Reliance Steel & Aluminum (RS) 10-Q 2 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	Apr. 26, 2024
Cover Abstract
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-13122
Entity Registrant Name	RELIANCE, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-1142616
Entity Address, Address Line One	16100 N. 71st Street, Suite 400
Entity Address, City or Town	Scottsdale
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85254
City Area Code	(480)
Local Phone Number	564-5700
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		57,426,608
Entity Central Index Key	0000861884
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

UNAUDITED CONSOLIDATED BALANCE

UNAUDITED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 934.9	$ 1,080.2
Accounts receivable, less allowance for credit losses of $27.2 at March 31, 2024 and $24.9 at December 31, 2023	1,686	1,472.4
Inventories	2,166.9	2,043.2
Prepaid expenses and other current assets	135.6	140.4
Income taxes receivable		35.6
Total current assets	4,923.4	4,771.8
Property, plant and equipment:
Land	282.6	281.7
Buildings	1,534.5	1,510.9
Machinery and equipment	2,743.6	2,700.4
Accumulated depreciation	(2,251.4)	(2,244.6)
Property, plant and equipment, net	2,309.3	2,248.4
Operating lease right-of-use assets	230.7	231.6
Goodwill	2,125.3	2,111.1
Intangible assets, net	986.1	981.1
Cash surrender value of life insurance policies, net	39.5	43.8
Other long-term assets	97.9	92.5
Total assets	10,712.2	10,480.3
Current liabilities:
Accounts payable	449.7	410.3
Accrued expenses	118.3	118.5
Accrued compensation and retirement benefits	139.8	213.9
Accrued insurance costs	46.1	44.4
Current maturities of long-term debt	0.3	0.3
Current maturities of operating lease liabilities	56.3	56.2
Income taxes payable	46.9
Total current liabilities	857.4	843.6
Long-term debt	1,142.6	1,141.9
Operating lease liabilities	177.8	178.9
Long-term retirement benefits	27.8	25.1
Other long-term liabilities	70.8	64
Deferred income taxes	493.1	494
Total liabilities	2,769.5	2,747.5
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-57,426 at March 31, 2024 and 57,271 at December 31, 2023	0.1	0.1
Retained earnings	8,025.6	7,798.9
Accumulated other comprehensive loss	(93.3)	(76.7)
Total Reliance stockholders' equity	7,932.4	7,722.3
Noncontrolling interests	10.3	10.5
Total equity	7,942.7	7,732.8
Total liabilities and equity	$ 10,712.2	$ 10,480.3

UNAUDITED CONSOLIDATED BALANC_2

UNAUDITED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Millions	Mar. 31, 2024	Dec. 31, 2023
UNAUDITED CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for credit losses	$ 27.2	$ 24.9
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	57,426	57,271
Common stock, outstanding shares	57,426	57,271

UNAUDITED CONSOLIDATED STATEMEN

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
Net sales	$ 3,644.8	$ 3,965.3
Costs and expenses:
Cost of sales (exclusive of depreciation and amortization shown below)	2,516.6	2,739.3
Warehouse, delivery, selling, general and administrative	671.5	651.3
Depreciation and amortization	63.6	61.1
Total costs and expenses	3,251.7	3,451.7
Operating income	393.1	513.6
Other (income) expense:
Interest expense	9.7	10.9
Other income, net	(12.8)	(5.8)
Income before income taxes	396.2	508.5
Income tax provision	92.4	124.1
Net income	303.8	384.4
Less: net income attributable to noncontrolling interests	0.9	1.3
Net income attributable to Reliance	$ 302.9	$ 383.1
Earnings per share attributable to Reliance stockholders:
Basic (in dollars per share)	$ 5.28	$ 6.51
Diluted (in dollars per share)	$ 5.23	$ 6.43
Shares used in computing earnings per share:
Basic (in shares)	57,340	58,832
Diluted (in shares)	57,882	59,534

UNAUDITED CONSOLIDATED STATEM_2

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 303.8	$ 384.4
Other comprehensive (loss) income:
Foreign currency translation (loss) gain	(15.7)	0.6
Postretirement benefit adjustments, net of tax	(0.9)	(0.8)
Total other comprehensive loss	(16.6)	(0.2)
Comprehensive income	287.2	384.2
Less: comprehensive income attributable to noncontrolling interests	0.9	1.3
Comprehensive income attributable to Reliance	$ 286.3	$ 382.9

