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Employee Benefits (Tables) | 12 Months Ended
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Dec. 31, 2022
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)
2023 | $ | 0.8 | ​ | $ | 2.6
2024 | ​ | 0.8 | ​ | ​ | 2.7
2025 | ​ | 0.8 | ​ | ​ | 2.9
2026 | ​ | 0.8 | ​ | ​ | 3.1
2027 | ​ | 1.2 | ​ | ​ | 3.2
2028-2032 | ​ | 20.7 | ​ | ​ | 18.0
​
Schedule of Company's expense for Reliance-sponsored retirement plans | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Year Ended December 31,
​ | 2022 |  | 2021 |  | 2020
​ | (in millions)
Master 401(k) Plan | $ | 28.1 | ​ | $ | 25.6 | ​ | $ | 21.2
Precision Strip Retirement and Savings Plan | ​ | 9.2 | ​ | ​ | 8.0 | ​ | ​ | 5.2
Supplemental Executive Retirement Plans | ​ | 4.0 | ​ | ​ | 3.4 | ​ | ​ | 10.5
Deferred Compensation Plan | ​ | 2.0 | ​ | ​ | 2.5 | ​ | ​ | (0.3)
Other Defined Contribution Plans | ​ | 2.0 | ​ | ​ | 2.0 | ​ | ​ | 1.7
Defined Benefit Plans | ​ | 0.3 | ​ | ​ | 1.5 | ​ | ​ | 14.7
​ | $ | 45.6 | ​ | $ | 43.0 | ​ | $ | 53.0
SERP's 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 Plan
​ | 2022 |  | 2021 |  | 2022 |  | 2021
​ | (in millions) | ​ | (in millions)
Change in benefit obligation: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Benefit obligation at beginning of year | $ | 36.4 | ​ | $ | 37.5 | ​ | $ | 74.5 | ​ | $ | 76.3
Service cost | ​ | 0.4 | ​ | ​ | 1.0 | ​ | ​ | 2.0 | ​ | ​ | 2.2
Interest cost | ​ | 0.7 | ​ | ​ | 0.6 | ​ | ​ | 2.0 | ​ | ​ | 1.8
Actuarial gain(1) | ​ | (5.6) | ​ | ​ | (1.8) | ​ | ​ | (21.0) | ​ | ​ | (3.6)
Benefits paid | ​ | (0.8) | ​ | ​ | (0.9) | ​ | ​ | (2.5) | ​ | ​ | (2.2)
Plan settlement | ​ | (12.3) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Benefit obligation at end of year | $ | 18.8 | ​ | $ | 36.4 | ​ | $ | 55.0 | ​ | $ | 74.5
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Change in plan assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value of plan assets at beginning of year | ​ | N/A | ​ | ​ | N/A | ​ | $ | 70.9 | ​ | $ | 63.9
Actual return on plan assets | ​ | N/A | ​ | ​ | N/A | ​ | ​ | (11.7) | ​ | ​ | 9.2
Benefits paid | ​ | N/A | ​ | ​ | N/A | ​ | ​ | (2.5) | ​ | ​ | (2.2)
Fair value of plan assets at end of year | ​ | N/A | ​ | ​ | N/A | ​ | $ | 56.7 | ​ | $ | 70.9
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Funded status: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Funded status of the plans | $ | (18.8) | ​ | $ | (36.4) | ​ | $ | 1.7 | ​ | $ | (3.6)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Items not yet recognized as component of net periodic pension expense: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unrecognized net actuarial losses | $ | 1.9 | ​ | $ | 10.5 | ​ | $ | 0.5 | ​ | $ | 5.6
Unamortized prior service cost | ​ | — | ​ | ​ | — | ​ | ​ | 2.8 | ​ | ​ | 3.4
​ | $ | 1.9 | ​ | $ | 10.5 | ​ | $ | 3.3 | ​ | $ | 9.0
(1) | Actuarial gains in 2022 and 2021 were primarily due to increases in the discount rate used to measure the obligations.
