10-Q Filing

RELIANCE, INC. CIK: 861884 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001558370-18-003740`
Period End Date	20180331
Filing Date	20180502
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	rs-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 90 Income Statement 32 Cash Flow Statement 61 Comprehensive Income 13

Balance Sheet 90 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$15.50M	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$18.40M	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
Preferred stock, Authorized shares	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$145.40M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$154.40M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$133.80M	USD	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
Accounts receivable, less allowance for doubtful accounts of $18.4 at March 31, 2018 and $15.5 at December 31, 2017	`AccountsReceivableNetCurrent`	$1.32B	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 $18.4 at March 31, 2018 and $15.5 at December 31, 2017	`AccountsReceivableNetCurrent`	$1.09B	USD	Point-in-time
Preferred stock, outstanding shares	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventories	`InventoryNet`	$1.73B	USD	Point-in-time
Inventories	`InventoryNet`	$1.90B	USD	Point-in-time
Preferred stock, outstanding shares	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$80.70M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$65.60M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	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
Income taxes receivable	`IncomeTaxesReceivable`	$2.90M	USD	Point-in-time
Common stock, Authorized shares	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common stock, Issued shares	`CommonStockSharesIssued`	72.61M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$3.05B	USD	Point-in-time
Common stock, Issued shares	`CommonStockSharesIssued`	72.34M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$3.44B	USD	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	72.34M	shares	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	72.61M	shares	Point-in-time
Land	`Land`	$229.70M	USD	Point-in-time
Land	`Land`	$229.50M	USD	Point-in-time
Buildings	`BuildingsAndImprovementsGross`	$1.11B	USD	Point-in-time
Buildings	`BuildingsAndImprovementsGross`	$1.10B	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$1.74B	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$1.77B	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.45B	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.41B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.66B	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.65B	USD	Point-in-time
Goodwill	`Goodwill`	$1.84B	USD	Point-in-time
Goodwill	`Goodwill`	$1.85B	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$1.12B	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$1.11B	USD	Point-in-time
Cash surrender value of life insurance policies, net	`CashSurrenderValueOfLifeInsurance`	$47.80M	USD	Point-in-time
Cash surrender value of life insurance policies, net	`CashSurrenderValueOfLifeInsurance`	$44.30M	USD	Point-in-time
Other assets	`OtherAssetsMiscellaneousNoncurrent`	$40.90M	USD	Point-in-time
Other assets	`OtherAssetsMiscellaneousNoncurrent`	$45.80M	USD	Point-in-time
Total assets	`Assets`	$7.75B	USD	Point-in-time
Total assets	`Assets`	$8.15B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$483.90M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$346.70M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$83.60M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$91.50M	USD	Point-in-time
Accrued compensation and retirement costs	`EmployeeRelatedLiabilitiesCurrent`	$108.40M	USD	Point-in-time
Accrued compensation and retirement costs	`EmployeeRelatedLiabilitiesCurrent`	$139.30M	USD	Point-in-time
Accrued insurance costs	`AccruedInsuranceCurrent`	$42.10M	USD	Point-in-time
Accrued insurance costs	`AccruedInsuranceCurrent`	$48.30M	USD	Point-in-time
Current maturities of long-term debt and short-term borrowings	`DebtCurrent`	$101.20M	USD	Point-in-time
Current maturities of long-term debt and short-term borrowings	`DebtCurrent`	$92.00M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$40.80M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$703.70M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$874.10M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$1.95B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$1.81B	USD	Point-in-time
Long-term retirement costs	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$85.40M	USD	Point-in-time
Long-term retirement costs	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$87.00M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$11.80M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$14.30M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$440.80M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$441.80M	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 72,342,804 at March 31, 2018 and 72,609,540 at December 31, 2017	`CommonStocksIncludingAdditionalPaidInCapital`	$594.60M	USD	Point-in-time
Common stock and additional paid-in capital, $0.001 par value: Authorized shares 200,000,000 Issued and outstanding shares 72,342,804 at March 31, 2018 and 72,609,540 at December 31, 2017	`CommonStocksIncludingAdditionalPaidInCapital`	$549.10M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$4.14B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$4.28B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-71.60M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-74.50M	USD	Point-in-time
Total Reliance stockholders' equity	`StockholdersEquity`	$4.75B	USD	Point-in-time
Total Reliance stockholders' equity	`StockholdersEquity`	$4.67B	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$33.10M	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$32.80M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$4.70B	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$4.78B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$7.75B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$8.15B	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$2.42B	USD	1 Quarter
Net sales	`Revenues`	$2.76B	USD	1 Quarter
Cost of sales (exclusive of depreciation and amortization shown below)	`CostOfGoodsAndServicesSold`	$1.70B	USD	1 Quarter
Cost of sales (exclusive of depreciation and amortization shown below)	`CostOfGoodsAndServicesSold`	$1.94B	USD	1 Quarter
Warehouse, delivery, selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$519.40M	USD	1 Quarter
Warehouse, delivery, selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$476.20M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$55.20M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$54.10M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$2.23B	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$2.51B	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$190.20M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$246.40M	USD	1 Quarter
Interest expense	`InterestExpense`	$19.30M	USD	1 Quarter
Interest expense	`InterestExpense`	$17.30M	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-4.40M	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-1.90M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$168.50M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$225.20M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$55.10M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$54.10M	USD	1 Quarter
Net income	`ProfitLoss`	$171.10M	USD	1 Quarter
Net income	`ProfitLoss`	$113.40M	USD	1 Quarter
Less: Net income attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$2.10M	USD	1 Quarter
Less: Net income attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$1.70M	USD	1 Quarter
Net income attributable to Reliance	`NetIncomeLossAvailableToCommonStockholdersBasic`	$169.00M	USD	1 Quarter
Net income attributable to Reliance	`NetIncomeLossAvailableToCommonStockholdersBasic`	$111.70M	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`	$2.30	USD	1 Quarter
Basic earnings per common share (in dollars per share)	`EarningsPerShareBasic`	$2.32	USD	1 Quarter
Basic earnings per common share (in dollars per share)	`EarningsPerShareBasic`	$1.53	USD	1 Quarter
Cash dividends per share (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$0.45	USD	1 Quarter
Cash dividends per share (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$0.50	USD	1 Quarter

