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Condensed Consolidating Financial Statements (Tables) | 9 Months Ended
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Sep. 30, 2011
Condensed Consolidating Financial Statements |
Schedule of Condensed Consolidating Balance Sheet |
Condensed Unaudited Consolidating Balance Sheet As of September 30, 2011 (in millions)
|  | Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations & Reclassifications |  | Consolidated |
Assets |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 29.3 |  | $ | 8.5 |  | $ | 53.3 |  | $ | — |  | $ | 91.1 |
Accounts receivable, less allowance for doubtful accounts |  | 76.0 |  | 841.0 |  | 102.5 |  | — |  | 1,019.5 |
Inventories |  | 55.6 |  | 1,079.5 |  | 141.5 |  | — |  | 1,276.6 |
Intercompany receivables |  | 0.3 |  | 31.2 |  | 5.8 |  | (37.3 | ) | — |
Other current assets |  | 94.5 |  | 29.9 |  | 9.2 |  | (91.1 | ) | 42.5 |
Total current assets |  | 255.7 |  | 1,990.1 |  | 312.3 |  | (128.4 | ) | 2,429.7 |
Investments in subsidiaries |  | 2,157.1 |  | 261.0 |  | — |  | (2,418.1 | ) | — |
Property, plant and equipment, net |  | 97.3 |  | 918.3 |  | 72.0 |  | — |  | 1,087.6 |
Goodwill |  | 23.8 |  | 1,110.5 |  | 97.3 |  | — |  | 1,231.6 |
Intangible assets, net |  | 13.8 |  | 754.9 |  | 141.1 |  | — |  | 909.8 |
Intercompany receivables |  | 2,351.3 |  | 36.1 |  | — |  | (2,387.4 | ) | — |
Other assets |  | 5.2 |  | 62.3 |  | 1.8 |  | — |  | 69.3 |
Total assets |  | $ | 4,904.2 |  | $ | 5,133.2 |  | $ | 624.5 |  | $ | (4,933.9 | ) | $ | 5,728.0 |
Liabilities & Equity |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 41.0 |  | $ | 343.8 |  | $ | 65.2 |  | $ | (37.3 | ) | $ | 412.7 |
Accrued compensation and retirement costs |  | 17.1 |  | 75.8 |  | 7.2 |  | — |  | 100.1 |
Other current liabilities |  | 49.0 |  | 45.8 |  | 8.4 |  | — |  | 103.2 |
Income taxes payable |  | — |  | 20.9 |  | 9.3 |  | (25.5 | ) | 4.7 |
Deferred income taxes |  | — |  | 75.2 |  | — |  | (65.6 | ) | 9.6 |
Current maturities of long-term debt and short-term borrowings |  | 0.3 |  | 0.2 |  | 13.7 |  | — |  | 14.2 |
Total current liabilities |  | 107.4 |  | 561.7 |  | 103.8 |  | (128.4 | ) | 644.5 |
Long-term debt |  | 1,463.9 |  | — |  | — |  | — |  | 1,463.9 |
Intercompany borrowings |  | — |  | 2,226.4 |  | 161.0 |  | (2,387.4 | ) | — |
Deferred taxes and other long-term liabilities |  | 248.2 |  | 252.7 |  | 26.0 |  | — |  | 526.9 |
Total Reliance shareholders’ equity |  | 3,084.7 |  | 2,088.0 |  | 330.1 |  | (2,418.1 | ) | 3,084.7 |
Noncontrolling interests |  | — |  | 4.4 |  | 3.6 |  | — |  | 8.0 |
Total equity |  | 3,084.7 |  | 2,092.4 |  | 333.7 |  | (2,418.1 | ) | 3,092.7 |
Total liabilities and equity |  | $ | 4,904.2 |  | $ | 5,133.2 |  | $ | 624.5 |  | $ | (4,933.9 | ) | $ | 5,728.0 |
Condensed Consolidating Balance Sheet As of December 31, 2010 (in millions)
|  | Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations & Reclassifications |  | Consolidated |
Assets |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 14.4 |  | $ | 8.0 |  | $ | 50.5 |  | $ | — |  | $ | 72.9 |
