories 134.4 Property, plant and equipment 33.6 Operating lease right-of-use assets 29.8 Goodwill 176.5 Intangible assets subject to amortization 116.3 Intangible assets not subject to amortization 51.2 Other current and long-term assets 4.0 Total assets acquired 654.0 Deferred taxes 49.3 Operating lease liabilities 24.6 Other current and long-term liabilities 139.8 Total liabilities assumed 213.7 Net assets acquired $ 440.3 The completion of the purchase price allocations for our 2021 acquisitions are pending the completion of pre-acquisition period tax returns. Pro forma financial information for all acquisitions The pro forma summary financial results present the consolidated results of operations as if our 2021 acquisitions had occurred as of January 1, 2021, after the effect of certain adjustments, including depreciation and amortization of certain identifiable property, plant and equipment and intangible assets, and lease cost fair value adjustments. The pro forma results have been presented for comparative purposes only and are not indicative of what would have occurred had the 2021 acquisitions been made as of January 1, 2021, or of any potential results which may occur in the future. Three Months Ended March 31, 2021 (in millions except per share amounts) Pro forma: Net sales $ 3,017.3 Net income attributable to Reliance $ 284.0 Earnings per share attributable to Reliance stockholders: Diluted $ 4.39 Basic $ 4.46

Revenues

Revenues	3 Months Ended
Revenues	Mar. 31, 2022
Revenues.
Revenues	Note 3. Revenues The following table presents our net sales disaggregated by product and service. Three Months Ended March 31, 2022 2021 (in millions) Carbon steel $ 2,547.5 $ 1,659.2 Stainless steel 764.9 452.9 Aluminum 692.8 462.8 Alloy 183.7 117.3 Toll processing and logistics 135.1 115.6 Other and eliminations 161.8 30.6 Total $ 4,485.8 $ 2,838.4

Goodwill

Goodwill	3 Months Ended
Goodwill	Mar. 31, 2022
Goodwill.
Goodwill	Note 4. Goodwill The change in the carrying amount of goodwill is as follows: (in millions) Balance at January 1, 2022 $ 2,107.6 Purchase price allocation adjustments 4.5 Foreign currency translation gain 0.9 Balance at March 31, 2022 $ 2,113.0 We had no accumulated impairment losses related to goodwill at March 31, 2022 and December 31, 2021.

Intangible Assets, net

Intangible Assets, net	3 Months Ended
Intangible Assets, net	Mar. 31, 2022
Intangible Assets, net
Intangible Assets, net	Note 5. Intangible Assets, net Intangible assets, net consisted of the following: March 31, 2022 December 31, 2021 Weighted Average Gross Gross Amortizable Carrying Accumulated Carrying Accumulated Life in Years Amount Amortization Amount Amortization (in millions) Intangible assets subject to amortization: Customer lists/relationships 14.2 $ 715.9 $ (446.2) $ 713.0 $ (435.1) Backlog of orders 7.9 24.2 (1.0) 15.8 (0.2) Other 9.2 10.0 (9.6) 9.9 (9.4) 750.1 (456.8) 738.7 (444.7) Intangible assets not subject to amortization: Trade names 766.6 — 783.7 — $ 1,516.7 $ (456.8) $ 1,522.4 $ (444.7) Certain amounts in prior periods have been reclassified to conform with current period presentation. Amortization expense for intangible assets was $12.2 million and $9.2 million for the quarters ended March 31, 2022 and 2021, respectively. Foreign currency translation gains related to intangible assets, net, were $0.4 million and $0.1 million for the quarters ended March 31, 2022 and 2021, respectively. During the first quarter of 2022, we recorded purchase price adjustments relating to our 2021 acquisitions based on the finalization of intangible asset valuations that decreased trade name intangible assets for $16.9 million, increased the Backlog of orders intangible asset for $8.0 million and increased customer lists/relationships intangible assets for $2.7 million. The following is a summary of estimated future amortization expense for the remaining nine months of 2022 and each of the succeeding five years: (in millions) 2022 (remaining nine months) $ 36.1 2023 44.0 2024 40.5 2025 36.3 2026 26.8 2027 26.1

