Veritiv (VRTV) 10-Q 3 Nov 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Oct. 28, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-36479
Entity Registrant Name	VERITIV CORPORATION
Entity Central Index Key	0001599489
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-3234977
Entity Address, Address Line One	1000 Abernathy Road NE
Entity Address, Address Line Two	Building 400, Suite 1700
Entity Address, City or Town	Atlanta,
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30328
City Area Code	770
Local Phone Number	391-8200
Title of 12(b) Security	Common stock, $0.01 par value
Trading Symbol	VRTV
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		14,592,884

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Net sales (including sales to related party of $4.8 and $16.5 in 2020, respectively)	$ 1,767.8	$ 1,591.2	$ 4,985.7	$ 4,703.3
Cost of products sold (including purchases from related party of $15.0 and $47.0 in 2020, respectively) (exclusive of depreciation and amortization shown separately below)	1,402.1	1,262.4	3,959.2	3,728.8
Distribution expenses	103.4	100.6	308.9	323.9
Selling and administrative expenses	189.7	177.4	533.9	545.4
Depreciation and amortization	13.3	15	42.1	43.1
Restructuring charges, net	2.5	7.9	12	40.4
Operating income (loss)	56.8	27.9	129.6	21.7
Interest expense, net	3.8	5.5	13.4	19.7
Other (income) expense, net	(1.1)	1.4	(3.8)	0
Income (loss) before income taxes	54.1	21	120	2
Income tax expense (benefit)	14.1	(0.1)	32.3	(0.2)
Net income (loss)	$ 40	$ 21.1	$ 87.7	$ 2.2
Earnings (loss) per share:
Basic (in dollars per share)	$ 2.69	$ 1.33	$ 5.68	$ 0.14
Diluted (in dollars per share)	$ 2.54	$ 1.30	$ 5.40	$ 0.14
Weighted-average shares outstanding:
Basic (in shares)	14,860	15,890	15,440	15,990
Diluted (in shares)	15,760	16,210	16,240	16,180

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Income Statement [Abstract]
Sales to related party	$ 4.8	$ 16.5
Purchases from related party	$ 15	$ 47

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)		$ 40	$ 21.1	$ 87.7	$ 2.2
Other comprehensive income (loss):
Foreign currency translation adjustments		(4)	3.8	(1.3)	(6)
Change in fair value of cash flow hedge, net of tax	[1]	0	0	0.1	0
Pension liability adjustments, net of tax	[1]	0.1	0.1	0.1	0.1
Other comprehensive income (loss)		(3.9)	3.9	(1.1)	(5.9)
Total comprehensive income (loss)		$ 36.1	$ 25	$ 86.6	$ (3.7)
[1]	Amounts shown are net of tax impacts, which were not significant for the periods presented.

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 43.4	$ 120.6
Accounts receivable, less allowances of $37.8 and $41.6, respectively	958.2	849.5
Inventories	482.7	465.4
Other current assets	128.2	119.5
Total current assets	1,612.5	1,555
Property and equipment (net of accumulated depreciation and amortization of $323.6 and $375.9, respectively)	164.9	194.7
Goodwill	99.6	99.6
Other intangibles, net	43.9	47.4
Deferred income tax assets	60.3	60
Other non-current assets	371.8	378.3
Total assets	2,353	2,335
Current liabilities:
Accounts payable	564.7	471.9
Accrued payroll and benefits	90.8	80.6
Other accrued liabilities	172.9	182.2
Current portion of debt	15.5	14.7
Total current liabilities	843.9	749.4
Long-term debt, net of current portion	533.6	589.1
Defined benefit pension obligations	15.7	18.2
Other non-current liabilities	392.8	395.2
Total liabilities	1,786	1,751.9
Commitments and contingencies (Note 12)
Shareholders' equity:
Preferred stock, $0.01 par value, 10.0 million shares authorized, none issued	0	0
Common stock, $0.01 par value, 100.0 million shares authorized; shares issued - 17.0 million and 16.6 million, respectively; shares outstanding - 14.6 million and 15.9 million, respectively	0.2	0.2
Additional paid-in capital	632.2	634.9
Accumulated earnings (deficit)	86.3	(1.4)
Accumulated other comprehensive loss	(34.6)	(33.5)
Treasury stock at cost - 2.4 million shares in 2021 and 0.7 million shares in 2020	(117.1)	(17.1)
Total shareholders' equity	567	583.1
Total liabilities and shareholders' equity	$ 2,353	$ 2,335

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Assets
Accounts receivable, allowances	$ 37.8	$ 41.6
Property and equipment, accumulated depreciation and amortization	$ 323.6	$ 375.9
Shareholders' equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	17,000,000	16,600,000
Common stock, shares outstanding (in shares)	14,600,000	15,900,000
Treasury stock, shares (in shares)	2,400,000	700,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating activities
Net income (loss)	$ 87.7	$ 2.2
Depreciation and amortization	42.1	43.1
Amortization and write-off of deferred financing fees	1.1	1.8
Net losses (gains) on disposition of assets and sale of a business	(9.1)	(8.1)
Provision for expected credit losses	4.6	11.2
Deferred income tax provision (benefit)	(0.3)	(0.6)
Stock-based compensation	5.7	14.9
Other non-cash items, net	1.3	8.4
Changes in operating assets and liabilities
Accounts receivable and related party receivable	(120.1)	58.1
Inventories	(20.4)	65.3
Other current assets	(5.8)	0.6
Accounts payable and related party payable	97.7	52.8
Accrued payroll and benefits	10.3	12.6
Other accrued liabilities	(11.6)	1.6
Other	8.4	16.8
Net cash provided by (used for) operating activities	91.6	280.7
Investing activities
Property and equipment additions	(14.1)	(19.8)
Proceeds from asset sales and sale of a business	15.8	12
Net cash provided by (used for) investing activities	1.7	(7.8)
Financing activities
Change in book overdrafts	(0.9)	(30.1)
Borrowings of long-term debt	4,353.6	4,100.6
Repayments of long-term debt	(4,401.1)	(4,252)
Payments under right-of-use finance leases	(10.2)	(9.5)
Deferred financing fees	(3.3)	(3.4)
Purchase of treasury stock	(100)	(3.5)
Payments under Tax Receivable Agreement	0	(0.3)
Other	(8.2)	(0.3)
Net cash provided by (used for) financing activities	(170.1)	(198.5)
Effect of exchange rate changes on cash	(0.4)	0.1
Net change in cash and cash equivalents	(77.2)	74.5
Cash and cash equivalents at beginning of period	120.6	38
Cash and cash equivalents at end of period	43.4	112.5
Supplemental cash flow information
Cash paid for income taxes, net of refunds	37.2	2.8
Cash paid for interest	11.9	17.2
Non-cash investing and financing activities
Non-cash additions to property and equipment for right-of-use finance leases	1.9	13.4
Non-cash additions to other non-current assets for right-of-use operating leases	$ 59.3	$ 18.3

