Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2014

Employee Benefits

Summary of benefit payments under various defined benefit plans, which reflect expected future employee service, as appropriate, expected to be paid in the future periods

	SERP's		Defined Benefit Plans		Postretirement Medical Plan
	(in millions)
2015	$	4.1	$	3.6	$	0.8
2016		1.3		4.0		0.8
2017		21.4		4.1		1.0
2018		1.2		4.2		0.9
2019		6.0		4.6		1.1
2020 - 2024		5.5		26.9		5.2

Amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost during 2015

	SERP's			Defined Benefit Plans		Postretirement Medical Plan
	(in millions)
Actuarial loss	$	1.5		$	1.8	$	0.1
Prior service (credit) cost		(0.3	)		0.2		(1.7	)
Total	$	1.2		$	2.0	$	(1.6	)

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

	Year Ended December 31,
	2014			2013			2012
	(in millions)
Master Plan	$	21.5		$	18.4		$	19.0
Other Defined Contribution Plans		7.0			7.8			4.8
Employee Stock Ownership Plan		1.8			1.4			1.4
Deferred Compensation Plan		0.6			0.6			0.5
Supplemental Executive Retirement Plans		2.6			3.2			2.9
Defined Benefit Plans		0.6			2.4			2.4
Postretirement Medical Plan		(0.8	)		(0.7	)		(0.5	)
	$	33.3		$	33.1		$	30.5

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

	SERP's						Defined Benefit Plans
	2014			2013			2014			2013
	(in millions)						(in millions)
Change in benefit obligation
Benefit obligation at beginning of year	$	38.7		$	40.7		$	82.0		$	85.0
Service cost		0.9			0.9			1.3			1.4
Interest cost		1.5			1.5			3.8			3.4
Actuarial loss (gain)		6.1			(3.1	)		17.5			(8.7	)
Benefits paid		(1.3	)		(1.3	)		(4.5	)		(2.9	)
Assumed in acquisition		—			—			—			3.5
Plan amendments		—			—			0.4			0.3
Benefit obligation at end of year	$	45.9		$	38.7		$	100.5		$	82.0
Change in plan assets
Fair value of plan assets		N/A			N/A			70.2			58.9
Acquired in acquisition		N/A			N/A			—			2.5
Actual return on plan assets		N/A			N/A			3.3			9.7
Employer contributions		N/A			N/A			3.3			2.0
Benefits paid		N/A			N/A			(4.4	)		(2.9	)
Fair value of plan assets at end of year		N/A			N/A			72.4			70.2
Funded status
Funded status of the plans	$	(45.9	)	$	(38.7	)	$	(28.1	)	$	(11.8	)
Items not yet recognized as component of net periodic pension expense
Unrecognized net actuarial losses	$	14.3		$	8.8		$	29.5		$	10.5
Unamortized prior service (credit) cost		(0.3	)		(0.7	)		1.7			1.5
	$	14.0		$	8.1		$	31.2		$	12.0

Schedule of amounts recognized in the statement of financial position

	SERP's						Defined Benefit Plans
	2014			2013			2014			2013
	(in millions)						(in millions)
Amounts recognized in the statement of financial position
Current liabilities	$	(4.0	)	$	(3.6	)	$	—		$	—
Noncurrent liabilities		(41.9	)		(35.1	)		(28.1	)		(11.8	)
Accumulated other comprehensive loss		14.0			8.1			31.2			12.0
Net amount recognized	$	(31.9	)	$	(30.6	)	$	3.1		$	0.2

Schedule of details of net periodic pension (credit) expense

	SERP's									Defined Benefit Plans
	Year Ended December 31,									Year Ended December 31,
	2014			2013			2012			2014			2013			2012
	(in millions)									(in millions)
Service cost	$	0.9		$	0.9		$	0.9		$	1.3		$	1.4		$	1.2
Interest cost		1.5			1.5			1.5			3.8			3.4			3.3
Expected return on plan assets		—			—			—			(5.1	)		(4.4	)		(4.0	)
Curtailment/settlement expense		—			—			—			—			—			0.2
Prior service (credit) cost		(0.5	)		(0.5	)		(0.5	)		0.2			0.2			0.2
Amortization of net loss		0.7			1.3			1.0			0.4			1.8			1.5
	$	2.6		$	3.2		$	2.9		$	0.6		$	2.4		$	2.4

Schedule of assumptions used to determine net periodic benefit cost

	SERP's									Defined Benefit Plans
	Year Ended December 31,									Year Ended December 31,
	2014			2013			2012			2014			2013			2012
Weighted average assumptions to determine net cost
Discount rate		4.07	%		3.73	%		4.22	%		4.70	%		4.00	%		4.25	%
Expected long-term rate of return on plan assets		N/A			N/A			N/A			7.22	%		7.30	%		7.43	%
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