Debt

Debt	3 Months Ended
Debt	Mar. 31, 2022
Debt
Debt	Note 6. Debt Debt consisted of the following: March 31, December 31, 2022 2021 (in millions) Unsecured revolving credit facility maturing September 3, 2025 $ — $ — Senior unsecured notes, interest payable semi-annually at 4.50%, effective rate of 4.63%, maturing April 15, 2023 500.0 500.0 Senior unsecured notes, interest payable semi-annually at 1.30%, effective rate of 1.53%, maturing August 15, 2025 400.0 400.0 Senior unsecured notes, interest payable semi-annually at 2.15%, effective rate of 2.27%, maturing August 15, 2030 500.0 500.0 Senior unsecured notes, interest payable semi-annually at 6.85%, effective rate of 6.91%, maturing November 15, 2036 250.0 250.0 Other notes and revolving credit facilities 12.4 12.4 Total 1,662.4 1,662.4 Less: unamortized discount and debt issuance costs (14.6) (15.4) Less: amounts due within one year and short-term borrowings (5.0) (5.0) Total long-term debt $ 1,642.8 $ 1,642.0 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 then-existing $1.5 billion unsecured revolving credit facility and includes a $150.0 million letter of credit sublimit. As of March 31, 2022, 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 March 31, 2022 and December 31, 2021, we had no outstanding borrowings on the revolving credit facility. As of March 31, 2022 and December 31, 2021, we had $8.3 million and $8.9 million, respectively, of letters of credit issued on the revolving credit facility. Senior Unsecured Notes Under the indentures for each series of our senior notes (“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 combined credit limit of $8.6 million is in place for an operation in Asia with an outstanding balance of $4.7 million as of March 31, 2022 and December 31, 2021, respectively. Various industrial revenue bonds had combined outstanding balances of $7.7 million as of March 31, 2022 and December 31, 2021 and have maturities through 2027. A standby letters of credit/letters of guarantee agreement with one of the lenders under our Credit Agreement provides letters of credit or letters of guarantee in an amount not to exceed $50.0 million in the aggregate. As of March 31, 2022, a total of $21.9 million of 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 March 31, 2022.

Leases

Leases	3 Months Ended
Leases	Mar. 31, 2022
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 spaces. 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; we have recognized finance right-of-use assets and obligations of less than $1.0 million. The following is a summary of our lease cost: Three Months Ended March 31, 2022 2021 (in millions) Operating lease cost $ 23.0 $ 19.7 Supplemental cash flow and balance sheet information is presented below: Three Months Ended March 31, 2022 2021 (in millions) Supplemental cash flow information: Cash payments for operating leases $ 21.8 $ 19.6 Right-of-use assets obtained in exchange for operating lease obligations $ 7.1 $ 11.5 March 31, December 31, 2022 2021 Other lease information: Weighted average remaining lease term—operating leases 5.9 years 5.8 years Weighted average discount rate—operating leases 3.3% 3.3% Maturities of operating lease liabilities as of March 31, 2022 are as follows: (in millions) 2022 (remaining nine months) $ 46.8 2023 52.3 2024 41.5 2025 29.3 2026 18.8 Thereafter 52.6 Total operating lease payments 241.3 Less: imputed interest (27.2) Total operating lease liabilities $ 214.1

