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Condensed Consolidating Financial Statements (Tables) | 3 Months Ended
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Mar. 31, 2016
Condensed Consolidating Financial Statements |
Schedule of Condensed Consolidating Balance Sheet | Condensed Unaudited Consolidating Balance Sheet As of March 31, 2016 (in millions)
|  |  |  |  |  |  | Non- |  |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  | Consolidating |  |  |
| Parent |  | Subsidiaries |  | Subsidiaries |  | Adjustments |  | Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 17.1 |  | $ | (4.8) |  | $ | 108.2 |  | $ | — |  | $ | 120.5
Accounts receivable, net |  | 75.2 |  |  | 775.8 |  |  | 162.2 |  |  | (4.2) |  |  | 1,009.0
Inventories |  | 61.7 |  |  | 1,242.0 |  |  | 222.0 |  |  | — |  |  | 1,525.7
Income taxes receivable |  | 47.7 |  |  | — |  |  | — |  |  | (18.4) |  |  | 29.3
Other current assets |  | 30.1 |  |  | 13.1 |  |  | 13.5 |  |  | (1.3) |  |  | 55.4
Total current assets |  | 231.8 |  |  | 2,026.1 |  |  | 505.9 |  |  | (23.9) |  |  | 2,739.9
Investments in subsidiaries |  | 5,172.2 |  |  | 340.0 |  |  | — |  |  | (5,512.2) |  |  | —
Property, plant and equipment, net |  | 115.8 |  |  | 1,345.5 |  |  | 210.6 |  |  | — |  |  | 1,671.9
Goodwill |  | 23.8 |  |  | 1,667.1 |  |  | 133.7 |  |  | — |  |  | 1,824.6
Intangible assets, net |  | 13.5 |  |  | 1,055.1 |  |  | 136.4 |  |  | — |  |  | 1,205.0
Intercompany receivables |  | 787.3 |  |  | 47.5 |  |  | 32.0 |  |  | (866.8) |  |  | —
Other assets |  | 24.5 |  |  | 47.6 |  |  | 6.0 |  |  | — |  |  | 78.1
Total assets | $ | 6,368.9 |  | $ | 6,528.9 |  | $ | 1,024.6 |  | $ | (6,402.9) |  | $ | 7,519.5
Liabilities & Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable | $ | 33.7 |  | $ | 252.0 |  | $ | 68.9 |  | $ | (4.2) |  | $ | 350.4
Accrued compensation and retirement costs |  | 15.4 |  |  | 69.6 |  |  | 6.0 |  |  | — |  |  | 91.0
Other current liabilities |  | 67.2 |  |  | 34.2 |  |  | 54.5 |  |  | (19.7) |  |  | 136.2
Current maturities of long-term debt and short-term borrowings |  | 400.0 |  |  | — |  |  | 93.8 |  |  | — |  |  | 493.8
Total current liabilities |  | 516.3 |  |  | 355.8 |  |  | 223.2 |  |  | (23.9) |  |  | 1,071.4
Long-term debt |  | 1,629.7 |  |  | 5.7 |  |  | 4.9 |  |  | — |  |  | 1,640.3
Intercompany borrowings |  | — |  |  | 712.6 |  |  | 154.2 |  |  | (866.8) |  |  | —
Other long-term liabilities |  | 210.9 |  |  | 505.2 |  |  | 51.3 |  |  | — |  |  | 767.4
Total Reliance stockholders’ equity |  | 4,012.0 |  |  | 4,942.3 |  |  | 569.9 |  |  | (5,512.2) |  |  | 4,012.0
Noncontrolling interests |  | — |  |  | 7.3 |  |  | 21.1 |  |  | — |  |  | 28.4
Total equity |  | 4,012.0 |  |  | 4,949.6 |  |  | 591.0 |  |  | (5,512.2) |  |  | 4,040.4
Total liabilities and equity | $ | 6,368.9 |  | $ | 6,528.9 |  | $ | 1,024.6 |  | $ | (6,402.9) |  | $ | 7,519.5
Condensed Unaudited Consolidating Balance Sheet As of December 31, 2015 (in millions)
|  |  |  |  |  |  | Non- |  |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  | Consolidating |  |  |
| Parent |  | Subsidiaries |  | Subsidiaries |  | Adjustments |  | Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 10.7 |  | $ | (1.0) |  | $ | 94.6 |  | $ | — |  | $ | 104.3
Accounts receivable, net |  | 66.5 |  |  | 701.8 |  |  | 152.3 |  |  | (4.0) |  |  | 916.6
