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Acquisitions | 3 Months Ended
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Mar. 31, 2022
Acquisitions |
Acquisitions | Note 2. Acquisitions ​ 2021 Acquisitions ​ On October 1, 2021, we acquired Merfish United, Inc. (“Merfish United”), a leading master distributor of tubular building products that are distributed to its independent wholesale distributor customers across a variety of end markets in the United States. Merfish United, headquartered in Ipswich, Massachusetts, serves 47 U.S. states through its twelve strategically located distribution centers. ​ On December 10, 2021, we acquired Admiral Metals Servicenter Company, Incorporated (“Admiral Metals”), a leading distributor of non-ferrous metals products in the Northeastern U.S. Admiral Metals, headquartered in Woburn, Massachusetts, serves a variety of end markets, including semiconductor, automotive, medical, infrastructure, aerospace and industrial markets through its eight strategically located service centers. ​ On December 10, 2021, we acquired Nu-Tech Precision Metals Inc. (“Nu-Tech Precision Metals”), a custom manufacturer of specialty extruded metals, fabricated parts and welded components. Nu-Tech Precision Metals, services the nuclear energy, aerospace and defense end markets from its location near Ottawa, Ontario, Canada. ​ On December 17, 2021, we acquired Rotax Metals, Inc. (“Rotax Metals”), a metals service center specializing in copper, bronze and brass alloys. Located in Brooklyn, New York, Rotax Metals operates as a subsidiary of Yarde Metals, Inc., a wholly owned subsidiary of Reliance. ​ Included in our net sales for the quarter ended March 31, 2022 were combined net sales of $226.5 million from our 2021 acquisitions. ​ We funded our 2021 acquisitions with cash on hand. ​ The preliminary allocations of the total purchase for our 2021 acquisitions to the fair values of the assets acquired and liabilities assumed were as follows: ​
​ | ​ | ​
​ | (in millions)
Cash | $ | 1.0
Accounts receivable | ​ | 107.2
Inventories | ​ | 134.4
Property, plant and equipment | ​ | 33.6
Operating lease right-of-use assets | ​ | 29.8
Goodwill | ​ | 176.5
Intangible assets subject to amortization | ​ | 116.3
Intangible assets not subject to amortization | ​ | 51.2
Other current and long-term assets | ​ | 4.0
Total assets acquired | ​ | 654.0
Deferred taxes | ​ | 49.3
Operating lease liabilities | ​ | 24.6
Other current and long-term liabilities | ​ | 139.8
Total liabilities assumed | ​ | 213.7
Net assets acquired | $ | 440.3
​ The completion of the purchase price allocations for our 2021 acquisitions are pending the completion of pre-acquisition period tax returns. ​ Pro forma financial information for all acquisitions ​ The pro forma summary financial results present the consolidated results of operations as if our 2021 acquisitions had occurred as of January 1, 2021, after the effect of certain adjustments, including depreciation and amortization of certain identifiable property, plant and equipment and intangible assets, and lease cost fair value adjustments. ​ The pro forma results have been presented for comparative purposes only and are not indicative of what would have occurred had the 2021 acquisitions been made as of January 1, 2021, or of any potential results which may occur in the future. ​
​ | ​ | ​
​ | Three Months Ended
​ | March 31, 2021
​ | (in millions except per share amounts)
Pro forma: | ​ | ​
Net sales | $ | 3,017.3
Net income attributable to Reliance | $ | 284.0
Earnings per share attributable to Reliance stockholders: | ​ | ​
Diluted | $ | 4.39
Basic | $ | 4.46
​

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