UNAUDITED CONSOLIDATED STATEM_3

UNAUDITED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Reliance Stockholders'	Common Stock and Additional Paid in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Non-controlling Interests	Total
Balances at Dec. 31, 2022		$ 0.1	$ 7,173.6	$ (86.3)	$ 8.5	$ 7,095.9
Increase (Decrease) in Stockholders' Equity
Net income attributable to Reliance			383.1			383.1
Cash dividends and dividend equivalents			(62)
Other comprehensive income (loss)				(0.2)		(0.2)
Comprehensive income					1.3	(1.3)
Dividends paid					(1.1)
Stock-based compensation		13.5
Taxes paid related to net share settlement of restricted stock units		(7.4)	(29.8)
Repurchase of common shares		(6.1)	(32.8)
Balances at Mar. 31, 2023	$ 7,345.7	0.1	7,432.1	(86.5)	8.7	7,354.4
Balances at Dec. 31, 2023		0.1	7,798.9	(76.7)	10.5	7,732.8
Increase (Decrease) in Stockholders' Equity
Net income attributable to Reliance			302.9			302.9
Cash dividends and dividend equivalents			(65.3)
Other comprehensive income (loss)				(16.6)		(16.6)
Comprehensive income					0.9	(0.9)
Dividends paid					(1.1)
Stock-based compensation		13
Taxes paid related to net share settlement of restricted stock units		(13)	(10.9)
Balances at Mar. 31, 2024	$ 7,932.4	$ 0.1	$ 8,025.6	$ (93.3)	$ 10.3	$ 7,942.7

UNAUDITED CONSOLIDATED STATEM_4

UNAUDITED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
UNAUDITED CONSOLIDATED STATEMENTS OF EQUITY
Cash dividends declared per common share (in dollars per share)	$ 1.10	$ 1

UNAUDITED CONSOLIDATED STATEM_5

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities:
Net income	$ 303.8	$ 384.4
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	63.6	61.1
Stock-based compensation expense	13	13.5
Other	2.8	(0.1)
Changes in operating assets and liabilities (excluding effect of businesses acquired):
Accounts receivable	(211.6)	(237.1)
Inventories	(114.6)	13.5
Prepaid expenses and other assets	73.9	50
Accounts payable and other liabilities	(4.6)	99.3
Net cash provided by operating activities	126.3	384.6
Investing activities:
Acquisition, net of cash acquired	(53.7)
Purchases of property, plant and equipment	(108.7)	(102.9)
Other	(15)	0.3
Net cash used in investing activities	(177.4)	(102.6)
Financing activities:
Principal payment on long-term debt		(500)
Cash dividends and dividend equivalents	(65.3)	(62)
Share repurchases		(38.9)
Taxes paid related to net share settlement of restricted stock units	(23.9)	(37.2)
Other	(1.1)	(1.1)
Net cash used in financing activities	(90.3)	(639.2)
Effect of exchange rate changes on cash and cash equivalents	(3.9)
Decrease in cash and cash equivalents	(145.3)	(357.2)
Cash and cash equivalents at beginning of year	1,080.2	1,173.4
Cash and cash equivalents at end of the period	934.9	816.2
Supplemental cash flow information:
Interest paid during the period	8.8	14.4
Income taxes paid during the period, net	$ 10.2	$ 21.2

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 1. Summary of Significant Accounting Policies ​ Principles of Consolidation ​ In February 2024, we changed our corporate name from Reliance Steel & Aluminum Co. to Reliance, Inc. We will not distinguish between our prior and current corporate name and will refer to our current corporate name throughout this Quarterly Report on Form 10-Q. ​ 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. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. ​ We have recast certain prior period amounts in the statement of equity for the three months ended March 31, 2023, to conform to the current presentation. The recasting of the prior period information did not have an impact on the ending balances presented. ​ Inventories ​ The majority of our inventory is valued using the last-in, first-out (“LIFO”) method, which is not in excess of market. Under this method, older costs are included in inventory, which may be higher or lower than current costs. 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. ​ Impact of Recently Issued Accounting Standards—Not Yet Adopted ​ Segment Reporting As the guidance only requires additional disclosure, there will be no impact to our results of operations, financial condition or cash flows . ​ Improvement to Income Tax Disclosures permitted. As the guidance only requires additional disclosure, there will be no impact to our results of operations, financial condition or cash flows.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2024
Acquisitions
Acquisitions	Note 2. Acquisitions ​ On February 1, 2024, we acquired, with cash on hand, Cooksey Iron & Metal Company (“Cooksey Steel”), a metals service center that processes and distributes finished steel products, including tubing, beams, plates and bars. Headquartered in Tifton, Georgia, Cooksey Steel operates three locations, servicing a diverse range of customers. Included in our net sales for the first quarter of 2024 were net sales of $16.1 million from Cooksey Steel. ​ On April 1, 2024, we acquired American Alloy Steel, Inc. (“American Alloy”) with cash on hand. American Alloy, headquartered in Houston, Texas, operates five metals service centers and a plate fabrication business in the U.S. American Alloy is a distributor of specialty carbon and alloy steel plate and round bar, including pressure vessel quality (PVQ) material. ​ On April 1, 2024, we acquired, with cash on hand, Mid-West Materials, Inc. (“MidWest Materials”), a flat-rolled steel service center that primarily services North American original equipment manufacturers. Headquartered in Perry, Ohio, MidWest Materials provides steel products including hot-rolled, high strength hot-rolled, coated, and cold-rolled products that are sold into the trailer manufacturing, agriculture, metal fabrication, and building products markets. ​ No sales from American Alloy and MidWest ​ The allocation of the total purchase price for the acquisition of Cooksey Steel to the fair values of the assets acquired and liabilities assumed is not significant. The aggregate allocation of the purchase prices for all acquisitions to the fair values of the assets acquired and liabilities assumed and supplemental pro forma information are not presented as the accounting for the acquisitions of American Alloy and MidWest Materials are incomplete due to their recency.

