RELIANCE, INC._ March 31, 2025

0001558370-25-006104.txt : 20250501 0001558370-25-006104.hdr.sgml : 20250501 20250501161042 ACCESSION NUMBER: 0001558370-25-006104 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 67 CONFORMED PERIOD OF REPORT: 20250331 FILED AS OF DATE: 20250501 DATE AS OF CHANGE: 20250501 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RELIANCE, INC. CENTRAL INDEX KEY: 0000861884 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-METALS SERVICE CENTERS & OFFICES [5051] ORGANIZATION NAME: 07 Trade & Services EIN: 951142616 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-13122 FILM NUMBER: 25903201 BUSINESS ADDRESS: STREET 1: 16100 N. 71ST STREET, SUITE 400 CITY: SCOTTSDALE STATE: AZ ZIP: 85254 BUSINESS PHONE: 213-687-7700 MAIL ADDRESS: STREET 1: 16100 N. 71ST STREET, SUITE 400 CITY: SCOTTSDALE STATE: AZ ZIP: 85254 FORMER COMPANY: FORMER CONFORMED NAME: RELIANCE STEEL & ALUMINUM CO DATE OF NAME CHANGE: 19940525 10-Q 1 rs-20250331x10q.htm 10-Q RELIANCE, INC._ March 31, 2025

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-13122


Reliance, Inc. (Exact name of registrant as specified in its charter)

Delaware (State or other jurisdiction of incorporation or organization)		95-1142616 (I.R.S. Employer Identification No.)

16100 N. 71st Street, Suite 400

Scottsdale, Arizona 85254

(Address of principal executive offices, including zip code)

(480) 564-5700

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value	RS	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒	Accelerated filer ☐
Non-accelerated filer ☐	Smaller reporting company ☐
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 25, 2025, 52,588,106 shares of the registrant’s common stock, $0.001 par value, were outstanding.

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RELIANCE, INC.

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PART I — FINANCIAL INFORMATION
	Item 1.	Financial Statements	1
		Unaudited Consolidated Statements of Income	1
		Unaudited Consolidated Statements of Comprehensive Income	2
		Unaudited Consolidated Balance Sheets	3
		Unaudited Consolidated Statements of Cash Flows	4
		Unaudited Consolidated Statements of Equity	5
		Notes to Unaudited Consolidated Financial Statements	6
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	23
	Item 4.	Controls and Procedures	23

PART II — OTHER INFORMATION
	Item 1.	Legal Proceedings	23
	Item 1A.	Risk Factors	23
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	24
	Item 3.	Defaults Upon Senior Securities	24
	Item 4.	Mine Safety Disclosures	24
	Item 5.	Other Information	24
	Item 6.	Exhibits	24

SIGNATURE			25

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PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

RELIANCE, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

(in millions, except number of shares which are reflected in thousands and per share amounts)


	Three Months Ended March 31,
	2025		2024
Net sales	$	3,484.7	$	3,644.8

Costs and expenses:
Cost of sales (exclusive of depreciation and amortization shown below)		2,451.4		2,516.6
Warehouse, delivery, selling, general and administrative		690.2		671.5
Depreciation and amortization		68.7		63.6
		3,210.3		3,251.7

Operating income		274.4		393.1

Other (income) expense:
Interest expense		11.5		9.7
Other expense (income), net		0.5		(12.8)
Income before income taxes		262.4		396.2
Income tax provision		61.9		92.4
Net income		200.5		303.8
Less: net income attributable to noncontrolling interests		0.8		0.9
Net income attributable to Reliance	$	199.7	$	302.9

Earnings per share attributable to Reliance stockholders:
Basic	$	3.76	$	5.28
Diluted	$	3.74	$	5.23

Shares used in computing earnings per share:
Basic		53,075		57,340
Diluted		53,399		57,882

See accompanying notes to unaudited consolidated financial statements.

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RELIANCE, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions)


	Three Months Ended March 31,
	2025		2024
Net income	$	200.5	$	303.8
Other comprehensive income (loss):
Foreign currency translation gain (loss)		3.3		(15.7)
Postretirement benefit plan adjustments, net of tax		(0.9)		(0.9)
Total other comprehensive income (loss)		2.4		(16.6)
Comprehensive income		202.9		287.2
Less: comprehensive income attributable to noncontrolling interests		0.8		0.9
Comprehensive income attributable to Reliance	$	202.1	$	286.3

See accompanying notes to unaudited consolidated financial statements.

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RELIANCE, INC.

UNAUDITED CONSOLIDATED BALANCE SHEETS

(in millions, except number of shares which are reflected in thousands and par value)


	March 31,		December 31,
	2025		2024*
ASSETS
Current assets:
Cash and cash equivalents	$	277.8	$	318.1
Accounts receivable, less allowance for credit losses of $26.0 and $23.2		1,671.8		1,342.0
Inventories		2,114.3		2,026.8
Prepaid expenses and other current assets		135.6		148.2
Income taxes receivable		11.5		60.4
Total current assets		4,211.0		3,895.5
Property, plant and equipment, net		2,573.4		2,544.9
Operating lease right-of-use assets		286.3		275.2
Goodwill		2,165.6		2,161.8
Intangible assets, net		997.0		1,007.2
Cash surrender value of life insurance policies, net		40.5		46.0
Other long-term assets		91.2		91.2
Total assets	$	10,365.0	$	10,021.8
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	520.8	$	361.9
Accrued expenses		136.7		144.4
Accrued compensation and retirement benefits		155.9		195.2
Accrued insurance costs		53.7		50.4
Current maturities of long-term debt		399.9		399.7
Current maturities of operating lease liabilities		62.9		61.4
Total current liabilities		1,329.9		1,213.0
Long-term debt		1,073.1		742.8
Operating lease liabilities		224.1		214.2
Long-term retirement benefits		28.2		26.9
Other long-term liabilities		58.9		56.8
Deferred income taxes		537.2		537.5
Total liabilities		3,251.4		2,791.2
Commitments and contingencies
Equity:
Preferred stock, $0.001 par value: 5,000 shares authorized; none issued or outstanding		—		—
Common stock and additional paid-in capital, $0.001 par value and 200,000 shares authorized
Issued and outstanding shares—52,889 and 53,715		0.1		0.1
Retained earnings		7,214.5		7,334.7
Accumulated other comprehensive loss		(112.8)		(115.2)
Total Reliance stockholders’ equity		7,101.8		7,219.6
Noncontrolling interests		11.8		11.0
Total equity		7,113.6		7,230.6
Total liabilities and equity	$	10,365.0	$	10,021.8

* Derived from audited financial statements.

See accompanying notes to unaudited consolidated financial statements.

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RELIANCE, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)


	Three Months Ended March 31,
	2025		2024
Operating activities:
Net income	$	200.5	$	303.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense		68.7		63.6
Stock-based compensation expense		12.2		13.0
Other		6.5		2.8
Changes in operating assets and liabilities (excluding effect of businesses acquired):
Accounts receivable		(332.1)		(211.6)
Inventories		(85.9)		(114.6)
Prepaid expenses and other assets		80.8		73.9
Accounts payable and other liabilities		113.8		(4.6)
Net cash provided by operating activities		64.5		126.3

Investing activities:
Acquisitions, net of cash acquired		—		(53.7)
Purchases of property, plant and equipment		(86.9)		(108.7)
Other		(0.7)		(15.0)
Net cash used in investing activities		(87.6)		(177.4)

Financing activities:
Proceeds from long-term debt borrowings		788.0		—
Principal payments on long-term debt		(458.0)		—
Cash dividends and dividend equivalents		(65.2)		(65.3)
Share repurchases		(253.2)		—
Taxes paid related to net share settlement of restricted stock units		(11.5)		(23.9)
Other		(18.7)		(1.1)
Net cash used in financing activities		(18.6)		(90.3)
Effect of exchange rate changes on cash and cash equivalents		1.4		(3.9)
Decrease in cash and cash equivalents		(40.3)		(145.3)
Cash and cash equivalents, beginning balance		318.1		1,080.2
Cash and cash equivalents, ending balance	$	277.8	$	934.9

Supplemental cash flow information:
Interest paid	$	10.0	$	8.8
Income taxes paid, net	$	13.9	$	10.2

See accompanying notes to unaudited consolidated financial statements.

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RELIANCE, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF EQUITY

(in millions, except per share amounts)


	Three Months Ended March 31,
	2025		2024
Total equity, beginning balance	$	7,230.6	$	7,732.8

Common stock and additional paid-in capital:
Beginning balance		0.1		0.1
Stock-based compensation		12.2		13.0
Taxes paid related to net share settlement of restricted stock units		—		(13.0)
Repurchase of common shares		(12.2)		—
Ending balance		0.1		0.1

Retained earnings:
Beginning balance		7,334.7		7,798.9
Net income attributable to Reliance		199.7		302.9
Cash dividends		(63.7)		(63.2)
Dividend equivalents paid on vested restricted stock units		(1.5)		(2.1)
Taxes paid related to net share settlement of restricted stock units		(11.5)		(10.9)
Repurchase of common shares		(241.0)		—
Excise tax on repurchase of common shares		(2.2)		—
Ending balance		7,214.5		8,025.6

Accumulated other comprehensive loss:
Beginning balance		(115.2)		(76.7)
Other comprehensive income (loss)		2.4		(16.6)
Ending balance		(112.8)		(93.3)

Total Reliance stockholders' equity, ending balance		7,101.8		7,932.4

Noncontrolling interests:
Beginning balance		11.0		10.5
Comprehensive income		0.8		0.9
Dividend paid		—		(1.1)
Ending balance		11.8		10.3

Total equity, ending balance	$	7,113.6	$	7,942.7

Cash dividends declared per common share	$	1.20	$	1.10

See accompanying notes to unaudited consolidated financial statements.

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RELIANCE, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Note 1. Summary of Significant Accounting Policies

Principles of Consolidation

The accompanying unaudited consolidated financial statements include the accounts of Reliance, Inc. and its subsidiaries (collectively “Reliance”, the “Company”, “we”, “our” or “us”). These financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, the consolidated financial statements reflect all material adjustments, which are of a normal recurring nature, necessary for presentation of financial statements for interim periods in accordance with U.S. GAAP. Interim results are not necessarily indicative of the results for a full year. All significant intercompany accounts and transactions have been eliminated. The ownership of the other interest holders of consolidated subsidiaries is reflected as noncontrolling interests. Investments in unconsolidated subsidiaries are recorded under the equity method of accounting. These consolidated financial statements and accompanying notes should be read in conjunction with the consolidated financial statements and accompanying notes included in Reliance’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results could differ from those estimates.

Inventories

The majority of our inventory is valued using the last-in, first-out (“LIFO”) method, which is not in excess of market. Under this method, older costs are included in inventory, which may be higher or lower than current costs. We estimate the effect of LIFO on interim periods by allocating the projected year-end LIFO calculation to interim periods on a pro rata basis.

Impact of Recently Issued Accounting Standards—Not Yet Adopted

Improvement to Income Tax Disclosures—In December 2023, the FASB issued changes to expand the disclosure requirements for income taxes. The changes require disaggregated information about our effective tax rate reconciliation and income taxes paid. These changes are effective for our annual periods beginning in our 2025 fiscal year. As the guidance only requires additional disclosure, there will be no impact to our results of operations, financial condition or cash flows.

Disaggregation of Income Statement Expenses—In November 2024, the FASB issued changes to expand the disclosure requirements for specific expense categories. The changes require disaggregated quantitative disclosure, in the notes to the financial statements, of prescribed expense categories included within relevant income statement expense captions. These changes will be effective beginning with our 2027 fiscal year and subsequent interim periods, with early adoption permitted. As the guidance only requires additional disclosure, there will be no impact to our results of operations, financial condition or cash flows.

Note 2. Acquisitions

2024 Acquisitions

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2024, with cash on hand. Included in our net sales for the first quarters of 2025 and 2024 were combined net sales of $99.4 million and $16.1 million, respectively, from our 2024 acquisitions.

Our 2024 acquisitions have increased our capacity and enhanced our product, customer and geographic diversification. We have not diversified outside our core business of providing metal distribution and processing solutions since inception.

The aggregate allocation of the purchase prices for our 2024 acquisitions to the fair values of the assets acquired and liabilities assumed was as follows:


	(in millions)
Cash	$	5.6
Accounts receivable		44.9
Inventories		109.9
Prepaid expenses and other current assets		1.0
Property, plant and equipment		107.5
Operating lease right-of-use assets		19.2
Goodwill		59.5
Intangible assets subject to amortization		39.5
Intangible assets not subject to amortization		41.4
Total assets acquired		428.5
Deferred income taxes		6.7
Operating lease liabilities		15.1
Other current and long-term liabilities		32.7
Total liabilities assumed		54.5
Noncontrolling interest		0.3
Net assets acquired	$	373.7

Summary purchase price allocation information for all acquisitions

All of the acquisitions discussed in this note have been accounted for under the acquisition method of accounting and, accordingly, each purchase price has been allocated to the assets acquired and liabilities assumed based on the estimated fair values at the date of each acquisition. The accompanying consolidated statements of income include the revenues and expenses of each acquisition since its respective acquisition date. The consolidated balance sheets reflect the allocations of each acquisition’s purchase price as of March 31, 2025. The measurement periods for purchase price allocations do not exceed 12 months from the acquisition date.

