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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Taxes

Schedule of components of the provision for income taxes attributable to continuing operations

Reliance and its subsidiaries file numerous consolidated and separate income tax returns in the United States federal jurisdiction and in many state and foreign jurisdictions. We are no longer subject to U.S. federal tax examinations for years before 2014 and state and local tax examinations before 2013. Significant components of the provision for income taxes attributable to continuing operations were as follows:Reliance and its subsidiaries file numerous consolidated and separate income tax returns in the United States federal jurisdiction and in many state and foreign jurisdictions. We are no longer subject to U.S. federal tax examinations for years before 2014 and state and local tax examinations before 2013. Significant components of the provision for income taxes attributable to continuing operations were as follows:
	Year Ended December 31,
	2017			2016			2015
	(in millions)
Current:
Federal	$	117.8		$	91.1		$	129.5
State		21.5			18.9			21.3
Foreign		16.1			10.6			8.8
		155.4			120.6			159.6
Deferred:
Federal		(202.8)			3.0			(11.7)
State		11.1			1.0			(4.5)
Foreign		(0.9)			(4.5)			(0.9)
		(192.6)			(0.5)			(17.1)
	$	(37.2)		$	120.1		$	142.5

Components of U.S. and international income before income taxes

	Year Ended December 31,
	2017			2016			2015
	(in millions)
U.S.	$	524.6		$	411.0		$	427.3
International		59.2			18.2			31.4
Income before income taxes	$	583.8		$	429.2		$	458.7

Schedule of reconciliation of income tax at the U.S. federal statutory tax rates to income tax expense

	Year Ended December 31,
	2017		2016		2015
Income tax at U.S. federal statutory tax rate	35.0	%	35.0	%	35.0	%
Tax reform	(35.5)		—		—
State income tax, net of federal tax effect	3.8		3.1		2.0
Foreign earnings taxed at lower rates	(0.7)		(0.8)		(0.8)
Net effect of life insurance policies	(3.6)		(4.2)		(3.6)
Net effect of changes in unrecognized tax benefits	(0.2)		(4.3)		0.7
Domestic production activity deduction	(1.6)		(1.7)		(2.0)
Loss on sale of assets	(0.8)		—		—
Other, net	(2.8)		0.9		(0.2)
Effective tax rate	(6.4)	%	28.0	%	31.1	%

Schedule of components of the Company's deferred tax assets and liabilities

	December 31,
	2017			2016
	(in millions)
Deferred tax assets:
Accrued expenses not currently deductible for tax	$	34.8		$	77.6
Inventory costs capitalized for tax purposes		23.1			29.2
Stock-based compensation		10.5			12.0
Allowance for doubtful accounts		3.4			5.3
Tax credits carryforwards		1.3			1.3
Net operating loss carryforwards		5.6			4.7
Total deferred tax assets		78.7			130.1
Deferred tax liabilities:
Property, plant and equipment, net		(159.7)			(238.6)
Goodwill and other intangible assets		(307.3)			(451.2)
LIFO inventories		(39.5)			(54.1)
Deferred income		(0.8)			(7.1)
Other		(12.2)			(6.0)
Total deferred tax liabilities		(519.5)			(757.0)
Net deferred tax liabilities	$	(440.8)		$	(626.9)

Summary of income tax reform impact

The components of our preliminary assessment of the impact of Tax Reform on our 2017 provision for income taxes were as follows:

	(in millions)
Effect of tax rate changes on deferred tax assets and liabilities	$	216.7
Repatriation and related liabilities		(9.4)
Tax benefit, net	$	207.3

Schedule of reconciliation of the beginning and ending balances of the total amounts of unrecognized tax benefits

	Year Ended December 31,
	2017			2016			2015
	(in millions)
Unrecognized tax benefits at January 1	$	5.2		$	22.9		$	20.2
Increases in tax positions for prior years		—			0.4			0.3
Decreases in tax positions for prior years		(0.1)			(0.6)			(1.7)
Increases in tax positions for current year		—			0.1			4.2
Settlements		(0.2)			(17.6)			(0.1)
Lapses in statutes-of-limitation periods		(0.8)			—			—
Unrecognized tax benefits at December 31	$	4.1		$	5.2		$	22.9

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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