Revenues

Revenues	3 Months Ended
	Mar. 31, 2024
Revenues.
Revenues	Note 3. Revenues ​ The following table presents our net sales disaggregated by product and service: ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 ​ (in millions) Carbon steel $ 2,012.9 ​ $ 2,128.5 Aluminum ​ 596.1 ​ ​ 670.2 Stainless steel ​ 559.9 ​ ​ 657.3 Alloy ​ 171.9 ​ ​ 191.4 Toll processing and logistics ​ 157.8 ​ ​ 155.4 Copper and brass ​ 75.3 ​ ​ 82.0 Other and eliminations ​ 70.9 ​ ​ 80.5 Total $ 3,644.8 ​ $ 3,965.3 ​

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2024
Goodwill.
Goodwill	Note 4. Goodwill ​ The change in the carrying amount of goodwill is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in millions) Balance at January 1, 2024 ​ ​ ​ ​ ​ ​ $ 2,111.1 Acquisition ​ ​ ​ ​ ​ ​ ​ 16.5 Effect of foreign currency translation ​ ​ ​ ​ ​ ​ ​ (2.3) Balance at March 31, 2024 ​ ​ ​ ​ ​ ​ $ 2,125.3 ​ We had no accumulated impairment losses related to goodwill at March 31, 2024 and December 31, 2023. ​

Intangible Assets, Net

Intangible Assets, Net	3 Months Ended
	Mar. 31, 2024
Intangible Assets, Net
Intangible Assets, Net	Note 5. Intangible Assets, Net ​ Intangible assets, net consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 ​ 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 14.0 ​ $ 721.4 ​ $ (529.8) ​ $ 716.0 ​ $ (520.5) Backlog of orders 7.9 ​ ​ 22.3 ​ ​ (6.6) ​ ​ 22.9 ​ ​ (6.0) Other 9.4 ​ ​ 10.1 ​ ​ (9.5) ​ ​ 10.0 ​ ​ (9.5) ​ ​ ​ ​ 753.8 ​ ​ (545.9) ​ ​ 748.9 ​ ​ (536.0) Intangible assets not subject to amortization: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade names ​ ​ ​ 778.2 ​ ​ — ​ ​ 768.2 ​ ​ — ​ ​ ​ $ 1,532.0 ​ $ (545.9) ​ $ 1,517.1 ​ $ (536.0) ​ In connection with our acquisition of Cooksey Steel in the first quarter of 2024, we recorded $14.1 million of intangible assets, including $8.0 million allocated to the trade name acquired, which is not subject to amortization. ​ Amortization expense for intangible assets was $10.3 million and $11.8 million for the first quarters of 2024 and 2023, respectively. Foreign currency translation losses related to Intangible assets, net were $1.0 million in the first quarter of 2024 compared to foreign currency translation gains of $0.2 million in the first quarter of 2023. ​ The following is a summary of estimated future amortization expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in millions) 2024 (remaining nine months) ​ ​ ​ $ 30.6 2025 ​ ​ ​ ​ 36.7 2026 ​ ​ ​ ​ 27.3 2027 ​ ​ ​ ​ 26.6 2028 ​ ​ ​ ​ 25.1 Thereafter ​ ​ ​ ​ 61.6 ​ ​ ​ ​ $ 207.9 ​

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt
Debt	Note 6. Debt ​ Debt consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 ​ (in millions) Unsecured revolving credit facility maturing September 3, 2025 $ — ​ $ — 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 ​ 1.4 ​ ​ 1.4 Total ​ 1,151.4 ​ ​ 1,151.4 Less: unamortized discount and debt issuance costs ​ (8.5) ​ ​ (9.2) Less: amounts due within one year ​ (0.3) ​ ​ (0.3) Total long-term debt $ 1,142.6 ​ $ 1,141.9 ​ The weighted average effective interest rate on the Company’s outstanding borrowings as of March 31, 2024 and December 31, 2023 was 3.02%. ​ Unsecured Credit Facility ​ On September 3, 2020, we entered into a $1.5 billion unsecured five-year Amended and Restated Credit Agreement that amended and restated our then-existing $1.5 billion unsecured revolving credit facility. As of March 31, 2024, borrowings under the Credit Agreement were available at variable rates based on the Secured Overnight Financing Rate (“SOFR”) plus 1.10% or the bank prime rate and we currently pay a commitment fee at an annual rate of 0.175% on the unused portion of the revolving credit facility. The applicable margins over SOFR and base rate borrowings, along with commitment fees, are subject to adjustment every quarter based on our leverage ratio, as defined in the Credit Agreement. All borrowings under the Credit Agreement may be prepaid without penalty. ​ As of March 31, 2024 and December 31, 2023, we had no outstanding borrowings on the revolving credit facility. We had $1.4 million of letters of credit outstanding under the revolving credit facility as of March 31, 2024 and December 31, 2023. ​ Senior Unsecured Notes ​ Under the indentures for each series of our senior notes (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 interes ​ Other Notes, Revolving Credit and Letter of Credit/Letters of Guarantee Facilities ​ A revolving credit facility with a credit limit of $7.5 million is in place for an operation in Asia with no outstanding balance as of March 31, 2024 and December 31, 2023. ​ Various industrial revenue bonds had combined outstanding balances of $1.4 million as of March 31, 2024 and December 31, 2023 and have maturities through 2027. ​ We have a $50.0 million standby letters of credit/letters of guarantee agreement with one of the lenders under our Credit Agreement. A total of $40.5 million and $40.9 million were outstanding under this facility as of March 31, 2024 and December 31, 2023, respectively. ​ 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, 2024.