As part of the purchase price allocations for the 2024 acquisitions, we allocated $41.4 million to the trade names acquired. We determined that each of the trade names acquired in connection with these acquisitions had indefinite lives since their economic lives are expected to approximate the life of each company acquired. We recorded other identifiable intangible assets related to customer relationships for the 2024 acquisitions of $39.3 million with weighted average lives of 13.1 years and non-compete agreements of $0.2 million with lives of 5.0 years. The goodwill arising from our 2024 acquisitions predominantly consists of expected strategic benefits, including enhanced financial and operational scale, as well as expansion of acquired product and processing know-how across our enterprise. Goodwill of $35.1 million from our 2024 acquisitions is expected to be deductible for income tax purposes.

Pro forma financial information for all acquisitions

Pro forma financial results reflect our consolidated results of operations as if our 2024 acquisitions had occurred as of January 1, 2023, after the effect of certain adjustments, including lease cost fair value adjustments, amortization of inventory step-down to fair value adjustments included in cost of sales, depreciation and amortization of certain identifiable property, plant and equipment and intangible assets. Pro forma results for the first quarter of 2024 have been provided for comparative purposes only and are not indicative of what would have occurred had the 2024 acquisitions been made as of January 1, 2023 or of any potential results which may occur in the future.

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Pro forma net sales were $3,746.5 million for the first quarter of 2024 and pro forma net income and earnings per shares were comparable with our first quarter of 2024 consolidated results.

Note 3. Revenues

The following table presents our net sales disaggregated by product and service:


	Three Months Ended March 31,
	2025		2024

	(in millions)
Carbon steel	$	1,904.2	$	2,012.9
Aluminum		605.6		596.1
Stainless steel		503.2		559.9
Alloy		158.4		171.9
Toll processing and logistics		160.2		157.8
Copper and brass		81.7		75.3
Miscellaneous and eliminations		71.4		70.9
Total	$	3,484.7	$	3,644.8

Note 4. Property, Plant and Equipment, Net

Property, plant and equipment, net consists of the following:


	March 31,		December 31,
	2025		2024

	(in millions)
Land	$	295.9	$	297.2
Buildings		1,696.4		1,689.2
Machinery and equipment		2,654.9		2,643.2
Construction in progress		340.1		297.0
Property, plant and equipment, gross		4,987.3		4,926.6
Less: accumulated depreciation		(2,413.9)		(2,381.7)
Property, plant and equipment, net	$	2,573.4	$	2,544.9

As of March 31, 2025 and December 31, 2024, noncash investing activity included $5.8 million and $7.3 million of capital expenditures, respectively, included in accounts payable and accrued expenses.

Note 5. Goodwill

The change in the carrying amount of goodwill is as follows:


	(in millions)
Balance as of January 1, 2025	$	2,161.8
Acquisitions		3.5
Effect of foreign currency translation		0.3
Balance as of March 31, 2025	$	2,165.6

We had no accumulated impairment losses related to goodwill as of March 31, 2025 and December 31, 2024.

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Note 6. Intangible Assets, Net

Intangible assets, net consisted of the following:


		March 31, 2025				December 31, 2024
	Weighted Average	Gross				Gross
	Amortizable	Carrying		Accumulated		Carrying		Accumulated
	Life in Years	Amount		Amortization		Amount		Amortization

		(in millions)
Intangible assets subject to amortization:
Customer lists/relationships	13.9	$	753.6	$	(569.4)	$	753.4	$	(559.6)
Backlog of orders	7.9		20.9		(8.8)		21.0		(8.2)
Other	9.3		10.1		(9.6)		10.2		(9.6)
			784.6		(587.8)		784.6		(577.4)
Intangible assets not subject to amortization:
Trade names			800.2		—		800.0		—
		$	1,584.8	$	(587.8)	$	1,584.6	$	(577.4)

Changes in the carrying amount of intangible assets, net are as follows:


	(in millions)
Balance as of January 1, 2025	$	1,007.2
Amortization expense		(10.4)
Effect of foreign currency translation		0.2
Balance as of March 31, 2025	$	997.0

The following is a summary of estimated future amortization expense:


	(in millions)
2025 (remaining nine months)	$	28.7
2026		29.5
2027		28.9
2028		27.4
2029		25.3
Thereafter		57.0
	$	196.8

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Note 7. Debt

Debt consisted of the following:


	March 31,		December 31,
	2025		2024

	(in millions)
Unsecured revolving credit facility maturing September 10, 2029	$	330.0	$	—
Senior unsecured notes, interest payable semi-annually at 1.30%, effective rate of 1.53%, maturing August 15, 2025		400.0		400.0
Senior unsecured notes, interest payable semi-annually at 2.15%, effective rate of 2.27%, maturing August 15, 2030		500.0		500.0
Senior unsecured notes, interest payable semi-annually at 6.85%, effective rate of 6.91%, maturing November 15, 2036		250.0		250.0
Other notes		1.1		1.1
Total		1,481.1		1,151.1
Less: unamortized discount and debt issuance costs		(8.1)		(8.6)
Less: amounts due within one year		(399.9)		(399.7)
Total long-term debt	$	1,073.1	$	742.8

The weighted average effective interest rates on the Company’s outstanding borrowings as of March 31, 2025 and December 31, 2024 were 3.54% and 3.02%, respectively.

Unsecured Credit Facility

On September 10, 2024, we entered into a $1.5 billion unsecured five-year Second Amended and Restated Credit Agreement (“Credit Agreement”) that amended and restated our then-existing $1.5 billion unsecured revolving credit facility. As of March 31, 2025, borrowings under the Credit Agreement were available at variable rates based on the Secured Overnight Financing Rate (“SOFR”) plus 1.00% or the bank prime rate and we currently pay a commitment fee at an annual rate of 0.10% on the unused portion of the revolving credit facility. The applicable margins over SOFR and base rate borrowings, along with commitment fees, are subject to adjustment every quarter based on our total net leverage ratio, as defined in the Credit Agreement. All borrowings under the Credit Agreement may be prepaid without penalty.

The weighted average interest rate on borrowings outstanding on the revolving credit facility was 5.35% as of March 31, 2025. We had no outstanding borrowings under the revolving credit facility as of December 31, 2024. We had $1.1 million of letters of credit outstanding under the revolving credit facility as of March 31, 2025 and December 31, 2024.

Senior Unsecured Notes

Under the indentures for each series of our senior notes (the “indentures”), the notes are senior unsecured obligations and rank equally in right of payment with all of our existing and future unsecured and unsubordinated obligations. If we experience a change in control accompanied by a downgrade in our credit rating, we will be required to make an offer to repurchase each series of the notes at a price equal to 101% of their principal amount plus accrued and unpaid interest.

Letter of Credit/Letters of Guarantee Facility

We have a $50.0 million standby letters of credit/letters of guarantee agreement with one of the lenders under our Credit Agreement. A total of $29.2 million were outstanding under this facility as of March 31, 2025 and December 31, 2024.

Covenants

The Credit Agreement and the indentures include customary representations, warranties, covenants and events of default provisions. The covenants under the Credit Agreement include, among other things, a financial maintenance

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covenant that requires us to comply with a maximum total net leverage ratio. We were in compliance with the financial maintenance covenant in our Credit Agreement as of March 31, 2025.

Note 8. Leases

Our metals service center leases are comprised of processing and distribution facilities, equipment, automobiles, trucks and trailers, ground leases and other leased spaces, such as depots, sales offices, storage and data centers. We also lease various office spaces. Our leases of facilities and other spaces expire at various times through 2045, and our ground leases expire at various times through 2068. Nearly all of our leases are operating leases; we have an insignificant amount of recognized finance right-of-use assets and obligations.

The following is a summary of our lease cost:


	Three Months Ended March 31,
	2025		2024

	(in millions)
Operating lease cost	$	20.1	$	17.6
Variable fees and other⁽¹⁾		8.0		7.6
Total lease cost	$	28.1	$	25.2

(1)	Includes variable lease payments and costs of short-term leases.

Supplemental cash flow and balance sheet information is presented below:


	Three Months Ended March 31,
	2025		2024

	(in millions)
Supplemental cash flow information:
Cash payments for operating leases	$	27.8	$	25.3
Right-of-use assets obtained in exchange for operating lease obligations	$	27.8	$	28.2

	March 31,		December 31,
	2025		2024
Other lease information:
Weighted average remaining lease term—operating leases		6.4 years		6.3 years
Weighted average discount rate—operating leases		4.7%		4.6%

Maturities of operating lease liabilities as of March 31, 2025 are as follows:


	(in millions)
2025 (remaining nine months)	$	57.0
2026		66.1
2027		54.6
2028		45.0
2029		36.3
Thereafter		76.5
Total operating lease payments		335.5
Less: imputed interest		(48.5)
Total operating lease liabilities	$	287.0

Note 9. Income Taxes

Our effective income tax rates for the first quarters of 2025 and 2024 were 23.6% and 23.3%, respectively. The differences between our effective income tax rates and the U.S. federal statutory rate of 21.0% were mainly due to state income taxes.

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Note 10. Equity

Stock-Based Compensation Plans

We make annual grants of long-term equity incentive awards to officers and key employees in the forms of service-based restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”) that each have approximately 3-year vesting periods. Each PSU includes the right to receive, based on a sliding scale, up to a maximum of two shares of our common stock for each vested PSU, that is tied to achieving a return on assets target over a 3-year measurement period and continued service. We also grant the non-management members of our Board of Directors fully vested stock awards. The fair values of the RSUs, PSUs and stock awards are determined based on the closing stock price of our common stock on the grant date.

A summary of the status of our unvested RSUs and PSUs as of March 31, 2025 and changes during the first quarter of 2025 is as follows:


		Weighted
		Average
		Grant Date
	RSU and PSU	Fair Value
	Aggregate Units	Per Unit
Unvested as of January 1, 2025	327,017	$	267.96
Granted⁽¹⁾	162,900		299.38
Vested	(425)		261.27
Cancelled or forfeited	(3,542)		270.78
Unvested as of March 31, 2025	485,950	$	278.48
Shares reserved for future grants (all plans)	1,223,658

(1)	Comprised of 96,973 RSUs and 65,927 PSUs granted in February 2025. The RSUs cliff vest on December 1, 2027 and the PSUs vest upon the completion of a 3-year performance period ending December 31, 2027.

As of March 31, 2025, there was $94.6 million of total unrecognized compensation cost related to unvested RSUs and PSUs that is expected to be recognized, net of actual forfeitures and cancellations, over a weighted average period of 2.0 years.

Common Stock

We have paid regular quarterly cash dividends on our common stock for 66 consecutive years. Our Board of Directors increased the quarterly dividend from $1.00 per share 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.

On April 21, 2025, our Board of Directors declared the 2025 second quarter cash dividend of $1.20 per share of common stock, payable on June 6, 2025 to stockholders of record as of May 23, 2025.

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.

In the first quarter of 2025, we repurchased 922,656 shares at an average cost per share of $274.41 for a total of $253.2 million. We did not repurchase any shares of our common stock in the first quarter of 2024.

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Our share repurchase amounts exclude related excise tax and shares withheld related to net share settlements upon the vesting of RSUs and PSUs to settle employees’ tax withholding obligations of $11.5 million and $23.9 million in the first quarters of 2025 and 2024, respectively.

Subsequent to quarter end, we repurchased an additional 301,279 shares at an average cost of $265.17, for a total of $79.9 million, resulting in $1.02 billion remaining available for repurchase as of April 25, 2025.

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss included the following:


			Pension and
	Foreign Currency		Postretirement Benefit		Accumulated Other
	Translation		Plan Adjustments,		Comprehensive
	(Loss) Gain		Net of Tax		(Loss) Income
			(in millions)
Balance as of January 1, 2025	$	(119.7)	$	4.5	$	(115.2)
Current-period change		3.3		(0.9)		2.4
Balance as of March 31, 2025	$	(116.4)	$	3.6	$	(112.8)

Foreign currency translation adjustments have not been adjusted for income taxes. Pension and postretirement benefit plan adjustments are net of deferred tax liabilities of $1.0 million as of March 31, 2025 and December 31, 2024. 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. 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.

