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Condensed Consolidating Financial Statements (Tables) | 3 Months Ended
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Mar. 31, 2014
Condensed Consolidating Financial Statements |
Schedule of Condensed Consolidating Balance Sheet | As of March 31, 2014 (in millions)
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  | Consolidating |  |  |
|  | Parent |  | Subsidiaries |  | Subsidiaries |  | Adjustments |  | Consolidated |
Assets |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 46.8 |  | $ | (9.5 | ) | $ | 76.3 |  | $ | — |  | $ | 113.6 |
Accounts receivable, less allowance for doubtful accounts |  | 79.0 |  | 976.0 |  | 105.1 |  | — |  | 1,160.1 |
Inventories |  | 60.5 |  | 1,449.8 |  | 145.9 |  | — |  | 1,656.2 |
Income taxes receivable |  | 49.9 |  | — |  | — |  | (49.9 | ) | — |
Intercompany receivables |  | 0.4 |  | 20.7 |  | 1.5 |  | (22.6 | ) | — |
Other current assets |  | 109.2 |  | 51.9 |  | 10.6 |  | (76.5 | ) | 95.2 |
Total current assets |  | 345.8 |  | 2,488.9 |  | 339.4 |  | (149.0 | ) | 3,025.1 |
Investments in subsidiaries |  | 4,555.0 |  | 211.5 |  | — |  | (4,766.5 | ) | — |
Property, plant and equipment, net |  | 100.6 |  | 1,291.1 |  | 202.3 |  | — |  | 1,594.0 |
Goodwill |  | 23.8 |  | 1,556.8 |  | 109.7 |  | — |  | 1,690.3 |
Intangible assets, net |  | 34.4 |  | 1,048.2 |  | 114.1 |  | — |  | 1,196.7 |
Intercompany receivables |  | 1,376.6 |  | 112.4 |  | 10.1 |  | (1,499.1 | ) | — |
Other assets |  | 20.9 |  | 64.4 |  | 5.3 |  | — |  | 90.6 |
Total assets |  | $ | 6,457.1 |  | $ | 6,773.3 |  | $ | 780.9 |  | $ | (6,414.6 | ) | $ | 7,596.7 |
Liabilities & Equity |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 43.3 |  | $ | 403.1 |  | $ | 33.5 |  | $ | (22.6 | ) | $ | 457.3 |
Accrued compensation and retirement costs |  | 9.5 |  | 69.5 |  | 8.9 |  | — |  | 87.9 |
Other current liabilities |  | 79.5 |  | 91.5 |  | 44.4 |  | (51.2 | ) | 164.2 |
Deferred income taxes |  | — |  | 75.2 |  | — |  | (75.2 | ) | — |
Current maturities of long-term debt and short-term borrowings |  | 25.3 |  | — |  | 11.5 |  | — |  | 36.8 |
Total current liabilities |  | 157.6 |  | 639.3 |  | 98.3 |  | (149.0 | ) | 746.2 |
Long-term debt |  | 2,038.1 |  | 5.7 |  | 47.2 |  | — |  | 2,091.0 |
Intercompany borrowings |  | — |  | 1,321.7 |  | 177.4 |  | (1,499.1 | ) | — |
Other long-term liabilities |  | 321.9 |  | 446.6 |  | 41.0 |  | — |  | 809.5 |
Total Reliance shareholders’ equity |  | 3,939.5 |  | 4,352.9 |  | 413.6 |  | (4,766.5 | ) | 3,939.5 |
Noncontrolling interests |  | — |  | 7.1 |  | 3.4 |  | — |  | 10.5 |
Total equity |  | 3,939.5 |  | 4,360.0 |  | 417.0 |  | (4,766.5 | ) | 3,950.0 |
Total liabilities and equity |  | $ | 6,457.1 |  | $ | 6,773.3 |  | $ | 780.9 |  | $ | (6,414.6 | ) | $ | 7,596.7 |
As of December 31, 2013 (in millions)
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  | Consolidating |  |  |
|  | Parent |  | Subsidiaries |  | Subsidiaries |  | 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 |
Schedule of Condensed Consolidating Statement of Income | For the three months ended March 31, 2014 (in millions)
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  | Consolidating |  |  |
|  | Parent |  | Subsidiaries |  | Subsidiaries |  | Adjustments |  | Consolidated |