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Shareholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock Issued	Additional Paid-in Capital	Accumulated Earnings (Deficit)	Accumulated Earnings (Deficit)Cumulative Effect, Period of Adoption, Adjustment	AOCL	[1]	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2019			16.4						0.3
Beginning balance at Dec. 31, 2019	$ 536.2	$ (0.3)	$ 0.2	$ 618	$ (35.3)	$ (0.3)	$ (33.1)		$ (13.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(0.4)				(0.4)
Other comprehensive income (loss)	(14)						(14)
Stock-based compensation	9.4			9.4
Issuance of common stock, net of stock received for minimum tax withholdings (in shares)			0.1
Issuance of common stock, net of stock received for minimum tax withholdings	(0.6)		$ 0	(0.6)
Treasury stock purchases (in shares)									(0.4)
Treasury stock purchases	(3.5)								$ (3.5)
Ending balance (in shares) at Mar. 31, 2020			16.5						0.7
Ending balance at Mar. 31, 2020	526.8		$ 0.2	626.8	(36)		(47.1)		$ (17.1)
Beginning balance (in shares) at Dec. 31, 2019			16.4						0.3
Beginning balance at Dec. 31, 2019	536.2	$ (0.3)	$ 0.2	618	(35.3)	$ (0.3)	(33.1)		$ (13.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	2.2
Other comprehensive income (loss)	(5.9)
Ending balance (in shares) at Sep. 30, 2020			16.6						0.7
Ending balance at Sep. 30, 2020	542.8		$ 0.2	632.1	(33.4)		(39)		$ (17.1)
Beginning balance (in shares) at Mar. 31, 2020			16.5						0.7
Beginning balance at Mar. 31, 2020	526.8		$ 0.2	626.8	(36)		(47.1)		$ (17.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(18.5)				(18.5)
Other comprehensive income (loss)	4.2						4.2
Stock-based compensation	0.7			0.7
Issuance of common stock, net of stock received for minimum tax withholdings (in shares)			0.1
Issuance of common stock, net of stock received for minimum tax withholdings	(0.2)		$ 0	(0.2)
Ending balance (in shares) at Jun. 30, 2020			16.6						0.7
Ending balance at Jun. 30, 2020	513		$ 0.2	627.3	(54.5)		(42.9)		$ (17.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	21.1				21.1
Other comprehensive income (loss)	3.9						3.9
Stock-based compensation	4.8			4.8
Issuance of common stock, net of stock received for minimum tax withholdings (in shares)			0
Issuance of common stock, net of stock received for minimum tax withholdings	0		$ 0	0
Ending balance (in shares) at Sep. 30, 2020			16.6						0.7
Ending balance at Sep. 30, 2020	542.8		$ 0.2	632.1	(33.4)		(39)		$ (17.1)
Beginning balance (in shares) at Dec. 31, 2020			16.6						0.7
Beginning balance at Dec. 31, 2020	583.1		$ 0.2	634.9	(1.4)		(33.5)		$ (17.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	21.3				21.3
Other comprehensive income (loss)	(0.3)						(0.3)
Stock-based compensation	1.2			1.2
Issuance of common stock, net of stock received for minimum tax withholdings (in shares)			0.2
Issuance of common stock, net of stock received for minimum tax withholdings	(3.3)		$ 0	(3.3)
Treasury stock purchases (in shares)									(0.6)
Treasury stock purchases	(24.6)								$ (24.6)
Ending balance (in shares) at Mar. 31, 2021			16.8						1.3
Ending balance at Mar. 31, 2021	577.4		$ 0.2	632.8	19.9		(33.8)		$ (41.7)
Beginning balance (in shares) at Dec. 31, 2020			16.6						0.7
Beginning balance at Dec. 31, 2020	583.1		$ 0.2	634.9	(1.4)		(33.5)		$ (17.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	87.7
Other comprehensive income (loss)	(1.1)
Ending balance (in shares) at Sep. 30, 2021			17						2.4
Ending balance at Sep. 30, 2021	567		$ 0.2	632.2	86.3		(34.6)		$ (117.1)
Beginning balance (in shares) at Mar. 31, 2021			16.8						1.3
Beginning balance at Mar. 31, 2021	577.4		$ 0.2	632.8	19.9		(33.8)		$ (41.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	26.4				26.4
Other comprehensive income (loss)	3.1						3.1
Stock-based compensation	3.5			3.5
Issuance of common stock, net of stock received for minimum tax withholdings (in shares)			0.2
Issuance of common stock, net of stock received for minimum tax withholdings	(5)		$ 0	(5)
Treasury stock purchases (in shares)									(0.4)
Treasury stock purchases	(25.8)								$ (25.8)
Ending balance (in shares) at Jun. 30, 2021			17						1.7
Ending balance at Jun. 30, 2021	579.6		$ 0.2	631.3	46.3		(30.7)		$ (67.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	40				40
Other comprehensive income (loss)	(3.9)						(3.9)
Stock-based compensation	1			1
Issuance of common stock, net of stock received for minimum tax withholdings (in shares)			0
Issuance of common stock, net of stock received for minimum tax withholdings	(0.1)		$ 0	(0.1)
Treasury stock purchases (in shares)									(0.7)
Treasury stock purchases	(49.6)								$ (49.6)
Ending balance (in shares) at Sep. 30, 2021			17						2.4
Ending balance at Sep. 30, 2021	$ 567		$ 0.2	$ 632.2	$ 86.3		$ (34.6)		$ (117.1)
[1]	Accumulated other comprehensive loss.

