SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| 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 the “Company,” “we,” “our,” or “us”) and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the requirements of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In management’s opinion, the consolidated financial statements include all material adjustments of a normal recurring nature necessary for a fair presentation of interim results. Interim results are not necessarily indicative of the results for a full year. These financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. The preparation of financial statements in conformity with 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. |
| Goodwill and Other Indefinite-Lived Intangible Assets | Goodwill and Other Indefinite-Lived Intangible Assets There have been no material changes to the Company’s accounting policies related to goodwill and other indefinite-lived intangible assets from those disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. |
| Recently Issued Accounting Standards | Recently Issued Accounting Standards Disaggregation of Income Statement Expenses—In November 2024, the Financial Accounting Standards Board issued guidance requiring disaggregated quantitative disclosure 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. |