Net sales |  | $ | 182.4 |  | $ | 2,244.9 |  | $ | 187.6 |  | $ | (61.9 | ) | $ | 2,553.0 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Cost of sales (exclusive of depreciation and amortization shown below) |  | 146.1 |  | 1,678.6 |  | 143.0 |  | (61.9 | ) | 1,905.8 |
Warehouse, delivery, selling, general and administrative |  | 45.1 |  | 381.1 |  | 31.2 |  | (16.4 | ) | 441.0 |
Depreciation and amortization |  | 4.5 |  | 42.9 |  | 4.5 |  | — |  | 51.9 |
|  | 195.7 |  | 2,102.6 |  | 178.7 |  | (78.3 | ) | 2,398.7 |
Operating (loss) income |  | (13.3 | ) | 142.3 |  | 8.9 |  | 16.4 |  | 154.3 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |
Interest |  | (19.2 | ) | (6.2 | ) | (1.2 | ) | 6.4 |  | (20.2 | )
Other income (expense), net |  | 20.5 |  | (0.2 | ) | 2.5 |  | (22.8 | ) | — |
(Loss) income before equity in earnings of subsidiaries and income taxes |  | (12.0 | ) | 135.9 |  | 10.2 |  | — |  | 134.1 |
Equity in earnings of subsidiaries |  | 84.7 |  | 2.8 |  | — |  | (87.5 | ) | — |
Income before income taxes |  | 72.7 |  | 138.7 |  | 10.2 |  | (87.5 | ) | 134.1 |
Income tax (benefit) provision |  | (14.5 | ) | 56.8 |  | 3.9 |  | — |  | 46.2 |
Net income |  | 87.2 |  | 81.9 |  | 6.3 |  | (87.5 | ) | 87.9 |
Less: Net income attributable to noncontrolling interests |  | — |  | 0.7 |  | — |  | — |  | 0.7 |
Net income attributable to Reliance |  | $ | 87.2 |  | $ | 81.2 |  | $ | 6.3 |  | $ | (87.5 | ) | $ | 87.2 |
Comprehensive income (loss) attributable to Reliance |  | $ | 87.4 |  | $ | 81.3 |  | $ | (2.8 | ) | $ | (87.5 | ) | $ | 78.4 |
For the three months ended March 31, 2013 (in millions)
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  | Consolidating |  |  |
|  | Parent |  | Subsidiaries |  | Subsidiaries |  | Adjustments |  | Consolidated |
Net sales |  | $ | 179.4 |  | $ | 1,738.7 |  | $ | 163.7 |  | $ | (56.5 | ) | $ | 2,025.3 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Cost of sales (exclusive of depreciation and amortization shown below) |  | 138.1 |  | 1,291.4 |  | 123.5 |  | (56.5 | ) | 1,496.5 |
Warehouse, delivery, selling, general and administrative |  | 50.9 |  | 299.6 |  | 23.3 |  | (16.1 | ) | 357.7 |
Depreciation and amortization |  | 4.0 |  | 33.6 |  | 3.5 |  | — |  | 41.1 |
|  | 193.0 |  | 1,624.6 |  | 150.3 |  | (72.6 | ) | 1,895.3 |
Operating (loss) income |  | (13.6 | ) | 114.1 |  | 13.4 |  | 16.1 |  | 130.0 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |
Interest |  | (13.1 | ) | (2.5 | ) | (0.5 | ) | 3.0 |  | (13.1 | )
Other income (expense), net |  | 18.3 |  | 3.9 |  | (0.2 | ) | (19.1 | ) | 2.9 |
(Loss) income before equity in earnings of subsidiaries and income taxes |  | (8.4 | ) | 115.5 |  | 12.7 |  | — |  | 119.8 |
Equity in earnings of subsidiaries |  | 82.6 |  | 4.8 |  | — |  | (87.4 | ) | — |
Income before income taxes |  | 74.2 |  | 120.3 |  | 12.7 |  | (87.4 | ) | 119.8 |
Income tax (benefit) provision |  | (9.5 | ) | 42.2 |  | 2.6 |  | — |  | 35.3 |
Net income |  | 83.7 |  | 78.1 |  | 10.1 |  | (87.4 | ) | 84.5 |
Less: Net income attributable to noncontrolling interests |  | — |  | 0.8 |  | — |  | — |  | 0.8 |
Net income attributable to Reliance |  | $ | 83.7 |  | $ | 77.3 |  | $ | 10.1 |  | $ | (87.4 | ) | $ | 83.7 |
Comprehensive income attributable to Reliance |  | $ | 82.2 |  | $ | 77.5 |  | $ | 1.5 |  | $ | (87.4 | ) | $ | 73.8 |
Schedule of Condensed Consolidating Cash Flow Statement | For the three months ended March 31, 2014 (in millions)
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  | Consolidating |  |  |