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2022
Income Taxes
Income Taxes	Note 8. Income Taxes Our effective income tax rates for the first quarters of 2022 and 2021 were 24.8% and 25.3%, respectively. 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	3 Months Ended
Equity	Mar. 31, 2022
Equity
Equity	Note 9. Equity Dividends On April 26, 2022, our Board of Directors declared the 2022 second quarter cash dividend of $0.8750 per share of common stock, payable on June 10, 2022 to stockholders of record as of May 27, 2022. During the first quarters of 2022 and 2021, we declared and paid quarterly dividends of $0.8750 and $0.6875 per share, or $54.2 million and $43.8 million in total, respectively. In addition, we paid $2.5 million and $1.0 million in dividend equivalents with respect to vested restricted stock units during the quarters ended March 31, 2022 and 2021, respectively. Stock-Based Compensation We make annual grants of long-term incentive awards to officers and key employees in the forms of service-based restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”) that have approximately 3-year vesting periods. The PSUs include the right to receive a maximum payout of two shares of our common stock based on performance goals tied to achieving a three-year return on assets result and include service criteria. We also grant the non-employee members of our Board of Directors stock awards that are fully vested on the grant date. The fair values of the RSUs, PSUs and stock awards are determined based on the closing stock price of our common stock on the grant date. In the quarters ended March 31, 2022 and 2021, we made payments of $17.1 million and $8.2 million, respectively, to tax authorities on our employees’ behalf for shares withheld related to net share settlements. A summary of the status of our unvested RSUs and PSUs as of March 31, 2022 and changes during the quarter then ended is as follows: Weighted Average Grant Date Aggregate Fair Value Fair Value RSUs and PSUs Per RSU (in millions) Unvested at January 1, 2022 831,597 $ 105.12 Granted (1) 305,249 187.31 Vested (23,280) 95.87 Cancelled or forfeited (18,607) 114.28 Unvested at March 31, 2022 1,094,959 $ 128.07 $ 257.7 Shares reserved for future grants (all plans) 1,569,117 (1) Comprised of 56,452 RSUs granted in January 2022 with a fair value of $152.21 per unit, and 136,346 RSUs and 112,451 PSUs granted in March 2022 with a fair value of $195.28 per unit. The service-based RSUs cliff vest on December 1, 2024 and the performance-based RSUs are subject to a three-year performance period ending December 31, 2024. As of March 31, 2022, 59,135 equivalent shares of our common stock for vested RSUs and PSUs were unsettled. Share Repurchase Plan On July 20, 2021, our Board of Directors authorized a $1.0 billion share repurchase program. As of March 31, 2022, we had remaining authorization under the plan to repurchase $695.5 million of our common stock. 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 may 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 first quarter of 2022, we repurchased 113,529 shares at an average cost of $150.97 per share, for a total of $17.1 million. We had no repurchases of our common stock in the first quarter of 2021. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss included the following: Foreign Currency Postretirement Benefit Accumulated Other Translation Plan Adjustments, Comprehensive (Loss) Gain Net of Tax (Loss) Income (in millions) Balance as of January 1, 2022 $ (55.2) $ (13.7) $ (68.9) Current-period change 0.7 (0.1) 0.6 Balance as of March 31, 2022 $ (54.5) $ (13.8) $ (68.3) Foreign currency translation adjustments have not been adjusted for income taxes. Postretirement benefit plan adjustments are net of taxes of $3.3 million as of March 31, 2022 and December 31, 2021. The income tax effects relating to our postretirement benefit plan adjustments are reflected in our income tax provision in future periods as the postretirement benefit plan 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	3 Months Ended
Commitments and Contingencies	Mar. 31, 2022
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. Risks and Uncertainties We continue to monitor the impact of the COVID-19 pandemic, and government actions and measures taken to prevent its spread, and the potential to affect our operations. The conflict between Russia and Ukraine, could also significantly impact the demand for our products and services, as well as those of our customers and suppliers, and our estimates and judgments may be subject to greater volatility than in the past. Refer to Part I, Item 1A “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2021 for further discussion of these risks.

Earnings Per Share

Earnings Per Share	3 Months Ended
Earnings Per Share	Mar. 31, 2022
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, 2022 2021 (in millions, except number of shares which are reflected in thousands and per share amounts) Numerator: Net income attributable to Reliance $ 523.3 $ 266.9 Denominator: Weighted average shares outstanding 61,833 63,645 Dilutive effect of stock-based awards 951 1,066 Weighted average diluted shares outstanding 62,784 64,711 Earnings per share attributable to Reliance stockholders: Diluted $ 8.33 $ 4.12 Basic $ 8.46 $ 4.19 The computations of earnings per share for the quarter ended March 31, 2022 and 2021 do not include 314,042 and 452,124 weighted average shares, respectively, in respect of RSUs, because their inclusion would have been anti-dilutive.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2022
Summary of Significant Accounting Policies
Principles of Consolidation	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 material 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 quarter ended March 31, 2022 are not necessarily indicative of the results for the full year ending December 31, 2022. These financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto for the year ended December 31, 2021, 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.
Inventories	Inventories The majority of our inventory is valued using the last-in, first-out (“LIFO”) method, which is not in excess of market. We estimate the effect of LIFO on interim periods by allocating the projected year-end LIFO calculation to interim periods on a pro rata basis.
Recently Issued Accounting Standards - Not Yet Adopted	Recently Issued Accounting Standards—Not Yet Adopted Reference Rate Reform

