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Condensed Consolidating Financial Statements (Tables) | 3 Months Ended
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Mar. 31, 2015
Condensed Consolidating Financial Statements |
Schedule of Condensed Consolidating Balance Sheet | Condensed Unaudited Consolidating Balance Sheet As of March 31, 2015 (in millions)
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  | Consolidating |  |  |
|  | Parent |  | Subsidiaries |  | Subsidiaries |  | Adjustments |  | Consolidated |
Assets |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 26.6 |  | $ | (3.5 | ) | $ | 78.5 |  | $ | — |  | $ | 101.6 |
Accounts receivable, net |  | 85.8 |  | 975.9 |  | 169.9 |  | (17.5 | ) | 1,214.1 |
Inventories |  | 59.7 |  | 1,502.1 |  | 241.5 |  | — |  | 1,803.3 |
Income taxes receivable |  | 21.3 |  | — |  | — |  | (21.3 | ) | — |
Other current assets |  | 118.9 |  | 36.1 |  | 17.6 |  | (76.6 | ) | 96.0 |
Total current assets |  | 312.3 |  | 2,510.6 |  | 507.5 |  | (115.4 | ) | 3,215.0 |
Investments in subsidiaries |  | 5,004.5 |  | 286.1 |  | — |  | (5,290.6 | ) | — |
Property, plant and equipment, net |  | 103.1 |  | 1,325.6 |  | 215.2 |  | — |  | 1,643.9 |
Goodwill |  | 23.8 |  | 1,570.9 |  | 135.6 |  | — |  | 1,730.3 |
Intangible assets, net |  | 28.9 |  | 1,045.6 |  | 145.7 |  | — |  | 1,220.2 |
Intercompany receivables |  | 1,187.1 |  | 29.6 |  | 26.5 |  | (1,243.2 | ) | — |
Other assets |  | 23.4 |  | 49.4 |  | 5.4 |  | — |  | 78.2 |
Total assets |  | $ | 6,683.1 |  | $ | 6,817.8 |  | $ | 1,035.9 |  | $ | (6,649.2 | ) | $ | 7,887.6 |
Liabilities & Equity |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 36.1 |  | $ | 323.1 |  | $ | 75.7 |  | $ | (17.5 | ) | $ | 417.4 |
Accrued compensation and retirement costs |  | 13.5 |  | 72.7 |  | 8.9 |  | — |  | 95.1 |
Other current liabilities |  | 69.1 |  | 56.6 |  | 68.5 |  | (22.1 | ) | 172.1 |
Deferred income taxes |  | — |  | 75.2 |  | 0.6 |  | (75.8 | ) | — |
Current maturities of long-term debt and short-term borrowings |  | 50.0 |  | — |  | 50.2 |  | — |  | 100.2 |
Total current liabilities |  | 168.7 |  | 527.6 |  | 203.9 |  | (115.4 | ) | 784.8 |
Long-term debt |  | 2,217.4 |  | 5.7 |  | 45.4 |  | — |  | 2,268.5 |
Intercompany borrowings |  | — |  | 1,083.5 |  | 159.7 |  | (1,243.2 | ) | — |
Other long-term liabilities |  | 316.3 |  | 455.6 |  | 51.8 |  | — |  | 823.7 |
Total Reliance shareholders’ equity |  | 3,980.7 |  | 4,738.7 |  | 551.9 |  | (5,290.6 | ) | 3,980.7 |
Noncontrolling interests |  | — |  | 6.7 |  | 23.2 |  | — |  | 29.9 |
Total equity |  | 3,980.7 |  | 4,745.4 |  | 575.1 |  | (5,290.6 | ) | 4,010.6 |
Total liabilities and equity |  | $ | 6,683.1 |  | $ | 6,817.8 |  | $ | 1,035.9 |  | $ | (6,649.2 | ) | $ | 7,887.6 |
Condensed Unaudited Consolidating Balance Sheet As of December 31, 2014 (in millions)
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  | Consolidating |  |  |
|  | Parent |  | Subsidiaries |  | Subsidiaries |  | Adjustments |  | Consolidated |
Assets |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 41.9 |  | $ | (8.3 | ) | $ | 72.6 |  | $ | — |  | $ | 106.2 |
Accounts receivable, net |  | 72.7 |  | 923.1 |  | 164.8 |  | (16.0 | ) | 1,144.6 |
Inventories |  | 57.6 |  | 1,454.2 |  | 240.3 |  | — |  | 1,752.1 |