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases
Leases	Note 7. Leases ​ Our metals service center leases are comprised of processing and distribution facilities, equipment, automobiles, 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 an insignificant amount of recognized finance right-of-use assets and obligations. ​ The following is a summary of our lease cost: ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 ​ (in millions) Operating lease cost $ 25.2 ​ $ 23.6 ​ Supplemental cash flow and balance sheet information is presented below: ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 ​ (in millions) Supplemental cash flow information: ​ ​ ​ ​ ​ Cash payments for operating leases $ 25.3 ​ $ 23.5 Right-of-use assets obtained in exchange for operating lease obligations $ 28.2 ​ $ 15.6 ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 ​ 2023 Other lease information: ​ ​ ​ ​ ​ Weighted average remaining lease term—operating leases ​ 6.3 years ​ ​ 5.8 years Weighted average discount rate—operating leases ​ 4.5% ​ ​ 4.3% ​ Maturities of operating lease liabilities as of March 31, 2024 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in millions) 2024 (remaining nine months) ​ ​ ​ $ 50.2 2025 ​ ​ ​ ​ 55.3 2026 ​ ​ ​ ​ 42.3 2027 ​ ​ ​ ​ 32.1 2028 ​ ​ ​ ​ 24.7 Thereafter ​ ​ ​ ​ 67.6 Total operating lease payments ​ ​ ​ ​ 272.2 Less: imputed interest ​ ​ ​ ​ (38.1) Total operating lease liabilities ​ ​ ​ $ 234.1 ​

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Taxes
Income Taxes	Note 8. Income Taxes ​ Our effective income tax rates for the first quarters of 2024 and 2023 were 23.3% and 24.4%, 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. ​

Equity

Equity	3 Months Ended
	Mar. 31, 2024
Equity
Equity	Note 9. Equity ​ Stock-Based Compensation Plans ​ We make annual grants of long-term equity incentive awards to officers and key employees under our Second Amended and Restated 2015 Incentive Award Plan We also grant the non-management members of our Board of Directors fully vested stock awards under our Directors Equity Plan ​ A summary of the status of our unvested RSUs and PSUs and changes during the first quarter of 2024 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ RSU and PSU ​ Grant Date ​ ​ Aggregate Units ​ Fair Value Unvested at January 1, 2024 ​ 437,239 ​ $ 213.06 Granted (1) ​ 170,611 ​ ​ 289.07 Vested ​ (3,770) ​ ​ 211.16 Cancelled or forfeited ​ (5,556) ​ ​ 214.23 Unvested at March 31, 2024 ​ 598,524 ​ $ 234.73 Shares reserved for future grants (all plans) ​ 1,334,811 ​ ​ ​ (1) Comprised of 100,669 RSUs and 69,942 PSUs granted in February 2024. The RSUs cliff vest on December 1, 2026 and the PSUs vest upon the completion of a 3 -year performance period ending December 31, 2026. ​ As of March 31, 2024, there was $102.8 million of total unrecognized compensation cost related to unvested RSUs and PSUs that is expected to be recognized, net of actual forfeitures and cancellations, over a weighted average period of 2.0 years. ​ Dividends ​ On April 23, 2024, our Board of Directors declared the 2024 second quarter cash dividend of $1.10 per share of common stock, payable on June 7, 2024 to stockholders of record as of May 24, 2024. ​ During the first quarters of 2024 and 2023, we declared and paid quarterly dividends of $1.10 and $1.00 per share, or $63.2 million and $59.0 million in total, respectively. In addition, we paid $2.1 million and $3.0 million in dividend equivalents with respect to vested RSUs and PSUs during the first quarters of 2024 and 2023, respectively. ​ Share Repurchases ​ We did no t repurchase any shares of our common stock in the first quarter of 2024. In the first quarter of 2023, we repurchased 160,224 shares at an average cost per share of $242.86 for a total of $38.9 million. The amounts of our share repurchases do not include the taxes we paid of $23.9 million and $37.2 million in the first quarters of 2024 and 2023, respectively, for shares withheld to settle our employees’ tax withholding obligations related to net share settlements upon the vesting of RSUs and PSUs. ​ As of March 31, 2024, we had remaining authorization under our $1.5 billion share repurchase program authorized by our Board of Directors on October 24, 2023 to repurchase $1.44 billion 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. Repurchased and subsequently retired shares are restored to the status of authorized but unissued shares. ​ We may repurchase shares through a variety of methods including, but not limited to, open market purchases, accelerated share repurchases, negotiated block purchases and transactions structured through investment banking institutions under plans relying on Rule 10b5-1 and/or Rule 10b-18 under the Securities Exchange Act of 1934, as amended. ​ ​ Accumulated Other Comprehensive Loss ​ Accumulated other comprehensive loss included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension and ​ ​ ​ Foreign Currency ​ Postretirement Benefit ​ Accumulated Other ​ Translation ​ Plan Adjustments, ​ Comprehensive ​ Loss Net of Tax Loss ​ ​ ​ ​ (in millions) ​ ​ ​ Balance as of January 1, 2024 $ (75.7) ​ $ (1.0) ​ $ (76.7) Current-period change ​ (15.7) ​ ​ (0.9) ​ ​ (16.6) Balance as of March 31, 2024 $ (91.4) ​ $ (1.9) ​ $ (93.3) ​ Foreign currency translation adjustments have not been adjusted for income taxes. Pension and postretirement benefit plan adjustments are net of taxes of $0.7 million as of March 31, 2024 and December 31, 2023. Pension and 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 recognized as a non-operating loss as result of plan settlements. As our pension and postretirement benefit plan obligations are settled, the related income tax effect is released from accumulated other comprehensive loss and included in our income tax provision . ​

