Employee Benefits (Tables)

12 Months Ended

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.