Note 11. Commitments and Contingencies

Environmental Contingencies

We are currently involved with an environmental remediation project related to activities at former manufacturing operations of Earle M. Jorgensen Company (“EMJ”), our wholly owned subsidiary, that were sold many years prior to our acquisition of EMJ in 2006. Although the potential cleanup costs could be significant, EMJ maintained insurance policies during the time it owned the manufacturing operations that have covered costs incurred to date and are expected to continue to cover the majority of the related costs. We do not expect that this obligation will have a material adverse impact on our consolidated financial position, results of operations or cash flows.

Legal Matters

From time to time, we are named as a defendant in legal actions. These actions generally arise in the ordinary course of business. We are not currently a party to any pending legal proceedings other than routine litigation incidental to the business. We expect that these matters will be resolved without having a material adverse impact on our consolidated financial position, results of operations or cash flows. We maintain general liability insurance against risks arising in the ordinary course of business.

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Note 12. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:


	Three Months Ended March 31,
	2025		2024

	(in millions, except number of shares which are reflected in thousands and per share amounts)
Numerator:
Net income attributable to Reliance	$	199.7	$	302.9

Denominator:
Weighted average shares outstanding		53,075		57,340
Dilutive effect of stock-based awards		324		542
Weighted average diluted shares outstanding		53,399		57,882

Earnings per share attributable to Reliance stockholders:
Basic	$	3.76	$	5.28
Diluted	$	3.74	$	5.23

The computations of diluted earnings per share using the treasury stock method for the first quarters of 2025 and 2024 do not include 194,254 and 103,700 weighted average shares, respectively, in respect of outstanding RSUs and PSUs, because their inclusion would have been anti-dilutive.

Note 13. Segment Information

We have one operating and reportable segment—metals service centers. Reliance derives revenue primarily in the United States and manages its business activities on a consolidated basis.

The measure of segment assets is reported on the accompanying consolidated balance sheet as total assets.

The measure of segment profit and loss is net income reported on the accompanying consolidated income statements.

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Information about our segment revenue, net income, significant expenses, and other quantitative information is presented below:


	Metals Service Centers Segment
	Three Months Ended March 31,
	2025		2024

	(in millions)
Revenues	$	3,484.7	$	3,644.8
Less:
Cost of sales (exclusive of depreciation and amortization shown below)		2,451.4		2,516.6
Compensation expense		420.1		413.8
Other segment items⁽¹⁾		270.6		244.9
Depreciation and amortization expense		68.7		63.6
Interest expense		11.5		9.7
Income tax provision		61.9		92.4
Consolidated net income	$	200.5	$	303.8

Other Segment Disclosures:
Purchases of property, plant and equipment	$	86.9	$	108.7

(1)	Other segment items included in Segment net income mainly includes warehousing and delivery related expenses, which include among others, 3^rd party freight, gas and oil, utilities & rent, plant supplies, and repairs and maintenance.

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RELIANCE, INC.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The terms “Company,” “Reliance,” “we,” “our,” and “us” refer to Reliance, Inc. and all its subsidiaries that are consolidated in accordance with U.S. generally accepted accounting principles, unless otherwise indicated.

This report contains certain statements that are, or may be deemed to be, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Our forward-looking statements may include, but are not limited to, discussions of our industry and end markets, business strategies, acquisitions, and expectations concerning our future growth and profitability and our ability to generate industry leading returns for our stockholders, as well as future demand and metals pricing and our results of operations, margins, profitability, taxes, liquidity, macroeconomic conditions, including inflation, and the possibility of an economic recession or slowdown, litigation matters and capital resources. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “preliminary,” “range,” “intend” and “continue,” the negative of these terms, and similar expressions. All statements contained in this report that are not statements of historical fact are forward-looking statements. These forward-looking statements are based on management’s estimates, projections and assumptions as of the date of such statements. We caution readers not to place undue reliance on forward-looking statements.

Forward-looking statements involve known and unknown risks and uncertainties and are not guarantees of future performance. Actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements as a result of various important factors, including, but not limited to, actions taken by us, as well as developments beyond our control, including, but not limited to, changes in domestic and worldwide political and economic conditions due to, among other factors, U.S. and foreign trade policies and the impact on economic conditions, inflation and the increasing likelihood of an economic recession that could materially impact us, our customers and suppliers, metals pricing, and demand for our products and services; U.S. and foreign trade policies affecting metals product markets and pricing specifically; the possibility that the expected benefits of acquisitions and capital expenditures may not materialize as expected; and the impacts of labor constraints and supply chain disruptions. Deteriorations in economic conditions as a result of tariffs or trade barriers, economic policies, inflation, economic recession, slowing growth, outbreaks of infectious disease, or geopolitical conflicts such as in Ukraine and the Middle East, could lead to a decline in demand for our products and services and negatively impact our business, and may also impact financial markets and corporate credit markets which could adversely impact our access to financing, or the terms of any financing. Other factors which could cause actual results to differ materially from our forward-looking statements include those disclosed in this report and in other reports we have filed with the United States Securities and Exchange Commission (the “SEC”). Important risks and uncertainties about our business can be found elsewhere in this Quarterly Report on Form 10-Q and in Item 1A “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC and in other documents Reliance files or furnishes with the SEC. The Company cannot at this time predict all of the impacts of domestic and foreign tariffs and trade policies, inflation, product price fluctuations, economic recession, outbreaks of infectious disease, geopolitical conflicts and related economic effects, but these factors, individually or in any combination, could have a material adverse effect on the Company’s business, financial position, results of operations and cash flows.

The statements contained in this quarterly report on Form 10-Q speak only as of the date that they were made, and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in assumptions, beliefs, or expectations or any change in events, conditions, or circumstances upon which any such forward-looking statements are based. You should review any additional disclosures we make in any subsequent press releases and Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC.

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This Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2024 and other sections of this quarterly report on Form 10-Q, including the consolidated financial statements and related notes contained in Item 1.

Overview

Underlying demand in the first quarter of 2025 was healthy in the majority of our end markets, most notably in non-residential construction, despite ongoing uncertainty in both domestic and international economic policy. Our tons sold were a record in the first quarter of 2025, however our operating results declined year-over-year, mainly due to lower metals prices and gross profit margin. The declining metals pricing trend we experienced throughout 2024 and into February 2025 reversed with strong metals pricing increases throughout March that held into April.

Our tons sold in the first quarter of 2025 increased 9% year-over-year, reaching a new record of 1.63 million tons, supported by solid organic growth and contributions from our 2024 acquisitions. We believe our shipments also benefited from our long-standing relationships with our domestic mill suppliers and certain customers accelerating their purchases in advance of anticipated carbon steel and aluminum product price increases. Our same-store tons sold increased 5.6% compared to the first quarter of 2024, surpassing the industry-wide decline of 0.5% reported by the Metals Service Center Institute (“MSCI”).

Our gross profit margin of 29.7% for the first quarter of 2025 was strong despite a decline from 31.0% in the first quarter of 2024.

Earnings per diluted share were $3.74 and $5.23 for the first quarters of 2025 and 2024, respectively. Our lower earnings per share year-over-year is mainly due to lower metals prices despite record tons sold in the first quarter of 2025 and an 8% reduction in outstanding shares as a result of share repurchases in the past four quarters.

Cash flow from operations of $64.5 million in the first quarter of 2025 decreased from $126.3 million in the first quarter of 2024 mainly due to lower net income, partially offset by a decrease in working capital investment. Seasonally, the first quarter typically requires the largest working capital investment of the four quarters.

Returns to stockholders in the first quarter of 2025 totaled $318.4 million, comprised of $253.2 million of share repurchases and $65.2 million of cash dividends, which reflected a 9.1% increase in our regular quarterly dividend rate effective in the first quarter of 2025.

Cash used in investing activities in the first quarter of 2025 were mainly comprised of organic growth activities related to capital expenditures of $86.9 million in the first quarter of 2025, which declined from $108.7 million in the first quarter of 2024.

Acquisitions

2024 Acquisitions

We acquired each of Cooksey Iron & Metal Company on February 1, 2024; American Alloy Steel, Inc. and Mid-West Materials, Inc. on April 1, 2024; and certain assets of the FerrouSouth division of Ferragon Corporation on August 16, 2024, with cash on hand. Included in our net sales for the first quarters of 2025 and 2024 were combined net sales of $99.4 million and $16.1 million, respectively, from our 2024 acquisitions.

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Results of Operations

The following sets forth certain income statement data for the first quarters of 2025 and 2024 (dollars are shown in millions, except per share amounts, and certain percentages may not calculate due to rounding):


	Three Months Ended March 31,
	2025				2024
			% of				% of
	$		Net Sales		$		Net Sales
Net sales	$	3,484.7	100.0	%	$	3,644.8	100.0	%
Cost of sales (exclusive of depreciation and amortization expense shown below)		2,451.4	70.3			2,516.6	69.0
Gross profit⁽¹⁾		1,033.3	29.7			1,128.2	31.0
Warehouse, delivery, selling, general and administrative expense (“SG&A”)		690.2	19.8			671.5	18.4
Depreciation expense		58.3	1.7			53.3	1.5
Amortization expense		10.4	0.3			10.3	0.3
Operating income	$	274.4	7.9	%	$	393.1	10.8	%
Net income attributable to Reliance	$	199.7	5.7	%	$	302.9	8.3	%
Diluted earnings per share attributable to Reliance stockholders	$	3.74			$	5.23

(1)

Gross profit, calculated as net sales less cost of sales, and gross profit margin, calculated as gross profit divided by net sales, are non-GAAP financial measures as they exclude depreciation and amortization expense associated with the corresponding sales. About half of our orders are basic distribution with no processing services performed. For the remainder of our sales orders, we perform “first-stage” processing, which is generally not labor intensive as we are simply cutting the metal to size. Because of this, the amount of related labor and overhead, including depreciation and amortization, is not significant and is excluded from cost of sales. Therefore, our cost of sales is substantially comprised of the cost of the material we sell. We use gross profit and gross profit margin as shown above as measures of operating performance. Gross profit and gross profit margin are important operating and financial measures as their fluctuations can have a significant impact on our earnings. Gross profit and gross profit margin, as presented, are not necessarily comparable with similarly titled measures for other companies.

First Quarter Ended March 31, 2025 Compared to First Quarter Ended March 31, 2024

Net Sales


	Three Months Ended March 31,				Dollar		Percentage
	2025		2024		Change		Change

	(dollars in millions)
Net sales	$	3,484.7	$	3,644.8	$	(160.1)	(4.4)	%
Net sales, same-store	$	3,385.3	$	3,628.7	$	(243.4)	(6.7)	%

	Three Months Ended March 31,				Tons		Percentage
	2025		2024		Change		Change

	(tons in thousands)
Tons sold		1,628.9		1,494.0		134.9	9.0	%
Tons sold, same-store		1,565.7		1,483.3		82.4	5.6	%

	Three Months Ended March 31,				Price		Percentage
	2025		2024		Change		Change
Average selling price per ton sold	$	2,143	$	2,442	$	(299)	(12.2)	%
Average selling price per ton sold, same-store	$	2,166	$	2,449	$	(283)	(11.6)	%

Our tons sold and average selling price per ton sold exclude our toll processed tons. Our average selling price per ton sold includes intercompany transactions that are eliminated from our consolidated net sales. Same-store amounts exclude the results of our 2024 acquisitions.

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We grew our same-store tons sold and our total tons sold increased to a new quarterly record, surpassing the declining trend in industry shipments as reported by the MSCI. Our record tons sold benefited from solid organic growth, supported by healthy underlying demand in the majority of our end markets, our availability of metals products, contributions from our 2024 acquisitions, and some customers accelerating purchases in advance of anticipated higher metal prices from announced tariffs in March 2025.

Our net sales declined year-over-year due to declines in major commodity selling prices which outweighed record tons sold. Since we primarily purchase and sell our inventories in the spot market, our average selling prices generally fluctuate with the changes in replacement costs of the various metals we purchase. The mix of products sold can also have an impact on our average selling price per ton sold. As carbon steel sales represented 53% of our gross sales for the first quarter of 2025, changes in carbon steel prices have the most significant impact on changes in our average selling price per ton sold.

The mix of our total sales by major commodity products and year-over-year changes in selling prices are presented below:


	Three Months Ended March 31,
	Sales by	Average Selling
	Product	Price Per
	(% of	Ton Sold
	Total Sales)	(% Change)
Carbon steel	53%	(14.5)	%
Aluminum	17%	(1.2)	%
Stainless steel	14%	(10.7)	%
Alloy	4%	(3.4)	%

Our 2024 acquisitions did not significantly impact the selling prices of our major commodity products.