Business and Summary of Signifi

Business and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Summary of Significant Accounting Policies	1. BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business Veritiv Corporation ("Veritiv" or the "Company") is a North American business-to-business full-service provider of value-added packaging products and services, as well as facility solutions, print and publishing products and services. Additionally, Veritiv provides logistics and supply chain management solutions to its customers. Veritiv was established in 2014, following the merger (the "Merger") of International Paper Company's xpedx distribution solutions business ("xpedx") and UWW Holdings, Inc. ("UWWH"), the parent company of Unisource Worldwide, Inc. ("Unisource"). Veritiv operates from approximately 115 distribution centers primarily throughout the United States ("U.S."), Canada and Mexico. Basis of Presentation and Principles of Consolidation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for a complete set of annual audited financial statements. The accompanying unaudited financial information should be read in conjunction with the Consolidated Financial Statements and Notes contained in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") for the year ended December 31, 2020. In the opinion of management, all adjustments, including normal recurring accruals and other adjustments, considered necessary for a fair presentation of the interim financial information have been included. The operating results for the interim periods are not necessarily indicative of results for the full year, particularly in light of the novel coronavirus ("COVID-19") pandemic and its effects on the domestic and global economies. These financial statements include all of the Company's subsidiaries. All significant intercompany transactions between Veritiv's businesses have been eliminated. Use of Estimates The preparation of unaudited financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses and certain financial statement disclosures. Estimates and assumptions are used for, but not limited to, revenue recognition, right-of-use ("ROU") asset and liability valuations, accounts and notes receivable valuations, inventory valuation, employee benefit plans, income tax contingency accruals and valuation allowances, multi-employer pension plan ("MEPP") withdrawal liabilities, contingency accruals and goodwill and other intangible asset valuations. Although these estimates are based on management's knowledge of current events and actions it may undertake in the future, actual results may ultimately differ from these estimates and assumptions. Primarily beginning in April 2020, unfavorable impacts from the COVID-19 pandemic began having a negative impact on the Company's financial results. As a result of the COVID-19 pandemic, the Company could continue to experience impacts including, but not limited to, charges from potential adjustments of the carrying amount of accounts and notes receivables and inventory, asset impairment charges, including goodwill, and deferred tax valuation allowances. The extent to which the COVID-19 pandemic impacts the Company's business, results of operations, access to sources of liquidity and financial condition will depend on future developments. These developments, which are highly uncertain and cannot be predicted, include, but are not limited to, the duration, spread and severity of the COVID-19 pandemic, the effects of the COVID-19 pandemic on the Company's employees, customers, suppliers and vendors and the remedial actions and stimulus measures adopted by local and federal governments, the availability, adoption and effectiveness of vaccines and to what extent normal economic and operating conditions can resume and be sustained. Even after the COVID-19 pandemic has subsided, the Company may experience an impact to its business as a result of any economic recession, downturn or volatility that has occurred or may occur in the future. Estimates are revised as additional information becomes available. Accounting Pronouncements Recently Adopted Accounting Standards Effective January 1, 2021, the Company adopted Accounting Standards Update ("ASU") 2019-12, Income Taxes (Topic 740). The standard removes certain exceptions for recognizing deferred taxes for investments, performing intraperiod allocation and calculating income taxes in interim periods. The update also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for goodwill and allocating taxes to members of a consolidated group. The amendments in this update related to separate financial statements of legal entities that are not subject to tax should be applied on a retrospective basis for all periods presented. The amendments related to changes in ownership of foreign equity method investments or foreign subsidiaries should be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The amendments related to franchise taxes that are partially based on income should be applied on either a retrospective basis for all periods presented or a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. All other amendments should be applied on a prospective basis. The adoption did not materially impact the Company's financial statements and disclosures. Recently Issued Accounting Standards Not Yet Adopted ASU 2020-04 , Reference Rate Reform (Topic 848) - This standard provides temporary optional expedients and exceptions to accounting guidance for certain contract modifications and hedging arrangements to ease financial reporting burdens as the market transitions from the London Interbank Offered Rate ("LIBOR") and other interbank reference rates to alternative reference rates. The guidance is available for prospective application upon its issuance and can generally be applied to contract modifications and hedging relationships entered into March 12, 2020 through December 31, 2022. The Company has an interest rate cap arrangement, which currently carries an insignificant value, and long-term debt for which existing payments are based on LIBOR. The Company recently amended its ABL Facility to, among other things, update certain provisions to facilitate the transition from LIBOR to a new replacement benchmark rate. Currently, the Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements and related disclosures.

Revenue Recognition and Credit

Revenue Recognition and Credit Losses	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue Recognition and Credit Losses	2. REVENUE RECOGNITION AND CREDIT LOSSES Veritiv applies the five-step model to assess its contracts with customers. The Company's revenue is reported as net sales and is measured as the determinable transaction price, net of any variable consideration (e.g., sales incentives and rights to return product) and any taxes collected from customers and remitted to governmental authorities. Certain revenues are derived from shipments which are made directly from a manufacturer to a Veritiv customer. The Company is considered to be a principal to these transactions. Revenues from these sales are reported on a gross basis on the Condensed Consolidated Statements of Operations and have historically represented approximately 35% of Veritiv's total net sales. As a normal business practice, Veritiv does not enter into contracts that require more than one year to complete or that contain significant financing components. The Company considers handling and delivery as activities to fulfill its performance obligations. Billings for third-party freight are accounted for as net sales and handling and delivery costs are accounted for as distribution expenses. The Company has established credit and collection processes whereby collection assessments are performed and expected credit losses are recognized. Veritiv enters into incentive programs with certain of its customers, which are generally based on sales to those same customers. Veritiv follows the expected value method when estimating its retrospective incentives and records the estimated amount as a reduction to gross sales when revenue is recognized. Estimates of the variable consideration are based primarily on contract terms, current customer forecasts as well as historical experience. Customer product returns are estimated based on historical experience and the identification of specific events necessitating an adjustment. The estimated return value is recognized as a reduction of gross sales and related cost of products sold. The estimated inventory returns value is recognized as part of inventories, while the estimated customer refund liability is recognized as part of other accrued liabilities on the Condensed Consolidated Balance Sheets. As of September 30, 2021 and December 31, 2020, estimated inventory returns were not significant. A customer contract liability will arise when Veritiv has received payment for goods and services but has not yet transferred the items to a customer and satisfied its performance obligations. Veritiv records a customer contract liability for performance obligations outstanding related to payments received in advance for customer deposits on equipment sales and other sale arrangements requiring prepayment, which are included in accounts payable on the Condensed Consolidated Balance Sheets. Veritiv expects to satisfy these remaining performance obligations and recognize the related revenues upon delivery of the goods and services to the customer's designated location within 12 months following receipt of the payment. Most equipment sales deposits are held for approximately 90 days and other sale arrangements requiring prepayment initially cover a 60 - 90 day period but can be renewed by the customer. See the table below for a year-to-date summary of the changes to the customer contract liabilities balance: Customer Contract Liabilities (in millions) 2021 2020 Balance at January 1, $ 12.2 $ 11.7 Payments received 38.3 36.5 Revenue recognized from beginning balance (10.4) (11.4) Revenue recognized from current year receipts (25.0) (22.7) Balance at September 30, $ 15.1 $ 14.1 Historically, the Company's ten largest customers have generated approximately 10% of its consolidated annual net sales. Veritiv's principal markets are concentrated primarily across North America with net sales in the U.S., Canada and Mexico of approximately 87%, 10% and 2%, respectively. Veritiv evaluated the nature of the products and services provided to its customers as well as the nature of the customer and the geographical distribution of its customer base and determined that the best representative level of disaggregated revenue is the product category basis. The following is a brief description of the Company's four reportable segments, organized by major product category. This segment structure is consistent with the way the Chief Operating Decision Maker, who is Veritiv's Chief Executive Officer, makes operating decisions and manages the growth and profitability of the Company's business. The Company also has a Corporate & Other category, which includes certain assets and costs not primarily attributable to any of the reportable segments, as well as the Veritiv logistics solutions business which provides transportation and warehousing solutions. • Packaging – The Packaging segment provides custom and standard packaging solutions for customers based in North America and in key global markets. This segment services its customers with a full spectrum of packaging product materials within flexible, corrugated and fiber, ancillary packaging, rigid and equipment categories. The business is strategically focused on higher growth industry sectors including manufacturing, food and beverage, wholesale and retail, healthcare and transportation, as well as specialty sectors based on industry and product expertise. This segment also provides supply chain solutions, structural and graphic packaging design and engineering, automation, workflow and equipment services and kitting. • Facility Solutions – The Facility Solutions segment sources and sells cleaning, break-room and other supplies in product categories that include towels and tissues, food service, personal protective equipment, cleaning chemicals and skincare, primarily in North America. Additionally, the Company offers total cost of ownership solutions with re-merchandising, budgeting and compliance reporting and inventory management. • Print – The Print segment sells and distributes commercial printing, writing, copying, digital, specialty products and graphics consumables primarily in North America. Veritiv's broad geographic platform of operations coupled with the breadth of paper and graphics products, including exclusive private brand offerings, provides a foundation to service national, regional and local customers across North America. • Publishing – The Publishing segment sells and distributes coated and uncoated commercial printing papers to publishers, retailers, converters, printers and specialty businesses for use in magazines, catalogs, books, directories, gaming, couponing, retail inserts and direct mail primarily in the U.S. This segment also provides print management, procurement and supply chain management solutions to simplify paper and print procurement processes for its customers. See Note 13, Segment and Other Information , for the disaggregation of revenue and other information related to the Company's reportable segments and Corporate & Other. Allowance for Credit Losses The components of the accounts receivable allowances were as follows: (in millions) September 30, 2021 December 31, 2020 Allowance for credit losses $ 27.1 $ 31.4 Other allowances (1) 10.7 10.2 Total accounts receivable allowances $ 37.8 $ 41.6 (1) Includes amounts reserved for credit memos, customer discounts, customer short pays and other miscellaneous items. Below is a year-to-date rollforward of the Company’s allowance for credit losses: Packaging and Facility Solutions Print - High Risk Print - Medium/Low Risk (in millions) U.S. Canada U.S. Canada U.S. Canada Publishing (1) Rest of world Corporate & Other (1) Total Balance at December 31, 2020 $ 14.4 $ 0.5 $ 10.2 $ 0.7 $ 2.2 $ 0.0 $ 1.6 $ 1.0 $ 0.8 $ 31.4 Add / (Deduct): Provision for expected credit losses 3.3 0.5 0.1 (0.1) 0.8 0.0 (0.4) (0.1) 0.4 4.5 Write-offs charged against the allowance (4.8) 0.0 (2.4) 0.0 (0.4) — (0.1) 0.0 (0.4) (8.1) Recoveries of amounts previously written off 0.5 — 0.0 0.0 0.0 — — — 0.0 0.5 Other adjustments (2) — 0.0 (0.2) 0.0 (1.0) 0.0 — 0.0 — (1.2) Balance at September 30, 2021 $ 13.4 $ 1.0 $ 7.7 $ 0.6 $ 1.6 $ 0.0 $ 1.1 $ 0.9 $ 0.8 $ 27.1 (1) Publishing and Corporate & Other have only U.S. operations. (2) Other adjustments represent amounts reserved for foreign currency translation adjustments and reserves for certain customer accounts where revenue is not recognized because collectability is not probable and may include accounts receivable allowances recorded in connection with acquisitions.