Other current assets |  | 139.3 |  | 38.5 |  | 16.1 |  | (75.7 | ) | 118.2 |
Total current assets |  | 311.5 |  | 2,407.5 |  | 493.8 |  | (91.7 | ) | 3,121.1 |
Investments in subsidiaries |  | 4,891.8 |  | 299.9 |  | — |  | (5,191.7 | ) | — |
Property, plant and equipment, net |  | 103.8 |  | 1,333.7 |  | 218.9 |  | — |  | 1,656.4 |
Goodwill |  | 23.8 |  | 1,571.0 |  | 141.6 |  | — |  | 1,736.4 |
Intangible assets, net |  | 30.3 |  | 1,056.7 |  | 154.6 |  | — |  | 1,241.6 |
Intercompany receivables |  | 1,361.7 |  | 26.1 |  | 18.2 |  | (1,406.0 | ) | — |
Other assets |  | 22.7 |  | 52.5 |  | 5.9 |  | — |  | 81.1 |
Total assets |  | $ | 6,745.6 |  | $ | 6,747.4 |  | $ | 1,033.0 |  | $ | (6,689.4 | ) | $ | 7,836.6 |
Liabilities & Equity |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 29.2 |  | $ | 212.3 |  | $ | 60.6 |  | $ | (15.6 | ) | $ | 286.5 |
Accrued compensation and retirement costs |  | 23.9 |  | 89.9 |  | 14.6 |  | — |  | 128.4 |
Other current liabilities |  | 65.2 |  | 26.1 |  | 62.6 |  | 0.1 |  | 154.0 |
Deferred income taxes |  | — |  | 75.1 |  | 0.6 |  | (75.7 | ) | — |
Current maturities of long-term debt and short-term borrowings |  | 43.8 |  | — |  | 50.1 |  | — |  | 93.9 |
Total current liabilities |  | 162.1 |  | 403.4 |  | 188.5 |  | (91.2 | ) | 662.8 |
Long-term debt |  | 2,170.8 |  | 5.7 |  | 45.8 |  | — |  | 2,222.3 |
Intercompany borrowings |  | — |  | 1,242.5 |  | 163.5 |  | (1,406.0 | ) | — |
Other long-term liabilities |  | 313.7 |  | 456.2 |  | 54.1 |  | (0.4 | ) | 823.6 |
Total Reliance shareholders’ equity |  | 4,099.0 |  | 4,633.4 |  | 558.4 |  | (5,191.8 | ) | 4,099.0 |
Noncontrolling interests |  | — |  | 6.2 |  | 22.7 |  | — |  | 28.9 |
Total equity |  | 4,099.0 |  | 4,639.6 |  | 581.1 |  | (5,191.8 | ) | 4,127.9 |
Total liabilities and equity |  | $ | 6,745.6 |  | $ | 6,747.4 |  | $ | 1,033.0 |  | $ | (6,689.4 | ) | $ | 7,836.6 |
Schedule of Condensed Consolidating Statement of Comprehensive Income | Condensed Unaudited Consolidating Statement of Comprehensive Income For the three months ended March 31, 2015 (in millions)
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  | Consolidating |  |  |
|  | Parent |  | Subsidiaries |  | Subsidiaries |  | Adjustments |  | Consolidated |
Net sales |  | $ | 192.1 |  | $ | 2,237.1 |  | $ | 237.9 |  | $ | (52.7 | ) | $ | 2,614.4 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Cost of sales (exclusive of depreciation and amortization shown below) |  | 155.1 |  | 1,660.9 |  | 180.4 |  | (52.7 | ) | 1,943.7 |
Warehouse, delivery, selling, general and administrative |  | 39.9 |  | 385.4 |  | 37.4 |  | (16.6 | ) | 446.1 |
Depreciation and amortization |  | 5.1 |  | 44.5 |  | 5.7 |  | — |  | 55.3 |
|  | 200.1 |  | 2,090.8 |  | 223.5 |  | (69.3 | ) | 2,445.1 |
Operating (loss) income |  | (8.0 | ) | 146.3 |  | 14.4 |  | 16.6 |  | 169.3 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |
Interest |  | (19.6 | ) | (5.9 | ) | (1.5 | ) | 6.4 |  | (20.6 | )
Other income, net |  | 18.9 |  | 0.3 |  | 5.7 |  | (23.0 | ) | 1.9 |
(Loss) income before equity in earnings of subsidiaries and income taxes |  | (8.7 | ) | 140.7 |  | 18.6 |  | — |  | 150.6 |
Equity in earnings of subsidiaries |  | 98.8 |  | 3.5 |  | — |  | (102.3 | ) | — |
Income before income taxes |  | 90.1 |  | 144.2 |  | 18.6 |  | (102.3 | ) | 150.6 |