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments 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 expect that these matters will be resolved without having a material adverse impact on our consolidated financial position, results of operations or cash flows. We maintain general liability insurance against risks arising in the ordinary course of business. ​

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2024
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, ​ 2024 2023 ​ (in millions, except number of shares which are reflected in thousands and per share amounts) Numerator: ​ ​ ​ ​ ​ Net income attributable to Reliance $ 302.9 ​ $ 383.1 ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ Weighted average shares outstanding ​ 57,340 ​ ​ 58,832 Dilutive effect of stock-based awards ​ 542 ​ ​ 702 Weighted average diluted shares outstanding ​ 57,882 ​ ​ 59,534 ​ ​ ​ ​ ​ ​ Earnings per share attributable to Reliance stockholders: ​ ​ ​ ​ ​ Basic $ 5.28 ​ $ 6.51 Diluted $ 5.23 ​ $ 6.43 ​ The computations of earnings per share for the first quarters of 2024 and 2023 do not include 103,700 and 194,304 weighted average shares, respectively, in respect of outstanding RSUs and PSUs, because their inclusion would have been anti-dilutive.

Employee Benefits

Employee Benefits	3 Months Ended
	Mar. 31, 2024
Employee Benefits
Employee Benefits	Note 12. Employee Benefits ​ Certain of our union employees participate in plans collectively bargained and maintained by multiple employers and a labor union. During the first quarter of 2024, we recognized estimated withdrawal liabilities of $4.6 million based on our anticipated withdrawal from two multiemployer plans.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Summary of Significant Accounting Policies
Principles of Consolidation	Principles of Consolidation ​ In February 2024, we changed our corporate name from Reliance Steel & Aluminum Co. to Reliance, Inc. We will not distinguish between our prior and current corporate name and will refer to our current corporate name throughout this Quarterly Report on Form 10-Q. ​ 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. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. ​ We have recast certain prior period amounts in the statement of equity for the three months ended March 31, 2023, to conform to the current presentation. The recasting of the prior period information did not have an impact on the ending balances presented.
Inventories	Inventories ​ The majority of our inventory is valued using the last-in, first-out (“LIFO”) method, which is not in excess of market. Under this method, older costs are included in inventory, which may be higher or lower than current costs. 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.
Impact of Recently Issued Accounting Standards - Not Yet Adopted	Impact of Recently Issued Accounting Standards—Not Yet Adopted ​ Segment Reporting As the guidance only requires additional disclosure, there will be no impact to our results of operations, financial condition or cash flows . ​ Improvement to Income Tax Disclosures permitted. As the guidance only requires additional disclosure, there will be no impact to our results of operations, financial condition or cash flows.

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2024
Revenues.
Schedule of disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 ​ (in millions) Carbon steel $ 2,012.9 ​ $ 2,128.5 Aluminum ​ 596.1 ​ ​ 670.2 Stainless steel ​ 559.9 ​ ​ 657.3 Alloy ​ 171.9 ​ ​ 191.4 Toll processing and logistics ​ 157.8 ​ ​ 155.4 Copper and brass ​ 75.3 ​ ​ 82.0 Other and eliminations ​ 70.9 ​ ​ 80.5 Total $ 3,644.8 ​ $ 3,965.3 ​

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill.
Schedule of changes in the carrying amount of goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in millions) Balance at January 1, 2024 ​ ​ ​ ​ ​ ​ $ 2,111.1 Acquisition ​ ​ ​ ​ ​ ​ ​ 16.5 Effect of foreign currency translation ​ ​ ​ ​ ​ ​ ​ (2.3) Balance at March 31, 2024 ​ ​ ​ ​ ​ ​ $ 2,125.3