Leases

Leases	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leases	3. LEASES The Company leases certain property and equipment used for operations to limit its exposure to risks related to ownership. The major leased asset categories include: real estate, delivery equipment, material handling equipment and computer and office equipment. As of September 30, 2021, the Company operated from approximately 115 distribution centers of which approximately 110 were leased. These facilities are strategically located throughout the U.S., Canada and Mexico in order to efficiently serve the customer base in the surrounding areas while also facilitating expedited delivery services for special orders. The Company also leases various office spaces for corporate and sales functions. The components of lease expense were as follows: (in millions) Three Months Ended Nine Months Ended Lease Classification Financial Statement Classification 2021 2020 2021 2020 Short-term lease expense (1) Operating expenses $ 1.2 $ 0.6 $ 3.0 $ 1.8 Operating lease expense (2) Operating expenses $ 25.0 $ 30.6 $ 76.0 $ 85.3 Finance lease expense: Amortization of right-of-use assets Depreciation and amortization $ 3.7 $ 3.7 $ 11.0 $ 10.9 Interest expense Interest expense, net 0.7 0.7 2.1 2.2 Total finance lease expense $ 4.4 $ 4.4 $ 13.1 $ 13.1 Total Lease Cost $ 30.6 $ 35.6 $ 92.1 $ 100.2 (1) Short-term lease expense is comprised of expenses related to leases with a term of twelve months or less, which includes expenses related to month-to- month leases. (2) Sublease income and variable lease expense are not included in the above table as the amounts were not significant for the periods presented. Supplemental balance sheets and other information were as follows: (in millions, except weighted-average data) September 30, 2021 December 31, 2020 Lease Classification Financial Statement Classification Operating Leases: Operating lease right-of-use assets Other non-current assets $ 343.7 $ 351.7 Operating lease obligations - current Other accrued liabilities $ 79.9 $ 81.9 Operating lease obligations - non-current Other non-current liabilities 297.8 307.4 Total operating lease obligations $ 377.7 $ 389.3 Weighted-average remaining lease term in years 5.9 6.1 Weighted-average discount rate 4.6 % 4.7 % Finance Leases: Finance lease right-of-use assets Property and equipment $ 67.6 $ 76.6 Finance lease obligations - current Current portion of debt $ 13.8 $ 13.4 Finance lease obligations - non-current Long-term debt, net of current portion 60.2 68.9 Total finance lease obligations $ 74.0 $ 82.3 Weighted-average remaining lease term in years 6.5 7.1 Weighted-average discount rate 3.6 % 3.7 % Cash paid for amounts included in the measurement of lease liabilities was as follows: (in millions) Nine Months Ended September 30, Lease Classification Financial Statement Classification 2021 2020 Operating Leases: Operating cash flows from operating leases Operating activities $ 78.2 $ 83.7 Finance Leases: Operating cash flows from finance leases Operating activities $ 2.1 $ 2.2 Financing cash flows from finance leases Financing activities 10.2 9.5 Lease Commitments Future minimum lease payments at September 30, 2021 were as follows: (in millions) Finance Leases Operating Leases (1) 2021 (excluding the nine months ended September 30, 2021) $ 4.1 $ 25.1 2022 15.9 91.8 2023 13.6 74.1 2024 11.8 60.5 2025 10.8 50.0 2026 8.0 44.1 Thereafter 19.7 88.8 Total future minimum lease payments 83.9 434.4 Amount representing interest (9.9) (56.7) Total future minimum lease payments, net of interest $ 74.0 $ 377.7 (1) Future sublease income of $2.9 million is excluded from the operating leases amount in the table above. Total future minimum lease payments at September 30, 2021 for finance and operating leases, including the amount representing interest, are comprised of $454.7 million for real estate leases and $63.6 million for non-real estate leases.
Leases	3. LEASES The Company leases certain property and equipment used for operations to limit its exposure to risks related to ownership. The major leased asset categories include: real estate, delivery equipment, material handling equipment and computer and office equipment. As of September 30, 2021, the Company operated from approximately 115 distribution centers of which approximately 110 were leased. These facilities are strategically located throughout the U.S., Canada and Mexico in order to efficiently serve the customer base in the surrounding areas while also facilitating expedited delivery services for special orders. The Company also leases various office spaces for corporate and sales functions. The components of lease expense were as follows: (in millions) Three Months Ended Nine Months Ended Lease Classification Financial Statement Classification 2021 2020 2021 2020 Short-term lease expense (1) Operating expenses $ 1.2 $ 0.6 $ 3.0 $ 1.8 Operating lease expense (2) Operating expenses $ 25.0 $ 30.6 $ 76.0 $ 85.3 Finance lease expense: Amortization of right-of-use assets Depreciation and amortization $ 3.7 $ 3.7 $ 11.0 $ 10.9 Interest expense Interest expense, net 0.7 0.7 2.1 2.2 Total finance lease expense $ 4.4 $ 4.4 $ 13.1 $ 13.1 Total Lease Cost $ 30.6 $ 35.6 $ 92.1 $ 100.2 (1) Short-term lease expense is comprised of expenses related to leases with a term of twelve months or less, which includes expenses related to month-to- month leases. (2) Sublease income and variable lease expense are not included in the above table as the amounts were not significant for the periods presented. Supplemental balance sheets and other information were as follows: (in millions, except weighted-average data) September 30, 2021 December 31, 2020 Lease Classification Financial Statement Classification Operating Leases: Operating lease right-of-use assets Other non-current assets $ 343.7 $ 351.7 Operating lease obligations - current Other accrued liabilities $ 79.9 $ 81.9 Operating lease obligations - non-current Other non-current liabilities 297.8 307.4 Total operating lease obligations $ 377.7 $ 389.3 Weighted-average remaining lease term in years 5.9 6.1 Weighted-average discount rate 4.6 % 4.7 % Finance Leases: Finance lease right-of-use assets Property and equipment $ 67.6 $ 76.6 Finance lease obligations - current Current portion of debt $ 13.8 $ 13.4 Finance lease obligations - non-current Long-term debt, net of current portion 60.2 68.9 Total finance lease obligations $ 74.0 $ 82.3 Weighted-average remaining lease term in years 6.5 7.1 Weighted-average discount rate 3.6 % 3.7 % Cash paid for amounts included in the measurement of lease liabilities was as follows: (in millions) Nine Months Ended September 30, Lease Classification Financial Statement Classification 2021 2020 Operating Leases: Operating cash flows from operating leases Operating activities $ 78.2 $ 83.7 Finance Leases: Operating cash flows from finance leases Operating activities $ 2.1 $ 2.2 Financing cash flows from finance leases Financing activities 10.2 9.5 Lease Commitments Future minimum lease payments at September 30, 2021 were as follows: (in millions) Finance Leases Operating Leases (1) 2021 (excluding the nine months ended September 30, 2021) $ 4.1 $ 25.1 2022 15.9 91.8 2023 13.6 74.1 2024 11.8 60.5 2025 10.8 50.0 2026 8.0 44.1 Thereafter 19.7 88.8 Total future minimum lease payments 83.9 434.4 Amount representing interest (9.9) (56.7) Total future minimum lease payments, net of interest $ 74.0 $ 377.7 (1) Future sublease income of $2.9 million is excluded from the operating leases amount in the table above. Total future minimum lease payments at September 30, 2021 for finance and operating leases, including the amount representing interest, are comprised of $454.7 million for real estate leases and $63.6 million for non-real estate leases.