Cost of Sales and Gross Profit


	Three Months Ended March 31,
	2025				2024
			% of				% of		Dollar		Percentage
	$		Net Sales		$		Net Sales		Change		Change

	(dollars in millions)
Cost of sales	$	2,451.4	70.3	%	$	2,516.6	69.0	%	$	(65.2)	(2.6)	%
Gross profit	$	1,033.3	29.7	%	$	1,128.2	31.0	%	$	(94.9)	(8.4)	%
LIFO expense (income), included in cost of sales	$	25.0	0.7	%	$	(50.0)	(1.4)	%	$	75.0

The decrease in cost of sales was attributable to a lower average cost per ton sold, mainly due to declines in replacement costs for carbon steel products, partially offset by an increase in tons sold.

Gross profit decreased from the first quarter of 2024 mainly due to a lower average selling price per ton sold that outweighed record tons sold, and to a lesser extent a decrease in gross profit margin.

We record, in cost of sales, non-cash adjustments to our LIFO method inventory valuation reserve that, in effect, reflects cost of sales at current replacement costs. The inventory caption of our consolidated balance sheet includes a LIFO method inventory valuation reserve of $459.9 million as of March 31, 2025.

Our gross profit margin declined from elevated levels in the first quarter of 2024, but remained at a strong level, as our average selling price per ton sold troughed mid-quarter and improved in March to prices that were higher than when the quarter began. Although our major commodity selling prices were higher in the first quarter of 2024, they declined throughout the quarter, which resulted in $50.0 million of LIFO income that increased gross profit margin. In the first quarter of 2025, our major commodity selling prices increased which resulted in $25.0 million of LIFO expense that lowered gross profit margin.

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See “Net Sales” above for trends in both demand and costs of our products, and product pricing.

Expenses


	Three Months Ended March 31,
	2025				2024
			% of				% of		Dollar		Percentage
	$		Net Sales		$		Net Sales		Change		Change

	(dollars in millions)
SG&A expense	$	690.2	19.8	%	$	671.5	18.4	%	$	18.7	2.8	%
SG&A expense, same-store	$	665.7	19.7	%	$	670.0	18.5	%	$	(4.3)	(0.6)	%

Our same-store SG&A expense in the first quarter of 2025 decreased slightly compared to the first quarter of 2024 mainly due to lower incentive-based compensation, resulting from lower profitability, offset by higher costs associated with wage inflation and increased headcount related to our organic growth activities. SG&A expense as a percentage of sales increased due to a lower average selling price per ton sold; however, operational leverage improved as SG&A expense per ton sold declined nearly 6%.

Operating Income


	Three Months Ended March 31,
	2025				2024
			% of				% of		Dollar		Percentage
	$		Net Sales		$		Net Sales		Change		Change

	(dollars in millions)
Operating income	$	274.4	7.9	%	$	393.1	10.8	%	$	(118.7)	(30.2)	%

Operating income declined due to lower gross profit, driven by lower metals pricing and gross profit margin, that outweighed an increase in same-store tons sold, improved operational leverage, and contributions from our 2024 acquisitions. Our operating income margin declined as a result of a lower average selling price per ton sold and gross profit margin that outweighed improved operational leverage.

See “Net Sales” above for discussion of trends in demand and product costs and “Expenses” for trends in our operating expenses.

Income Tax Rate

Financial Condition

Operating Activities

Net cash provided by operations of $64.5 million in the first quarter of 2025 decreased $61.8 million from $126.3 million in the first quarter of 2024. The decrease was mainly due to a $103.3 million decline in net income, partially offset by changes in operating assets and liabilities. Changes in operating assets and liabilities (exclusive of acquisitions) used cash of $223.4 million in the first quarter of 2025 compared to $256.9 million in the first quarter of 2024.

Investing Activities

Net cash used in investing activities of $87.6 million in the first quarter of 2025 decreased $89.8 million from $177.4 million in the first quarter of 2024. The decrease was mainly due to $53.7 million spent on an acquisition in the first quarter

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of 2024 and a $21.8 million decrease in capital expenditures. The majority of our capital expenditures in the first quarters of 2025 and 2024 were related to growth activities.

Financing Activities

Net cash used in financing activities of $18.6 million in the first quarter of 2025 decreased $71.7 million from $90.3 million in the first quarter of 2024. The decrease was mainly the result of increased net debt borrowings on our revolving credit facility, partially offset by increased share repurchases. Net debt borrowings were $330.0 million in the first quarter of 2025 compared to no net debt borrowings in the first quarter of 2024. In the first quarter of 2025, we repurchased $253.2 million of our common stock compared to no repurchases in the first quarter of 2024. Our returns to stockholders also included a 9.1% increase in our quarterly dividend rate in February 2025; however, our total dividend payments of $65.2 million in the first quarter 2025 were lower than the $65.3 million paid in the first quarter of 2024 as a result of an approximately 8% reduction in our outstanding common shares from share repurchases in the past four quarters.

On April 21, 2025, our Board of Directors declared the 2025 second quarter cash dividend of $1.20 per share. We have increased our quarterly dividend 32 times since our 1994 IPO, with the most recent increase of 9.1% from $1.10 to $1.20 per share effective in the first quarter of 2025. We have paid quarterly cash dividends on our common stock for 66 consecutive years and have never reduced or suspended our regular quarterly dividend.

Share Repurchase Plan

See Note 10—“Equity” to our consolidated financial statements for information on our share repurchases.

As of April 25, 2025, we had remaining authorization to repurchase $1.02 billion of our common stock under our $1.5 billion share repurchase program authorized by our Board of Directors on October 22, 2024. The share repurchase program does not obligate us to repurchase any specific number of shares in any prescribed period, does not have a specific expiration date and may be suspended or discontinued at any time.

Debt

We have a $1.5 billion unsecured revolving credit facility with $330.0 million of outstanding borrowings as of March 31, 2025 compared to no outstanding borrowings as of December 31, 2024. We also have an aggregate of $1.15 billion principal amount of senior unsecured note obligations with various maturities through 2036 issued under indentures, including $400.0 million of senior notes due in August 2025.

See Note 7—“Debt” to our consolidated financial statements for further information on our amended credit agreement and indentures governing our debt securities.

Liquidity and Capital Resources

We believe our primary sources of liquidity, including funds generated from operations, cash and cash equivalents and our $1.5 billion revolving credit facility, will be sufficient to satisfy our cash requirements and stockholder return activities over the next 12 months and beyond. As of March 31, 2025, we had $277.8 million in cash and cash equivalents and our net debt-to-total capital ratio was 14.4%, up from 10.2% as of December 31, 2024.

As of March 31, 2025, we had $401.1 million of debt obligations coming due before our $1.5 billion unsecured revolving credit facility matures on September 10, 2029, including $400.0 million of senior notes due in August 2025.

We believe that we will continue to have sufficient liquidity to fund our future operating needs and to repay our debt obligations as they become due. In addition to funds generated from operations and approximately $1.17 billion available for borrowing on our unsecured revolving credit facility, we expect to continue to be able to access the capital markets to raise funds, if desired. We believe our investment grade credit ratings enhance our ability to effectively raise capital. We believe our sources of liquidity will continue to be adequate to maintain operations, make necessary capital expenditures, finance strategic growth through acquisitions and internal initiatives, pay dividends and repurchase our common stock.

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Covenants

The Credit Agreement and indentures governing our debt securities include customary representations, warranties, covenants and events of default provisions. The covenants under the Credit Agreement include, among other things, a financial maintenance covenant that requires us to comply with a maximum total net leverage ratio.

We were in compliance with the financial maintenance covenant under our Credit Agreement as of March 31, 2025.

Seasonality

Some of our customers are in seasonal businesses, especially customers in the construction industry and related businesses. Our overall operations have not shown any material seasonal trends as a result of our geographic, product and customer diversity. Typically, revenues in the months of July, November and December have been lower than in other months because of a reduced number of working days for shipments of our products, resulting from holidays observed by the Company as well as vacation and extended holiday closures at some of our customers. The number of shipping days in each quarter also has an impact on our quarterly sales and profitability. We cannot predict whether period-to-period fluctuations will be consistent with historical patterns. Results of any one or more quarters are therefore not necessarily indicative of annual results.

Goodwill and Other Intangible Assets

Goodwill, which represents the excess of cost over the fair value of net assets acquired, amounted to $2.17 billion as of March 31, 2025, or approximately 21% of total assets and 30% of total equity. Additionally, other intangible assets, net amounted to $997.0 million as of March 31, 2025, or approximately 10% of total assets and 14% of total equity. Goodwill and other intangible assets deemed to have indefinite lives are not amortized but are subject to annual impairment tests and further evaluation when certain events occur. Other intangible assets with finite useful lives are amortized over their estimated useful lives. We review the recoverability of our long-lived assets whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable.

Critical Accounting Estimates

Our consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles. When we prepare these consolidated financial statements, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Some of our accounting policies are critical due to the fact that they involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on our financial condition or results of operations. Our most critical accounting estimates include those related to the recoverability of goodwill and other indefinite-lived intangible assets, and long-lived assets. We base our estimates and judgments on historical experience and on various other factors that we believe to be reasonable under the circumstances, the results of which form the basis for our judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Our actual results may differ from these estimates under different assumptions or conditions.

During the quarter ended March 31, 2025, there were no material changes to our critical accounting estimates as compared to the critical accounting estimates disclosed in Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024.

Website Disclosure

The Company may use its website as a distribution channel of material company information. Financial and other important information regarding the Company is routinely posted on and accessible through the Company’s website at www.reliance.com, and our investors relations website, https://investor.reliance.com. In addition, you may automatically

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receive email alerts and other information about the Company when you enroll your email address by visiting the “Email Alerts” section at https://investor.reliance.com. Our website address is for informational purposes only and is not intended for use as a hyperlink. We are not incorporating any material on our website into this quarterly report on Form 10-Q.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

For the Company’s disclosures about market risk, please see Item 7A “Quantitative and Qualitative Disclosures About Market Risk” in our Annual Report on Form 10-K for the year ended December 31, 2024. There have been no material changes to the Company’s exposures to market risk as disclosed in Part II—Item 7A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Item 4. Controls and Procedures

Under the supervision and with the participation of the Company’s management, including the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), an evaluation was performed on the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to and as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act. Based upon that evaluation, our management, including the CEO and the CFO, concluded that, as of the end of the period covered in this report, the Company’s disclosure controls and procedures were effective to ensure information required to be disclosed in the reports that the Company files or submits under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC rules and forms, and that it is accumulated and communicated to our management, including the CEO and our CFO, as appropriate, to allow timely decisions regarding required disclosure.

There have been no changes in the Company’s internal control over financial reporting during the first quarter of 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II — OTHER INFORMATION

Item 1. Legal Proceedings

The information contained under the captions “Legal Matters” and “Environmental Contingencies” in Note 11—“Commitments and Contingencies” to our Unaudited Consolidated Financial Statements included in this Quarterly Report on Form 10-Q is incorporated by reference into this Item 1.

Item 1A. Risk Factors

There have been no material changes to the risk factors disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Table of Contents

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Our share repurchase activity for the first quarter of 2025 was as follows:


				Total Number of	Maximum Dollar
	Total Number	Average Price		Shares Purchased	Value That May
	of Shares	Paid		as Part of Publicly	Yet Be Purchased
Period	Purchased	Per Share		Announced Plan	Under the Plan⁽¹⁾
					(in millions)
January 1 - January 31, 2025	671,193	$	272.16	671,193	$	1,174.9
February 1 - February 28, 2025	72,069	$	284.57	72,069	$	1,154.4
March 1 - March 31, 2025	179,394	$	278.72	179,394	$	1,104.4
Total	922,656	$	274.41	922,656

(1)

All repurchases were made under our $1.5 billion share repurchase program authorized by our Board of Directors on October 22, 2024. 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. Under the share repurchase plan, shares may be repurchased through a variety of methods including, but not limited to, open market purchases, accelerated share repurchases, negotiated block purchases and transactions structured through investment banking institutions under plans relying on Rule 10b5-1 and/or Rule 10b-18 under the Exchange Act.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the first quarter of 2025, none of the Company’s directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934) adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408(a) of Regulation S-K).

Item 6. Exhibits


Exhibit Number		Description
31.1*		Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended.
31.2*		Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended.
32**		Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101*		The following unaudited financial information from Reliance, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 formatted in iXBRL (Inline eXtensible Business Reporting Language) includes: (i) the Consolidated Statements of Income and Comprehensive Income, (ii) the Consolidated Balance Sheets, (iii) the Consolidated Statements of Cash Flows, (iv) the Consolidated Statements of Equity, and (v) related notes to these consolidated financial statements.
104*		Cover page interactive data file formatted as Inline XBRL (included in Exhibit 101).

* Filed herewith.