Acquisitions (Tables)

Acquisitions (Tables) - 2021 Acquisitions	3 Months Ended
Acquisitions (Tables) - 2021 Acquisitions	Mar. 31, 2022
Acquisitions
Schedule of allocation of the purchase price of acquisition to the fair value of the assets acquired and liabilities assumed	(in millions) Cash $ 1.0 Accounts receivable 107.2 Inventories 134.4 Property, plant and equipment 33.6 Operating lease right-of-use assets 29.8 Goodwill 176.5 Intangible assets subject to amortization 116.3 Intangible assets not subject to amortization 51.2 Other current and long-term assets 4.0 Total assets acquired 654.0 Deferred taxes 49.3 Operating lease liabilities 24.6 Other current and long-term liabilities 139.8 Total liabilities assumed 213.7 Net assets acquired $ 440.3
Schedule of pro forma information	Three Months Ended March 31, 2021 (in millions except per share amounts) Pro forma: Net sales $ 3,017.3 Net income attributable to Reliance $ 284.0 Earnings per share attributable to Reliance stockholders: Diluted $ 4.39 Basic $ 4.46

Revenues (Tables)

Revenues (Tables)	3 Months Ended
Revenues (Tables)	Mar. 31, 2022
Revenues.
Schedule of disaggregation of revenue	Three Months Ended March 31, 2022 2021 (in millions) Carbon steel $ 2,547.5 $ 1,659.2 Stainless steel 764.9 452.9 Aluminum 692.8 462.8 Alloy 183.7 117.3 Toll processing and logistics 135.1 115.6 Other and eliminations 161.8 30.6 Total $ 4,485.8 $ 2,838.4

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
Goodwill (Tables)	Mar. 31, 2022
Goodwill.
Schedule of changes in the carrying amount of goodwill	(in millions) Balance at January 1, 2022 $ 2,107.6 Purchase price allocation adjustments 4.5 Foreign currency translation gain 0.9 Balance at March 31, 2022 $ 2,113.0

Intangible Assets, net (Tables)

Intangible Assets, net (Tables)	3 Months Ended
Intangible Assets, net (Tables)	Mar. 31, 2022
Intangible Assets, net
Summary of intangible assets, net	March 31, 2022 December 31, 2021 Weighted Average Gross Gross Amortizable Carrying Accumulated Carrying Accumulated Life in Years Amount Amortization Amount Amortization (in millions) Intangible assets subject to amortization: Customer lists/relationships 14.2 $ 715.9 $ (446.2) $ 713.0 $ (435.1) Backlog of orders 7.9 24.2 (1.0) 15.8 (0.2) Other 9.2 10.0 (9.6) 9.9 (9.4) 750.1 (456.8) 738.7 (444.7) Intangible assets not subject to amortization: Trade names 766.6 — 783.7 — $ 1,516.7 $ (456.8) $ 1,522.4 $ (444.7)
Summary of estimated aggregate amortization expense	(in millions) 2022 (remaining nine months) $ 36.1 2023 44.0 2024 40.5 2025 36.3 2026 26.8 2027 26.1

Debt (Tables)

Debt (Tables)	3 Months Ended
Debt (Tables)	Mar. 31, 2022
Debt
Summary of debt	March 31, December 31, 2022 2021 (in millions) Unsecured revolving credit facility maturing September 3, 2025 $ — $ — Senior unsecured notes, interest payable semi-annually at 4.50%, effective rate of 4.63%, maturing April 15, 2023 500.0 500.0 Senior unsecured notes, interest payable semi-annually at 1.30%, effective rate of 1.53%, maturing August 15, 2025 400.0 400.0 Senior unsecured notes, interest payable semi-annually at 2.15%, effective rate of 2.27%, maturing August 15, 2030 500.0 500.0 Senior unsecured notes, interest payable semi-annually at 6.85%, effective rate of 6.91%, maturing November 15, 2036 250.0 250.0 Other notes and revolving credit facilities 12.4 12.4 Total 1,662.4 1,662.4 Less: unamortized discount and debt issuance costs (14.6) (15.4) Less: amounts due within one year and short-term borrowings (5.0) (5.0) Total long-term debt $ 1,642.8 $ 1,642.0