Restructuring Charges

Restructuring Charges	9 Months Ended
	Sep. 30, 2021
Restructuring and Related Activities [Abstract]
Restructuring Charges	4. RESTRUCTURING CHARGES 2020 Restructuring Plan During the second quarter of 2020, the Company initiated a restructuring plan in response to the impact of the COVID-19 pandemic on its business operations and the ongoing secular changes in its Print and Publishing segments. During the fourth quarter of 2020, the Company expanded the initial plan to further align its cost structure with ongoing business needs as the Company executes on its stated corporate strategy. The initial and expansion activities are collectively referred to as the "2020 Restructuring Plan." The 2020 Restructuring Plan includes (i) a reduction of the Company's U.S. salaried workforce by approximately 15% across all business segments and corporate functions, (ii) the closure of certain warehouse facilities and retail stores, (iii) adjustments to various compensation plans, (iv) repositioning of inventory to expand the Company's service radius and (v) other actions. The Company currently estimates it will incur total restructuring charges of between $70 million and $76 million in connection with the 2020 Restructuring Plan. Through September 30, 2021, the Company has incurred approximately $64.2 million in costs and charges, of which $12.0 million was incurred during the nine months ended September 30, 2021. Initial charges were incurred and recorded in June 2020. The Company expects to substantially complete the 2020 Restructuring Plan by the end of 2021. Other direct costs reported in the tables below include facility closing costs and other incidental costs associated with the development, communication, administration and implementation of these initiatives; costs incurred exclude any non-cash portion of restructuring gains or losses on asset disposals. The following is a summary of the Company's 2020 Restructuring Plan liability activity for the current year: (in millions) Severance and Related Costs Other Direct Costs Total Balance at December 31, 2020 $ 15.4 $ 6.9 $ 22.3 Costs incurred (0.3) 2.7 2.4 Payments (5.2) (1.6) (6.8) Balance at March 31, 2021 9.9 8.0 17.9 Costs incurred 0.5 3.3 3.8 Payments (4.2) (4.3) (8.5) Balance at June 30, 2021 6.2 7.0 13.2 Costs incurred 1.6 2.5 4.1 Payments (2.3) (1.1) (3.4) Balance at September 30, 2021 $ 5.5 $ 8.4 $ 13.9 In addition to the costs incurred in the table above, during the three and nine months ended September 30, 2021, the Company expensed $1.8 million and $5.6 million, respectively, of Other Direct Costs, which was prepaid during the fourth quarter of 2020. For the three and nine months ended September 30, 2021, the Company recognized non-cash net gains of $3.4 million and $3.9 million from lease terminations and retirement of assets. The following is a summary of the Company's 2020 Restructuring Plan liability activity for the prior year comparable period: (in millions) Severance and Related Costs Other Direct Costs Total Balance at March 31, 2020 $ — $ — $ — Costs incurred 31.6 0.9 32.5 Payments — — — Balance at June 30, 2020 31.6 0.9 32.5 Costs incurred 1.6 6.3 7.9 Payments (14.7) (1.0) (15.7) Balance at September 30, 2020 $ 18.5 $ 6.2 $ 24.7 Additionally, the Company has recorded other restructuring liabilities related to the previous restructuring plans that as of September 30, 2021, totaled $22.6 million, of which $19.1 million was related to MEPP withdrawal obligations that will be paid-out over an approximate 20-year period. These other liabilities as of December 31, 2020, totaled $24.0 million, of which $20.0 million was related to MEPP withdrawal obligations. See Note 13, Segment and Other Information , for the impact that charges from these restructuring plans had on the Company's reportable segments.