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2024
Intangible Assets, Net
Summary of intangible assets, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 ​ 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 14.0 ​ $ 721.4 ​ $ (529.8) ​ $ 716.0 ​ $ (520.5) Backlog of orders 7.9 ​ ​ 22.3 ​ ​ (6.6) ​ ​ 22.9 ​ ​ (6.0) Other 9.4 ​ ​ 10.1 ​ ​ (9.5) ​ ​ 10.0 ​ ​ (9.5) ​ ​ ​ ​ 753.8 ​ ​ (545.9) ​ ​ 748.9 ​ ​ (536.0) Intangible assets not subject to amortization: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade names ​ ​ ​ 778.2 ​ ​ — ​ ​ 768.2 ​ ​ — ​ ​ ​ $ 1,532.0 ​ $ (545.9) ​ $ 1,517.1 ​ $ (536.0)
Summary of estimated aggregate amortization expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in millions) 2024 (remaining nine months) ​ ​ ​ $ 30.6 2025 ​ ​ ​ ​ 36.7 2026 ​ ​ ​ ​ 27.3 2027 ​ ​ ​ ​ 26.6 2028 ​ ​ ​ ​ 25.1 Thereafter ​ ​ ​ ​ 61.6 ​ ​ ​ ​ $ 207.9 ​

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt
Summary of debt	​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 ​ (in millions) Unsecured revolving credit facility maturing September 3, 2025 $ — ​ $ — 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 ​ 1.4 ​ ​ 1.4 Total ​ 1,151.4 ​ ​ 1,151.4 Less: unamortized discount and debt issuance costs ​ (8.5) ​ ​ (9.2) Less: amounts due within one year ​ (0.3) ​ ​ (0.3) Total long-term debt $ 1,142.6 ​ $ 1,141.9

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases
Schedule of lease cost	​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 ​ (in millions) Operating lease cost $ 25.2 ​ $ 23.6
Schedule of supplemental cash flow and other lease information	Supplemental cash flow and balance sheet information is presented below: ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 ​ (in millions) Supplemental cash flow information: ​ ​ ​ ​ ​ Cash payments for operating leases $ 25.3 ​ $ 23.5 Right-of-use assets obtained in exchange for operating lease obligations $ 28.2 ​ $ 15.6 ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 ​ 2023 Other lease information: ​ ​ ​ ​ ​ Weighted average remaining lease term—operating leases ​ 6.3 years ​ ​ 5.8 years Weighted average discount rate—operating leases ​ 4.5% ​ ​ 4.3%
Schedule of maturities of operating lease liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in millions) 2024 (remaining nine months) ​ ​ ​ $ 50.2 2025 ​ ​ ​ ​ 55.3 2026 ​ ​ ​ ​ 42.3 2027 ​ ​ ​ ​ 32.1 2028 ​ ​ ​ ​ 24.7 Thereafter ​ ​ ​ ​ 67.6 Total operating lease payments ​ ​ ​ ​ 272.2 Less: imputed interest ​ ​ ​ ​ (38.1) Total operating lease liabilities ​ ​ ​ $ 234.1 ​

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Equity
Summary of the status of the Company's restricted stock units and changes during the quarter	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ RSU and PSU ​ Grant Date ​ ​ Aggregate Units ​ Fair Value Unvested at January 1, 2024 ​ 437,239 ​ $ 213.06 Granted (1) ​ 170,611 ​ ​ 289.07 Vested ​ (3,770) ​ ​ 211.16 Cancelled or forfeited ​ (5,556) ​ ​ 214.23 Unvested at March 31, 2024 ​ 598,524 ​ $ 234.73 Shares reserved for future grants (all plans) ​ 1,334,811 ​ ​ ​ (1) Comprised of 100,669 RSUs and 69,942 PSUs granted in February 2024. The RSUs cliff vest on December 1, 2026 and the PSUs vest upon the completion of a 3 -year performance period ending December 31, 2026.
Schedule of accumulated other comprehensive loss	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension and ​ ​ ​ Foreign Currency ​ Postretirement Benefit ​ Accumulated Other ​ Translation ​ Plan Adjustments, ​ Comprehensive ​ Loss Net of Tax Loss ​ ​ ​ ​ (in millions) ​ ​ ​ Balance as of January 1, 2024 $ (75.7) ​ $ (1.0) ​ $ (76.7) Current-period change ​ (15.7) ​ ​ (0.9) ​ ​ (16.6) Balance as of March 31, 2024 $ (91.4) ​ $ (1.9) ​ $ (93.3)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share
Computation of basic and diluted earnings per share	​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 ​ (in millions, except number of shares which are reflected in thousands and per share amounts) Numerator: ​ ​ ​ ​ ​ Net income attributable to Reliance $ 302.9 ​ $ 383.1 ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ Weighted average shares outstanding ​ 57,340 ​ ​ 58,832 Dilutive effect of stock-based awards ​ 542 ​ ​ 702 Weighted average diluted shares outstanding ​ 57,882 ​ ​ 59,534 ​ ​ ​ ​ ​ ​ Earnings per share attributable to Reliance stockholders: ​ ​ ​ ​ ​ Basic $ 5.28 ​ $ 6.51 Diluted $ 5.23 ​ $ 6.43

