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Condensed Consolidating Financial Statements

3 Months Ended

Mar. 31, 2012

Condensed Consolidating Financial Statements

Condensed Consolidating Financial Statements

12. Condensed Consolidating Financial Statements

In November 2006, we issued senior unsecured notes in the aggregate principal amount of $600 million at fixed interest rates that are guaranteed by our wholly-owned domestic subsidiaries. The accompanying consolidating financial information has been prepared and presented pursuant to Rule 3-10 of SEC Regulation S-X “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.” The guarantees are full and unconditional and joint and several obligations of each of the guarantor subsidiaries. There are no significant restrictions on our ability to obtain funds from any of the guarantor subsidiaries by dividends or loans. The supplemental consolidating financial information has been presented in lieu of separate financial statements of the guarantors as such separate financial statements are not considered meaningful.

Condensed Unaudited Consolidating Balance Sheet
As of March 31, 2012

(in millions)

		Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Assets
Cash and cash equivalents		$	15.0		$	11.3		$	43.7		$	—		$	70.0
Accounts receivable, less allowance for doubtful accounts		84.0			860.0			100.2			—			1,044.2
Inventories		57.1			1,173.2			169.1			—			1,399.4
Intercompany receivables		0.4			12.4			2.2			(15.0		)	—
Other current assets		123.1			28.3			9.9			(89.0		)	72.3
Total current assets		279.6			2,085.2			325.1			(104.0		)	2,585.9
Investments in subsidiaries		3,292.2			292.5			—			(3,584.7		)	—
Property, plant and equipment, net		99.9			943.7			77.0			—			1,120.6
Goodwill		23.8			1,119.0			106.8			—			1,249.6
Intangible assets, net		12.9			742.4			135.6			—			890.9
Intercompany receivables		1,342.4			36.6			—			(1,379.0		)	—
Other assets		14.4			68.7			1.7			—			84.8
Total assets		$	5,065.2		$	5,288.1		$	646.2		$	(5,067.7	)	$	5,931.8
Liabilities & Equity
Accounts payable		$	40.3		$	355.2		$	53.2		$	(15.0	)	$	433.7
Accrued compensation and retirement costs		9.7			58.4			5.5			—			73.6
Other current liabilities		60.0			98.4			11.9			(14.0		)	156.3
Deferred income taxes		—			75.0			—			(75.0		)	—
Current maturities of long-term debt and short-term borrowings		0.3			0.2			11.6			—			12.1
Total current liabilities		110.3			587.2			82.2			(104.0		)	675.7
Long-term debt		1,419.0			—			—			—			1,419.0
Intercompany borrowings		—			1,214.4			164.6			(1,379.0		)	—
Other long-term liabilities		270.5			267.7			24.4			—			562.6
Total Reliance shareholders’ equity		3,265.4			3,213.6			371.1			(3,584.7		)	3,265.4
Noncontrolling interests		—			5.2			3.9			—			9.1
Total equity		3,265.4			3,218.8			375.0			(3,584.7		)	3,274.5
Total liabilities and equity		$	5,065.2		$	5,288.1		$	646.2		$	(5,067.7	)	$	5,931.8

Condensed Consolidating Balance Sheet
As of December 31, 2011

(in millions)

		Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Assets
Cash and cash equivalents		$	15.1		$	10.8		$	58.7		$	—		$	84.6
Accounts receivable, less allowance for doubtful accounts		69.6			739.1			87.5			—			896.2
Inventories		43.7			1,017.4			151.7			—			1,212.8
Intercompany receivables		0.3			11.6			0.9			(12.8		)	—
Other current assets		108.7			28.0			7.5			(63.1		)	81.1
Total current assets		237.4			1,806.9			306.3			(75.9		)	2,274.7
Investments in subsidiaries		3,217.0			273.9			—			(3,490.9		)	—
Property, plant and equipment, net		100.0			931.5			74.0			—			1,105.5
Goodwill		23.8			1,115.7			104.8			—			1,244.3
Intangible assets, net		13.6			748.0			134.3			—			895.9
Intercompany receivables		1,229.9			35.9			—			(1,265.8		)	—
Other assets		13.7			70.0			1.8			—			85.5
Total assets		$	4,835.4		$	4,981.9		$	621.2		$	(4,832.6	)	$	5,605.9
Liabilities & Equity
Accounts payable		$	31.2		$	270.6		$	46.2		$	(12.8	)	$	335.2
Accrued compensation and retirement costs		22.0			81.4			7.6			—			111.0
Other current liabilities		49.3			41.4			15.4			11.9			118.0
Deferred income taxes		—			75.0			—			(75.0		)	—
Current maturities of long-term debt and short-term borrowings		0.2			0.2			11.8			—			12.2
Total current liabilities		102.7			468.6			81.0			(75.9		)	576.4
Long-term debt		1,319.0			—			—			—			1,319.0
Intercompany borrowings		—			1,097.2			168.6			(1,265.8		)	—
Other long-term liabilities		269.8			264.9			23.8			—			558.5
Total Reliance shareholders’ equity		3,143.9			3,146.8			344.1			(3,490.9		)	3,143.9
Noncontrolling interests		—			4.4			3.7			—			8.1
Total equity		3,143.9			3,151.2			347.8			(3,490.9		)	3,152.0
Total liabilities and equity		$	4,835.4		$	4,981.9		$	621.2		$	(4,832.6	)	$	5,605.9

Condensed Unaudited Consolidating Statement of Income
For the three months ended March 31, 2012
(in millions)

		Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Net sales		$	192.7		$	1,972.1		$	191.6		$	(68.1	)	$	2,288.3
Costs and expenses:
Cost of sales (exclusive of depreciation and amortization shown below)		153.7			1,487.8			137.2			(68.2		)	1,710.5
Warehouse, delivery, selling, general and administrative		15.0			344.4			24.8			(26.5		)	357.7
Depreciation and amortization		3.5			29.2			2.8			—			35.5
		172.2			1,861.4			164.8			(94.7		)	2,103.7
Operating income		20.5			110.7			26.8			26.6			184.6
Other income (expense):
Interest		(14.4		)	(3.9		)	(0.7		)	4.5			(14.5		)
Other income, net		33.9			2.7			1.0			(31.1		)	6.5
Income before equity in earnings of subsidiaries and income taxes		40.0			109.5			27.1			—			176.6
Equity in earnings of subsidiaries		68.0			9.9			—			(77.9		)	—
Income before income taxes		108.0			119.4			27.1			(77.9		)	176.6
Income tax (benefit) provision		(8.2		)	62.2			4.7			—			58.7
Net income		116.2			57.2			22.4			(77.9		)	117.9
Less: Net income attributable to noncontrolling interests		—			1.5			0.2			—			1.7
Net income attributable to Reliance		$	116.2		$	55.7		$	22.2		$	(77.9	)	$	116.2

Condensed Unaudited Consolidating Statement of Income
For the three months ended March 31, 2011

(in millions)

		Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Net sales		$	175.7		$	1,683.9		$	109.3		$	(56.2	)	$	1,912.7
Costs and expenses:
Cost of sales (exclusive of depreciation and amortization shown below)		139.1			1,253.2			70.3			(56.2		)	1,406.4
Warehouse, delivery, selling, general and administrative		19.6			303.6			20.2			(24.9		)	318.5
Depreciation and amortization		3.4			27.9			1.7			—			33.0
		162.1			1,584.7			92.2			(81.1		)	1,757.9
Operating income		13.6			99.2			17.1			24.9			154.8
Other income (expense):
Interest		(14.5		)	(6.6		)	(0.4		)	6.9			(14.6		)
Other income, net		32.0			—			—			(31.8		)	0.2
Income before equity in earnings of subsidiaries and income taxes		31.1			92.6			16.7			—			140.4
Equity in earnings of subsidiaries		53.1			7.8			—			(60.9		)	—
Income before income taxes		84.2			100.4			16.7			(60.9		)	140.4
Income tax (benefit) provision		(8.1		)	51.0			3.9			—			46.8
Net income		92.3			49.4			12.8			(60.9		)	93.6
Less: Net income attributable to noncontrolling interests		—			1.0			0.3			—			1.3
Net income attributable to Reliance		$	92.3		$	48.4		$	12.5		$	(60.9	)	$	92.3

Condensed Unaudited Consolidating Cash Flow Statement
For the three months ended March 31, 2012

