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Equity
 12 Months Ended
Dec. 31, 2021
Equity  
Equity

Note 14. Equity

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Common Stock

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We have paid regular quarterly cash dividends on our common stock for 62 consecutive years. Our Board of Directors increased the quarterly dividend to $0.55 per share in February 2019 from $0.50 per share, to $0.625 per share in February 2020, to $0.6875 per share in February 2021 and to $0.8750 per share in February 2022. The holders of Reliance common stock are entitled to one vote per share on each matter submitted to a vote of stockholders.

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Share Repurchase Plan

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On July 20, 2021, our Board of Directors authorized a $1.0 billion share repurchase program that amended and restated our prior share repurchase program authorized on October 23, 2018. As of December 31, 2021, we had remaining authorization under the plan to repurchase $712.6 million of our common stock. We repurchase shares through open market purchases, privately negotiated transactions and transactions structured through investment banking institutions under plans relying on Rule 10b5-1 or Rule 10b-18 under the Exchange Act. Repurchased and subsequently retired shares are restored to the status of authorized but unissued shares.

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During 2021, we repurchased approximately 2.1 million shares of our common stock at an average cost of $153.55 per share, for a total of $323.5 million. During 2020, we repurchased approximately 3.7 million of our common shares at an average cost of $91.80 per share, for a total of $337.3 million. During 2019, we repurchased approximately 0.6 million shares of our common stock at an average cost of $84.33 per share, for a total of $50.0 million.

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Preferred Stock

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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.

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Accumulated Other Comprehensive Loss

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Accumulated other comprehensive loss included the following:

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Foreign Currency

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Postretirement Benefit

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Accumulated Other

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Translation

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Plan Adjustments,

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Comprehensive

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Loss

    

Net of Tax

    

(Loss) Income

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(in millions)

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Balance as of January 1, 2021

$

(52.7)

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$

(25.2)

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$

(77.9)

Current-year change

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(2.5)

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11.5

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9.0

Balance as of December 31, 2021

$

(55.2)

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$

(13.7)

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$

(68.9)

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Foreign currency translation adjustments have not been adjusted for income taxes. Pension and postretirement benefit adjustments are net of taxes of $3.3 million and $5.8 million as of December 31, 2021 and 2020, 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.