	SERP's						Defined Benefit Plans
	December 31,						December 31,
	2014			2013			2014			2013
Weighted average assumptions to determine benefit obligations
Discount rate		2.94	%		4.05	%		3.78	%		4.70	%
Expected long-term rate of return on plan assets		N/A			N/A			7.22	%		7.30	%
Rate of compensation increase		6.00	%		6.00	%		N/A			N/A

Postretirement Medical Plan

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

	Year Ended December 31,
	2014			2013
	(in millions)
Change in benefit obligation
Benefit obligation at beginning of year	$	9.9		$	10.1
Service cost		0.2			0.2
Interest cost		0.3			0.2
Contributions by participants		0.1			—
Benefit payments		(0.3	)		(0.2	)
Actuarial gain		(1.6	)		(0.4	)
Benefit obligation at end of year	$	8.6		$	9.9
Funded status	$	(8.6	)	$	(9.9	)
Amounts recognized in the statement of financial position
Current liabilities	$	(0.7	)	$	(0.7	)
Noncurrent liabilities		(7.8	)		(9.2	)
Accumulated other comprehensive income		(3.2	)		(2.9	)
Net amount recognized	$	(11.7	)	$	(12.8	)
Items not yet recognized as component of net periodic pension expense
Unrecognized net actuarial losses	$	1.3		$	3.4
Unrecognized prior service credit		(4.5	)		(6.3	)
Accumulated other comprehensive income	$	(3.2	)	$	(2.9	)

Schedule of details of net periodic pension (credit) expense

	Year Ended December 31,
	2014			2013			2012
	(in millions)
Service cost	$	0.2		$	0.2		$	0.3
Interest cost		0.3			0.2			0.3
Amortization of net loss		0.4			0.6			0.6
Amortization of prior service credit		(1.7	)		(1.7	)		(1.7	)
	$	(0.8	)	$	(0.7	)	$	(0.5	)

Schedule of assumptions used to determine net periodic benefit cost

	Year Ended December 31,
	2014			2013			2012
Weighted average assumptions to determine net cost
Discount rate		3.10	%		2.25	%		3.53	%
Health care cost trend rate		9.00	%		9.00	%		9.50	%
Rate to which the cost trend rate is assumed to decline		4.25	%		4.25	%		4.50	%
Year that the rate reaches the ultimate trend rate		2033			2032			2031

Schedule of assumptions used to determine the benefit obligation

	December 31,
	2014			2013
Weighted average assumptions to determine benefit obligations
Discount rate		2.50	%		3.10	%
Health care cost trend rate		8.50	%		9.00	%
Rate to which the cost trend rate is assumed to decline		4.25	%		4.25	%
Year that the rate reaches the ultimate trend rate		2034			2033

Schedule of effects of one-percentage-point change in assumed health care cost trend rates

	Year Ended December 31, 2014					Year Ended December 31, 2013
	1% Increase		1% Decrease			1% Increase		1% Decrease
	(in millions)					(in millions)
Effect on total service and interest cost components	$	0.1	$	(0.1	)	$	0.1	$	(0.1	)
Effect on postretirement benefit obligation		0.4		(0.4	)		0.5		(0.5	)

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,
	2014		2013
	(in millions)
Information for defined benefit plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets
Accumulated benefit obligation	$	100.5	$	80.6
Projected benefit obligation		100.5		80.6
Fair value of plan assets		72.4		68.9

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

	December 31,
	2014			2013
Plan Assets
Equity securities		58	%		61	%
Debt securities		37	%		37	%
Other		5	%		2	%
Total		100	%		100	%

Schedule of fair value measurements of Defined Benefit Plan assets

	Level 1		Level 2		Level 3		Total
	(in millions)
December 31, 2014:
Common stock(1)	$	26.6	$	—	$	—	$	26.6
U.S. government, state, and agency		—		7.1		—		7.1
Corporate debt securities(2)		—		10.0		—		10.0
Mutual funds(3)		22.6		2.7		—		25.3
Interest and non-interest bearing cash		3.4		—		—		3.4
	$	52.6	$	19.8	$	—	$	72.4
December 31, 2013:
Common stock(1)	$	25.6	$	—	$	—	$	25.6
U.S. government, state, and agency		—		6.3		—		6.3
Corporate debt securities(2)		—		8.4		—		8.4
Mutual funds(3)		27.9		0.4		—		28.3
Interest and non-interest bearing cash		1.6		—		—		1.6
	$	55.1	$	15.1	$	—	$	70.2

(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 Net Asset Value (NAV) for open-end and closed-end mutual funds. Level 2 assets are comprised of fixed income funds and pooled separate accounts and are valued at the net asset value per unit based on either the observable net asset value of the underlying investment or the net asset value of the underlying pool of securities.