(in millions)

		Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Operating activities:
Net income		$	116.2		$	57.2		$	22.4		$	(77.9	)	$	117.9
Equity in earnings of subsidiaries		(68.0		)	(10.4		)	—			77.9			(0.5		)
Other operating activities, net		(26.5		)	(125.1		)	(29.0		)	—			(180.6		)
Cash provided by (used in) operating activities		21.7			(78.3		)	(6.6		)	—			(63.2		)
Investing activities:
Purchases of property, plant and equipment		(2.7		)	(28.7		)	(3.2		)	—			(34.6		)
Acquisition of a metal service center, net of cash acquired		—			(10.0		)	—			—			(10.0		)
Net advances to subsidiaries		(112.5		)	—			—			112.5			—
Other investing activities, net		—			3.0			—			—			3.0
Cash used in investing activities		(115.2		)	(35.7		)	(3.2		)	112.5			(41.6		)
Financing activities:
Net short-term debt repayments		—			—			(0.4		)	—			(0.4		)
Proceeds from long-term debt borrowings		221.0			—			—			—			221.0
Principal payments on long-term debt		(120.9		)	(1.3		)	—			—			(122.2		)
Dividends paid		(11.2		)	—			—			—			(11.2		)
Net intercompany borrowings (repayments)		—			116.5			(4.0		)	(112.5		)	—
Other financing activities, net		4.5			(0.7		)	—			—			3.8
Cash provided by (used in) financing activities		93.4			114.5			(4.4		)	(112.5		)	91.0
Effect of exchange rate changes on cash and cash equivalents		—			—			(0.8		)	—			(0.8		)
(Decrease) increase in cash and cash equivalents		(0.1		)	0.5			(15.0		)	—			(14.6		)
Cash and cash equivalents at beginning of year		15.1			10.8			58.7			—			84.6
Cash and cash equivalents at end of period		$	15.0		$	11.3		$	43.7		$	—		$	70.0

Condensed Unaudited Consolidating Cash Flow Statement
For the three months ended March 31, 2011

(in millions)

		Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Operating activities:
Net income		$	92.3		$	49.4		$	12.8		$	(60.9	)	$	93.6
Equity in earnings of subsidiaries		(53.1		)	(8.5		)	—			60.9			(0.7		)
Other operating activities, net		(0.9		)	(175.4		)	(18.0		)	—			(194.3		)
Cash provided by (used in) operating activities		38.3			(134.5		)	(5.2		)	—			(101.4		)
Investing activities:
Purchases of property, plant and equipment		(1.8		)	(33.7		)	(0.3		)	—			(35.8		)
Net advances to subsidiaries		(178.2		)	—			—			178.2			—
Other investing activities, net		—			1.0			—			—			1.0
Cash used in investing activities		(180.0		)	(32.7		)	(0.3		)	178.2			(34.8		)
Financing activities:
Proceeds from long-term debt borrowings		197.0			—			—			—			197.0
Principal payments on long-term debt		(51.1		)	(0.9		)	—			—			(52.0		)
Dividends paid		(9.0		)	—			—			—			(9.0		)
Net intercompany borrowings		—			177.9			0.3			(178.2		)	—
Other financing activities, net		3.9			(0.8		)	—			—			3.1
Cash provided by financing activities		140.8			176.2			0.3			(178.2		)	139.1
Effect of exchange rate changes on cash and cash equivalents		—			—			1.0			—			1.0
(Decrease) increase in cash and cash equivalents		(0.9		)	9.0			(4.2		)	—			3.9
Cash and cash equivalents at beginning of year		14.4			8.0			50.5			—			72.9
Cash and cash equivalents at end of period		$	13.5		$	17.0		$	46.3		$	—		$	76.8

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Disclosure of the condensed financial statements (balance sheet, income statement and statement of cash flows), normally using the registrant (parent) as the sole domain member. If condensed consolidating financial statements are being presented, other domain members (in addition to parent) such as guarantor subsidiaries, non-guarantor subsidiaries, and the consolidation eliminations, will be included in order that the respective monetary amounts for each of the domains will aggregate to the respective amounts on the consolidated financial statements. The line items are the various captions used to compile the condensed financial statements.

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