10-Q Filing

RELIANCE, INC. CIK: 861884 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001558370-17-003315`
Period End Date	20170331
Filing Date	20170503
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	rs-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 90 Income Statement 32 Cash Flow Statement 60 Comprehensive Income 13

Balance Sheet 90 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$17.20M	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$15.30M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$133.80M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$120.50M	USD	Point-in-time
Preferred stock, Authorized shares	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$122.80M	USD	Point-in-time
Preferred stock, Authorized shares	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$104.30M	USD	Point-in-time
Preferred stock, issued shares	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, issued shares	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $17.2 at March 31, 2017 and $15.3 at December 31, 2016	`AccountsReceivableNetCurrent`	$1.15B	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $17.2 at March 31, 2017 and $15.3 at December 31, 2016	`AccountsReceivableNetCurrent`	$960.20M	USD	Point-in-time
Preferred stock, outstanding shares	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventories	`InventoryNet`	$1.68B	USD	Point-in-time
Preferred stock, outstanding shares	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventories	`InventoryNet`	$1.53B	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$72.90M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$63.90M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, Authorized shares	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$3.03B	USD	Point-in-time
Common stock, Authorized shares	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$2.69B	USD	Point-in-time
Common stock, Issued shares	`CommonStockSharesIssued`	72.88M	shares	Point-in-time
Common stock, Issued shares	`CommonStockSharesIssued`	72.68M	shares	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	72.68M	shares	Point-in-time
Land	`Land`	$230.00M	USD	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	72.88M	shares	Point-in-time
Land	`Land`	$228.20M	USD	Point-in-time
Buildings	`BuildingsAndImprovementsGross`	$1.07B	USD	Point-in-time
Buildings	`BuildingsAndImprovementsGross`	$1.06B	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$1.66B	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$1.65B	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.31B	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.27B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.65B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.66B	USD	Point-in-time
Goodwill	`Goodwill`	$1.83B	USD	Point-in-time
Goodwill	`Goodwill`	$1.83B	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$1.14B	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$1.15B	USD	Point-in-time
Cash surrender value of life insurance policies, net	`CashSurrenderValueOfLifeInsurance`	$46.90M	USD	Point-in-time
Cash surrender value of life insurance policies, net	`CashSurrenderValueOfLifeInsurance`	$44.00M	USD	Point-in-time
Other assets	`OtherAssetsMiscellaneousNoncurrent`	$35.70M	USD	Point-in-time
Other assets	`OtherAssetsMiscellaneousNoncurrent`	$35.00M	USD	Point-in-time
Total assets	`Assets`	$7.72B	USD	Point-in-time
Total assets	`Assets`	$7.41B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$302.20M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$402.40M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$83.70M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$94.70M	USD	Point-in-time
Accrued compensation and retirement costs	`EmployeeRelatedLiabilitiesCurrent`	$140.80M	USD	Point-in-time
Accrued compensation and retirement costs	`EmployeeRelatedLiabilitiesCurrent`	$96.50M	USD	Point-in-time
Accrued insurance costs	`AccruedInsuranceCurrent`	$40.60M	USD	Point-in-time
Accrued insurance costs	`AccruedInsuranceCurrent`	$43.50M	USD	Point-in-time
Current maturities of long-term debt and short-term borrowings	`DebtCurrent`	$71.30M	USD	Point-in-time
Current maturities of long-term debt and short-term borrowings	`DebtCurrent`	$82.50M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$57.60M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$6.20M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$766.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$656.00M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$1.95B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$1.85B	USD	Point-in-time
Long-term retirement costs	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$89.60M	USD	Point-in-time
Long-term retirement costs	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$90.60M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$11.30M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$13.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$626.90M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$628.60M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.001 par value: Authorized shares 5,000,000 None issued or outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value: Authorized shares 5,000,000 None issued or outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock and additional paid-in capital, $0.001 par value: Authorized shares 200,000,000 Issued and outstanding shares 72,879,606 at March 31, 2017 and 72,682,793 at December 31, 2016	`CommonStocksIncludingAdditionalPaidInCapital`	$590.30M	USD	Point-in-time
Common stock and additional paid-in capital, $0.001 par value: Authorized shares 200,000,000 Issued and outstanding shares 72,879,606 at March 31, 2017 and 72,682,793 at December 31, 2016	`CommonStocksIncludingAdditionalPaidInCapital`	$597.90M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$3.74B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$3.66B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-104.70M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-94.80M	USD	Point-in-time
Total Reliance stockholders' equity	`StockholdersEquity`	$4.25B	USD	Point-in-time
Total Reliance stockholders' equity	`StockholdersEquity`	$4.15B	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$30.30M	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$30.90M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$4.28B	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$4.18B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$7.72B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$7.41B	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$2.16B	USD	1 Quarter
Net sales	`SalesRevenueNet`	$2.42B	USD	1 Quarter
Cost of sales (exclusive of depreciation and amortization shown below)	`CostOfGoodsAndServicesSold`	$1.53B	USD	1 Quarter
Cost of sales (exclusive of depreciation and amortization shown below)	`CostOfGoodsAndServicesSold`	$1.70B	USD	1 Quarter
Warehouse, delivery, selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$449.50M	USD	1 Quarter
Warehouse, delivery, selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$476.20M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$56.10M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$55.20M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$2.03B	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$2.23B	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$131.10M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$190.20M	USD	1 Quarter
