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Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2020

Employee Benefits

Summary of benefits payments under the SERPs and Defined Benefit Plans, which reflect expected future employee service, as appropriate, expected to be paid in the future periods

​

​	​	​	​	​	​
​	​	​	​	Defined
​	SERPs			Benefit Plan
​	​	(in millions)
2021	$	0.9	​	$	2.0
2022	​	12.0	​	​	2.3
2023	​	0.9	​	​	2.5
2024	​	0.8	​	​	2.7
2025	​	0.8	​	​	2.9
2026-2030	​	3.6	​	​	16.7

Schedule of Company's expense for Reliance-sponsored retirement plans

​

​	​	​	​	​	​	​	​	​
​	Year Ended December 31,
​	2020			2019			2018
​	(in millions)
Master 401(k) Plan	$	21.2	​	$	22.7	​	$	28.1
Other Defined Contribution Plans	​	6.9	​	​	9.6	​	​	9.4
Employee Stock Ownership Plan	​	—	​	​	—	​	​	1.9
Deferred Compensation Plan	​	(0.3)	​	​	5.0	​	​	0.9
Supplemental Executive Retirement Plans	​	10.5	​	​	3.3	​	​	2.9
Defined Benefit Plans	​	14.7	​	​	1.5	​	​	1.8
​	$	53.0	​	$	42.1	​	$	45.0

SERPs and Defined Benefit Plans

Employee Benefits

Summary of the status of the funding of the plans, change in plan assets and items not yet recognized as a component of net periodic pension expense

​

​	​	​	​	​	​	​	​	​	​	​	​
​	SERPs					​	Defined Benefit Plans
​	2020			2019			2020			2019
​	(in millions)					​	(in millions)
Change in benefit obligation:	​	​	​	​	​	​	​	​	​	​	​
Benefit obligation at beginning of year	$	49.8	​	$	37.2	​	$	116.2	​	$	96.6
Service cost	​	0.9	​	​	0.9	​	​	2.1	​	​	1.6
Interest cost	​	1.0	​	​	1.4	​	​	2.6	​	​	3.8
Actuarial loss	​	3.1	​	​	11.4	​	​	7.9	​	​	15.9
Benefits paid	​	(0.9)	​	​	(1.1)	​	​	(3.3)	​	​	(3.9)
Plan amendments	​	—	​	​	—	​	​	—	​	​	2.2
Plan settlements	​	(16.4)	​	​	—	​	​	(49.2)	​	​	—
Benefit obligation at end of year	$	37.5	​	$	49.8	​	$	76.3	​	$	116.2
​	​	​	​	​	​	​	​	​	​	​	​
Change in plan assets:	​	​	​	​	​	​	​	​	​	​	​
Fair value of plan assets at beginning of year	​	N/A	​	​	N/A	​	$	107.1	​	$	94.9
Actual return on plan assets	​	N/A	​	​	N/A	​	​	10.5	​	​	16.1
Employer contributions	​	N/A	​	​	N/A	​	​	—	​	​	—
Benefits paid	​	N/A	​	​	N/A	​	​	(53.0)	​	​	(3.9)
Other	​	N/A	​	​	N/A	​	​	(0.7)	​	​	—
Fair value of plan assets at end of year	​	N/A	​	​	N/A	​	$	63.9	​	$	107.1
​	​	​	​	​	​	​	​	​	​	​	​
Funded status:	​	​	​	​	​	​	​	​	​	​	​
Funded status of the plans	$	(37.5)	​	$	(49.8)	​	$	(12.4)	​	$	(9.1)
​	​	​	​	​	​	​	​	​	​	​	​
Items not yet recognized as component of net periodic pension expense:	​	​	​	​	​	​	​	​	​	​	​
Unrecognized net actuarial losses	$	14.1	​	$	19.6	​	$	15.2	​	$	27.2
Unamortized prior service cost	​	—	​	​	—	​	​	4.0	​	​	4.7
​	$	14.1	​	$	19.6	​	$	19.2	​	$	31.9

Schedule of amounts recognized in the statement of financial position

​

​	​	​	​	​	​	​	​	​	​	​	​
​	SERPs					​	Defined Benefit Plans
​	2020			2019			2020			2019
​	(in millions)					​	(in millions)
Amounts recognized in the statement of financial position:	​	​	​	​	​	​	​	​	​	​	​
Current liabilities	$	(0.9)	​	$	(17.5)	​	$	—	​	$	—
Noncurrent liabilities	​	(36.6)	​	​	(32.3)	​	​	(12.4)	​	​	(9.1)
Accumulated other comprehensive loss	​	14.1	​	​	19.6	​	​	19.2	​	​	31.9
Net amount recognized	$	(23.4)	​	$	(30.2)	​	$	6.8	​	$	22.8

Schedule of details of net periodic pension expense

Following are the details of net periodic benefit cost related to the SERPs and Defined Benefit Plans:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SERPs

​

Defined Benefit Plans

​

Year Ended December 31,

​

Year Ended December 31,

​

2020

2019

2018

2020

2019

2018

​

(in millions)

​

(in millions)

Service cost

$

0.9

​

$

0.9

​

$

0.9

​

$

2.1

​

$

1.6

​

$

1.7

Interest cost

​

1.0

​

​

1.4

​

​

1.1

​

​

2.6

​

​

3.8

​

​

3.5

Expected return on plan assets

​

—

​

​

—

​

​

—

​

​

(4.4)

​

​

(5.6)

​

​

(5.1)

