XML 54 R40.htm IDEA: XBRL DOCUMENT v3.24.0.1
Employee Benefits (Tables)
12 Months Ended
Dec. 31, 2023
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)

2024

$

0.8

$

2.7

2025

0.8

3.0

2026

0.8

3.2

2027

1.2

3.4

2028

0.6

3.6

2029-2033

22.1

19.7

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

Year Ended December 31,

2023

   

2022

   

2021

(in millions)

Master 401(k) Plan

$

29.3

$

28.1

$

25.6

Precision Strip Retirement and Savings Plan

10.9

9.2

8.0

Deferred Compensation Plan

2.4

2.0

2.5

Other Defined Contribution Plans

2.0

2.0

2.0

Defined Benefit Plan

1.2

0.3

1.5

Supplemental Executive Retirement Plans

1.2

4.0

3.4

$

47.0

$

45.6

$

43.0

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

2023

   

2022

   

2023

   

2022

(in millions)

(in millions)

Change in benefit obligation:

Benefit obligation at beginning of year

$

18.8

$

36.4

$

55.0

$

74.5

Service cost

0.3

0.4

1.3

2.0

Interest cost

0.9

0.7

2.7

2.0

Actuarial loss (gain)(1)

1.0

(5.6)

1.0

(21.0)

Benefits paid

(0.8)

(0.8)

(2.5)

(2.5)

Plan amendment

2.5

Plan settlement

(12.3)

Benefit obligation at end of year

$

20.2

$

18.8

$

60.0

$

55.0

Change in plan assets:

Fair value of plan assets at beginning of year

N/A

N/A

$

56.7

$

70.9

Actual return on plan assets

N/A

N/A

9.6

(11.7)

Benefits paid

N/A

N/A

(2.5)

(2.5)

Fair value of plan assets at end of year

N/A

N/A

$

63.8

$

56.7

Funded status:

Funded status of the plans

$

(20.2)

$

(18.8)

$

3.8

$

1.7

Items not yet recognized as component of net periodic pension expense:

Unrecognized net actuarial losses (gains)

$

2.9

$

1.9

$

(4.7)

$

0.5

Unamortized prior service cost

4.8

2.8

$

2.9

$

1.9

$

0.1

$

3.3

(1)Actuarial gains in 2022 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

2023

   

2022

   

2023

   

2022

(in millions)

(in millions)

Amounts recognized in the statement of financial position:

Noncurrent assets

$

$

$

3.8

$

1.7

Current liabilities

(0.8)

(0.8)

Noncurrent liabilities

(19.4)

(18.0)

Accumulated other comprehensive loss

2.9

1.9

0.1

3.3

Net amount recognized

$

(17.3)

$

(16.9)

$

3.9

$

5.0

Schedule of details of net periodic pension expense

Details of net periodic benefit cost related to the SERPs and Defined Benefit Plan are presented below:

SERPs

Defined Benefit Plan

Year Ended December 31,

Year Ended December 31,

2023

   

2022

   

2021

   

2023

   

2022

   

2021

(in millions)

(in millions)

Service cost

$

0.3

$

0.4

$

1.0

$

1.3

$

2.0

$

2.2

Interest cost

0.9

0.7

0.6

2.7

2.0

1.8

Expected return on plan assets

(3.3)

(4.2)

(3.9)

Settlement loss

2.3

Prior service cost

0.5

0.5

0.6

Amortization of net loss

0.6

1.8

0.8

$

1.2

$

4.0

$

3.4

$

1.2

$

0.3

$

1.5

Net periodic benefit cost related to the SERPs and the Defined Benefit Plan is presented in our consolidated statements of income, as summarized below:

SERPs

Defined Benefit Plan

Year Ended December 31,

Year Ended December 31,

2023

   

2022

   

2021

   

2023

   

2022

   

2021

(in millions)

(in millions)

Amounts recognized in the statement of income:

Warehouse, delivery, selling, general and administrative expense

$

0.3

$

0.4

$

1.0

$

1.3

$

2.0

$

2.2

Other expense (income), net

0.9

3.6

2.4

(0.1)

(1.7)

(0.7)

$

1.2

$

4.0

$

3.4

$

1.2

$

0.3

$

1.5

Schedule of assumptions used to determine net periodic benefit cost

SERPs

Defined Benefit Plan

Year Ended December 31,

Year Ended December 31,

2023

   

2022

   

2021

   

2023

   

2022

   

2021

 

Weighted average assumptions to determine net cost:

Discount rate

4.58

%

2.17

%

1.64

%

5.00

%

2.70

%

2.40

%

Expected long-term rate of return on plan assets

N/A

N/A

N/A

6.00

%

6.00

%

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,

2023

   

2022

   

2023

   

2022

 

Weighted average assumptions to determine benefit obligations:

Discount rate

4.35

%

4.51

%

4.80

%

5.00

%

Expected long-term rate of return on plan assets

N/A

N/A

6.00

%

6.00

%

Rate of compensation increase

6.00

%

6.00

%

N/A

N/A

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

December 31,

2023

    

2022

Plan assets:

Equity securities

62

%

58

%

Debt securities

37

38

Cash and cash equivalents

1

4

Total

100

%

100

%

Schedule of fair value measurements of Defined Benefit Plans assets

Level 1

    

Level 2

    

Level 3

    

Total

(in millions)

December 31, 2023

Common stock(1)

$

37.8

$

$

$

37.8

U.S. government, state and agency

8.3

8.3

Corporate debt securities(2)

3.8

3.8

Mutual funds(3)

13.4

13.4

Interest bearing cash

0.5

0.5

Total investments at fair value

$

51.7

$

12.1

$

$

63.8

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

(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.