Debt

Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt	5. DEBT The Company's debt obligations were as follows: (in millions) September 30, 2021 December 31, 2020 Asset-Based Lending Facility (the "ABL Facility") $ 473.4 $ 520.2 Commercial card program 1.7 1.3 Finance leases 74.0 82.3 Total debt 549.1 603.8 Less: current portion of debt (15.5) (14.7) Long-term debt, net of current portion $ 533.6 $ 589.1 ABL Facility On May 20, 2021, the Company amended its ABL Facility to extend the maturity date to May 20, 2026, adjust the pricing grid for applicable interest rates and update certain provisions to facilitate the transition from LIBOR to a new replacement benchmark rate. All other significant terms remained substantially the same. The Company incurred and deferred $3.3 million of new financing costs associated with the transaction, reflected in other non-current assets in the Condensed Consolidated Balance Sheet, which will be amortized to interest expense on a straight-line basis over the new amended term of the ABL Facility. Previously, on April 9, 2020, the Company amended its ABL Facility to extend the maturity date to April 9, 2025, reduce the aggregate commitments from $1.4 billion to $1.1 billion and adjust the pricing grid for applicable interest rates. All other significant terms remained substantially the same. The Company recognized a one-time charge of $0.6 million to interest expense, net, on the Condensed Consolidated Statement of Operations, for the write-off of a portion of the previously deferred financing costs associated with lenders in the ABL Facility that exited the amended ABL Facility. In addition, the Company incurred and deferred $3.4 million of financing costs associated with this transaction, reflected in other non-current assets on the Condensed Consolidated Balance Sheet, which will be amortized to interest expense on a straight-line basis over the new amended term of the ABL Facility. Availability under the ABL Facility is determined based upon a monthly borrowing base calculation which includes eligible customer receivables and inventory, less outstanding borrowings, letters of credit and certain designated reserves. As of September 30, 2021, the available additional borrowing capacity under the ABL Facility was approximately $494.8 million. As of September 30, 2021, the Company held $11.0 million in outstanding letters of credit. The ABL Facility has a springing minimum fixed charge coverage ratio of at least 1.00 to 1.00 on a trailing four-quarter basis, which will be tested only when specified availability is less than the limits outlined under the ABL Facility. At September 30, 2021, the above test was not applicable and based on information available as of the date of this report it is not expected to be applicable in the next 12 months. Commercial Card Program The Company has a commercial purchasing card program that is used for business purpose purchasing and must be paid in-full monthly. At September 30, 2021, the card carried a maximum credit limit of $37.5 million. At September 30, 2021 and December 31, 2020, $1.7 million and $1.3 million, respectively, was outstanding on the commercial card. The net change in the outstanding balance is included in other financing activities on the Condensed Consolidated Statements of Cash Flows.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	6. INCOME TAXES The Company calculated the expense or benefit for income taxes during the three and nine months ended September 30, 2021 and 2020, by applying an estimate of the annual effective tax rate ("AETR") for the full fiscal year to "ordinary" income or loss (pre-tax income or loss excluding unusual or infrequently occurring discrete items) for the reporting periods. The following table presents the Company's expense (benefit) for income taxes and the effective tax rates: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2021 2020 2021 2020 Income (loss) before income taxes $ 54.1 $ 21.0 $ 120.0 $ 2.0 Income tax expense (benefit) 14.1 (0.1) 32.3 (0.2) Effective tax rate 26.1 % (0.5) % 26.9 % (10.0) % The difference between the Company's effective tax rates for the three and nine months ended September 30, 2021 and 2020, and the U.S. statutory tax rate of 21.0% primarily relates to state income taxes (net of federal income tax benefit), non-deductible expenses, tax credits, vesting of stock compensation, Global Intangible Low-Taxed Income ("GILTI"), and the Company's pre-tax book income (loss) by jurisdiction. Veritiv recognized the tax-effect of the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") through the six months ended June 30, 2020, and recorded an estimated $0.9 million benefit, primarily related to the carryback of net operating loss ("NOL" or "NOLs") generated in 2019 to prior years in which the U.S. statutory tax rate was 35%. During the three months ended September 30, 2020, Veritiv refined the estimated carryback and recorded an estimated $1.5 million benefit, for a year-to-date net benefit related to the CARES Act of $2.4 million. In addition, Veritiv recognized the tax effect of legislation passed during the three months ended September 30, 2020, including, but not limited to, elections available under GILTI and interest expense disallowance, recording an estimated $2.2 million benefit. The CARES Act was signed into law on March 27, 2020 and makes significant economic stimulus changes and additional changes to the U.S. tax code, including, but not limited to, allowing the carryback of NOLs occurring in 2018, 2019 and 2020 to the prior five years and eliminating the taxable income limitation, changes to the interest expense limitation, a technical correction for qualified improvement property depreciation and providing additional employee retention credits.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	7. RELATED PARTY TRANSACTIONS On March 3, 2021, Veritiv announced that its Board of Directors authorized a $50 million share repurchase program (the "2021 Share Repurchase Program"), which was increased to $100 million in May 2021. Executing within the 2021 Share Repurchase Program, on March 9, 2021, Veritiv entered into a Share Repurchase Agreement with UWW Holdings, LLC (the "UWWH Stockholder"), pursuant to which the Company agreed to repurchase (the "Share Repurchase") an aggregate of 553,536 shares of its common stock owned by the UWWH Stockholder for an aggregate purchase price of $23.2 million. The Share Repurchase closed on March 12, 2021 and the Company funded the Share Repurchase with cash on hand. Concurrently with the closing of the Share Repurchase, the UWWH Stockholder sold the remainder of its shares of Veritiv common stock to an unrelated third party. Subsequent to the Share Repurchase, the Company purchased a total of 1,181,274 shares of its common stock owned by unrelated third parties for an aggregate purchase price of $76.8 million. Agreements with the UWWH Stockholder prior to the Share Repurchase In January 2020, in connection with the Tax Receivable Agreement ("TRA") executed at the time of the Merger, Veritiv paid $0.3 million in principal and interest to the UWWH Stockholder for the utilization of pre-merger NOLs in its 2018 federal and state tax returns. In December 2020, the Company and the UWWH Stockholder agreed to settle the TRA. The Company paid the UWWH Stockholder a total of $12.0 million in settlement of all past and future liabilities that would have been owed under the TRA and the parties agreed to a mutual release of claims under the TRA. See Note 9, Fair Value Measurements , for additional information regarding the TRA. On November 19, 2020, the UWWH Stockholder sold 1.40 million shares of Veritiv common stock in an underwritten public offering. The Company did not sell or repurchase any shares and did not receive any of the proceeds. Following completion of such sale, which reduced the UWWH Stockholder's ownership below 10% of Veritiv's outstanding common stock, Georgia-Pacific, as joint owner of the UWWH Stockholder, is no longer treated as a related party. The Company considers its stockholders that own more than 10.0% of its outstanding common stock to be related parties as defined within ASC 850, Related Party Disclosures. Transactions with Georgia-Pacific Veritiv purchases certain inventory items from, and sells certain inventory items to, Georgia-Pacific in the normal course of business. The following table summarizes the financial impact of the transactions with Georgia-Pacific during the prior year period when it was considered a related party: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2020 2020 Sales to Georgia-Pacific, reflected in net sales $ 4.8 $ 16.5 Purchases of inventory from Georgia-Pacific, recognized in cost of products sold 15.0 47.0

Defined Benefit Plans

Defined Benefit Plans	9 Months Ended
	Sep. 30, 2021
Retirement Benefits [Abstract]
Defined Benefit Plans	8. DEFINED BENEFIT PLANS Veritiv does not maintain any active defined benefit plans for its non-union employees. Veritiv maintains a defined benefit pension plan in the U.S. for employees covered by certain collectively bargained agreements. Veritiv also assumed responsibility for Unisource's defined benefit plans, which include frozen cash balance accounts for certain former Unisource employees. The components of net periodic benefit cost (credit) other than the service cost component are included in other (income) expense, net on the Condensed Consolidated Statements of Operations. Amounts are generally amortized from AOCL over the expected future working lifetime of active plan participants. Total net periodic benefit cost (credit) associated with these plans is summarized below: Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 (in millions) U.S. Canada U.S. Canada Components of net periodic benefit cost (credit): Service cost $ 0.4 $ 0.1 $ 0.5 $ 0.1 Interest cost $ 0.3 $ 0.5 $ 0.4 $ 0.6 Expected return on plan assets (1.1) (1.0) (1.0) (1.0) Total other components $ (0.8) $ (0.5) $ (0.6) $ (0.4) Net periodic benefit cost (credit) $ (0.4) $ (0.4) $ (0.1) $ (0.3) Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 (in millions) U.S. Canada U.S. Canada Components of net periodic benefit cost (credit): Service cost $ 1.6 $ 0.3 $ 1.6 $ 0.3 Interest cost $ 0.8 $ 1.5 $ 1.2 $ 1.8 Expected return on plan assets (3.3) (3.1) (3.0) (2.9) Amortization of net loss 0.0 0.1 0.0 0.1 Total other components $ (2.5) $ (1.5) $ (1.8) $ (1.0) Net periodic benefit cost (credit) $ (0.9) $ (1.2) $ (0.2) $ (0.7)

