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Condensed Consolidating Financial Statements (Tables)

12 Months Ended

Dec. 31, 2013

Condensed Consolidating Financial Statements

Schedule of Condensed Consolidating Balance Sheet

As of December 31, 2013
(in millions)

		Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Assets
Cash and cash equivalents		$	19.7		$	(0.8	)	$	64.7		$	—		$	83.6
Accounts receivable, less allowance for doubtful accounts			64.1			820.3			99.1			—			983.5
Inventories			52.6			1,344.8			142.6			—			1,540.0
Income taxes receivable			34.4			—			—			(0.5	)		33.9
Intercompany receivables			0.3			350.6			2.2			(353.1	)		—
Other current assets			124.8			40.8			8.9			(76.6	)		97.9
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total current assets			295.9			2,555.7			317.5			(430.2	)		2,738.9
Investments in subsidiaries			4,647.7			312.4			—			(4,960.1	)		—
Property, plant and equipment, net			100.8			1,298.7			204.4			—			1,603.9
Goodwill			23.8			1,555.7			112.1			—			1,691.6
Intangible assets, net			17.4			1,077.8			118.6			—			1,213.8
Intercompany receivables			1,219.4			22.4			394.3			(1,636.1	)		—
Other assets			20.8			66.6			5.4			—			92.8
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total assets		$	6,325.8		$	6,889.3		$	1,152.3		$	(7,026.4	)	$	7,341.0
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Liabilities & Equity
Accounts payable		$	29.1		$	185.8		$	418.5		$	(353.1	)	$	280.3
Accrued compensation and retirement costs			21.1			85.9			12.5			—			119.5
Other current liabilities			53.5			63.1			22.4			(1.9	)		137.1
Deferred income taxes			—			75.2			—			(75.2	)		—
Current maturities of long-term debt and short-term borrowings			25.3			—			11.2			—			36.5
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total current liabilities			129.0			410.0			464.6			(430.2	)		573.4
Long-term debt			2,019.2			5.7			47.6			—			2,072.5
Intercompany borrowings			—			1,550.6			85.5			(1,636.1	)		—
Other long-term liabilities			303.0			466.5			41.2			—			810.7
Total Reliance shareholders' equity			3,874.6			4,450.1			510.0			(4,960.1	)		3,874.6
Noncontrolling interests			—			6.4			3.4			—			9.8
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total equity			3,874.6			4,456.5			513.4			(4,960.1	)		3,884.4
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total liabilities and equity		$	6,325.8		$	6,889.3		$	1,152.3		$	(7,026.4	)	$	7,341.0
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

As of December 31, 2012
(in millions)

		Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Assets
Cash and cash equivalents		$	28.1		$	13.1		$	56.4		$	—		$	97.6
Accounts receivable, less allowance for doubtful accounts			67.4			658.3			82.0			—			807.7
Inventories			50.3			1,068.4			153.6			—			1,272.3
Intercompany receivables			0.2			16.7			2.4			(19.3	)		—
Income taxes receivable			28.2			—			0.2			—			28.4
Other current assets			113.3			26.5			6.8			(75.2	)		71.4
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total current assets			287.5			1,783.0			301.4			(94.5	)		2,277.4
Investments in subsidiaries			3,722.7			257.8			—			(3,980.5	)		—
Property, plant and equipment, net			100.8			1,044.1			95.8			—			1,240.7
Goodwill			23.7			1,183.9			107.0			—			1,314.6
Intangible assets, net			11.0			794.6			130.9			—			936.5
Intercompany receivables			969.7			26.2			3.7			(999.6	)		—
Other assets			18.3			68.1			2.1			—			88.5
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total assets		$	5,133.7		$	5,157.7		$	640.9		$	(5,074.6	)	$	5,857.7
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Liabilities & Equity
Accounts payable		$	25.7		$	195.2		$	54.0		$	(19.3	)	$	255.6
Accrued compensation and retirement costs			22.8			84.0			6.0			—			112.8
Other current liabilities			48.5			71.6			6.1			—			126.2
Deferred income taxes			—			75.2			—			(75.2	)		—
Current maturities of long-term debt and short-term borrowings			75.3			—			8.3			—			83.6
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total current liabilities			172.3			426.0			74.4			(94.5	)		578.2
Long-term debt			1,123.8			—			—			—			1,123.8
Intercompany borrowings			—			864.3			135.3			(999.6	)		—
Other long-term liabilities			279.2			284.0			25.1			—			588.3
Total Reliance shareholders' equity			3,558.4			3,577.4			403.1			(3,980.5	)		3,558.4
Noncontrolling interests			—			6.0			3.0			—			9.0
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total equity			3,558.4			3,583.4			406.1			(3,980.5	)		3,567.4
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total liabilities and equity		$	5,133.7		$	5,157.7		$	640.9		$	(5,074.6	)	$	5,857.7
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

Schedule of Condensed Consolidating Statement of Income

For the year ended December 31, 2013
(in millions)

		Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Net sales		$	704.5		$	8,021.6		$	710.1		$	(212.4	)	$	9,223.8
Costs and expenses:
Cost of sales (exclusive of depreciation and amortization shown below)			509.7			5,999.2			529.7			(212.4	)		6,826.2
Warehouse, delivery, selling, general and administrative			200.7			1,385.5			117.8			(65.6	)		1,638.4
Depreciation and amortization			17.5			158.6			16.3			—			192.4
Impairment charge			—			14.9			—			—			14.9
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
			727.9			7,558.2			663.8			(278.0	)		8,671.9
Operating (loss) income			(23.4	)		463.4			46.3			65.6			551.9
Other income (expense):
Interest			(74.7	)		(19.9	)		(4.2	)		21.3			(77.5	)
Other income, net			75.7			5.5			9.6			(86.9	)		3.9
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
(Loss) income before equity in earnings of subsidiaries and income taxes			(22.4	)		449.0			51.7			—			478.3
Equity in earnings of subsidiaries			300.3			12.4			—			(312.7	)		—
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Income before income taxes			277.9			461.4			51.7			(312.7	)		478.3
Income tax (benefit) provision			(43.7	)		181.0			16.3			—			153.6
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net income			321.6			280.4			35.4			(312.7	)		324.7
Less: Net income attributable to noncontrolling interests			—			2.8			0.3			—			3.1
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net income attributable to Reliance		$	321.6		$	277.6		$	35.1		$	(312.7	)	$	321.6
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Comprehensive income attributable to Reliance		$	318.9		$	293.5		$	16.7		$	(312.7	)	$	316.4
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

Condensed Consolidating Statement of Comprehensive Income
For the year ended December 31, 2012
(in millions)

		Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Net sales		$	726.3		$	7,298.4		$	640.2		$	(222.6	)	$	8,442.3
Costs and expenses:
Cost of sales (exclusive of depreciation and amortization shown below)			534.9			5,463.2			460.0			(222.7	)		6,235.4
Warehouse, delivery, selling, general and administrative			188.1			1,164.5			96.4			(52.8	)		1,396.2
Depreciation and amortization			14.3			122.2			12.5			—			149.0
Impairment charge			—			2.5			—			—			2.5
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
			737.3			6,752.4			568.9			(275.5	)		7,783.1
Operating (loss) income			(11.0	)		546.0			71.3			52.9			659.2
Other income (expense):
Interest			(57.7	)		(14.4	)		(2.2	)		15.9			(58.4	)
Other income, net			73.9			3.4			0.1			(68.8	)		8.6
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Income before equity in earnings of subsidiaries and income taxes			5.2			535.0			69.2			—			609.4
Equity in earnings of subsidiaries			379.2			28.9			—			(408.1	)		—
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Income before income taxes			384.4			563.9			69.2			(408.1	)		609.4
Income tax (benefit) provision			(19.1	)		206.0			14.2			—			201.1
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net income			403.5			357.9			55.0			(408.1	)		408.3
Less: Net income attributable to noncontrolling interests			—			4.6			0.2			—			4.8
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net income attributable to Reliance		$	403.5		$	353.3		$	54.8		$	(408.1	)	$	403.5
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Comprehensive income attributable to Reliance		$	404.2		$	350.4		$	64.3		$	(408.1	)	$	410.8
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

Condensed Consolidating Statement of Comprehensive Income
For the year ended December 31, 2011
(in millions)

		Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Net sales		$	706.8		$	7,103.0		$	547.8		$	(222.9	)	$	8,134.7
Costs and expenses:
Cost of sales (exclusive of depreciation and amortization shown below)			535.3			5,461.0			375.4			(223.0	)		6,148.7
Warehouse, delivery, selling, general and administrative			72.0			1,187.8			86.8			(66.5	)		1,280.1
Depreciation and amortization			14.3			109.8			9.0			—			133.1
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
			621.6			6,758.6			471.2			(289.5	)		7,561.9
Operating income			85.2			344.4			76.6			66.6			572.8
Other income (expense):
Interest			(58.9	)		(27.6	)		(2.1	)		28.8			(59.8	)
Other income (expense), net			93.4			2.6			(2.0	)		(95.4	)		(1.4	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Income before equity in earnings of subsidiaries and income taxes			119.7			319.4			72.5			—			511.6
Equity in earnings of subsidiaries			204.5			32.1			—			(236.6	)		—
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Income before income taxes			324.2			351.5			72.5			(236.6	)		511.6
Income tax (benefit) provision			(19.6	)		166.7			15.3			—			162.4
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net income			343.8			184.8			57.2			(236.6	)		349.2
Less: Net income attributable to noncontrolling interests			—			4.6			0.8			—			5.4
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net income attributable to Reliance		$	343.8		$	180.2		$	56.4		$	(236.6	)	$	343.8
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Comprehensive income attributable to Reliance		$	342.3		$	170.6		$	48.4		$	(236.6	)	$	324.7
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

Schedule of Condensed Consolidating Cash Flow Statement

For the year ended December 31, 2013
(in millions)

		Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Cash provided by operating activities		$	102.8		$	458.5		$	72.0		$	—		$	633.3
Investing activities:
Purchases of property, plant and equipment			(14.0	)		(139.9	)		(14.1	)		—			(168.0	)
Acquisitions, net of cash acquired			(821.1	)		—			—			—			(821.1	)
Net advances to subsidiaries			(85.3	)		—			—			85.3			—
Other investing activities, net			0.1			2.8			7.2			—			10.1
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Cash used in investing activities			(920.3	)		(137.1	)		(6.9	)		85.3			(979.0	)
Financing activities:
Net short-term debt (repayments) borrowings			—			(473.8	)		0.8			—			(473.0	)
Proceed from long-term debt borrowings			2,297.9			—			—			—			2,297.9
Principal payments on long-term debt			(1,452.8	)		(0.6	)		(1.1	)		—			(1,454.5	)
Dividends paid			(96.9	)		—			—			—			(96.9	)
Intercompany borrowings (repayments)			—			141.4			(56.1	)		(85.3	)		—
Other financing activities, net			60.9			(2.3	)		—			—			58.6
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Cash provided by (used in) financing activities			809.1			(335.3	)		(56.4	)		(85.3	)		332.1
Effect of exchange rate changes on cash and cash equivalents			—			—			(0.4	)		—			(0.4	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
(Decrease) increase in cash and cash equivalents			(8.4	)		(13.9	)		8.3			—			(14.0	)
Cash and cash equivalents at beginning of year			28.1			13.1			56.4			—			97.6
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Cash and cash equivalents at end of year		$	19.7		$	(0.8	)	$	64.7		$	—		$	83.6
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

Condensed Consolidating Cash Flow Statement
For the year ended December 31, 2012
(in millions)

		Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Cash provided by operating activities		$	23.3		$	512.9		$	65.7		$	—		$	601.9
Investing activities:
Purchases of property, plant and equipment			(16.0	)		(171.1	)		(26.9	)		—			(214.0	)
Acquisitions, net of cash acquired			(117.5	)		(49.4	)		—			—			(166.9	)
Net advances from subsidiaries			260.2			—			—			(260.2	)		—
Other investing activities, net			1.8			(2.7	)		0.1			—			(0.8	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Cash provided by (used in) investing activities			128.5			(223.2	)		(26.8	)		(260.2	)		(381.7	)
Financing activities:
Net short-term debt repayments			—			(59.4	)		(3.8	)		—			(63.2	)
Proceed from long-term debt borrowings			641.0			—			—			—			641.0
Principal payments on long-term debt			(761.3	)		(1.7	)		—			—			(763.0	)
Dividends paid			(60.2	)		—			—			—			(60.2	)
Net intercompany repayments			—			(223.2	)		(37.0	)		260.2			—
Other financing activities, net			41.7			(3.1	)		(0.8	)		—			37.8
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Cash used in financing activities			(138.8	)		(287.4	)		(41.6	)		260.2			(207.6	)
Effect of exchange rate changes on cash and cash equivalents			—			—			0.4			—			0.4
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Increase (decrease) in cash and cash equivalents			13.0			2.3			(2.3	)		—			13.0
Cash and cash equivalents at beginning of year			15.1			10.8			58.7			—			84.6
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Cash and cash equivalents at end of year		$	28.1		$	13.1		$	56.4		$	—		$	97.6
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

Condensed Consolidating Cash Flow Statement
For the year ended December 31, 2011
(in millions)

		Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Cash provided by operating activities		$	91.2		$	112.9		$	30.7		$	—		$	234.8
Investing activities:
Purchases of property, plant and equipment			(15.0	)		(133.2	)		(8.2	)		—			(156.4	)
Acquisition, net of cash acquired			(166.2	)		—			(147.1	)		—			(313.3	)
Net advances to subsidiaries			(229.9	)		—			—			229.9			—
Other investing activities, net			(36.8	)		(8.9	)		0.1			40.7			(4.9	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Cash used in investing activities			(447.9	)		(142.1	)		(155.2	)		270.6			(474.6	)
Financing activities:
Net short-term debt repayments			—			(74.9	)		(29.8	)		—			(104.7	)
Proceed from long-term debt borrowings			995.0			—			—			—			995.0
Principal payments on long-term debt			(605.2	)		(1.4	)		—			—			(606.6	)
Dividends paid			(35.9	)		—			—			—			(35.9	)
Net intercompany borrowings			—			112.0			117.9			(229.9	)		—
Other financing activities, net			3.5			(3.7	)		40.7			(40.7	)		(0.2	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Cash provided by financing activities			357.4			32.0			128.8			(270.6	)		247.6
Effect of exchange rate changes on cash and cash equivalents			—			—			3.9			—			3.9
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Increase in cash and cash equivalents			0.7			2.8			8.2			—			11.7
Cash and cash equivalents at beginning of year			14.4			8.0			50.5			—			72.9
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Cash and cash equivalents at end of year		$	15.1		$	10.8		$	58.7		$	—		$	84.6
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

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