Accounts receivable, less allowance for doubtful accounts |  | 58.1 |  | 586.2 |  | 52.7 |  | — |  | 697.0 |
Inventories |  | 33.6 |  | 770.4 |  | 56.2 |  | — |  | 860.2 |
Intercompany receivables |  | 0.3 |  | 12.4 |  | — |  | (12.7 | ) | — |
Other current assets |  | 99.8 |  | 27.3 |  | 5.1 |  | (61.4 | ) | 70.8 |
Total current assets |  | 206.2 |  | 1,404.3 |  | 164.5 |  | (74.1 | ) | 1,700.9 |
Investments in subsidiaries |  | 1,783.2 |  | 202.8 |  | — |  | (1,986.0 | ) | — |
Property, plant and equipment, net |  | 97.5 |  | 870.3 |  | 57.5 |  | — |  | 1,025.3 |
Goodwill |  | 23.8 |  | 1,029.0 |  | 56.8 |  | — |  | 1,109.6 |
Intangible assets, net |  | 9.8 |  | 681.1 |  | 64.9 |  | — |  | 755.8 |
Intercompany receivables |  | 1,956.5 |  | — |  | — |  | (1,956.5 | ) | — |
Other assets |  | 4.9 |  | 71.4 |  | 1.0 |  | — |  | 77.3 |
Total assets |  | $ | 4,081.9 |  | $ | 4,258.9 |  | $ | 344.7 |  | $ | (4,016.6 | ) | $ | 4,668.9 |
Liabilities & Equity |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 24.5 |  | $ | 204.6 |  | $ | 28.6 |  | $ | (12.7 | ) | $ | 245.0 |
Accrued compensation and retirement costs |  | 14.9 |  | 64.8 |  | 5.4 |  | — |  | 85.1 |
Other current liabilities |  | 37.6 |  | 40.2 |  | 4.9 |  | — |  | 82.7 |
Deferred income taxes |  | — |  | 71.0 |  | — |  | (61.4 | ) | 9.6 |
Current maturities of long-term debt and short-term borrowings |  | 74.4 |  | — |  | 11.8 |  | — |  | 86.2 |
Total current liabilities |  | 151.4 |  | 380.6 |  | 50.7 |  | (74.1 | ) | 508.6 |
Long-term debt |  | 854.9 |  | 0.2 |  | — |  | — |  | 855.1 |
Intercompany borrowings |  | — |  | 1,926.9 |  | 29.6 |  | (1,956.5 | ) | — |
Deferred taxes and other long-term liabilities |  | 251.9 |  | 218.2 |  | 5.0 |  | — |  | 475.1 |
Total Reliance shareholders’ equity |  | 2,823.7 |  | 1,729.5 |  | 256.5 |  | (1,986.0 | ) | 2,823.7 |
Noncontrolling interests |  | — |  | 3.5 |  | 2.9 |  | — |  | 6.4 |
Total equity |  | 2,823.7 |  | 1,733.0 |  | 259.4 |  | (1,986.0 | ) | 2,830.1 |
Total liabilities and equity |  | $ | 4,081.9 |  | $ | 4,258.9 |  | $ | 344.7 |  | $ | (4,016.6 | ) | $ | 4,668.9 |
Schedule of Condensed Unaudited Consolidating Statement of Income |
Condensed Unaudited Consolidating Statement of Income For the three months ended September 30, 2011 (in millions)
|  | Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated |
Net sales |  | $ | 178.9 |  | $ | 1,858.3 |  | $ | 157.3 |  | $ | (55.9 | ) | $ | 2,138.6 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Cost of sales (exclusive of depreciation and amortization shown below) |  | 144.2 |  | 1445.9 |  | 110.5 |  | (55.9 | ) | 1,644.7 |
Warehouse, delivery, selling, general and administrative |  | 19.7 |  | 289.1 |  | 22.6 |  | (11.8 | ) | 319.6 |
Depreciation and amortization |  | 4.4 |  | 27.1 |  | 2.7 |  | — |  | 34.2 |
|  | 168.3 |  | 1,762.1 |  | 135.8 |  | (67.7 | ) | 1,998.5 |
Operating income |  | 10.6 |  | 96.2 |  | 21.5 |  | 11.8 |  | 140.1 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |
Interest |  | (14.8 | ) | (4.6 | ) | (1.1 | ) | 5.5 |  | (15.0 | )
Other income (expense), net |  | 16.0 |  | (3.9 | ) | (1.3 | ) | (17.3 | ) | (6.5 | )