** Furnished herewith.

Table of Contents

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	RELIANCE, INC.
	(Registrant)


Date: May 1, 2025	By:	/s/ Arthur Ajemyan

		Arthur Ajemyan
		Senior Vice President, Chief Financial Officer
		(Duly Authorized Officer, Principal Financial Officer and Principal Accounting Officer)

EX-31.1 2 rs-20250331xex31d1.htm EX-31.1

EXHIBIT 31.1

Certification of Principal Executive Officer

Pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934

I, Karla R. Lewis, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Reliance, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 1, 2025


	/s/ Karla R. Lewis

	Karla R. Lewis
	President and Chief Executive Officer

EX-31.2 3 rs-20250331xex31d2.htm EX-31.2

EXHIBIT 31.2

Certification of Principal Financial Officer

Pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934

I, Arthur Ajemyan, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Reliance, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 1, 2025


	/s/ Arthur Ajemyan
	Arthur Ajemyan
	Senior Vice President, Chief Financial Officer

EX-32 4 rs-20250331xex32.htm EX-32

EXHIBIT 32

Certification

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

(Subsections (a) and (b) of Section 1350, Chapter 63 of title 18, United States Code)

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code) (the “Act”), each of the undersigned officers of Reliance, Inc., a Delaware corporation (the “Company”), does hereby certify that:

The Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 (the “Periodic Report”) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)) and information contained in the Periodic Report fairly presents, in all material respects, the financial condition and results of operations of the Company.



/s/ Karla R. Lewis
Karla R. Lewis
President and Chief Executive Officer


/s/ Arthur Ajemyan
Arthur Ajemyan
Senior Vice President, Chief Financial Officer

Date: May 1, 2025

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

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basic (in dollars per share) Earnings Per Share, Diluted Diluted (in dollars per share) Earnings per share attributable to Reliance stockholders - diluted (in dollars per share) Weighted Average Number of Shares Outstanding, Basic [Abstract] Shares used in computing earnings per share: Weighted Average Number of Shares Outstanding, Basic Weighted average shares outstanding (in shares) Basic (in shares) Weighted Average Number of Shares Outstanding, Diluted Diluted (in shares) Weighted average diluted shares outstanding (in shares) UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Other Comprehensive Income (Loss), Net of Tax [Abstract] Other comprehensive income (loss): Other comprehensive income (loss): Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax Foreign currency translation gain (loss) Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax Postretirement benefit adjustments, net of tax Other Comprehensive Income (Loss), Net of Tax Total other comprehensive income (loss) Other comprehensive income (loss) Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest Comprehensive income Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest Comprehensive income Less: comprehensive income attributable to noncontrolling interests Comprehensive Income (Loss), Net of Tax, Attributable to Parent Comprehensive income attributable to Reliance UNAUDITED CONSOLIDATED BALANCE SHEETS Assets [Abstract] ASSETS Assets, Current [Abstract] Current assets: Cash and Cash Equivalents, at Carrying Value Cash and cash equivalents Accounts Receivable, after Allowance for Credit Loss, Current Accounts receivable, less allowance for credit losses of $26.0 and $23.2 Inventory, Net Inventories Prepaid Expense and Other Assets, Current Prepaid expenses and other current assets Income Taxes Receivable, Current Income taxes receivable Assets, Current Total current assets Property, Plant and Equipment, Net. 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Payments of Ordinary Dividends, Common Stock And Dividend Equivalents Cash dividends and dividend equivalents Payments for Repurchase of Common Stock Share repurchases Payment, Tax Withholding, Share-Based Payment Arrangement Taxes paid related to net share settlement of restricted stock units Proceeds from (Payments for) Other Financing Activities Other Net Cash Provided by (Used in) Financing Activities Net cash used in financing activities Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations Effect of exchange rate changes on cash and cash equivalents Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect Decrease in cash and cash equivalents Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents Cash and cash equivalents, ending balance Cash and cash equivalents, beginning balance Supplemental Cash Flow Information [Abstract] Supplemental cash flow information: Interest Paid, Excluding Capitalized Interest, Operating Activities Interest paid Income Taxes Paid, Net Income taxes paid, net UNAUDITED CONSOLIDATED STATEMENTS OF EQUITY Equity Components [Axis] Equity Component [Domain] Parent [Member] Reliance Stockholders' Common Stock Including Additional Paid in Capital [Member] Common Stock and Additional Paid in Capital Retained Earnings [Member] Retained Earnings AOCI Attributable to Parent [Member] Accumulated Other Comprehensive Loss Noncontrolling Interest [Member] Non-controlling Interests Increase (Decrease) in Stockholders' Equity [Roll Forward] Increase (Decrease) in Stockholders' Equity Schedule of accumulated other comprehensive loss Dividends, Common Stock, Cash Cash dividends Amount of paid and unpaid common stock dividend equivalents declared with the form of settlement in cash. 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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2025	Apr. 25, 2025
Cover Abstract
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
Document Transition Report	false
Securities Act File Number	001-13122
Entity Registrant Name	RELIANCE, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-1142616
Entity Address, Address Line One	16100 N. 71st Street, Suite 400
Entity Address, City or Town	Scottsdale
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85254
City Area Code	(480)
Local Phone Number	564-5700
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	RS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		52,588,106
Entity Central Index Key	0000861884
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Amendment Flag	false

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UNAUDITED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
UNAUDITED CONSOLIDATED STATEMENT OF INCOME
Net sales	$ 3,484.7	$ 3,644.8
Costs and expenses:
Cost of sales (exclusive of depreciation and amortization shown below)	2,451.4	2,516.6
Warehouse, delivery, selling, general and administrative	690.2	671.5
Depreciation and amortization	68.7	63.6
Total costs and expenses	3,210.3	3,251.7
Operating income	274.4	393.1
Other (income) expense:
Interest expense	11.5	9.7
Other expense (income), net	0.5	(12.8)
Income before income taxes	262.4	396.2
Income tax provision	61.9	92.4
Net income	200.5	303.8
Less: net income attributable to noncontrolling interests	0.8	0.9
Net income attributable to Reliance	$ 199.7	$ 302.9
Earnings per share attributable to Reliance stockholders:
Basic (in dollars per share)	$ 3.76	$ 5.28
Diluted (in dollars per share)	$ 3.74	$ 5.23
Shares used in computing earnings per share:
Basic (in shares)	53,075	57,340
Diluted (in shares)	53,399	57,882

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UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 200.5	$ 303.8
Other comprehensive income (loss):
Foreign currency translation gain (loss)	3.3	(15.7)
Postretirement benefit adjustments, net of tax	(0.9)	(0.9)
Total other comprehensive income (loss)	2.4	(16.6)
Comprehensive income	202.9	287.2
Less: comprehensive income attributable to noncontrolling interests	0.8	0.9
Comprehensive income attributable to Reliance	$ 202.1	$ 286.3

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+ Details

XML 15 R4.htm IDEA: XBRL DOCUMENT

UNAUDITED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 277.8	$ 318.1
Accounts receivable, less allowance for credit losses of $26.0 and $23.2	1,671.8	1,342.0
Inventories	2,114.3	2,026.8
Prepaid expenses and other current assets	135.6	148.2
Income taxes receivable	11.5	60.4
Total current assets	4,211.0	3,895.5
Property, plant and equipment, net	2,573.4	2,544.9
Operating lease right-of-use assets	286.3	275.2
Goodwill	2,165.6	2,161.8
Intangible assets, net	997.0	1,007.2
Cash surrender value of life insurance policies, net	40.5	46.0
Other long-term assets	91.2	91.2
Total assets	10,365.0	10,021.8
Current liabilities:
Accounts payable	520.8	361.9
Accrued expenses	136.7	144.4
Accrued compensation and retirement benefits	155.9	195.2
Accrued insurance costs	53.7	50.4
Current maturities of long-term debt	399.9	399.7
Current maturities of operating lease liabilities	62.9	61.4
Total current liabilities	1,329.9	1,213.0
Long-term debt	1,073.1	742.8
Operating lease liabilities	224.1	214.2
Long-term retirement benefits	28.2	26.9
Other long-term liabilities	58.9	56.8
Deferred income taxes	537.2	537.5
Total liabilities	3,251.4	2,791.2
Commitments and contingencies
Equity:
Preferred stock, $0.001 par value: 5,000 shares authorized; none issued or outstanding
Common stock and additional paid-in capital, $0.001 par value and 200,000 shares authorized Issued and outstanding shares-52,889 and 53,715	0.1	0.1
Retained earnings	7,214.5	7,334.7
Accumulated other comprehensive loss	(112.8)	(115.2)
Total Reliance stockholders' equity	7,101.8	7,219.6
Noncontrolling interests	11.8	11.0
Total equity	7,113.6	7,230.6
Total liabilities and equity	$ 10,365.0	$ 10,021.8

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UNAUDITED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Millions	Mar. 31, 2025	Dec. 31, 2024
UNAUDITED CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for credit losses	$ 26.0	$ 23.2
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, Authorized shares	5,000	5,000
Preferred stock, issued shares	0	0
Preferred stock, outstanding shares	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, Authorized shares	200,000	200,000
Common stock, Issued shares	52,889	53,715
Common stock, outstanding shares	52,889	53,715

XML 17 R6.htm IDEA: XBRL DOCUMENT

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Operating activities:
Net income	$ 200.5	$ 303.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	68.7	63.6
Stock-based compensation expense	12.2	13.0
Other	6.5	2.8
Changes in operating assets and liabilities (excluding effect of businesses acquired):
Accounts receivable	(332.1)	(211.6)
Inventories	(85.9)	(114.6)
Prepaid expenses and other assets	80.8	73.9
Accounts payable and other liabilities	113.8	(4.6)
Net cash provided by operating activities	64.5	126.3
Investing activities:
Acquisitions, net of cash acquired		(53.7)
Purchases of property, plant and equipment	(86.9)	(108.7)
Other	(0.7)	(15.0)
Net cash used in investing activities	(87.6)	(177.4)
Financing activities:
Proceeds from long-term debt borrowings	788.0
Principal payments on long-term debt	(458.0)
Cash dividends and dividend equivalents	(65.2)	(65.3)
Share repurchases	(253.2)
Taxes paid related to net share settlement of restricted stock units	(11.5)	(23.9)
Other	(18.7)	(1.1)
Net cash used in financing activities	(18.6)	(90.3)
Effect of exchange rate changes on cash and cash equivalents	1.4	(3.9)
Decrease in cash and cash equivalents	(40.3)	(145.3)
Cash and cash equivalents, beginning balance	318.1	1,080.2
Cash and cash equivalents, ending balance	277.8	934.9
Supplemental cash flow information:
Interest paid	10.0	8.8
Income taxes paid, net	$ 13.9	$ 10.2

XML 18 R7.htm IDEA: XBRL DOCUMENT

UNAUDITED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Reliance Stockholders'	Common Stock and Additional Paid in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Non-controlling Interests	Total
Balance at Dec. 31, 2023		$ 0.1	$ 7,798.9	$ (76.7)	$ 10.5	$ 7,732.8
Increase (Decrease) in Stockholders' Equity
Net income attributable to Reliance			302.9			302.9
Cash dividends			(63.2)
Dividend equivalents paid on vested restricted stock units			(2.1)
Other comprehensive income (loss)				(16.6)		(16.6)
Comprehensive income					0.9	(0.9)
Dividend paid					(1.1)
Stock-based compensation		13.0
Taxes paid related to net share settlement of restricted stock units		(13.0)	(10.9)
Balance at Mar. 31, 2024	$ 7,932.4	0.1	8,025.6	(93.3)	10.3	7,942.7
Balance at Dec. 31, 2024		0.1	7,334.7	(115.2)	11.0	7,230.6
Increase (Decrease) in Stockholders' Equity
Net income attributable to Reliance			199.7			199.7
Cash dividends			(63.7)
Dividend equivalents paid on vested restricted stock units			(1.5)
Other comprehensive income (loss)				2.4		2.4
Comprehensive income					0.8	(0.8)
Stock-based compensation		12.2
Taxes paid related to net share settlement of restricted stock units			(11.5)
Repurchase of common shares		(12.2)	(241.0)
Excise tax on repurchase of common shares			(2.2)
Balance at Mar. 31, 2025	$ 7,101.8	$ 0.1	$ 7,214.5	$ (112.8)	$ 11.8	$ 7,113.6

XML 19 R8.htm IDEA: XBRL DOCUMENT

UNAUDITED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
UNAUDITED CONSOLIDATED STATEMENTS OF EQUITY
Cash dividends declared per common share (in dollars per share)	$ 1.2	$ 1.1	$ 1

XML 20 R9.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2025

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Note 1. Summary of Significant Accounting Policies

Principles of Consolidation

Inventories

Impact of Recently Issued Accounting Standards—Not Yet Adopted

XML 21 R10.htm IDEA: XBRL DOCUMENT

Acquisitions

3 Months Ended

Mar. 31, 2025

Acquisitions

Acquisitions

Note 2. Acquisitions

2024 Acquisitions

2024, with cash on hand. Included in our net sales for the first quarters of 2025 and 2024 were combined net sales of $99.4 million and $16.1 million, respectively, from our 2024 acquisitions.