Cash Flow Statement 61 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$171.10M	USD	1 Quarter
Net income	`ProfitLoss`	$113.40M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$55.20M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$54.10M	USD	1 Quarter
Deferred income tax provision	`DeferredIncomeTaxExpenseBenefit`	$200.00K	USD	1 Quarter
Deferred income tax provision	`DeferredIncomeTaxExpenseBenefit`	$1.10M	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`	$100.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$5.50M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$6.40M	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-3.00M	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-4.00M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$186.70M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$230.60M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$169.80M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$146.50M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-9.20M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-15.90M	USD	1 Quarter
Accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$128.90M	USD	1 Quarter
Accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$162.20M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$13.30M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-20.70M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$41.80M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$34.10M	USD	1 Quarter
Acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$1.30M	USD	1 Quarter
Acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$39.60M	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$-4.10M	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$-3.40M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-32.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-77.30M	USD	1 Quarter
Net short-term debt borrowings (repayments)	`ProceedsFromRepaymentsOfShortTermDebt`	$1.00M	USD	1 Quarter
Net short-term debt borrowings (repayments)	`ProceedsFromRepaymentsOfShortTermDebt`	$-3.80M	USD	1 Quarter
Proceeds from long-term debt borrowings	`ProceedsFromDebtNetOfIssuanceCosts`	$339.00M	USD	1 Quarter
Proceeds from long-term debt borrowings	`ProceedsFromDebtNetOfIssuanceCosts`	$398.00M	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$242.10M	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$253.70M	USD	1 Quarter
Dividends and dividend equivalents paid	`PaymentsOfOrdinaryDividendsCommonStockAndDividendEquivalents`	$38.50M	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`	$2.80M	USD	1 Quarter
Share repurchases	`PaymentsForRepurchaseOfCommonStock`	$49.30M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-1.80M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-5.40M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$60.40M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$54.90M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$3.30M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$100.00K	USD	1 Quarter
(Decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-9.00M	USD	1 Quarter
(Decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$11.00M	USD	1 Quarter
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$145.40M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$154.40M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$133.80M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$122.80M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$145.40M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$154.40M	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`	$122.80M	USD	Point-in-time
Interest paid during the period	`InterestPaidNet`	$8.10M	USD	1 Quarter
Interest paid during the period	`InterestPaidNet`	$9.00M	USD	1 Quarter
Income taxes paid during the period, net	`IncomeTaxesPaidNet`	$3.00M	USD	1 Quarter
Income taxes paid during the period, net	`IncomeTaxesPaidNet`	$9.00M	USD	1 Quarter

Comprehensive Income 13 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$171.10M	USD	1 Quarter
Net income	`ProfitLoss`	$113.40M	USD	1 Quarter
Foreign currency translation (loss) gain	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-2.90M	USD	1 Quarter
Foreign currency translation (loss) gain	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$7.60M	USD	1 Quarter
Pension and postretirement benefit adjustments, net of tax	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-2.30M	USD	1 Quarter
Total other comprehensive (loss) income	`OtherComprehensiveIncomeLossNetOfTax`	$-2.90M	USD	1 Quarter
Total other comprehensive (loss) income	`OtherComprehensiveIncomeLossNetOfTax`	$9.90M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$123.30M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$168.20M	USD	1 Quarter
Less: Comprehensive income attributable to noncontrolling interests	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$2.10M	USD	1 Quarter
Less: Comprehensive income attributable to noncontrolling interests	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$1.70M	USD	1 Quarter
Comprehensive income attributable to Reliance	`ComprehensiveIncomeNetOfTax`	$166.10M	USD	1 Quarter
Comprehensive income attributable to Reliance	`ComprehensiveIncomeNetOfTax`	$121.60M	USD	1 Quarter

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