Income before equity in earnings of subsidiaries and income taxes |  | 11.8 |  | 87.7 |  | 19.1 |  | — |  | 118.6 |
Equity in earnings of subsidiaries |  | 64.1 |  | 8.0 |  | — |  | (72.1 | ) | — |
Income before income taxes |  | 75.9 |  | 95.7 |  | 19.1 |  | (72.1 | ) | 118.6 |
Income tax (benefit) provision |  | (9.0 | ) | 37.2 |  | 4.1 |  | — |  | 32.3 |
Net income |  | 84.9 |  | 58.5 |  | 15.0 |  | (72.1 | ) | 86.3 |
Less: Net income attributable to noncontrolling interests |  | — |  | 1.2 |  | 0.2 |  | — |  | 1.4 |
Net income attributable to Reliance |  | $ | 84.9 |  | $ | 57.3 |  | $ | 14.8 |  | $ | (72.1 | ) | $ | 84.9 |
Condensed Unaudited Consolidating Statement of Income For the three months ended September 30, 2010 (in millions)
|  | Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated |
Net sales |  | $ | 155.0 |  | $ | 1,449.3 |  | $ | 89.3 |  | $ | (39.8 | ) | $ | 1,653.8 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Cost of sales (exclusive of depreciation and amortization shown below) |  | 119.0 |  | 1,119.4 |  | 59.0 |  | (39.8 | ) | 1,257.6 |
Warehouse, delivery, selling, general and administrative |  | 26.6 |  | 248.2 |  | 17.8 |  | (14.4 | ) | 278.2 |
Depreciation and amortization |  | 3.3 |  | 24.8 |  | 1.7 |  | — |  | 29.8 |
|  | 148.9 |  | 1,392.4 |  | 78.5 |  | (54.2 | ) | 1,565.6 |
Operating income |  | 6.1 |  | 56.9 |  | 10.8 |  | 14.4 |  | 88.2 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |
Interest |  | (15.6 | ) | (4.4 | ) | (0.2 | ) | 4.9 |  | (15.3 | )
Other (expense) income, net |  | (28.9 | ) | 48.2 |  | 0.5 |  | (19.3 | ) | 0.5 |
(Loss) income before equity in earnings of subsidiaries and income taxes |  | (38.4 | ) | 100.7 |  | 11.1 |  | — |  | 73.4 |
Equity in earnings of subsidiaries |  | 63.5 |  | 5.0 |  | — |  | (68.5 | ) | — |
Income before income taxes |  | 25.1 |  | 105.7 |  | 11.1 |  | (68.5 | ) | 73.4 |
Income tax (benefit) provision |  | (23.6 | ) | 45.2 |  | 2.5 |  | — |  | 24.1 |
Net income |  | 48.7 |  | 60.5 |  | 8.6 |  | (68.5 | ) | 49.3 |
Less: Net income (loss) attributable to noncontrolling interests |  | — |  | 0.8 |  | (0.2 | ) | — |  | 0.6 |
Net income attributable to Reliance |  | $ | 48.7 |  | $ | 59.7 |  | $ | 8.8 |  | $ | (68.5 | ) | $ | 48.7 |
Condensed Unaudited Consolidating Statement of Income For the nine months ended September 30, 2011 (in millions)
|  | Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated |
Net sales |  | $ | 537.4 |  | $ | 5,346.2 |  | $ | 383.0 |  | $ | (165.8 | ) | $ | 6,100.8 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Cost of sales (exclusive of depreciation and amortization shown below) |  | 412.5 |  | 4,085.5 |  | 257.6 |  | (165.8 | ) | 4,589.8 |
Warehouse, delivery, selling, general and administrative |  | 59.1 |  | 886.4 |  | 63.5 |  | (57.2 | ) | 951.8 |
Depreciation and amortization |  | 11.3 |  | 81.2 |  | 6.2 |  | — |  | 98.7 |
|  | 482.9 |  | 5,053.1 |  | 327.3 |  | (223.0 | ) | 5,640.3 |
Operating income |  | 54.5 |  | 293.1 |  | 55.7 |  | 57.2 |  | 460.5 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |
Interest |  | (44.6 | ) | (23.2 | ) | (1.5 | ) | 24.2 |  | (45.1 | )
