Equity

12 Months Ended

Dec. 31, 2022

Equity

Equity

Note 14. Equity

Common Stock

We have paid regular quarterly cash dividends on our common stock for 63 consecutive years. Our Board of Directors increased the quarterly dividend to $0.625 per share in February 2020 from $0.55 per share, to $0.6875 per share in February 2021, to $0.875 per share in February 2022, and to $1.00 per share in February 2023. The holders of Reliance common stock are entitled to one vote per share on each matter submitted to a vote of stockholders.

Shares Outstanding

Issued and outstanding common shares were as follows:

	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Issued and outstanding common shares, beginning balances		61,806		63,600		66,854
Issued to settle RSUs and PSUs, net of withheld shares		506		313		414
Issued for stock option exercises		—		—		6
Repurchased		(3,525)		(2,107)		(3,674)
Issued and outstanding common shares, ending balances		58,787		61,806		63,600

Share Repurchases

On July 26, 2022, our Board of Directors amended our share repurchase program to increase the remaining repurchase authorization to $1.0 billion. The share repurchase program does not obligate us to repurchase any specific number of shares, does not have a specific expiration date and may be suspended or discontinued at any time. Repurchased and subsequently retired shares are restored to the status of authorized but unissued shares. As of December 31, 2022, we had remaining authorization under the plan to repurchase $680.7 million of our common shares. We repurchase shares through open market purchases and transactions structured through investment banking institutions under plans relying on Rule 10b5-1 and/or Rule 10b-18 under the Exchange Act.

Our share repurchase activity for the past three years consisted of the following:

		Average Cost
	Shares	Per Share		Amount
	(in thousands)			(in millions)
2022	3,525	$	178.81	$	630.3
2021	2,107	$	153.55	$	323.5
2020	3,674	$	91.80	$	337.3

Preferred Stock

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.

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss included the following:

			Pension and
	Foreign Currency		Postretirement Benefit		Accumulated Other
	Translation		Plan Adjustments,		Comprehensive
	Loss		Net of Tax		Loss
			(in millions)
Balance as of January 1, 2022	$	(55.2)	$	(13.7)	$	(68.9)
Current-year change		(28.8)		11.4		(17.4)
Balance as of December 31, 2022	$	(84.0)	$	(2.3)	$	(86.3)

Foreign currency translation adjustments have not been adjusted for income taxes. Pension and postretirement benefit plan adjustments are amortized over service periods and reflected in the amortization of net loss component of our net periodic benefit cost or are otherwise recognized as a loss as a result of plan settlements.

Pension and postretirement benefit adjustments are net of taxes of $1.3 million and $3.3 million as of December 31, 2022 and 2021, respectively. The income tax effects are released from accumulated other comprehensive loss and included in our income tax provision as obligations under our pension and postretirement plans are settled. In 2022, $0.3 million of income tax effects were released related to the partial settlement of the Reliance SERP. See Note 13—“Employee Benefits” for further information on our 2022 plan settlement.