Interest	`InterestExpense`	$21.70M	USD	1 Quarter
Interest	`InterestExpense`	$17.30M	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-200.00K	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-4.40M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$168.50M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$109.20M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$55.10M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$15.70M	USD	1 Quarter
Net income	`ProfitLoss`	$93.50M	USD	1 Quarter
Net income	`ProfitLoss`	$113.40M	USD	1 Quarter
Less: Net income attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$1.30M	USD	1 Quarter
Less: Net income attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$1.70M	USD	1 Quarter
Net income attributable to Reliance	`NetIncomeLossAvailableToCommonStockholdersBasic`	$111.70M	USD	1 Quarter
Net income attributable to Reliance	`NetIncomeLossAvailableToCommonStockholdersBasic`	$92.20M	USD	1 Quarter
Diluted earnings per common share (in dollars per share)	`EarningsPerShareDiluted`	$1.52	USD	1 Quarter
Diluted earnings per common share (in dollars per share)	`EarningsPerShareDiluted`	$1.27	USD	1 Quarter
Basic earnings per common share (in dollars per share)	`EarningsPerShareBasic`	$1.53	USD	1 Quarter
Basic earnings per common share (in dollars per share)	`EarningsPerShareBasic`	$1.28	USD	1 Quarter
Cash dividends per share (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$0.40	USD	1 Quarter
Cash dividends per share (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$0.45	USD	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$93.50M	USD	1 Quarter
Net income	`ProfitLoss`	$113.40M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$56.10M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$55.20M	USD	1 Quarter
Deferred income tax provision	`DeferredIncomeTaxExpenseBenefit`	$200.00K	USD	1 Quarter
Deferred income tax provision	`DeferredIncomeTaxExpenseBenefit`	$2.30M	USD	1 Quarter
Gain on sales of property, plant and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$3.90M	USD	1 Quarter
Gain on sales of property, plant and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$500.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$5.50M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$3.30M	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-1.00M	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-4.00M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$80.30M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$186.70M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$146.50M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$29.30M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-9.20M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-17.00M	USD	1 Quarter
Accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$92.30M	USD	1 Quarter
Accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$128.90M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$155.40M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-20.70M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$34.40M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$34.10M	USD	1 Quarter
Acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$290.90M	USD	1 Quarter
Acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$1.30M	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$6.20M	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$-3.40M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-331.50M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-32.00M	USD	1 Quarter
Net short-term debt repayments	`ProceedsFromRepaymentsOfShortTermDebt`	$-6.20M	USD	1 Quarter
Net short-term debt repayments	`ProceedsFromRepaymentsOfShortTermDebt`	$-3.80M	USD	1 Quarter
Proceeds from long-term debt borrowings	`ProceedsFromIssuanceOfLongTermDebt`	$399.00M	USD	1 Quarter
Proceeds from long-term debt borrowings	`ProceedsFromIssuanceOfLongTermDebt`	$339.00M	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$188.00M	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$242.10M	USD	1 Quarter
Dividends and dividend equivalents paid	`PaymentsOfOrdinaryDividendsCommonStockAndDividendEquivalents`	$29.00M	USD	1 Quarter
Dividends and dividend equivalents paid	`PaymentsOfOrdinaryDividendsCommonStockAndDividendEquivalents`	$33.70M	USD	1 Quarter
Exercise of stock options	`ProceedsFromStockOptionsExercised`	$2.80M	USD	1 Quarter
Exercise of stock options	`ProceedsFromStockOptionsExercised`	$16.50M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-2.60M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-1.80M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$60.40M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$189.70M	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$3.30M	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$2.60M	USD	1 Quarter
Increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$16.20M	USD	1 Quarter
Increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$11.00M	USD	1 Quarter
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$133.80M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$120.50M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$122.80M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$104.30M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$133.80M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$120.50M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$122.80M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$104.30M	USD	Point-in-time
Interest paid during the period	`InterestPaid`	$5.10M	USD	1 Quarter
Interest paid during the period	`InterestPaid`	$8.10M	USD	1 Quarter
Income taxes paid during the period, net	`IncomeTaxesPaidNet`	$5.70M	USD	1 Quarter
Income taxes paid during the period, net	`IncomeTaxesPaidNet`	$3.00M	USD	1 Quarter

Comprehensive Income 13 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$93.50M	USD	1 Quarter
Net income	`ProfitLoss`	$113.40M	USD	1 Quarter
Foreign currency translation gain	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$7.60M	USD	1 Quarter
Foreign currency translation gain	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$15.70M	USD	1 Quarter
Pension and postretirement benefit adjustments, net of tax	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-2.30M	USD	1 Quarter
Total other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$9.90M	USD	1 Quarter
Total other comprehensive income	`OtherComprehensiveIncomeLossNetOfTax`	$15.70M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$109.20M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$123.30M	USD	1 Quarter
Less: Comprehensive income attributable to noncontrolling interests	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$1.30M	USD	1 Quarter
Less: Comprehensive income attributable to noncontrolling interests	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$1.70M	USD	1 Quarter
Comprehensive income attributable to Reliance	`ComprehensiveIncomeNetOfTax`	$121.60M	USD	1 Quarter
Comprehensive income attributable to Reliance	`ComprehensiveIncomeNetOfTax`	$107.90M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.