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Mar. 31, 2022
Leases
Schedule of lease cost	Three Months Ended March 31, 2022 2021 (in millions) Operating lease cost $ 23.0 $ 19.7
Schedule of supplemental cash flow and other lease information	Three Months Ended March 31, 2022 2021 (in millions) Supplemental cash flow information: Cash payments for operating leases $ 21.8 $ 19.6 Right-of-use assets obtained in exchange for operating lease obligations $ 7.1 $ 11.5 March 31, December 31, 2022 2021 Other lease information: Weighted average remaining lease term—operating leases 5.9 years 5.8 years Weighted average discount rate—operating leases 3.3% 3.3%
Schedule of maturities of operating lease liabilities	(in millions) 2022 (remaining nine months) $ 46.8 2023 52.3 2024 41.5 2025 29.3 2026 18.8 Thereafter 52.6 Total operating lease payments 241.3 Less: imputed interest (27.2) Total operating lease liabilities $ 214.1

Equity (Tables)

Equity (Tables)	3 Months Ended
Equity (Tables)	Mar. 31, 2022
Equity
Summary of the status of the Company's restricted stock units and changes during the year	Weighted Average Grant Date Aggregate Fair Value Fair Value RSUs and PSUs Per RSU (in millions) Unvested at January 1, 2022 831,597 $ 105.12 Granted (1) 305,249 187.31 Vested (23,280) 95.87 Cancelled or forfeited (18,607) 114.28 Unvested at March 31, 2022 1,094,959 $ 128.07 $ 257.7 Shares reserved for future grants (all plans) 1,569,117 (1) Comprised of 56,452 RSUs granted in January 2022 with a fair value of $152.21 per unit, and 136,346 RSUs and 112,451 PSUs granted in March 2022 with a fair value of $195.28 per unit. The service-based RSUs cliff vest on December 1, 2024 and the performance-based RSUs are subject to a three-year performance period ending December 31, 2024.
Schedule of accumulated other comprehensive loss	Foreign Currency Postretirement Benefit Accumulated Other Translation Plan Adjustments, Comprehensive (Loss) Gain Net of Tax (Loss) Income (in millions) Balance as of January 1, 2022 $ (55.2) $ (13.7) $ (68.9) Current-period change 0.7 (0.1) 0.6 Balance as of March 31, 2022 $ (54.5) $ (13.8) $ (68.3)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
Earnings Per Share (Tables)	Mar. 31, 2022
Earnings Per Share
Computation of basic and diluted earnings per share	Three Months Ended March 31, 2022 2021 (in millions, except number of shares which are reflected in thousands and per share amounts) Numerator: Net income attributable to Reliance $ 523.3 $ 266.9 Denominator: Weighted average shares outstanding 61,833 63,645 Dilutive effect of stock-based awards 951 1,066 Weighted average diluted shares outstanding 62,784 64,711 Earnings per share attributable to Reliance stockholders: Diluted $ 8.33 $ 4.12 Basic $ 8.46 $ 4.19

Acquisitions (Details)

Acquisitions (Details) $ / shares in Units, $ in Millions	3 Months Ended
Acquisitions (Details) $ / shares in Units, $ in Millions	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)$ / shares	Dec. 31, 2021USD ($)	Dec. 10, 2021location	Oct. 01, 2021locationstate
Allocation of the total purchase price of the acquisitions to the fair value of the assets acquired and liabilities assumed
Goodwill	$ 2,113		$ 2,107.6
Pro forma:
Net sales		$ 3,017.3
Net income attributable to Reliance		$ 284
Diluted earnings per common share attributable to Reliance shareholders (in dollars per share) \| $ / shares		$ 4.39
Basic earnings per common share attributable to Reliance shareholders (in dollars per share) \| $ / shares		$ 4.46
Admiral Metals Servicenter Company, Inc.
Acquisitions
Locations acquiree provides services from \| location				8
Merfish United Inc.
Acquisitions
Number of states in which the company operates metal service center network \| state					47
Locations acquiree provides services from \| location					12
2021 Acquisitions
Acquisitions
Net sales	226.5
Allocation of the total purchase price of the acquisitions to the fair value of the assets acquired and liabilities assumed
Cash	1
Accounts receivable	107.2
Inventories	134.4
Property, plant and equipment	33.6
Operating lease right-of-use assets	29.8
Goodwill	176.5
Intangible assets subject to amortization	116.3
Intangible assets not subject to amortization	51.2
Other current and long-term assets	4
Total assets acquired	654
Deferred taxes	49.3
Operating lease liabilities	24.6
Other current and long-term liabilities	139.8
Total liabilities assumed	213.7
Net assets acquired	$ 440.3