Inventories |  | 56.0 |  |  | 1,145.1 |  |  | 234.9 |  |  | — |  |  | 1,436.0
Income taxes receivable |  | 38.2 |  |  | — |  |  | (1.7) |  |  | — |  |  | 36.5
Other current assets |  | 36.4 |  |  | 15.1 |  |  | 12.6 |  |  | (3.3) |  |  | 60.8
Total current assets |  | 207.8 |  |  | 1,861.0 |  |  | 492.7 |  |  | (7.3) |  |  | 2,554.2
Investments in subsidiaries |  | 5,046.2 |  |  | 328.0 |  |  | — |  |  | (5,374.2) |  |  | —
Property, plant and equipment, net |  | 115.5 |  |  | 1,311.3 |  |  | 208.7 |  |  | — |  |  | 1,635.5
Goodwill |  | 23.8 |  |  | 1,571.1 |  |  | 129.9 |  |  | — |  |  | 1,724.8
Intangible assets, net |  | 14.0 |  |  | 977.5 |  |  | 133.9 |  |  | — |  |  | 1,125.4
Intercompany receivables |  | 614.2 |  |  | 45.4 |  |  | 30.5 |  |  | (690.1) |  |  | —
Other assets |  | 24.6 |  |  | 50.9 |  |  | 6.2 |  |  | — |  |  | 81.7
Total assets | $ | 6,046.1 |  | $ | 6,145.2 |  | $ | 1,001.9 |  | $ | (6,071.6) |  | $ | 7,121.6
Liabilities & Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable | $ | 25.3 |  | $ | 160.0 |  | $ | 65.7 |  | $ | (4.0) |  | $ | 247.0
Accrued compensation and retirement costs |  | 29.5 |  |  | 79.1 |  |  | 10.1 |  |  | — |  |  | 118.7
Other current liabilities |  | 54.0 |  |  | 15.3 |  |  | 57.2 |  |  | (3.3) |  |  | 123.2
Current maturities of long-term debt and short-term borrowings |  | 400.0 |  |  | — |  |  | 100.8 |  |  | — |  |  | 500.8
Total current liabilities |  | 508.8 |  |  | 254.4 |  |  | 233.8 |  |  | (7.3) |  |  | 989.7
Long-term debt |  | 1,417.3 |  |  | 5.7 |  |  | 4.9 |  |  | — |  |  | 1,427.9
Intercompany borrowings |  | — |  |  | 547.6 |  |  | 142.5 |  |  | (690.1) |  |  | —
Other long-term liabilities |  | 205.9 |  |  | 505.0 |  |  | 50.4 |  |  | — |  |  | 761.3
Total Reliance stockholders’ equity |  | 3,914.1 |  |  | 4,824.5 |  |  | 549.7 |  |  | (5,374.2) |  |  | 3,914.1
Noncontrolling interests |  | — |  |  | 8.0 |  |  | 20.6 |  |  | — |  |  | 28.6
Total equity |  | 3,914.1 |  |  | 4,832.5 |  |  | 570.3 |  |  | (5,374.2) |  |  | 3,942.7
Total liabilities and equity | $ | 6,046.1 |  | $ | 6,145.2 |  | $ | 1,001.9 |  | $ | (6,071.6) |  | $ | 7,121.6
Schedule of Condensed Consolidating Statement of Comprehensive Income | Condensed Unaudited Consolidating Statement of Comprehensive Income For the Three Months Ended March 31, 2016 (in millions)
|  |  |  |  |  |  | Non- |  |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  | Consolidating |  |  |
| Parent |  | Subsidiaries |  | Subsidiaries |  | Adjustments |  | Consolidated
Net sales | $ | 169.8 |  | $ | 1,816.5 |  | $ | 220.8 |  | $ | (44.4) |  | $ | 2,162.7
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales (exclusive of depreciation and amortization shown below) |  | 129.3 |  |  | 1,270.5 |  |  | 170.6 |  |  | (44.4) |  |  | 1,526.0
Warehouse, delivery, selling, general and administrative |  | 47.6 |  |  | 373.6 |  |  | 34.7 |  |  | (5.1) |  |  | 450.8
Depreciation and amortization |  | 4.1 |  |  | 46.4 |  |  | 5.6 |  |  | — |  |  | 56.1
|  | 181.0 |  |  | 1,690.5 |  |  | 210.9 |  |  | (49.5) |  |  | 2,032.9
Operating (loss) income |  | (11.2) |  |  | 126.0 |  |  | 9.9 |  |  | 5.1 |  |  | 129.8
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest |  | (20.7) |  |  | (2.9) |  |  | (1.5) |  |  | 3.4 |  |  | (21.7)