Acquisitions (Details)

Acquisitions (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Apr. 01, 2024 Center	Feb. 01, 2024 item
Acquisitions
Net sales	$ 3,644.8	$ 3,965.3
Mid-West Materials, Inc
Acquisitions
Net sales	0
Cooksey Iron & Metal Company
Acquisitions
Sales since acquisition date	16.1
Number of locations of the acquiree entity | item				3
American Alloy Steel, Inc
Acquisitions
Net sales	$ 0
Locations acquiree provides services from | Center			5

Revenues (Details)

Revenues (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue Disaggregation
Revenue	$ 3,644.8	$ 3,965.3
Carbon steel
Revenue Disaggregation
Revenue	2,012.9	2,128.5
Aluminum
Revenue Disaggregation
Revenue	596.1	670.2
Stainless steel
Revenue Disaggregation
Revenue	559.9	657.3
Alloy
Revenue Disaggregation
Revenue	171.9	191.4
Toll processing and logistics
Revenue Disaggregation
Revenue	157.8	155.4
Copper and brass
Revenue Disaggregation
Revenue	75.3	82
Other and eliminations
Revenue Disaggregation
Revenue	$ 70.9	$ 80.5

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Change in the carrying amount of goodwill
Balance at the beginning of the period	$ 2,111.1
Acquisition	16.5
Effect of foreign currency translation	(2.3)
Balance at the end of the period	2,125.3
Accumulated impairment losses	$ 0	$ 0

Intangible Assets, Net (Details

Intangible Assets, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Intangible assets subject to amortization:
Intangible assets subject to amortization, Gross Carrying Amount	$ 753.8		$ 748.9
Intangible assets subject to amortization, Accumulated Amortization	(545.9)		(536)
Intangible assets not subject to amortization:
Intangible assets not subject to amortization, Gross Carrying Amount	778.2		768.2
Intangible assets
Intangible assets, Gross Carrying Amount	1,532		1,517.1
Amortization expense for intangible assets	10.3	$ 11.8
Changes in intangible assets due to foreign currency translation gains (losses)	(1)	$ 0.2
Summary of estimated aggregate amortization expense for each of the succeeding five years and thereafter
2024 (remaining nine months)	30.6
2025	36.7
2026	27.3
2027	26.6
2028	25.1
Thereafter	61.6
Total	207.9
Cooksey Iron & Metal Company
Intangible assets
Intangible assets recorded in connection with acquisition	14.1
Trade names | Cooksey Iron & Metal Company
Intangible assets
Intangible assets not subject to amortization	$ 8
Customer lists/relationships
Intangible assets subject to amortization:
Weighted average amortizable life in years	14 years
Intangible assets subject to amortization, Gross Carrying Amount	$ 721.4		716
Intangible assets subject to amortization, Accumulated Amortization	$ (529.8)		(520.5)
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	$ 22.3		22.9
Intangible assets subject to amortization, Accumulated Amortization	$ (6.6)		(6)
Other
Intangible assets subject to amortization:
Weighted average amortizable life in years	9 years 4 months 24 days
Intangible assets subject to amortization, Gross Carrying Amount	$ 10.1		10
Intangible assets subject to amortization, Accumulated Amortization	$ (9.5)		$ (9.5)

Debt - Summary (Details)

Debt - Summary (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt
Total	$ 1,151.4	$ 1,151.4
Less: unamortized discount and debt issuance costs	(8.5)	(9.2)
Less: amounts due within one year	(0.3)	(0.3)
Total long-term debt	1,142.6	1,141.9
Unsecured revolving credit facility maturing September 3, 2025
Debt
Total	0	0
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
Debt
Total	$ 1.4	$ 1.4

Debt - Other (Details)

Debt - Other (Details) $ in Millions		3 Months Ended
	Sep. 03, 2020 USD ($)	Mar. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($)
Debt
Total		$ 1,151.4	$ 1,151.4
Weighted average interest rate (as a percent)		3.02%	3.02%
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	$ 0
Commitment fee on unused portion of revolving credit facility (as a percent)		0.175%
Letters of credit outstanding		$ 1.4	1.4
Unsecured revolving credit facility maturing September 3, 2025 | SOFR
Debt
Variable interest rate		SOFR
Interest rate added to base (as a percent)		1.10%
Unsecured revolving credit facility maturing September 3, 2025 | Bank prime rate
Debt
Variable interest rate		prime rate
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%
Other separate revolving credit facilities | Asia
Debt
Maximum borrowing capacity		$ 7.5	7.5
Lines of credit		0	0
IRB
Debt
Total		1.4	1.4
Letter of Credit | Standby Facility
Debt
Maximum borrowing capacity		50	50
Letters of credit outstanding		$ 40.5	$ 40.9