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	9. FAIR VALUE MEASUREMENTS At September 30, 2021 and December 31, 2020, the carrying amounts of cash and cash equivalents, receivables, payables, other components of other current assets and other accrued liabilities, and the short-term debt associated with the commercial card program approximate their fair values due to the short maturity of these items. Cash and cash equivalents may include highly-liquid investments with original maturities to the Company of three months or less that are readily convertible into known amounts of cash. Borrowings under the ABL Facility are at variable market interest rates, and accordingly, the carrying amount approximates fair value, which is a Level 2 measurement. The fair value of the debt-related interest rate cap was derived from a discounted cash flow analysis based on the terms of the agreement and Level 2 data for the forward interest rate curve adjusted for the Company's credit risk and was not significant for the periods presented in this report. See Note 5, Debt , for additional information regarding the Company's ABL Facility and other obligations. At September 30, 2021 and December 31, 2020, the Company had assets-held-for-sale of $1.2 million and $0.4 million, respectively. These assets are included, at the lower of their carrying value or fair value, in other current assets on the Condensed Consolidated Balance Sheets. During the second quarter of 2021, the Company sold one property and recognized a gain of approximately $1.7 million related to the exit and sale of the facility, which is included in selling and administrative expenses on the Condensed Consolidated Statement of Operations. During the third quarter of 2021, the Company sold one property and recognized a gain of approximately $2.9 million related to the exit and sale of the facility, which is included in restructuring charges, net on the Condensed Consolidated Statement of Operations. During the third quarter of 2020, the Company sold one property and recognized a gain of approximately $8.5 million related to the exit and sale of the facility, which is included in selling and administrative expenses on the Condensed Consolidated Statements of Operations. At the time of the Merger, the Company recorded a $59.4 million contingent liability associated with the TRA at fair value using a discounted cash flow model. The contingent liability was remeasured at fair value at each reporting period-end with the change in fair value recognized in other (income) expense, net on the Condensed Consolidated Statements of Operations. In December 2020, the Company and the UWWH Stockholder agreed to settle the TRA. See Note 7, Related Party Transactions , for additional information regarding the TRA.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	10. EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share for Veritiv common stock is calculated by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the respective periods. Diluted earnings per share is similarly calculated, except that the denominator is increased to include the number of additional common shares that would have been outstanding during those periods if the dilutive potential common shares had been issued, using the treasury stock method, except where the inclusion of such common shares would have an antidilutive impact. A summary of the numerators and denominators used in the basic and diluted earnings (loss) per share calculations is as follows: Three Months Ended Nine Months Ended (in millions, except per share data) 2021 2020 2021 2020 Numerator: Net income (loss) $ 40.0 $ 21.1 $ 87.7 $ 2.2 Denominator: Weighted-average shares outstanding – basic 14.86 15.89 15.44 15.99 Dilutive effect of stock-based awards 0.90 0.32 0.80 0.19 Weighted-average shares outstanding – diluted 15.76 16.21 16.24 16.18 Earnings (loss) per share: Basic $ 2.69 $ 1.33 $ 5.68 $ 0.14 Diluted $ 2.54 $ 1.30 $ 5.40 $ 0.14 Antidilutive stock-based awards excluded from computation of diluted earnings per share ("EPS") 0.00 0.46 0.00 0.80 Performance stock-based awards excluded from computation of diluted EPS because performance conditions had not been met 0.00 0.21 0.00 0.21 In accordance with the Company's 2014 Omnibus Incentive Plan, as amended and restated as of March 8, 2017, shares of the Company's common stock were issued to plan participants whose Restricted Stock Units and/or Performance Condition Share Units vested during those periods. The net share issuance is included on the Condensed Consolidated Statements of Shareholders' Equity for the three and nine months ended September 30, 2021 and 2020. The related cash flow impacts are included in other financing activities on the Condensed Consolidated Statements of Cash Flows. For additional information related to these plans refer to the Company's Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2020. See the table below for information related to these transactions. Shares issued and recovered during the third quarter of 2021 and 2020 were not significant. (in millions) 2021 2020 Three months ended March 31, Shares issued 0.3 0.2 Shares recovered for minimum tax withholding (0.1) (0.1) Net shares issued 0.2 0.1 Three months ended June 30, Shares issued 0.3 0.1 Shares recovered for minimum tax withholding (0.1) 0.0 Net shares issued 0.2 0.1

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss ("AOCL")	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Accumulated Other Comprehensive Loss ("AOCL")	11. ACCUMULATED OTHER COMPREHENSIVE LOSS ("AOCL") Comprehensive income (loss) is reported on the Condensed Consolidated Statements of Comprehensive Income (Loss) and consists of net income (loss) and other gains and losses affecting shareholders' equity that, under U.S. GAAP, are excluded from net income (loss). The following tables provide the components of AOCL (amounts are shown net of their related income tax effects, if any): (in millions) Foreign currency translation adjustments Retirement liabilities Interest rate cap AOCL Balance at December 31, 2020 $ (24.2) $ (9.1) $ (0.2) $ (33.5) Unrealized net gains (losses) arising during the period (0.3) 0.0 0.0 (0.3) Net current period other comprehensive income (loss) (0.3) 0.0 0.0 (0.3) Balance at March 31, 2021 (24.5) (9.1) (0.2) (33.8) Unrealized net gains (losses) arising during the period 2.8 0.0 0.0 2.8 Amounts reclassified from AOCL 0.2 0.0 0.1 0.3 Net current period other comprehensive income (loss) 3.0 0.0 0.1 3.1 Balance at June 30, 2021 (21.5) (9.1) (0.1) (30.7) Unrealized net gains (losses) arising during the period (4.0) 0.1 0.0 (3.9) Amounts reclassified from AOCL — 0.0 0.0 0.0 Net current period other comprehensive income (loss) (4.0) 0.1 0.0 (3.9) Balance at September 30, 2021 $ (25.5) $ (9.0) $ (0.1) $ (34.6) (in millions) Foreign currency translation adjustments Retirement liabilities Interest rate cap AOCL Balance at December 31, 2019 $ (26.6) $ (6.2) $ (0.3) $ (33.1) Unrealized net gains (losses) arising during the period (14.0) 0.0 0.0 (14.0) Net current period other comprehensive income (loss) (14.0) 0.0 0.0 (14.0) Balance at March 31, 2020 (40.6) (6.2) (0.3) (47.1) Unrealized net gains (losses) arising during the period 4.2 0.0 (0.1) 4.1 Amounts reclassified from AOCL — 0.0 0.1 0.1 Net current period other comprehensive income (loss) 4.2 0.0 0.0 4.2 Balance at June 30, 2020 (36.4) (6.2) (0.3) (42.9) Unrealized net gains (losses) arising during the period 3.8 0.1 0.0 3.9 Amounts reclassified from AOCL — — 0.0 0.0 Net current period other comprehensive income (loss) 3.8 0.1 0.0 3.9 Balance at September 30, 2020 $ (32.6) $ (6.1) $ (0.3) $ (39.0)