Income tax (benefit) provision |  | (11.2 | ) | 55.0 |  | 3.9 |  | — |  | 47.7 |
Net income |  | 101.3 |  | 89.2 |  | 14.7 |  | (102.3 | ) | 102.9 |
Less: Net income attributable to noncontrolling interests |  | — |  | 1.4 |  | 0.2 |  | — |  | 1.6 |
Net income attributable to Reliance |  | $ | 101.3 |  | $ | 87.8 |  | $ | 14.5 |  | $ | (102.3 | ) | $ | 101.3 |
Comprehensive income (loss) attributable to Reliance |  | $ | 76.5 |  | $ | 70.1 |  | $ | (5.8 | ) | $ | (64.3 | ) | $ | 76.5 |
Condensed Unaudited Consolidating Statement of Comprehensive 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 |  | $ | 78.4 |  | $ | 73.7 |  | $ | (2.8 | ) | $ | (70.9 | ) | $ | 78.4 |
Schedule of Condensed Consolidating Cash Flow Statement | Condensed Unaudited Consolidating Cash Flow Statement For the three months ended March 31, 2015 (in millions)
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  | Consolidating |  |  |
|  | Parent |  | Subsidiaries |  | Subsidiaries |  | Adjustments |  | Consolidated |
Net cash (used in) provided by operating activities |  | $ | (41.0 | ) | $ | 189.0 |  | $ | 23.4 |  | $ | — |  | $ | 171.4 |
Investing activities: |  |  |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  | (3.1 | ) | (25.1 | ) | (3.1 | ) | — |  | (31.3 | )
Net repayments from subsidiaries |  | 174.6 |  | — |  | — |  | (174.6 | ) | — |
Other investing activities, net |  | — |  | 4.1 |  | — |  | — |  | 4.1 |
Net cash provided by (used in) investing activities |  | 171.5 |  | (21.0 | ) | (3.1 | ) | (174.6 | ) | (27.2 | )
Financing activities: |  |  |  |  |  |  |  |  |  |  |
Net short-term debt borrowings |  | — |  | — |  | 1.1 |  | — |  | 1.1 |
Proceeds from long-term debt borrowings |  | 363.0 |  | — |  | — |  | — |  | 363.0 |
Principal payments on long-term debt |  | (310.3 | ) | (0.7 | ) | — |  | — |  | (311.0 | )
Dividends paid |  | (31.7 | ) | — |  | — |  | — |  | (31.7 | )
Share repurchases |  | (171.2 | ) | — |  | — |  | — |  | (171.2 | )
Net intercompany repayments |  | — |  | (162.5 | ) | (12.1 | ) | 174.6 |  | — |
Other financing activities, net |  | 4.4 |  | — |  | (0.6 | ) | — |  | 3.8 |
Net cash used in financing activities |  | (145.8 | ) | (163.2 | ) | (11.6 | ) | 174.6 |  | (146.0 | )
Effect of exchange rate changes on cash and cash equivalents |  | — |  | — |  | (2.8 | ) | — |  | (2.8 | )
(Decrease) increase in cash and cash equivalents |  | (15.3 | ) | 4.8 |  | 5.9 |  | — |  | (4.6 | )
Cash and cash equivalents at beginning of year |  | 41.9 |  | (8.3 | ) | 72.6 |  | — |  | 106.2 |
Cash and cash equivalents at end of period |  | $ | 26.6 |  | $ | (3.5 | ) | $ | 78.5 |  | $ | — |  | $ | 101.6 |
Condensed Unaudited Consolidating Cash Flow Statement For the three months ended March 31, 2014 (in millions)
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  | Consolidating |  |  |
|  | Parent |  | Subsidiaries |  | Subsidiaries |  | Adjustments |  | Consolidated |
Net 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 | )
Net 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 |
Proceeds 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 | )
Net intercompany borrowings |  | — |  | 119.1 |  | 15.5 |  | (134.6 | ) | — |
Other financing activities, net |  | 8.7 |  | — |  | — |  | — |  | 8.7 |
Net 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 |

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