Equity

12 Months Ended

Dec. 31, 2024

Equity

Equity

Note 15. Equity

Common Stock

We have paid regular quarterly cash dividends on our common stock for 65 consecutive years. Our Board of Directors increased the quarterly dividend from $0.6875 to $0.875 per share in February 2022, to $1.00 per share in February 2023, to $1.10 per share in February 2024 and to $1.20 per share in February 2025. 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,
	2024		2023		2022
	(in thousands)
Issued and outstanding common shares, beginning balance		57,271		58,787		61,806
Issued to settle RSUs and PSUs, net of withheld shares		309		362		506
Repurchased		(3,865)		(1,878)		(3,525)
Issued and outstanding common shares, ending balance		53,715		57,271		58,787

Share Repurchases

On October 22, 2024, our Board of Directors amended our share repurchase program to replenish the repurchase authorization to $1.5 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.

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

		Average Cost
	Shares	Per Share		Amount
	(in thousands)			(in millions)
2024	3,865	$	282.98	$	1,093.7
2023	1,878	$	255.30	$	479.5
2022	3,525	$	178.81	$	630.3

The table above excludes shares withheld related to net share settlements upon the vesting of RSUs and PSUs to settle employees’ tax withholding obligations of $42.8 million, $54.1 million and $39.7 million for 2024, 2023 and 2022, respectively. Additionally, our share repurchases exclude excise tax due under the Inflation Reduction Act of 2022.

In 2025, we repurchased an additional 743,262 shares at an average cost of $273.37, for a total of $203.2 million, resulting in $1.15 billion remaining available for repurchase as of February 25, 2025.

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, 2024	$	(75.7)	$	(1.0)	$	(76.7)
Current-year change		(44.0)		5.5		(38.5)
Balance as of December 31, 2024	$	(119.7)	$	4.5	$	(115.2)

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 recognized as a non-operating gain or loss as result of plan settlements.

Pension and postretirement benefit adjustments are net of deferred tax liability of $1.0 million as of December 31, 2024 and deferred tax asset of $0.7 million as of December 31, 2023. As our pension and postretirement benefit plan obligations are settled, the related income tax effect is released from accumulated other comprehensive loss and included in our income tax provision.