The aggregate allocation of the purchase prices for our 2024 acquisitions to the fair values of the assets acquired and liabilities assumed was as follows:


	(in millions)
Cash	$	5.6
Accounts receivable		44.9
Inventories		109.9
Prepaid expenses and other current assets		1.0
Property, plant and equipment		107.5
Operating lease right-of-use assets		19.2
Goodwill		59.5
Intangible assets subject to amortization		39.5
Intangible assets not subject to amortization		41.4
Total assets acquired		428.5
Deferred income taxes		6.7
Operating lease liabilities		15.1
Other current and long-term liabilities		32.7
Total liabilities assumed		54.5
Noncontrolling interest		0.3
Net assets acquired	$	373.7

Summary purchase price allocation information for all acquisitions

Pro forma financial information for all acquisitions

Pro forma net sales were $3,746.5 million for the first quarter of 2024 and pro forma net income and earnings per shares were comparable with our first quarter of 2024 consolidated results.

XML 22 R11.htm IDEA: XBRL DOCUMENT

Revenues

3 Months Ended

Mar. 31, 2025

Revenues

Revenues

Note 3. Revenues

The following table presents our net sales disaggregated by product and service:


	Three Months Ended March 31,
	2025		2024

	(in millions)
Carbon steel	$	1,904.2	$	2,012.9
Aluminum		605.6		596.1
Stainless steel		503.2		559.9
Alloy		158.4		171.9
Toll processing and logistics		160.2		157.8
Copper and brass		81.7		75.3
Miscellaneous and eliminations		71.4		70.9
Total	$	3,484.7	$	3,644.8

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

XML 23 R12.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment, Net

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment, Net

Property, Plant and Equipment, Net

Note 4. Property, Plant and Equipment, Net

Property, plant and equipment, net consists of the following:


	March 31,		December 31,
	2025		2024

	(in millions)
Land	$	295.9	$	297.2
Buildings		1,696.4		1,689.2
Machinery and equipment		2,654.9		2,643.2
Construction in progress		340.1		297.0
Property, plant and equipment, gross		4,987.3		4,926.6
Less: accumulated depreciation		(2,413.9)		(2,381.7)
Property, plant and equipment, net	$	2,573.4	$	2,544.9

As of March 31, 2025 and December 31, 2024, noncash investing activity included $5.8 million and $7.3 million of capital expenditures, respectively, included in accounts payable and accrued expenses.

XML 24 R13.htm IDEA: XBRL DOCUMENT

Goodwill

3 Months Ended

Mar. 31, 2025

Goodwill

Goodwill

Note 5. Goodwill

The change in the carrying amount of goodwill is as follows:


	(in millions)
Balance as of January 1, 2025	$	2,161.8
Acquisitions		3.5
Effect of foreign currency translation		0.3
Balance as of March 31, 2025	$	2,165.6

We had no accumulated impairment losses related to goodwill as of March 31, 2025 and December 31, 2024.

XML 25 R14.htm IDEA: XBRL DOCUMENT

Intangible Assets, Net

3 Months Ended

Mar. 31, 2025

Intangible Assets, Net

Intangible Assets, Net

Note 6. Intangible Assets, Net

Intangible assets, net consisted of the following:


		March 31, 2025				December 31, 2024
	Weighted Average	Gross				Gross
	Amortizable	Carrying		Accumulated		Carrying		Accumulated
	Life in Years	Amount		Amortization		Amount		Amortization

		(in millions)
Intangible assets subject to amortization:
Customer lists/relationships	13.9	$	753.6	$	(569.4)	$	753.4	$	(559.6)
Backlog of orders	7.9		20.9		(8.8)		21.0		(8.2)
Other	9.3		10.1		(9.6)		10.2		(9.6)
			784.6		(587.8)		784.6		(577.4)
Intangible assets not subject to amortization:
Trade names			800.2		—		800.0		—
		$	1,584.8	$	(587.8)	$	1,584.6	$	(577.4)

Changes in the carrying amount of intangible assets, net are as follows:


	(in millions)
Balance as of January 1, 2025	$	1,007.2
Amortization expense		(10.4)
Effect of foreign currency translation		0.2
Balance as of March 31, 2025	$	997.0

The following is a summary of estimated future amortization expense:


	(in millions)
2025 (remaining nine months)	$	28.7
2026		29.5
2027		28.9
2028		27.4
2029		25.3
Thereafter		57.0
	$	196.8

XML 26 R15.htm IDEA: XBRL DOCUMENT

Debt

3 Months Ended

Mar. 31, 2025

Debt

Debt

Note 7. Debt

Debt consisted of the following:


	March 31,		December 31,
	2025		2024

	(in millions)
Unsecured revolving credit facility maturing September 10, 2029	$	330.0	$	—
Senior unsecured notes, interest payable semi-annually at 1.30%, effective rate of 1.53%, maturing August 15, 2025		400.0		400.0
Senior unsecured notes, interest payable semi-annually at 2.15%, effective rate of 2.27%, maturing August 15, 2030		500.0		500.0
Senior unsecured notes, interest payable semi-annually at 6.85%, effective rate of 6.91%, maturing November 15, 2036		250.0		250.0
Other notes		1.1		1.1
Total		1,481.1		1,151.1
Less: unamortized discount and debt issuance costs		(8.1)		(8.6)
Less: amounts due within one year		(399.9)		(399.7)
Total long-term debt	$	1,073.1	$	742.8

The weighted average effective interest rates on the Company’s outstanding borrowings as of March 31, 2025 and December 31, 2024 were 3.54% and 3.02%, respectively.

Unsecured Credit Facility

Senior Unsecured Notes

Letter of Credit/Letters of Guarantee Facility

Covenants

covenant that requires us to comply with a maximum total net leverage ratio. We were in compliance with the financial maintenance covenant in our Credit Agreement as of March 31, 2025.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (a)(3)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)(2)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1B
-Subparagraph (g)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

XML 27 R16.htm IDEA: XBRL DOCUMENT

Leases

3 Months Ended

Mar. 31, 2025

Leases

Leases

Note 8. Leases

The following is a summary of our lease cost:


	Three Months Ended March 31,
	2025		2024

	(in millions)
Operating lease cost	$	20.1	$	17.6
Variable fees and other⁽¹⁾		8.0		7.6
Total lease cost	$	28.1	$	25.2

(1)	Includes variable lease payments and costs of short-term leases.

Supplemental cash flow and balance sheet information is presented below:


	Three Months Ended March 31,
	2025		2024

	(in millions)
Supplemental cash flow information:
Cash payments for operating leases	$	27.8	$	25.3
Right-of-use assets obtained in exchange for operating lease obligations	$	27.8	$	28.2

	March 31,		December 31,
	2025		2024
Other lease information:
Weighted average remaining lease term—operating leases		6.4 years		6.3 years
Weighted average discount rate—operating leases		4.7%		4.6%

Maturities of operating lease liabilities as of March 31, 2025 are as follows:


	(in millions)
2025 (remaining nine months)	$	57.0
2026		66.1
2027		54.6
2028		45.0
2029		36.3
Thereafter		76.5
Total operating lease payments		335.5
Less: imputed interest		(48.5)
Total operating lease liabilities	$	287.0

XML 28 R17.htm IDEA: XBRL DOCUMENT

Income Taxes

3 Months Ended

Mar. 31, 2025

Income Taxes

Income Taxes

Note 9. Income Taxes

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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+ Details

XML 29 R18.htm IDEA: XBRL DOCUMENT

Equity

3 Months Ended

Mar. 31, 2025

Equity

Equity

Note 10. Equity

Stock-Based Compensation Plans

A summary of the status of our unvested RSUs and PSUs as of March 31, 2025 and changes during the first quarter of 2025 is as follows:


		Weighted
		Average
		Grant Date
	RSU and PSU	Fair Value
	Aggregate Units	Per Unit
Unvested as of January 1, 2025	327,017	$	267.96
Granted⁽¹⁾	162,900		299.38
Vested	(425)		261.27
Cancelled or forfeited	(3,542)		270.78
Unvested as of March 31, 2025	485,950	$	278.48
Shares reserved for future grants (all plans)	1,223,658

(1)	Comprised of 96,973 RSUs and 65,927 PSUs granted in February 2025. The RSUs cliff vest on December 1, 2027 and the PSUs vest upon the completion of a 3-year performance period ending December 31, 2027.

Common Stock

On April 21, 2025, our Board of Directors declared the 2025 second quarter cash dividend of $1.20 per share of common stock, payable on June 6, 2025 to stockholders of record as of May 23, 2025.

Share Repurchases

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss included the following:


			Pension and
	Foreign Currency		Postretirement Benefit		Accumulated Other
	Translation		Plan Adjustments,		Comprehensive
	(Loss) Gain		Net of Tax		(Loss) Income
			(in millions)
Balance as of January 1, 2025	$	(119.7)	$	4.5	$	(115.2)
Current-period change		3.3		(0.9)		2.4
Balance as of March 31, 2025	$	(116.4)	$	3.6	$	(112.8)

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

XML 30 R19.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies.

Commitments and Contingencies

Note 11. Commitments and Contingencies

Environmental Contingencies

Legal Matters

XML 31 R20.htm IDEA: XBRL DOCUMENT

Earnings Per Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share

Earnings Per Share

Note 12. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:


	Three Months Ended March 31,
	2025		2024

	(in millions, except number of shares which are reflected in thousands and per share amounts)
Numerator:
Net income attributable to Reliance	$	199.7	$	302.9

Denominator:
Weighted average shares outstanding		53,075		57,340
Dilutive effect of stock-based awards		324		542
Weighted average diluted shares outstanding		53,399		57,882

Earnings per share attributable to Reliance stockholders:
Basic	$	3.76	$	5.28
Diluted	$	3.74	$	5.23

XML 32 R21.htm IDEA: XBRL DOCUMENT

Segment Information

3 Months Ended

Mar. 31, 2025

Segment Information

Segment Information

Note 13. Segment Information

We have one operating and reportable segment—metals service centers. Reliance derives revenue primarily in the United States and manages its business activities on a consolidated basis.

The measure of segment assets is reported on the accompanying consolidated balance sheet as total assets.

The measure of segment profit and loss is net income reported on the accompanying consolidated income statements.

Information about our segment revenue, net income, significant expenses, and other quantitative information is presented below:


	Metals Service Centers Segment
	Three Months Ended March 31,
	2025		2024

	(in millions)
Revenues	$	3,484.7	$	3,644.8
Less:
Cost of sales (exclusive of depreciation and amortization shown below)		2,451.4		2,516.6
Compensation expense		420.1		413.8
Other segment items⁽¹⁾		270.6		244.9
Depreciation and amortization expense		68.7		63.6
Interest expense		11.5		9.7
Income tax provision		61.9		92.4
Consolidated net income	$	200.5	$	303.8

Other Segment Disclosures:
Purchases of property, plant and equipment	$	86.9	$	108.7

(1)	Other segment items included in Segment net income mainly includes warehousing and delivery related expenses, which include among others, 3^rd party freight, gas and oil, utilities & rent, plant supplies, and repairs and maintenance.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

XML 33 R22.htm IDEA: XBRL DOCUMENT

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

XML 34 R23.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2025
Summary of Significant Accounting Policies
Principles of Consolidation	Principles of Consolidation The accompanying unaudited consolidated financial statements include the accounts of Reliance, Inc. and its subsidiaries (collectively “Reliance”, the “Company”, “we”, “our” or “us”). These financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, the consolidated financial statements reflect all material adjustments, which are of a normal recurring nature, necessary for presentation of financial statements for interim periods in accordance with U.S. GAAP. Interim results are not necessarily indicative of the results for a full year. All significant intercompany accounts and transactions have been eliminated. The ownership of the other interest holders of consolidated subsidiaries is reflected as noncontrolling interests. Investments in unconsolidated subsidiaries are recorded under the equity method of accounting. These consolidated financial statements and accompanying notes should be read in conjunction with the consolidated financial statements and accompanying notes included in Reliance’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results could differ from those estimates.
Inventories	Inventories The majority of our inventory is valued using the last-in, first-out (“LIFO”) method, which is not in excess of market. Under this method, older costs are included in inventory, which may be higher or lower than current costs. We estimate the effect of LIFO on interim periods by allocating the projected year-end LIFO calculation to interim periods on a pro rata basis.
Impact of Recently Issued Accounting Standards - Not Yet Adopted	Impact of Recently Issued Accounting Standards—Not Yet Adopted Improvement to Income Tax Disclosures—In December 2023, the FASB issued changes to expand the disclosure requirements for income taxes. The changes require disaggregated information about our effective tax rate reconciliation and income taxes paid. These changes are effective for our annual periods beginning in our 2025 fiscal year. As the guidance only requires additional disclosure, there will be no impact to our results of operations, financial condition or cash flows. Disaggregation of Income Statement Expenses—In November 2024, the FASB issued changes to expand the disclosure requirements for specific expense categories. The changes require disaggregated quantitative disclosure, in the notes to the financial statements, of prescribed expense categories included within relevant income statement expense captions. These changes will be effective beginning with our 2027 fiscal year and subsequent interim periods, with early adoption permitted. As the guidance only requires additional disclosure, there will be no impact to our results of operations, financial condition or cash flows.