Other income, net |  | 3.4 |  |  | 1.2 |  |  | 5.0 |  |  | (8.5) |  |  | 1.1
(Loss) income before equity in earnings of subsidiaries and income taxes |  | (28.5) |  |  | 124.3 |  |  | 13.4 |  |  | — |  |  | 109.2
Equity in earnings of subsidiaries |  | 114.6 |  |  | 4.2 |  |  | — |  |  | (118.8) |  |  | —
Income before income taxes |  | 86.1 |  |  | 128.5 |  |  | 13.4 |  |  | (118.8) |  |  | 109.2
Income tax (benefit) provision |  | (6.1) |  |  | 18.5 |  |  | 3.3 |  |  | — |  |  | 15.7
Net income |  | 92.2 |  |  | 110.0 |  |  | 10.1 |  |  | (118.8) |  |  | 93.5
Less: Net income attributable to noncontrolling interests |  | — |  |  | 1.3 |  |  | — |  |  | — |  |  | 1.3
Net income attributable to Reliance | $ | 92.2 |  | $ | 108.7 |  | $ | 10.1 |  | $ | (118.8) |  | $ | 92.2
Comprehensive income attributable to Reliance | $ | 107.9 |  | $ | 121.8 |  | $ | 28.7 |  | $ | (150.5) |  | $ | 107.9
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
Schedule of Condensed Consolidating Cash Flow Statement | Condensed Unaudited Consolidating Cash Flow Statement For the Three Months ended March 31, 2016 (in millions)
|  |  |  |  |  |  | Non- |  |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  | Consolidating |  |  |
| Parent |  | Subsidiaries |  | Subsidiaries |  | Adjustments |  | Consolidated
Net cash (used in) provided by operating activities | $ | (16.6) |  | $ | 157.2 |  | $ | 14.8 |  | $ | — |  | $ | 155.4
Investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  | (4.0) |  |  | (26.2) |  |  | (4.2) |  |  | — |  |  | (34.4)
Acquisition, net of cash acquired |  | (291.1) |  |  | 0.2 |  |  | — |  |  | — |  |  | (290.9)
Net repayments from subsidiaries |  | 125.1 |  |  | — |  |  | — |  |  | (125.1) |  |  | —
Other investing activities, net |  | (4.9) |  |  | (1.4) |  |  | 0.1 |  |  | — |  |  | (6.2)
Net cash used in investing activities |  | (174.9) |  |  | (27.4) |  |  | (4.1) |  |  | (125.1) |  |  | (331.5)
Financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net short-term debt repayments |  | — |  |  | — |  |  | (6.2) |  |  | — |  |  | (6.2)
Proceeds from long-term debt borrowings |  | 399.0 |  |  | — |  |  | — |  |  | — |  |  | 399.0
Principal payments on long-term debt |  | (187.5) |  |  | (0.5) |  |  | — |  |  | — |  |  | (188.0)
Dividends and dividend equivalents paid |  | (29.0) |  |  | — |  |  | — |  |  | — |  |  | (29.0)
Net intercompany (repayments) borrowings |  | — |  |  | (133.1) |  |  | 8.0 |  |  | 125.1 |  |  | —
Other financing activities, net |  | 15.4 |  |  | — |  |  | (1.5) |  |  | — |  |  | 13.9
Net cash provided by (used in) financing activities |  | 197.9 |  |  | (133.6) |  |  | 0.3 |  |  | 125.1 |  |  | 189.7
Effect of exchange rate changes on cash and cash equivalents |  | — |  |  | — |  |  | 2.6 |  |  | — |  |  | 2.6
Increase (decrease) in cash and cash equivalents |  | 6.4 |  |  | (3.8) |  |  | 13.6 |  |  | — |  |  | 16.2
Cash and cash equivalents at beginning of year |  | 10.7 |  |  | (1.0) |  |  | 94.6 |  |  | — |  |  | 104.3
Cash and cash equivalents at end of period | $ | 17.1 |  | $ | (4.8) |  | $ | 108.2 |  | $ | — |  | $ | 120.5
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 and dividend equivalents 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

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