RELIANCE INC
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
RS$427.15+1.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOW****S
| | | | | | | | | |
|---|---|---|---|---|---|---|---|---|
| | Year Ended December 31, | |||||||
| · 2023 · 2022 · 2021 | ||||||||
| Operating activities: | | | | | | | | |
| Net income | $1,340.1 | | $1,844.2 | | $1,417.4 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | |
| Depreciation and amortization expense | | 245.4 | | | 240.2 | | | 230.2 |
| Impairment of intangible assets | | — | | | — | | | 4.7 |
| Provision for credit losses | | 3.5 | | | 3.4 | | | 9.8 |
| Deferred income tax provision (benefit) | | 16.2 | | | (6.7) | | | (23.8) |
| Stock-based compensation expense | | 65.0 | | | 65.3 | | | 70.8 |
| Net (gain) loss on life insurance policies and deferred compensation plan assets | | (0.5) | | | 22.4 | | | 5.0 |
| Other | | (0.3) | | | 4.8 | | | (5.0) |
| Changes in operating assets and liabilities (excluding effect of businesses acquired): | | | | | | | | |
| Accounts receivable | | 95.6 | | | 105.7 | | | (656.1) |
| Inventories | | (41.5) | | | 58.9 | | | (505.9) |
| Prepaid expenses and other assets | | 37.3 | | | 17.4 | | | 26.2 |
| Accounts payable and other liabilities | | (89.5) | | | (237.0) | | | 226.1 |
| Net cash provided by operating activities | | 1,671.3 | | | 2,118.6 | | | 799.4 |
| | | | | | | | | |
| Investing activities: | | | | | | | | |
| Acquisitions, net of cash acquired | | (24.0) | | | — | | | (439.3) |
| Purchases of property, plant and equipment | | (468.8) | | | (341.8) | | | (236.6) |
| Proceeds from sales of property, plant and equipment | | 11.1 | | | 10.9 | | | 36.0 |
| Other | | (2.2) | | | (17.6) | | | (12.4) |
| Net cash used in investing activities | | (483.9) | | | (348.5) | | | (652.3) |
| | | | | | | | | |
| Financing activities: | | | | | | | | |
| Net short-term debt repayments | | (2.2) | | | (2.2) | | | (0.8) |
| Proceeds from long-term debt borrowings | | — | | | — | | | 20.0 |
| Principal payments on long-term debt | | (506.1) | | | (0.3) | | | (20.7) |
| Cash dividends and dividend equivalents | | (238.1) | | | (217.1) | | | (177.0) |
| Share repurchases | | (479.5) | | | (630.3) | | | (323.5) |
| Taxes paid related to net share settlement of restricted stock units | | (54.1) | | | (39.7) | | | (21.2) |
| Other | | (2.3) | | | (3.0) | | | (5.7) |
| Net cash used in financing activities | | (1,282.3) | | | (892.6) | | | (528.9) |
| Effect of exchange rate changes on cash and cash equivalents | | 1.7 | | | (4.6) | | | (1.2) |
| (Decrease) increase in cash and cash equivalents | | (93.2) | | | 872.9 | | | (383.0) |
| Cash and cash equivalents at beginning of year | | 1,173.4 | | | 300.5 | | | 683.5 |
| Cash and cash equivalents at end of year | $1,080.2 | | $1,173.4 | | $300.5 | |||
| | | | | | | | | |
| Supplemental cash flow information: | | | | | | | | |
| Interest paid during the year | $41.8 | | $59.7 | | $59.1 | |||
| Income taxes paid during the year, net | $386.3 | | $692.4 | | $444.4 | |||
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