- Definition

Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.

+ References + Details

XML 35 R24.htm IDEA: XBRL DOCUMENT

Acquisitions (Tables)

3 Months Ended

Mar. 31, 2025

2024 Acquisitions

Acquisitions

Schedule of allocation of the purchase price of acquisition to the fair value of the assets acquired and liabilities assumed


	(in millions)
Cash	$	5.6
Accounts receivable		44.9
Inventories		109.9
Prepaid expenses and other current assets		1.0
Property, plant and equipment		107.5
Operating lease right-of-use assets		19.2
Goodwill		59.5
Intangible assets subject to amortization		39.5
Intangible assets not subject to amortization		41.4
Total assets acquired		428.5
Deferred income taxes		6.7
Operating lease liabilities		15.1
Other current and long-term liabilities		32.7
Total liabilities assumed		54.5
Noncontrolling interest		0.3
Net assets acquired	$	373.7

XML 36 R25.htm IDEA: XBRL DOCUMENT

Revenues (Tables)

3 Months Ended

Mar. 31, 2025

Revenues

Schedule of disaggregation of revenue


	Three Months Ended March 31,
	2025		2024

	(in millions)
Carbon steel	$	1,904.2	$	2,012.9
Aluminum		605.6		596.1
Stainless steel		503.2		559.9
Alloy		158.4		171.9
Toll processing and logistics		160.2		157.8
Copper and brass		81.7		75.3
Miscellaneous and eliminations		71.4		70.9
Total	$	3,484.7	$	3,644.8

XML 37 R26.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment, Net

Schedule of property, plant and equipment, net


	March 31,		December 31,
	2025		2024

	(in millions)
Land	$	295.9	$	297.2
Buildings		1,696.4		1,689.2
Machinery and equipment		2,654.9		2,643.2
Construction in progress		340.1		297.0
Property, plant and equipment, gross		4,987.3		4,926.6
Less: accumulated depreciation		(2,413.9)		(2,381.7)
Property, plant and equipment, net	$	2,573.4	$	2,544.9

XML 38 R27.htm IDEA: XBRL DOCUMENT

Goodwill (Tables)

3 Months Ended

Mar. 31, 2025

Goodwill

Schedule of changes in the carrying amount of goodwill


	(in millions)
Balance as of January 1, 2025	$	2,161.8
Acquisitions		3.5
Effect of foreign currency translation		0.3
Balance as of March 31, 2025	$	2,165.6

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

XML 39 R28.htm IDEA: XBRL DOCUMENT

Intangible Assets, Net (Tables)

3 Months Ended

Mar. 31, 2025

Intangible Assets, Net

Summary of intangible assets, net


		March 31, 2025				December 31, 2024
	Weighted Average	Gross				Gross
	Amortizable	Carrying		Accumulated		Carrying		Accumulated
	Life in Years	Amount		Amortization		Amount		Amortization

		(in millions)
Intangible assets subject to amortization:
Customer lists/relationships	13.9	$	753.6	$	(569.4)	$	753.4	$	(559.6)
Backlog of orders	7.9		20.9		(8.8)		21.0		(8.2)
Other	9.3		10.1		(9.6)		10.2		(9.6)
			784.6		(587.8)		784.6		(577.4)
Intangible assets not subject to amortization:
Trade names			800.2		—		800.0		—
		$	1,584.8	$	(587.8)	$	1,584.6	$	(577.4)

Schedule of carrying amount of intangible assets


	(in millions)
Balance as of January 1, 2025	$	1,007.2
Amortization expense		(10.4)
Effect of foreign currency translation		0.2
Balance as of March 31, 2025	$	997.0

Summary of estimated aggregate amortization expense


	(in millions)
2025 (remaining nine months)	$	28.7
2026		29.5
2027		28.9
2028		27.4
2029		25.3
Thereafter		57.0
	$	196.8

XML 40 R29.htm IDEA: XBRL DOCUMENT

Debt (Tables)

3 Months Ended

Mar. 31, 2025

Debt

Summary of debt


	March 31,		December 31,
	2025		2024

	(in millions)
Unsecured revolving credit facility maturing September 10, 2029	$	330.0	$	—
Senior unsecured notes, interest payable semi-annually at 1.30%, effective rate of 1.53%, maturing August 15, 2025		400.0		400.0
Senior unsecured notes, interest payable semi-annually at 2.15%, effective rate of 2.27%, maturing August 15, 2030		500.0		500.0
Senior unsecured notes, interest payable semi-annually at 6.85%, effective rate of 6.91%, maturing November 15, 2036		250.0		250.0
Other notes		1.1		1.1
Total		1,481.1		1,151.1
Less: unamortized discount and debt issuance costs		(8.1)		(8.6)
Less: amounts due within one year		(399.9)		(399.7)
Total long-term debt	$	1,073.1	$	742.8

XML 41 R30.htm IDEA: XBRL DOCUMENT

Leases (Tables)

3 Months Ended

Mar. 31, 2025

Leases

Schedule of lease cost


	Three Months Ended March 31,
	2025		2024

	(in millions)
Operating lease cost	$	20.1	$	17.6
Variable fees and other⁽¹⁾		8.0		7.6
Total lease cost	$	28.1	$	25.2

Schedule of supplemental cash flow and other lease information

Supplemental cash flow and balance sheet information is presented below:


	Three Months Ended March 31,
	2025		2024

	(in millions)
Supplemental cash flow information:
Cash payments for operating leases	$	27.8	$	25.3
Right-of-use assets obtained in exchange for operating lease obligations	$	27.8	$	28.2

	March 31,		December 31,
	2025		2024
Other lease information:
Weighted average remaining lease term—operating leases		6.4 years		6.3 years
Weighted average discount rate—operating leases		4.7%		4.6%

Schedule of maturities of operating lease liabilities


	(in millions)
2025 (remaining nine months)	$	57.0
2026		66.1
2027		54.6
2028		45.0
2029		36.3
Thereafter		76.5
Total operating lease payments		335.5
Less: imputed interest		(48.5)
Total operating lease liabilities	$	287.0

XML 42 R31.htm IDEA: XBRL DOCUMENT

Equity (Tables)

3 Months Ended

Mar. 31, 2025

Equity

Summary of the status of the Company's restricted stock units and changes during the year


		Weighted
		Average
		Grant Date
	RSU and PSU	Fair Value
	Aggregate Units	Per Unit
Unvested as of January 1, 2025	327,017	$	267.96
Granted⁽¹⁾	162,900		299.38
Vested	(425)		261.27
Cancelled or forfeited	(3,542)		270.78
Unvested as of March 31, 2025	485,950	$	278.48
Shares reserved for future grants (all plans)	1,223,658

(1)	Comprised of 96,973 RSUs and 65,927 PSUs granted in February 2025. The RSUs cliff vest on December 1, 2027 and the PSUs vest upon the completion of a 3-year performance period ending December 31, 2027.

Schedule of accumulated other comprehensive loss


			Pension and
	Foreign Currency		Postretirement Benefit		Accumulated Other
	Translation		Plan Adjustments,		Comprehensive
	(Loss) Gain		Net of Tax		(Loss) Income
			(in millions)
Balance as of January 1, 2025	$	(119.7)	$	4.5	$	(115.2)
Current-period change		3.3		(0.9)		2.4
Balance as of March 31, 2025	$	(116.4)	$	3.6	$	(112.8)

XML 43 R32.htm IDEA: XBRL DOCUMENT

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share

Computation of basic and diluted earnings per share


	Three Months Ended March 31,
	2025		2024

	(in millions, except number of shares which are reflected in thousands and per share amounts)
Numerator:
Net income attributable to Reliance	$	199.7	$	302.9

Denominator:
Weighted average shares outstanding		53,075		57,340
Dilutive effect of stock-based awards		324		542
Weighted average diluted shares outstanding		53,399		57,882

Earnings per share attributable to Reliance stockholders:
Basic	$	3.76	$	5.28
Diluted	$	3.74	$	5.23

XML 44 R33.htm IDEA: XBRL DOCUMENT

Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Information

Schedule of segment revenue, profit or loss, significant expenses and other quantitative profit or loss information


	Metals Service Centers Segment
	Three Months Ended March 31,
	2025		2024

	(in millions)
Revenues	$	3,484.7	$	3,644.8
Less:
Cost of sales (exclusive of depreciation and amortization shown below)		2,451.4		2,516.6
Compensation expense		420.1		413.8
Other segment items⁽¹⁾		270.6		244.9
Depreciation and amortization expense		68.7		63.6
Interest expense		11.5		9.7
Income tax provision		61.9		92.4
Consolidated net income	$	200.5	$	303.8

Other Segment Disclosures:
Purchases of property, plant and equipment	$	86.9	$	108.7

(1)	Other segment items included in Segment net income mainly includes warehousing and delivery related expenses, which include among others, 3^rd party freight, gas and oil, utilities & rent, plant supplies, and repairs and maintenance.

XML 45 R34.htm IDEA: XBRL DOCUMENT

Acquisitions (Details) - USD ($) $ in Millions		3 Months Ended
Acquisitions (Details) - USD ($) $ in Millions	Aug. 16, 2024	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Allocation of the total purchase price of the acquisitions to the fair value of the assets acquired and liabilities assumed
Goodwill		$ 2,165.6		$ 2,161.8
2024 Acquisitions
Acquisitions
Sales since acquisition date		$ 99.4	$ 16.1
Allocation of the total purchase price of the acquisitions to the fair value of the assets acquired and liabilities assumed
Cash	$ 5.6
Accounts receivable	44.9
Inventories	109.9
Prepaid expenses and other current assets	1.0
Property, plant and equipment	107.5
Operating lease right-of-use assets	19.2
Goodwill	59.5
Intangible assets subject to amortization	39.5
Intangible assets not subject to amortization	41.4
Total assets acquired	428.5
Deferred income taxes	6.7
Operating lease liabilities	15.1
Other current and long-term liabilities	32.7
Total liabilities assumed	54.5
Noncontrolling interest	0.3
Net assets acquired	373.7
Pro forma:
Net sales			$ 3,746.5
Summary purchase price allocation information for all acquisitions
Tax deductible goodwill amount	35.1
2024 Acquisitions \| Trade names
Allocation of the total purchase price of the acquisitions to the fair value of the assets acquired and liabilities assumed
Intangible assets not subject to amortization	41.4
2024 Acquisitions \| Customer relationships
Summary purchase price allocation information for all acquisitions
Intangible assets acquired subject to amortization	$ 39.3
Weighted average lives of identifiable intangible assets	13 years 1 month 6 days
2024 Acquisitions \| Non-compete agreements
Summary purchase price allocation information for all acquisitions
Intangible assets acquired subject to amortization	$ 0.2
Weighted average lives of identifiable intangible assets	5 years

XML 46 R35.htm IDEA: XBRL DOCUMENT

Revenues (Details) - USD ($) $ in Millions	3 Months Ended
Revenues (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
Revenue Disaggregation
Revenues	$ 3,484.7	$ 3,644.8
Carbon steel
Revenue Disaggregation
Revenues	1,904.2	2,012.9
Aluminum
Revenue Disaggregation
Revenues	605.6	596.1
Stainless steel
Revenue Disaggregation
Revenues	503.2	559.9
Alloy
Revenue Disaggregation
Revenues	158.4	171.9
Toll processing and logistics
Revenue Disaggregation
Revenues	160.2	157.8
Copper and brass
Revenue Disaggregation
Revenues	81.7	75.3
Miscellaneous and eliminations
Revenue Disaggregation
Revenues	$ 71.4	$ 70.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

XML 47 R36.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment
Property, plant and equipment, gross	$ 4,987.3	$ 4,926.6
Less: accumulated depreciation	(2,413.9)	(2,381.7)
Property, plant and equipment, net	2,573.4	2,544.9
Capital expenditures included in accounts payable/accrued expense	5.8	7.3
Land
Property, Plant and Equipment
Property, plant and equipment, gross	295.9	297.2
Buildings
Property, Plant and Equipment
Property, plant and equipment, gross	1,696.4	1,689.2
Machinery and equipment
Property, Plant and Equipment
Property, plant and equipment, gross	2,654.9	2,643.2
Construction in progress
Property, Plant and Equipment
Property, plant and equipment, gross	$ 340.1	$ 297.0