Revenues (Details)

Revenues (Details) - USD ($) $ in Millions	3 Months Ended
Revenues (Details) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021
Revenue Disaggregation
Revenue	$ 4,485.8	$ 2,838.4
Carbon steel
Revenue Disaggregation
Revenue	2,547.5	1,659.2
Aluminum
Revenue Disaggregation
Revenue	692.8	462.8
Stainless steel
Revenue Disaggregation
Revenue	764.9	452.9
Alloy steel
Revenue Disaggregation
Revenue	183.7	117.3
Toll processing
Revenue Disaggregation
Revenue	135.1	115.6
Other.
Revenue Disaggregation
Revenue	$ 161.8	$ 30.6

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Millions	3 Months Ended
Goodwill (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Change in the carrying amount of goodwill
Balance at the beginning of the period	$ 2,107.6
Purchase price allocation adjustments	4.5
Foreign currency translation gain	0.9
Balance at the end of the period	2,113
Accumulated impairment losses	$ 0	$ 0

Intangible Assets, net (Details

Intangible Assets, net (Details) - USD ($) $ in Millions	3 Months Ended
Intangible Assets, net (Details) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Intangible assets subject to amortization:
Intangible assets subject to amortization, Gross Carrying Amount	$ 750.1		$ 738.7
Intangible assets subject to amortization, Accumulated Amortization	(456.8)		(444.7)
Intangible assets
Intangible assets, Gross Carrying Amount	1,516.7		1,522.4
Amortization expense for intangible assets	12.2	$ 9.2
Changes in intangible assets due to foreign currency translation gains (losses)	0.4	$ 0.1
Summary of estimated aggregate amortization expense for each of the succeeding five years
2022 (remaining nine months)	36.1
2023	44
2024	40.5
2025	36.3
2026	26.8
2027	26.1
2021 Acquisitions
Intangible assets
Intangible assets not subject to amortization	51.2
Intangible assets subject to amortization	116.3
Trade names
Intangible assets not subject to amortization:
Intangible assets not subject to amortization, Gross Carrying Amount	766.6		783.7
Trade names \| 2021 Acquisitions
Intangible assets
Increase (decrease) in purchase price allocation of intangible assets	$ (16.9)
Customer lists/relationships
Intangible assets subject to amortization:
Weighted average amortizable life in years	14 years 2 months 12 days
Intangible assets subject to amortization, Gross Carrying Amount	$ 715.9		713
Intangible assets subject to amortization, Accumulated Amortization	(446.2)		(435.1)
Customer lists/relationships \| 2021 Acquisitions
Intangible assets
Increase (decrease) in purchase price allocation of intangible assets	$ 2.7
Backlog of orders
Intangible assets subject to amortization:
Weighted average amortizable life in years	7 years 10 months 24 days
Intangible assets subject to amortization, Gross Carrying Amount	$ 24.2		15.8
Intangible assets subject to amortization, Accumulated Amortization	(1)		(0.2)
Backlog of orders \| 2021 Acquisitions
Intangible assets
Increase (decrease) in purchase price allocation of intangible assets	$ 8
Other
Intangible assets subject to amortization:
Weighted average amortizable life in years	9 years 2 months 12 days
Intangible assets subject to amortization, Gross Carrying Amount	$ 10		9.9
Intangible assets subject to amortization, Accumulated Amortization	$ (9.6)		$ (9.4)

Debt - Summary (Details)