|  | Parent |  | Subsidiaries |  | Subsidiaries |  | Adjustments |  | Consolidated |
Cash provided by (used in) operating activities |  | $ | 164.6 |  | $ | (94.5 | ) | $ | (1.3 | ) | $ | — |  | $ | 68.8 |
Investing activities: |  |  |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  | (3.3 | ) | (23.7 | ) | (1.9 | ) | — |  | (28.9 | )
Net advances to subsidiaries |  | (134.6 | ) | — |  | — |  | 134.6 |  | — |
Other investing activities, net |  | 0.1 |  | (9.2 | ) | — |  | — |  | (9.1 | )
Cash used in investing activities |  | (137.8 | ) | (32.9 | ) | (1.9 | ) | 134.6 |  | (38.0 | )
Financing activities: |  |  |  |  |  |  |  |  |  |  |
Net short-term debt borrowings |  | — |  | — |  | 0.3 |  | — |  | 0.3 |
Proceed from long-term debt borrowings |  | 160.0 |  | — |  | — |  | — |  | 160.0 |
Principal payments on long-term debt |  | (141.3 | ) | (0.4 | ) | — |  | — |  | (141.7 | )
Dividends paid |  | (27.1 | ) | — |  | — |  | — |  | (27.1 | )
Intercompany borrowings |  | — |  | 119.1 |  | 15.5 |  | (134.6 | ) | — |
Other financing activities, net |  | 8.7 |  | — |  | — |  | — |  | 8.7 |
Cash provided by financing activities |  | 0.3 |  | 118.7 |  | 15.8 |  | (134.6 | ) | 0.2 |
Effect of exchange rate changes on cash and cash equivalents |  | — |  | — |  | (1.0 | ) | — |  | (1.0 | )
Increase (decrease) in cash and cash equivalents |  | 27.1 |  | (8.7 | ) | 11.6 |  | — |  | 30.0 |
Cash and cash equivalents at beginning of year |  | 19.7 |  | (0.8 | ) | 64.7 |  | — |  | 83.6 |
Cash and cash equivalents at end of period |  | $ | 46.8 |  | $ | (9.5 | ) | $ | 76.3 |  | $ | — |  | $ | 113.6 |
For the three months ended March 31, 2013 (in millions)
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  | Consolidating |  |  |
|  | Parent |  | Subsidiaries |  | Subsidiaries |  | Adjustments |  | Consolidated |
Cash provided by (used in) operating activities |  | $ | 112.9 |  | $ | (66.5 | ) | $ | 25.8 |  | $ | — |  | $ | 72.2 |
Investing activities: |  |  |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  | (3.0 | ) | (21.6 | ) | (2.2 | ) | — |  | (26.8 | )
Net advances to subsidiaries |  | (52.2 | ) | — |  | — |  | 52.2 |  | — |
Other investing activities, net |  | — |  | 7.3 |  | — |  | — |  | 7.3 |
Cash used in investing activities |  | (55.2 | ) | (14.3 | ) | (2.2 | ) | 52.2 |  | (19.5 | )
Financing activities: |  |  |  |  |  |  |  |  |  |  |
Net short-term debt borrowings |  | — |  | — |  | 3.1 |  | — |  | 3.1 |
Proceed from long-term debt borrowings |  | 50.0 |  | — |  | — |  | — |  | 50.0 |
Principal payments on long-term debt |  | (110.0 | ) | — |  | — |  | — |  | (110.0 | )
Dividends paid |  | (22.9 | ) | — |  | — |  | — |  | (22.9 | )
Net intercompany borrowings (repayments) |  | — |  | 81.6 |  | (29.4 | ) | (52.2 | ) | — |
Other financing activities, net |  | 30.8 |  | (0.7 | ) | — |  | — |  | 30.1 |
Cash (used in) provided by financing activities |  | (52.1 | ) | 80.9 |  | (26.3 | ) | (52.2 | ) | (49.7 | )
Effect of exchange rate changes on cash and cash equivalents |  | — |  | — |  | (0.5 | ) | — |  | (0.5 | )
Increase (decrease) in cash and cash equivalents |  | 5.6 |  | 0.1 |  | (3.2 | ) | — |  | 2.5 |
Cash and cash equivalents at beginning of year |  | 28.1 |  | 13.1 |  | 56.4 |  | — |  | 97.6 |
Cash and cash equivalents at end of period |  | $ | 33.7 |  | $ | 13.2 |  | $ | 53.2 |  | $ | — |  | $ | 100.1 |

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