XML 48 R37.htm IDEA: XBRL DOCUMENT

Goodwill (Details) - USD ($) $ in Millions	3 Months Ended
Goodwill (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Change in the carrying amount of goodwill
Balance as of the beginning of the period	$ 2,161.8
Acquisitions	3.5
Effect of foreign currency translation	0.3
Balance as of the end of the period	2,165.6
Accumulated impairment losses	$ 0.0	$ 0.0

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

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XML 49 R38.htm IDEA: XBRL DOCUMENT

Intangible Assets, Net (Details) - USD ($) $ in Millions	3 Months Ended
Intangible Assets, Net (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024	Aug. 16, 2024
Intangible assets subject to amortization:
Intangible assets subject to amortization, Gross Carrying Amount	$ 784.6	$ 784.6
Intangible assets subject to amortization, Accumulated Amortization	(587.8)	(577.4)
Intangible assets
Intangible assets, Gross Carrying Amount	1,584.8	1,584.6
Amortization expense for intangible assets	10.4
Summary of estimated aggregate amortization expense for each of the succeeding five years and thereafter
2025 (remaining nine months)	28.7
2026	29.5
2027	28.9
2028	27.4
2029	25.3
Thereafter	57.0
Total	196.8
2024 Acquisitions
Intangible assets
Intangible assets not subject to amortization			$ 41.4
Trade names
Intangible assets not subject to amortization:
Intangible assets not subject to amortization, Gross Carrying Amount	$ 800.2	800.0
Trade names \| 2024 Acquisitions
Intangible assets
Intangible assets not subject to amortization			$ 41.4
Customer lists/relationships
Intangible assets subject to amortization:
Weighted average amortizable life in years	13 years 10 months 24 days
Intangible assets subject to amortization, Gross Carrying Amount	$ 753.6	753.4
Intangible assets subject to amortization, Accumulated Amortization	$ (569.4)	(559.6)
Backlog of orders
Intangible assets subject to amortization:
Weighted average amortizable life in years	7 years 10 months 24 days
Intangible assets subject to amortization, Gross Carrying Amount	$ 20.9	21.0
Intangible assets subject to amortization, Accumulated Amortization	$ (8.8)	(8.2)
Other
Intangible assets subject to amortization:
Weighted average amortizable life in years	9 years 3 months 18 days
Intangible assets subject to amortization, Gross Carrying Amount	$ 10.1	10.2
Intangible assets subject to amortization, Accumulated Amortization	$ (9.6)	$ (9.6)

XML 50 R39.htm IDEA: XBRL DOCUMENT

Intangible Assets, Net - Changes in the carrying amount of intangible assets, net (Details) $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($)
Intangible Assets, Net
Beginning Balance	$ 1,007.2
Amortization expense	(10.4)
Effect of foreign currency translation	0.2
Ending Balance	$ 997.0

XML 51 R40.htm IDEA: XBRL DOCUMENT

Debt - Summary (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Debt
Total	$ 1,481.1	$ 1,151.1
Less: unamortized discount and debt issuance costs	(8.1)	(8.6)
Less: amounts due within one year	(399.9)	(399.7)
Total long-term debt	1,073.1	742.8
Unsecured revolving credit facility maturing September 10, 2029
Debt
Total	330.0	0.0
Senior unsecured notes, interest payable semi-annually at 1.30%, effective rate of 1.53%, maturing August 15, 2025
Debt
Total	$ 400.0	$ 400.0
Semi-annual rate (as a percent)	1.30%	1.30%
Effective rate (as a percent)	1.53%	1.53%
Senior unsecured notes, interest payable semi-annually at 2.15%, effective rate of 2.27%, maturing August 15, 2030
Debt
Total	$ 500.0	$ 500.0
Semi-annual rate (as a percent)	2.15%	2.15%
Effective rate (as a percent)	2.27%	2.27%
Senior unsecured notes, interest payable semi-annually at 6.85%, effective rate of 6.91%, maturing November 15, 2036
Debt
Total	$ 250.0	$ 250.0
Semi-annual rate (as a percent)	6.85%	6.85%
Effective rate (as a percent)	6.91%	6.91%
Other notes
Debt
Total	$ 1.1	$ 1.1

XML 52 R41.htm IDEA: XBRL DOCUMENT

Debt - Other (Details) - USD ($) $ in Millions		3 Months Ended
Debt - Other (Details) - USD ($) $ in Millions	Sep. 10, 2024	Mar. 31, 2025	Dec. 31, 2024
Debt
Total		$ 1,481.1	$ 1,151.1
Weighted average interest rate (as a percent)		3.54%	3.02%
Unsecured revolving credit facility maturing September 10, 2029
Debt
Maximum borrowing capacity	$ 1,500.0
Debt term	5 years
Total		$ 330.0	$ 0.0
Commitment fee on unused portion of revolving credit facility (as a percent)		0.10%
Weighted average interest rate (as a percent)		5.35%
Letters of credit outstanding		$ 1.1	1.1
Unsecured revolving credit facility maturing September 10, 2029 \| SOFR
Debt
Variable interest rate		SOFR
Interest rate added to base (as a percent)		1.00%
Unsecured revolving credit facility maturing September 10, 2029 \| Bank prime rate
Debt
Variable interest rate		prime rate
Senior Unsecured Notes - Publicly Traded
Debt
Percentage of principal amount at which the notes may be required to be repurchased in event of a change of control and a downgrade of the entity's credit rating		101.00%
Letter of Credit \| Standby Facility
Debt
Maximum borrowing capacity		$ 50.0	50.0
Letters of credit outstanding		$ 29.2	$ 29.2

XML 53 R42.htm IDEA: XBRL DOCUMENT

Leases (Details) - USD ($) $ in Millions	3 Months Ended
Leases (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Leases
Operating lease cost	$ 20.1	$ 17.6
Variable fees and other	8.0	7.6
Total lease cost	28.1	25.2
Cash payments for operating leases	27.8	25.3
Right-of-use assets obtained in exchange for operating lease obligations	$ 27.8	$ 28.2
Weighted average remaining lease term - operating leases	6 years 4 months 24 days		6 years 3 months 18 days
Weighted average discount rate - operating leases	4.70%		4.60%
Maturities of operating lease liabilities
2025 (remaining nine months)	$ 57.0
2026	66.1
2027	54.6
2028	45.0
2029	36.3
Thereafter	76.5
Total operating lease payments	335.5
Less: imputed interest	(48.5)
Total operating lease liabilities	$ 287.0

XML 54 R43.htm IDEA: XBRL DOCUMENT

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Mar. 31, 2025	Mar. 31, 2024
Income Taxes
Effective tax rate (as a percent)	23.60%	23.30%
Income tax at U.S. federal statutory tax rate (as a percent)	21.00%	21.00%

XML 55 R44.htm IDEA: XBRL DOCUMENT

Equity - Share Repurchases, Dividends, Stock-Based Compensation (Details) $ / shares in Units, $ in Millions	1 Months Ended			3 Months Ended
	Apr. 25, 2025 USD ($) $ / shares shares	Apr. 21, 2025 $ / shares shares	Feb. 28, 2025 shares	Mar. 31, 2025 USD ($) item $ / shares shares	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2023 $ / shares	Oct. 22, 2024 USD ($)
Share Repurchase Plan
Value of shares authorized by the Board of Directors to be repurchased under share repurchase plan \| $							$ 1,500.0
Shares				922,656	0
Average Cost Per Share \| $ / shares				$ 274.41
Amount \| $				$ 253.2
Dividends
Number of consecutive years of quarterly cash dividends paid \| item				66
Common stock quarterly dividend per share (in dollars per share) \| $ / shares				$ 1.2	$ 1.1	$ 1
Votes per share of common stock \| item				1
Additional share-based compensation disclosures
Total unrecognized compensation cost \| $				$ 94.6
Weighted average recognition period for unrecognized compensation cost (in years)				2 years
Subsequent event
Share Repurchase Plan
Remaining value of shares authorized by the Board of Directors to be repurchased under share repurchase plan \| $	$ 1,020.0
Shares	301,279
Average Cost Per Share \| $ / shares	$ 265.17
Amount \| $	$ 79.9
Q2 2025 Dividends \| Subsequent event
Dividends
Common stock dividend quarterly declared and paid per share (in dollars per share) \| $ / shares		$ 1.2
Dividend date of declaration		Apr. 21, 2025
Dividend date payable		Jun. 06, 2025
Dividend date of record		May 23, 2025
Restricted stock units (RSUs)
Additional share-based compensation disclosures
Vesting period (in years)			3 years	3 years	3 years
Changes
Granted (in shares)			96,973
Restricted stock units (RSUs) and performance stock units (PSUs)
Common Stock and Additional Paid-In (in Shares)
Shares withheld related to share settlements \| $				$ 11.5	$ 23.9
Changes
Unvested as of the beginning of the period (in units)	485,950	485,950		327,017
Granted (in shares)				162,900
Vested (in units)				(425)
Cancelled or forfeited (in units)				(3,542)
Unvested as of the end of the period (in units)				485,950
Shares reserved for future grants (all plans)				1,223,658
Weighted Average Grant Date Fair Value
Unvested as of the beginning of the period (in dollars per unit) \| $ / shares	$ 278.48	$ 278.48		$ 267.96
Granted (in dollars per unit) \| $ / shares				299.38
Vested (in dollars per unit) \| $ / shares				261.27
Cancelled or forfeited (in dollars per unit) \| $ / shares				270.78
Unvested as of the end of the period (in dollars per unit) \| $ / shares				$ 278.48
Performance stock units (PSUs)
Additional share-based compensation disclosures
Vesting period (in years)			3 years	3 years	3 years
Return on assets result period			3 years	3 years	3 years
Changes
Granted (in shares)			65,927
Performance stock units (PSUs) \| Maximum
Stock Based Compensation
Share of Common Stock			2	2	2

XML 56 R45.htm IDEA: XBRL DOCUMENT

Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Schedule of accumulated other comprehensive loss
Balance	$ 7,230.6
Balance	7,113.6
Deferred tax liabilities in accumulated other comprehensive loss, pension liabilities	1.0	$ 1.0
Accumulated Other Comprehensive Loss
Schedule of accumulated other comprehensive loss
Balance	(115.2)
Current-period change	2.4
Balance	(112.8)
Foreign Currency Translation (Loss) Gain
Schedule of accumulated other comprehensive loss
Balance	(119.7)
Current-period change	3.3
Balance	(116.4)
Pension and Postretirement Benefit Plan Adjustments, Net of Tax
Schedule of accumulated other comprehensive loss
Balance	4.5
Current-period change	(0.9)
Balance	$ 3.6

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

XML 57 R46.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies (Details)	Mar. 31, 2025
Environmental Contingencies
Ownership interest in domestic subsidiaries (as a percent)	100.00%

XML 58 R47.htm IDEA: XBRL DOCUMENT

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Numerator:
Net income attributable to Reliance	$ 199.7	$ 302.9
Denominator:
Weighted average shares outstanding (in shares)	53,075,000	57,340,000
Dilutive effect of stock-based awards (in shares)	324,000	542,000
Weighted average diluted shares outstanding (in shares)	53,399,000	57,882,000
Earnings per share attributable to Reliance stockholders - basic (in dollars per share)	$ 3.76	$ 5.28
Earnings per share attributable to Reliance stockholders - diluted (in dollars per share)	$ 3.74	$ 5.23
Diluted shares
Weighted average shares, respectively, for RSUs and PSUs, not included in the diluted calculation due to their anti-dilutive effect	194,254	103,700

XML 59 R48.htm IDEA: XBRL DOCUMENT

Segment Information - Summary of sales by product and service (Details) - segment	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segment Information
Number of reportable segments	1	1
Number of operating segments	1	1

XML 60 R49.htm IDEA: XBRL DOCUMENT

Segment Information - Profit or loss information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	$ 3,484.7	$ 3,644.8
Cost of sales (exclusive of depreciation and amortization shown below)	2,451.4	2,516.6
Depreciation and amortization expense	68.7	63.6
Interest expense	11.5	9.7
Income tax provision	61.9	92.4
Net income	200.5	303.8
Other Segment Disclosures
Purchases of property, plant and equipment	86.9	108.7
Metals Service Centers
Other Segment Disclosures
Purchases of property, plant and equipment	86.9	108.7
Metals Service Centers \| Operating segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenues	3,484.7	3,644.8
Cost of sales (exclusive of depreciation and amortization shown below)	2,451.4	2,516.6
Compensation expense	420.1	413.8
Other segment items	270.6	244.9
Depreciation and amortization expense	68.7	63.6
Interest expense	11.5	9.7
Income tax provision	61.9	92.4
Net income	$ 200.5	$ 303.8

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