Settlement loss

​

6.7

​

​

—

​

​

—

​

​

12.7

​

​

—

​

​

—

Prior service cost

​

—

​

​

—

​

​

—

​

​

0.6

​

​

0.4

​

​

0.3

Amortization of net loss

​

1.9

​

​

1.0

​

​

0.9

​

​

1.1

​

​

1.3

​

​

1.4

​

$

10.5

​

$

3.3

​

$

2.9

​

$

14.7

​

$

1.5

​

$

1.8

​

Net periodic benefit cost related to the SERPs and Defined Benefit Plans is presented in our consolidated statements of income, as summarized below:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SERPs

​

Defined Benefit Plans

​

Year Ended December 31,

​

Year Ended December 31,

​

2020

2019

2018

2020

2019

2018

​

(in millions)

​

(in millions)

Amounts recognized in the statement of income:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Warehouse, delivery, selling, general and administrative expense

$

0.9

​

$

0.9

​

$

0.9

​

$

2.1

​

$

1.6

​

$

1.7

Other expense (income), net

​

9.6

​

​

2.4

​

​

2.0

​

​

12.6

​

​

(0.1)

​

​

0.1

​

$

10.5

​

$

3.3

​

$

2.9

​

$

14.7

​

$

1.5

​

$

1.8

Schedule of assumptions used to determine net periodic benefit cost

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SERPs

​

Defined Benefit Plans

​

​

Year Ended December 31,

​

Year Ended December 31,

​

​

2020

2019

2018

2020

2019

2018

Weighted average assumptions to determine net cost:

​

​

​

​

​

​

​

​

​

​

​

​

Discount rate

2.63

%

3.81

%

3.04

%

2.85

%

4.06

%

3.47

%

Expected long-term rate of return on plan assets

N/A

​

N/A

​

N/A

​

6.25

%

6.09

%

5.66

%

Rate of compensation increase

6.00

%

6.00

%

6.00

%

N/A

​

N/A

​

N/A

​

Schedule of assumptions used to determine the benefit obligation

​

​	​	​	​	​	​	​	​	​
​	SERPs			​	Defined Benefit Plans			​
​	December 31,			​	December 31,			​
​	2020		2019		2020		2019
Weighted average assumptions to determine benefit obligations:	​	​	​	​	​	​	​	​
Discount rate	1.60	%	2.63	%	2.40	%	2.59	%
Expected long-term rate of return on plan assets	N/A	​	N/A	​	6.25	%	6.09	%
Rate of compensation increase	6.00	%	6.00	%	N/A	​	N/A	​

Defined Benefit Plans

Employee Benefits

Schedule of information for defined benefit plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets

​

​	​	​	​	​	​
​	Year Ended December 31,
​	2020			2019
​	(in millions)
Information for defined benefit plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets:	​	​	​	​	​
Accumulated benefit obligation	$	76.3	​	$	116.2
Projected benefit obligation	​	76.3	​	​	116.2
Fair value of plan assets	​	63.9	​	​	107.1

Schedule of weighted-average asset allocations of the Company's Defined Benefit Plans by asset category

​

​	​	​	​	​
​	December 31,			​
​	2020		2019	​
Plan Assets	​	​	​	​
Equity securities	62	%	33	%
Debt securities	32	%	60	%
Cash and cash equivalents	6	%	7	%
Total	100	%	100	%

Schedule of fair value measurements of Defined Benefit Plans assets

​

​	​	​	​	​	​	​	​	​	​	​	​
​	Level 1			Level 2			Level 3			Total
​	(in millions)
December 31, 2020:	​	​	​	​	​	​	​	​	​	​	​
Common stock(1)	$	30.6	​	$	—	​	$	—	​	$	30.6
U.S. government, state and agency	​	—	​	​	7.4	​	​	—	​	​	7.4
Corporate debt securities(2)	​	—	​	​	3.9	​	​	—	​	​	3.9
Mutual funds(3)	​	18.4	​	​	—	​	​	—	​	​	18.4
Interest and non-interest bearing cash	​	3.6	​	​	—	​	​	—	​	​	3.6
Total investments at fair value	$	52.6	​	$	11.3	​	$	—	​	$	63.9
​	​	​	​	​	​	​	​	​	​	​	​
December 31, 2019:	​	​	​	​	​	​	​	​	​	​	​
Common stock(1)	$	25.1	​	$	—	​	$	—	​	$	25.1
U.S. government, state and agency	​	—	​	​	9.3	​	​	—	​	​	9.3
Corporate debt securities(2)	​	—	​	​	3.6	​	​	—	​	​	3.6
Mutual funds(3)	​	59.4	​	​	—	​	​	—	​	​	59.4
Interest and non-interest bearing cash	​	7.3	​	​	—	​	​	—	​	​	7.3
Total investments in the fair value hierarchy	​	91.8	​	​	12.9	​	​	—	​	​	104.7
Investments measured at net asset value ("NAV")(4)	`	​	​	​	​	​	​	​	​	​	2.4
Total investments at fair value	$	91.8	​	$	12.9	​	$	—	​	$	107.1

(1) Comprised primarily of securities of large domestic and foreign companies. Valued at the closing price reported on the active market on which the individual securities are traded.

​

(2) Valued using a combination of inputs including: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data.

​

(3) Level 1 assets are comprised of exchange traded funds, money market funds, and stock and bond funds. These assets are valued at closing price for exchange traded funds and NAV for open-end and closed-end mutual funds.

​

(4) Certain investments, including common collective trusts, are measured at fair value using the NAV practical expedient. The fair value of these investments is excluded from the fair value hierarchy and are presented in the tables above to permit reconciliation of the investments classified within the fair value hierarchy to the total investments at fair value.

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