Other income (expense), net |  | 78.3 |  | 2.2 |  | (1.3 | ) | (81.4 | ) | (2.2 | )
Income before equity in earnings of subsidiaries and income taxes |  | 88.2 |  | 272.1 |  | 52.9 |  | — |  | 413.2 |
Equity in earnings of subsidiaries |  | 168.8 |  | 23.7 |  | — |  | (192.5 | ) | — |
Income before income taxes |  | 257.0 |  | 295.8 |  | 52.9 |  | (192.5 | ) | 413.2 |
Income tax (benefit) provision |  | (18.9 | ) | 140.1 |  | 11.9 |  | — |  | 133.1 |
Net income |  | 275.9 |  | 155.7 |  | 41.0 |  | (192.5 | ) | 280.1 |
Less: Net income attributable to noncontrolling interests |  | — |  | 3.5 |  | 0.7 |  | — |  | 4.2 |
Net income attributable to Reliance |  | $ | 275.9 |  | $ | 152.2 |  | $ | 40.3 |  | $ | (192.5 | ) | $ | 275.9 |
Condensed Unaudited Consolidating Statement of Income For the nine months ended September 30, 2010 (in millions)
|  | Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated |
Net sales |  | $ | 448.0 |  | $ | 4,164.6 |  | $ | 244.4 |  | $ | (128.5 | ) | $ | 4,728.5 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Cost of sales (exclusive of depreciation and amortization shown below) |  | 339.5 |  | 3,159.5 |  | 166.9 |  | (128.5 | ) | 3,537.4 |
Warehouse, delivery, selling, general and administrative |  | 75.1 |  | 745.0 |  | 51.9 |  | (52.4 | ) | 819.6 |
Depreciation and amortization |  | 9.6 |  | 74.7 |  | 4.6 |  | — |  | 88.9 |
|  | 424.2 |  | 3,979.2 |  | 223.4 |  | (180.9 | ) | 4,445.9 |
Operating income |  | 23.8 |  | 185.4 |  | 21.0 |  | 52.4 |  | 282.6 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |
Interest |  | (46.9 | ) | (26.2 | ) | (0.5 | ) | 27.6 |  | (46.0 | )
Other income (expense), net |  | 31.3 |  | 47.7 |  | 0.4 |  | (80.0 | ) | (0.6 | )
Income before equity in earnings of subsidiaries and income taxes |  | 8.2 |  | 206.9 |  | 20.9 |  | — |  | 236.0 |
Equity in earnings of subsidiaries |  | 113.6 |  | 9.6 |  | — |  | (123.2 | ) | — |
Income before income taxes |  | 121.8 |  | 216.5 |  | 20.9 |  | (123.2 | ) | 236.0 |
Income tax (benefit) provision |  | (33.1 | ) | 107.9 |  | 4.1 |  | — |  | 78.9 |
Net income |  | 154.9 |  | 108.6 |  | 16.8 |  | (123.2 | ) | 157.1 |
Less: Net income attributable to noncontrolling interests |  | — |  | 2.2 |  | — |  | — |  | 2.2 |
Net income attributable to Reliance |  | $ | 154.9 |  | $ | 106.4 |  | $ | 16.8 |  | $ | (123.2 | ) | $ | 154.9 |
Schedule of Condensed Unaudited Consolidating Cash Flow Statement |
Condensed Unaudited Consolidating Cash Flow Statement For the nine months ended September 30, 2011 (in millions)
|  | Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated |
Operating activities: |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 275.9 |  | $ | 155.7 |  | $ | 41.0 |  | $ | (192.5 | ) | $ | 280.1 |
Equity in earnings of subsidiaries |  | (168.8 | ) | (25.3 | ) | — |  | 192.5 |  | (1.6 | )
Other operating activities, net |  | 4.6 |  | (244.5 | ) | (21.3 | ) | — |  | (261.2 | )
Cash provided by (used in) operating activities |  | 111.7 |  | (114.1 | ) | 19.7 |  | — |  | 17.3 |
Investing activities: |  |  |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  | (9.5 | ) | (99.9 | ) | (3.3 | ) | — |  | (112.7 | )
