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Equity

12 Months Ended

Dec. 31, 2020

Note 14. Equity

Common Stock

We have paid regular quarterly cash dividends on our common stock for 61 consecutive years. Our Board of Directors increased the quarterly dividend to $0.50 per share from $0.45 in February 2018, to $0.55 per share in February 2019, to

$0.625 per share in February 2020 and to $0.6875 per share in February 2021. The holders of Reliance common stock are entitled to one vote per share on each matter submitted to a vote of stockholders.

Share Repurchase Plan

On October 23, 2018, our Board of Directors amended our share repurchase plan, increasing the total authorized number of shares available to be repurchased by 5.0 million and extending the duration of the plan through December 31, 2021. As of December 31, 2020, we had remaining authorization under the plan to purchase approximately 2.8 million shares, or approximately 4% of our current outstanding shares. We repurchase shares through open market purchases under plans complying with Rule 10b5-1 or Rule 10b-18 under the Securities Act of 1934, as amended. During 2020, we repurchased approximately 3.7 million shares of our common stock at an average cost of $91.80 per share, for a total of $337.3 million. During 2019, we repurchased approximately 0.6 million of our common shares at an average cost of $84.33 per share, for a total of $50.0 million. During 2018, we repurchased approximately 6.1 million shares of our common stock at an average cost of $79.94 per share, for a total of $484.9 million. Repurchased and subsequently retired shares are restored to the status of authorized but unissued shares.

Preferred Stock

We are authorized to issue 5,000,000 shares of preferred stock, par value $0.001 per share. No shares of our preferred stock are issued and outstanding. Our restated articles of incorporation provide that shares of preferred stock may be issued from time to time in one or more series by the Board. The Board can fix the preferences, conversion and other rights, voting powers, restrictions and limitations as to dividends, qualifications and terms and conditions of redemption of each series of preferred stock. The rights of preferred stockholders may supersede the rights of common stockholders.

Accumulated Other Comprehensive Loss

On October 1, 2018, we adopted accounting changes issued by the FASB that allow for a reclassification from accumulated other comprehensive income (loss) to retained earnings for stranded tax effects resulting from Tax Reform. As a result of the adoption, we reclassified $5.5 million of income tax benefit from accumulated other comprehensive loss to retained earnings.

Accumulated other comprehensive loss included the following:


				Pension and			Accumulated
	Foreign Currency			Postretirement			Other
	Translation			Benefit Adjustments,			Comprehensive
	(Loss) Gain			Net of Tax			(Loss) Income

	(in millions)
Balance as of January 1, 2020	$	(64.4)		$	(40.7)		$	(105.1)
Current-year change		11.7			15.5			27.2
Balance as of December 31, 2020	$	(52.7)		$	(25.2)		$	(77.9)

Foreign currency translation adjustments have not been adjusted for income taxes. Pension and postretirement benefit adjustments are net of taxes of $5.8 million and $7.9 million as of December 31, 2020 and December 31, 2019, respectively. Income tax effects are released from accumulated other comprehensive loss and included in income tax provision as obligations of the Defined Benefit Plans and SERPs are settled. In 2020, we released $3.4 million of income tax effects related to the settlement of a frozen defined benefit plan. See Note 13 — “Employee Benefits” for further information on the settlement of our frozen defined benefit plan.