Leases (Details)

Leases (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Leases
Operating lease cost	$ 25.2	$ 23.6
Cash payments for operating leases	25.3	23.5
Right-of-use assets obtained in exchange for operating lease obligations	$ 28.2	$ 15.6
Weighted average remaining lease term - operating leases	6 years 3 months 18 days		5 years 9 months 18 days
Weighted average discount rate - operating leases	4.50%		4.30%
Maturities of operating lease liabilities
2024 (remaining nine months)	$ 50.2
2025	55.3
2026	42.3
2027	32.1
2028	24.7
Thereafter	67.6
Total operating lease payments	272.2
Less: imputed interest	(38.1)
Total operating lease liabilities	$ 234.1

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Taxes
Effective tax rate (as a percent)	23.30%	24.40%
Income tax at U.S. federal statutory tax rate (as a percent)	21%	21%

Equity - Share Repurchases, Div

Equity - Share Repurchases, Dividends, Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended
	Apr. 23, 2024	Feb. 29, 2024	Mar. 31, 2024	Mar. 31, 2023
Share Repurchase Plan
Value of shares authorized by the Board of Directors to be repurchased under share repurchase plan			$ 1,500
Remaining value of shares authorized by the Board of Directors to be repurchased under share repurchase plan			$ 1,440
Common Stock and Additional Paid-In (in Shares)
Stock repurchased during period, shares			0	160,224
Average cost per share				$ 242.86
Average cost of shares				$ 38.9
Dividends
Common stock quarterly dividend per share (in dollars per share)			$ 1.10	$ 1
Common stock dividend quarterly declared and paid per share (in dollars per share)	$ 1.10		$ 1.10	$ 1
Dividends paid			$ 63.2	$ 59
Additional share-based compensation disclosures
Total unrecognized compensation cost			$ 102.8
Weighted average recognition period for unrecognized compensation cost (in years)			2 years
Restricted stock units (RSUs)
Additional share-based compensation disclosures
Vesting period (in years)		3 years	3 years	3 years
Changes
Granted (in shares)		100,669
Restricted stock units (RSUs) and performance stock units (PSUs)
Common Stock and Additional Paid-In (in Shares)
Payments to tax authorities on employees' behalf for shares withheld related to share settlements			$ 23.9	$ 37.2
Dividends
Dividend equivalents paid			$ 2.1	$ 3
Changes
Unvested at the beginning of the period (in units)			437,239
Granted (in shares)			170,611
Vested (in units)			(3,770)
Cancelled or forfeited (in units)			(5,556)
Unvested at the end of the period (in units)			598,524
Shares reserved for future grants (all plans)			1,334,811
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per unit)			$ 213.06
Granted (in dollars per unit)			289.07
Vested (in dollars per unit)			211.16
Cancelled or forfeited (in dollars per unit)			214.23
Unvested at the end of the period (in dollars per unit)			$ 234.73
Performance stock units (PSUs)
Additional share-based compensation disclosures
Vesting period (in years)		3 years	3 years	3 years
Return on assets result period		3 years	3 years	3 years
Changes
Granted (in shares)		69,942
Performance stock units (PSUs) | Maximum
Stock Based Compensation
Share of Common Stock		2	2	2

Equity - Accumulated Other Comp

Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Schedule of accumulated other comprehensive loss
Balance at the beginning of the year	$ (76.7)
Current-period change	(16.6)
Balance at the end of the period	(93.3)
Deferred tax assets in accumulated other comprehensive loss, pension liabilities	0.7	$ 0.7
Foreign Currency Translation (Loss) Gain
Schedule of accumulated other comprehensive loss
Balance at the beginning of the year	(75.7)
Current-period change	(15.7)
Balance at the end of the period	(91.4)
Pension and Postretirement Benefit Plan Adjustments, Net of Tax
Schedule of accumulated other comprehensive loss
Balance at the beginning of the year	(1)
Current-period change	(0.9)
Balance at the end of the period	$ (1.9)

Commitments and Contingencies (

Commitments and Contingencies (Details)	Mar. 31, 2024
Environmental Contingencies
Ownership interest in domestic subsidiaries (as a percent)	100%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net income attributable to Reliance	$ 302.9	$ 383.1
Denominator:
Weighted average shares outstanding (in shares)	57,340,000	58,832,000
Dilutive effect of stock-based awards (in shares)	542,000	702,000
Weighted average diluted shares outstanding (in shares)	57,882,000	59,534,000
Earnings per share attributable to Reliance stockholders - basic (in dollars per share)	$ 5.28	$ 6.51
Earnings per share attributable to Reliance stockholders - diluted (in dollars per share)	$ 5.23	$ 6.43
Diluted shares
Weighted average shares, respectively, for RSUs and PSUs, not included in the diluted calculation due to their anti-dilutive effect	103,700	194,304

Employee Benefits (Details)

Employee Benefits (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) item
Employee Benefits
Estimated withdrawal liabilities | $	$ 4.6
Number of multiemployer plans the company anticipates withdrawing from | item	2

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false