SEC Filings

10-Q
RELIANCE STEEL & ALUMINUM CO filed this Form 10-Q on 05/02/2019
Entire Document
 

Note 3. Revenues

 

The following table presents our sales disaggregated by product and service. Certain sales taxes or value-added taxes collected from customers are excluded from our reported net sales.

 

 

 

 

 

 

 

 

Three Months Ended

 

March 31,

 

2019

    

2018

 

(in millions)

Carbon steel

$

1,593.6

 

$

1,461.2

Aluminum

 

565.8

 

 

550.2

Stainless steel

 

406.5

 

 

403.2

Alloy

 

184.3

 

 

169.0

Toll processing and logistics

 

111.7

 

 

101.1

Other and eliminations

 

94.7

 

 

72.4

Total

$

2,956.6

 

$

2,757.1

 

 

Note 4.  Goodwill

 

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

 

 

 

 

(in millions)

Balance at January 1, 2019

$

1,870.8

Purchase price allocation adjustments

 

(0.5)

Foreign currency translation gain

 

1.4

Balance at March 31, 2019

$

1,871.7

 

We had no accumulated impairment losses related to goodwill at March 31, 2019. 

 

Note 5.  Intangible Assets, net

 

Intangible assets, net consisted of the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2019

 

December 31, 2018

 

Weighted Average

 

Gross

 

 

 

 

Gross

 

 

 

 

Amortizable

 

Carrying

 

Accumulated

 

Carrying

 

Accumulated

 

Life in Years

    

Amount

  

Amortization

  

Amount

  

Amortization

 

 

 

(in millions)

Intangible assets subject to amortization:

 

 

 

 

 

 

 

 

 

 

 

 

 

Covenants not to compete

4.8

 

$

0.8

 

$

(0.4)

 

$

0.8

 

$

(0.4)

Customer lists/relationships

15.0

 

 

708.6

 

 

(404.9)

 

 

707.3

 

 

(393.4)

Software

10.0

 

 

8.1

 

 

(8.1)

 

 

8.1

 

 

(8.1)

Other

7.5

 

 

1.1

 

 

(0.9)

 

 

1.0

 

 

(0.9)

 

 

 

 

718.6

 

 

(414.3)

 

 

717.2

 

 

(402.8)

Intangible assets not subject to amortization:

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade names

 

 

 

758.1

 

 

 

 

757.6

 

 

 

 

 

$

1,476.7

 

$

(414.3)

 

$

1,474.8

 

$

(402.8)

 

Intangible assets amortization expense was $10.8 million and $11.8 million for the first quarters of 2019 and 2018, respectively. Foreign currency translation gains related to intangible assets, net, were $1.2 million in the first quarter of 2019 compared to $0.9 million of foreign currency translation losses in the first quarter of 2018.

 

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