Debt - Summary (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Debt
Total	$ 1,662.4	$ 1,662.4
Less: unamortized discount and debt issuance costs	(14.6)	(15.4)
Less: amounts due within one year and short-term borrowings	(5)	(5)
Total long-term debt	1,642.8	1,642
Unsecured revolving credit facility maturing September 3, 2025
Debt
Total	0	0
Senior unsecured notes, interest payable semi-annually at 4.50%, effective rate of 4.63%, maturing April 15, 2023
Debt
Total	$ 500	$ 500
Semi-annual rate (as a percent)	4.50%	4.50%
Effective rate (as a percent)	4.63%	4.63%
Senior unsecured notes, interest payable semi-annually at 1.30%, effective rate of 1.53%, maturing August 15, 2025
Debt
Total	$ 400	$ 400
Semi-annual rate (as a percent)	1.30%	1.30%
Effective rate (as a percent)	1.53%	1.53%
Senior unsecured notes, interest payable semi-annually at 2.15%, effective rate of 2.27%, maturing August 15, 2030
Debt
Total	$ 500	$ 500
Semi-annual rate (as a percent)	2.15%	2.15%
Effective rate (as a percent)	2.27%	2.27%
Senior unsecured notes, interest payable semi-annually at 6.85%, effective rate of 6.91%, maturing November 15, 2036
Debt
Total	$ 250	$ 250
Semi-annual rate (as a percent)	6.85%	6.85%
Effective rate (as a percent)	6.91%	6.91%
Other notes and revolving credit facilities
Debt
Total	$ 12.4	$ 12.4

Debt - Other (Details)

Debt - Other (Details) $ in Millions	Sep. 03, 2020USD ($)	Mar. 31, 2022USD ($)item	Dec. 31, 2021USD ($)
Debt
Total		$ 1,662.4	$ 1,662.4
Number of financial maintenance covenants \| item		2
Aggregate maturities of long-term debt for each of the next five years and thereafter
Total		$ 1,662.4	1,662.4
Unsecured revolving credit facility maturing September 3, 2025
Debt
Maximum borrowing capacity	$ 1,500
Debt term	5 years
Total		$ 0	0
Commitment fee on unused portion of revolving credit facility (as a percent)		0.20%
Letters of credit outstanding		$ 8.3	8.9
Aggregate maturities of long-term debt for each of the next five years and thereafter
Total		$ 0	0
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 - Publicly Traded
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, interest payable semi-annually at 4.50%, effective rate of 4.63%, maturing April 15, 2023
Debt
Total		$ 500	500
Aggregate maturities of long-term debt for each of the next five years and thereafter
Total		500	500
Senior unsecured notes, interest payable semi-annually at 1.30%, effective rate of 1.53%, maturing August 15, 2025
Debt
Total		400	400
Aggregate maturities of long-term debt for each of the next five years and thereafter
Total		400	400
Senior unsecured notes, interest payable semi-annually at 2.15%, effective rate of 2.27%, maturing August 15, 2030
Debt
Total		500	500
Aggregate maturities of long-term debt for each of the next five years and thereafter
Total		500	500
Senior unsecured notes, interest payable semi-annually at 6.85%, effective rate of 6.91%, maturing November 15, 2036
Debt
Total		250	250
Aggregate maturities of long-term debt for each of the next five years and thereafter
Total		250	250
Other separate revolving credit facilities
Debt
Maximum borrowing capacity		8.6
Total		4.7	4.7
Aggregate maturities of long-term debt for each of the next five years and thereafter
Total		4.7	4.7
IRB
Debt
Total		7.7	7.7
Aggregate maturities of long-term debt for each of the next five years and thereafter
Total		7.7	$ 7.7
Letter of Credit \| Standby Facility
Debt
Maximum borrowing capacity		50
Letters of credit outstanding		$ 21.9
Letter of credit sublimit
Debt
Maximum borrowing capacity	$ 150

Leases (Details)

Leases (Details) - USD ($) $ in Millions	3 Months Ended
Leases (Details) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Operating lease cost	$ 23	$ 19.7
Cash payments for operating leases	21.8	19.6
Right-of-use assets obtained in exchange for operating lease obligations	$ 7.1	$ 11.5
Weighted average remaining lease term - operating leases	5 years 10 months 24 days		5 years 9 months 18 days
Weighted average discount rate - operating leases	3.30%		3.30%
Maturities of operating lease liabilities
2022 (remaining nine months)	$ 46.8
2023	52.3
2024	41.5
2025	29.3
2026	18.8
Thereafter	52.6
Total operating lease payments	241.3
Less: imputed interest	(27.2)
Total operating lease liabilities	214.1
Maximum
Finance right-of-use assets	1
Finance right-of-use obligations	$ 1