​
Schedule of amounts recognized in the statement of financial position | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | SERPs | ​ | Defined Benefit Plan
​ | 2022 |  | 2021 |  | 2022 |  | 2021
​ | (in millions) | ​ | (in millions)
Amounts recognized in the statement of financial position: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Noncurrent assets | $ | — | ​ | $ | — | ​ | $ | 1.7 | ​ | $ | —
Current liabilities | ​ | (0.8) | ​ | ​ | (12.9) | ​ | ​ | — | ​ | ​ | —
Noncurrent liabilities | ​ | (18.0) | ​ | ​ | (23.5) | ​ | ​ | — | ​ | ​ | (3.6)
Accumulated other comprehensive loss | ​ | 1.9 | ​ | ​ | 10.5 | ​ | ​ | 3.3 | ​ | ​ | 9.0
Net amount recognized | $ | (16.9) | ​ | $ | (25.9) | ​ | $ | 5.0 | ​ | $ | 5.4
​
Schedule of details of net periodic pension expense | Details of net periodic benefit cost related to the SERPs and Defined Benefit Plans are presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | SERPs | ​ | Defined Benefit Plans
​ | Year Ended December 31, | ​ | Year Ended December 31,
​ | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
​ | (in millions) | ​ | (in millions)
Service cost | $ | 0.4 | ​ | $ | 1.0 | ​ | $ | 0.9 | ​ | $ | 2.0 | ​ | $ | 2.2 | ​ | $ | 2.1
Interest cost | ​ | 0.7 | ​ | ​ | 0.6 | ​ | ​ | 1.0 | ​ | ​ | 2.0 | ​ | ​ | 1.8 | ​ | ​ | 2.6
Expected return on plan assets | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (4.2) | ​ | ​ | (3.9) | ​ | ​ | (4.4)
Settlement losses | ​ | 2.3 | ​ | ​ | — | ​ | ​ | 6.7 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 12.7
Prior service cost | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 0.5 | ​ | ​ | 0.6 | ​ | ​ | 0.6
Amortization of net loss | ​ | 0.6 | ​ | ​ | 1.8 | ​ | ​ | 1.9 | ​ | ​ | — | ​ | ​ | 0.8 | ​ | ​ | 1.1
​ | $ | 4.0 | ​ | $ | 3.4 | ​ | $ | 10.5 | ​ | $ | 0.3 | ​ | $ | 1.5 | ​ | $ | 14.7
​ Net periodic benefit cost related to the SERPs and the 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,
​ | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
​ | (in millions) | ​ | (in millions)
Amounts recognized in the statement of income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Warehouse, delivery, selling, general and administrative expense | $ | 0.4 | ​ | $ | 1.0 | ​ | $ | 0.9 | ​ | $ | 2.0 | ​ | $ | 2.2 | ​ | $ | 2.1
Other expense (income), net | ​ | 3.6 | ​ | ​ | 2.4 | ​ | ​ | 9.6 | ​ | ​ | (1.7) | ​ | ​ | (0.7) | ​ | ​ | 12.6
​ | $ | 4.0 | ​ | $ | 3.4 | ​ | $ | 10.5 | ​ | $ | 0.3 | ​ | $ | 1.5 | ​ | $ | 14.7
​
Schedule of assumptions used to determine net periodic benefit cost | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | SERPs | ​ | Defined Benefit Plans | ​
​ | Year Ended December 31, | ​ | Year Ended December 31, | ​
​ | 2022 | ​ | 2021 | ​ | 2020 | ​ | 2022 | ​ | 2021 | ​ | 2020 |
Weighted average assumptions to determine net cost: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Discount rate | 2.17 | % | 1.64 | % | 2.63 | % | 2.70 | % | 2.40 | % | 2.85 | %
Expected long-term rate of return on plan assets | N/A | ​ | N/A | ​ | N/A | ​ | 6.00 | % | 6.25 | % | 6.25 | %
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 Plan | ​
​ | December 31, | ​ | December 31, | ​
​ | 2022 |  | 2021 |  | 2022 |  | 2021 |
Weighted average assumptions to determine benefit obligations: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Discount rate | 4.51 | % | 2.16 | % | 5.00 | % | 2.70 | %
Expected long-term rate of return on plan assets | N/A | ​ | N/A | ​ | 6.00 | % | 6.25 | %
Rate of compensation increase | 6.00 | % | 6.00 | % | N/A | ​ | N/A | ​
​
Defined Benefit Plans |
Employee Benefits |
Schedule of weighted-average asset allocations of the Company's Defined Benefit Plans by asset category | ​
​ | ​ | ​ | ​ | ​
​ | December 31, | ​
​ | 2022 |  | 2021 | ​
Plan assets: | ​ | ​ | ​ | ​
Equity securities | 58 | % | 66 | %
Debt securities | 38 | ​ | 32 | ​
Cash and cash equivalents | 4 | ​ | 2 | ​
Total | 100 | % | 100 | %
​
Schedule of fair value measurements of Defined Benefit Plans assets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Level 1 |  | Level 2 |  | Level 3 |  | Total
​ | (in millions)
December 31, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Common stock(1) | $ | 31.4 | ​ | $ | — | ​ | $ | — | ​ | $ | 31.4
U.S. government, state and agency | ​ | — | ​ | ​ | 6.0 | ​ | ​ | — | ​ | ​ | 6.0
Corporate debt securities(2) | ​ | — | ​ | ​ | 4.6 | ​ | ​ | — | ​ | ​ | 4.6
Mutual funds(3) | ​ | 12.6 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 12.6
Interest bearing cash | ​ | 2.1 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2.1
Total investments at fair value | $ | 46.1 | ​ | $ | 10.6 | ​ | $ | — | ​ | $ | 56.7
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Common stock(1) | $ | 39.0 | ​ | $ | — | ​ | $ | — | ​ | $ | 39.0
U.S. government, state and agency | ​ | — | ​ | ​ | 5.1 | ​ | ​ | — | ​ | ​ | 5.1
Corporate debt securities(2) | ​ | — | ​ | ​ | 4.9 | ​ | ​ | — | ​ | ​ | 4.9
Mutual funds(3) | ​ | 20.6 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 20.6
Interest bearing cash | ​ | 1.3 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1.3
Total investments at fair value | $ | 60.9 | ​ | $ | 10.0 | ​ | $ | — | ​ | $ | 70.9
(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 on national exchanges.
​
(2) | Valued using pricing models maximizing the use of observable inputs for similar securities. This includes basing values on 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) | Mutual funds held are registered with the United States Securities and Exchange Commission. These funds are required to publish their daily net asset value (NAV) and to transact at that price. The mutual funds held are deemed to be actively traded.
​

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- Definition Tabular disclosure of net funded status of pension plans and/or other employee benefit plans. May include a reconciliation of beginning and ending balances of the change in the benefit obligation of pension plans and/or other employee benefit plans, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits. May include a reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements. Also may include disclosure of the amounts related to pension plans and/or other employee benefit plans in accumulated other comprehensive income or loss that have not yet been recognized as components of net periodic benefit cost, such as the net gain (loss), net prior service cost or credit, and net transition asset or obligation. + References No definition available. + Details
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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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