Acquisition of a metal service center, net of cash acquired |  | (306.5 | ) | — |  | — |  | — |  | (306.5 | )
Net advances to subsidiaries |  | (294.7 | ) | — |  | — |  | 294.7 |  | — |
Other investing activities, net |  | 3.9 |  | 8.7 |  | 0.1 |  | — |  | 12.7 |
Cash used in investing activities |  | (606.8 | ) | (91.2 | ) | (3.2 | ) | 294.7 |  | (406.5 | )
Financing activities: |  |  |  |  |  |  |  |  |  |  |
Net borrowings (repayments) of debt |  | 534.8 |  | (76.1 | ) | (28.0 | ) | — |  | 430.7 |
Dividends paid |  | (26.9 | ) | — |  | — |  | — |  | (26.9 | )
Net intercompany borrowings |  | — |  | 284.5 |  | 10.2 |  | (294.7 | ) | — |
Other financing activities, net |  | 2.1 |  | (2.6 | ) | — |  | — |  | (0.5 | )
Cash provided by (used in) financing activities |  | 510.0 |  | 205.8 |  | (17.8 | ) | (294.7 | ) | 403.3 |
Effect of exchange rate changes on cash and cash equivalents |  | — |  | — |  | 4.1 |  | — |  | 4.1 |
Increase in cash and cash equivalents |  | 14.9 |  | 0.5 |  | 2.8 |  | — |  | 18.2 |
Cash and cash equivalents at beginning of year |  | 14.4 |  | 8.0 |  | 50.5 |  | — |  | 72.9 |
Cash and cash equivalents at end of period |  | $ | 29.3 |  | $ | 8.5 |  | $ | 53.3 |  | $ | — |  | $ | 91.1 |
Condensed Unaudited Consolidating Cash Flow Statement For the nine months ended September 30, 2010 (in millions)
|  | Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated |
Operating activities: |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 154.9 |  | $ | 108.6 |  | $ | 16.8 |  | $ | (123.2 | ) | $ | 157.1 |
Equity in earnings of subsidiaries |  | (113.6 | ) | (9.8 | ) | — |  | 123.2 |  | (0.2 | )
Other operating activities, net |  | 21.3 |  | (118.9 | ) | (11.6 | ) | — |  | (109.2 | )
Cash provided by (used in) operating activities |  | 62.6 |  | (20.1 | ) | 5.2 |  | — |  | 47.7 |
Investing activities: |  |  |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  | (6.9 | ) | (53.5 | ) | (5.4 | ) | — |  | (65.8 | )
Net advances to subsidiaries |  | (81.4 | ) | — |  | — |  | 81.4 |  | — |
Other investing activities, net |  | (5.0 | ) | 4.8 |  | 0.1 |  | 5.1 |  | 5.0 |
Cash used in investing activities |  | (93.3 | ) | (48.7 | ) | (5.3 | ) | 86.5 |  | (60.8 | )
Financing activities: |  |  |  |  |  |  |  |  |  |  |
Net borrowings (repayments) of debt |  | 154.7 |  | (0.5 | ) | 3.9 |  | — |  | 158.1 |
Dividends paid |  | (22.2 | ) | — |  | — |  | — |  | (22.2 | )
Net intercompany borrowings |  | — |  | 80.1 |  | 1.3 |  | (81.4 | ) | — |
Other financing activities, net |  | 20.8 |  | (1.0 | ) | 5.2 |  | (5.1 | ) | 19.9 |
Cash provided by financing activities |  | 153.3 |  | 78.6 |  | 10.4 |  | (86.5 | ) | 155.8 |
Effect of exchange rate changes on cash and cash equivalents |  | — |  | — |  | 0.8 |  | — |  | 0.8 |
Increase in cash and cash equivalents |  | 122.6 |  | 9.8 |  | 11.1 |  | — |  | 143.5 |
Cash and cash equivalents at beginning of year |  | 9.0 |  | 6.9 |  | 27.1 |  | — |  | 43.0 |
Cash and cash equivalents at end of period |  | $ | 131.6 |  | $ | 16.7 |  | $ | 38.2 |  | $ | — |  | $ | 186.5 |

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