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Mar. 31, 2022	Mar. 31, 2021
Income Taxes
Effective tax rate (as a percent)	24.80%	25.30%
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. 26, 2022	Mar. 31, 2022	Jan. 31, 2022	Mar. 31, 2022	Mar. 31, 2021	Jul. 20, 2021
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)				113,529	0
Average costs per share				$ 150.97
Value of shares repurchased				$ 17.1
Remaining value of shares authorized by the Board of Directors to be repurchased under share repurchase plan		$ 695.5		695.5
Common Stock and Additional Paid-In (in Shares)
Payments made to tax authorities on employees' behalf				$ 17.1	$ 8.2
Dividends
Common stock quarterly dividend per share (in dollars per share)				$ 0.875	$ 0.6875
Common stock dividend quarterly declared and paid per share (in dollars per share)	$ 0.8750			$ 0.8750	$ 0.6875
Dividends paid				$ 54.2	$ 43.8
Common Stock and Additional Paid in Capital
Share Repurchase Plan
Value of shares repurchased				(5.3)
Restricted stock units (RSUs)
Dividends
Dividend equivalents paid				$ 2.5	$ 1
Stock-Based Compensation
Vesting period (in years)		3 years	3 years
Changes
Granted (in units)		136,346	56,452
Weighted Average Grant Date Fair Value
Granted (in dollars per unit)		$ 195.28	$ 152.21
Restricted stock units (RSUs) and performance stock units (PSUs)
Changes
Unvested at the beginning of the year (in units)			831,597	831,597
Granted (in units)				305,249
Vested (in units)				(23,280)
Cancelled or forfeited (in units)				(18,607)
Unvested at the end of the period (in units)		1,094,959		1,094,959
Shares reserved for future grants (all plans)		1,569,117		1,569,117
Weighted Average Grant Date Fair Value
Unvested at the beginning of the year (in dollars per unit)			$ 105.12	$ 105.12
Granted (in dollars per unit)				187.31
Vested (in dollars per unit)				95.87
Cancelled or forfeited (in dollars per unit)				114.28
Unvested at the end of the period (in dollars per unit)		$ 128.07		$ 128.07
Aggregate Fair Value
Unvested at the end of the period		$ 257.7		$ 257.7
Number of shares of common stock that were unsettled				59,135
Performance stock units (PSUs)
Stock-Based Compensation
Vesting period (in years)		3 years		3 years	3 years
Changes
Granted (in units)		112,451
Weighted Average Grant Date Fair Value
Granted (in dollars per unit)		$ 195.28
Performance stock units (PSUs) \| Maximum
Stock Based Compensation
Share of Common Stock				2
All stock-based compensation plans
Common Stock and Additional Paid-In (in Shares)
Payments made to tax authorities on employees' behalf				$ 17.1	$ 8.2

Equity - Accumulated Other Comp

Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Schedule of accumulated other comprehensive loss
Balance at the beginning of the period	$ (68.9)
Current-period change	0.6
Balance at the end of the period	(68.3)
Deferred tax assets in accumulated other comprehensive loss, pension liabilities	3.3	$ 3.3
Foreign Currency Loss
Schedule of accumulated other comprehensive loss
Balance at the beginning of the period	(55.2)
Current-period change	0.7
Balance at the end of the period	(54.5)
Pension and Postretirement Benefit Adjustments, Net of Tax
Schedule of accumulated other comprehensive loss
Balance at the beginning of the period	(13.7)
Current-period change	(0.1)
Balance at the end of the period	$ (13.8)

Commitments and Contingencies (

Commitments and Contingencies (Details)	Mar. 31, 2022
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, 2022	Mar. 31, 2021
Numerator:
Net income attributable to Reliance	$ 523.3	$ 266.9
Denominator:
Weighted average shares outstanding (in shares)	61,833,000	63,645,000
Dilutive effect of stock-based awards (in shares)	951,000	1,066,000
Weighted average diluted shares outstanding (in shares)	62,784,000	64,711,000
Earnings per share attributable to Reliance stockholders - diluted (in dollars per share)	$ 8.33	$ 4.12
Earnings per share attributable to Reliance stockholders - basic (in dollars per share)	$ 8.46	$ 4.19
Diluted shares
Weighted average shares, respectively, for RSU's, not included in the diluted calculation due to their anti-dilutive effect	314,042	452,124