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. COMMITMENTS AND CONTINGENCIES Legal Proceedings From time to time, the Company is involved in various lawsuits, claims and regulatory and administrative proceedings arising out of its business relating to general commercial and contractual matters, governmental regulations, intellectual property rights, labor and employment matters, tax and other actions. Although the ultimate outcome of any legal proceeding or investigation cannot be predicted with certainty, based on present information, including the Company's assessment of the merits of the particular claim, the Company does not expect that any asserted or unasserted legal claims or proceedings, individually or in the aggregate, will have a material adverse effect on its results of operations, financial condition or cash flows. Western Pennsylvania Teamsters and Employers Pension Fund During the second quarter of 2019, in the course of negotiations for a collective bargaining agreement, Veritiv negotiated a partial withdrawal from the Western Pennsylvania Teamsters and Employers Pension Fund (the "Western Pennsylvania Fund"), a MEPP related to its Warrendale, Pennsylvania location, and recognized an estimated partial withdrawal liability of $6.5 million, which was unchanged as of September 30, 2021. During the first quarter of 2020, Veritiv negotiated the complete withdrawal from the Western Pennsylvania Fund related to the second bargaining unit at its Warrendale, Pennsylvania location and recognized an estimated complete withdrawal liability of $7.1 million, which was unchanged as of September 30, 2021. The withdrawal charge was recorded in distribution expenses as it was not related to a restructuring activity. The Company records an estimated undiscounted charge when it becomes probable that it has incurred a withdrawal liability. Final charges for MEPP withdrawals are not known until the plans issue their respective determinations. As a result, these estimates may increase or decrease depending upon the final determinations. As of September 30, 2021, the Company has not yet received the determination letters for the partial and subsequent full withdrawal from the Western Pennsylvania Fund. The Company expects that payments will occur over an approximate 20-year period, which could run consecutively.

Segment and Other Information

Segment and Other Information	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Segment and Other Information	13. SEGMENT AND OTHER INFORMATION Veritiv's business is organized under four reportable segments: Packaging, Facility Solutions, Print, and Publishing and Print Management ("Publishing"). See Note 2, Revenue Recognition and Credit Losses , for descriptions of the Company's reportable segments and Corporate & Other. The following table presents net sales, Adjusted EBITDA (earnings before interest, income taxes, depreciation and amortization, restructuring charges, net, integration and acquisition expenses and other similar charges including any severance costs, costs associated with warehouse and office openings or closings, consolidation, and relocation and other business optimization expenses, stock-based compensation expense, changes in the LIFO reserve, non-restructuring asset impairment charges, non-restructuring severance charges, non-restructuring pension charges, net, fair value adjustments related to contingent liabilities assumed in mergers and acquisitions and certain other adjustments), which is the metric management uses to assess operating performance of the segments, and certain other measures for each of the reportable segments and Corporate & Other for the periods presented: (in millions) Packaging Facility Solutions Print Publishing Total Reportable Segments Corporate & Other Total Three Months Ended September 30, 2021 Net sales $ 970.6 $ 232.3 $ 386.2 $ 149.4 $ 1,738.5 $ 29.3 $ 1,767.8 Adjusted EBITDA 107.0 13.4 26.6 3.9 150.9 (57.2) Depreciation and amortization 5.9 1.8 1.5 0.0 9.2 4.1 13.3 Restructuring charges, net 0.8 0.2 0.1 0.0 1.1 1.4 2.5 Three Months Ended September 30, 2020 Net sales $ 847.9 $ 231.4 $ 364.8 $ 119.4 $ 1,563.5 $ 27.7 $ 1,591.2 Adjusted EBITDA 85.9 13.1 8.8 3.5 111.3 (61.4) Depreciation and amortization 5.8 2.1 2.0 0.0 9.9 5.1 15.0 Restructuring charges, net 2.5 0.6 4.2 0.0 7.3 0.6 7.9 Nine Months Ended September 30, 2021 Net sales $ 2,740.2 $ 663.1 $ 1,060.6 $ 435.3 $ 4,899.2 $ 86.5 $ 4,985.7 Adjusted EBITDA 280.4 35.3 57.2 12.9 385.8 (159.1) Depreciation and amortization 18.4 5.7 4.6 0.1 28.8 13.3 42.1 Restructuring charges, net 6.6 1.3 2.5 0.0 10.4 1.6 12.0 Nine Months Ended September 30, 2020 Net sales $ 2,432.0 $ 693.6 $ 1,099.2 $ 401.3 $ 4,626.1 $ 77.2 $ 4,703.3 Adjusted EBITDA 215.4 33.5 21.3 6.9 277.1 (151.2) Depreciation and amortization 16.7 5.9 6.0 0.1 28.7 14.4 43.1 Restructuring charges, net 10.7 3.8 20.2 0.0 34.7 5.7 40.4 The table below presents a reconciliation of net income (loss) as reflected on the Condensed Consolidated Statements of Operations to Adjusted EBITDA for the reportable segments: Three Months Ended Nine Months Ended (in millions) 2021 2020 2021 2020 Net income (loss) $ 40.0 $ 21.1 $ 87.7 $ 2.2 Interest expense, net 3.8 5.5 13.4 19.7 Income tax expense (benefit) 14.1 (0.1) 32.3 (0.2) Depreciation and amortization 13.3 15.0 42.1 43.1 Restructuring charges, net 2.5 7.9 12.0 40.4 Facility closure charges, including (gain) loss from asset disposition 0.2 (7.4) (1.0) (5.4) Stock-based compensation 1.0 4.8 5.7 14.9 LIFO reserve (decrease) increase 15.1 (0.4) 31.2 (4.6) Non-restructuring severance charges 3.6 0.8 5.5 3.2 Non-restructuring pension charges, net — — — 7.2 Fair value adjustment on TRA contingent liability — 2.0 — 1.0 Fair value adjustment on contingent consideration liability — — — 1.0 Other 0.1 0.7 (2.2) 3.4 Adjustment for Corporate & Other 57.2 61.4 159.1 151.2 Adjusted EBITDA for reportable segments $ 150.9 $ 111.3 $ 385.8 $ 277.1 On March 31, 2021, the Company sold its Print segment's Rollsource business, which provides specialized converting of commercial printing paper for distribution to the business-forms, direct-mail and digital-printing industries. The Company received cash proceeds of approximately $7.5 million, which was immediately used to pay outstanding revolving loan borrowings under the ABL Facility. The cash proceeds are reported as proceeds from asset sales and sale of a business in the investing activities section of the Condensed Consolidated Statements of Cash Flows. The Company recognized an initial gain of $2.4 million on the sale, and in the second quarter of 2021, recognized an additional gain of $0.7 million related to the post-closing working capital adjustment, both of which are included in selling and administrative expenses on the Condensed Consolidated Statements of Operations. The transaction and post-close adjustments are now complete. The divestiture is not considered a strategic shift that will have a major effect on the Company's operations or financial results; therefore, it is not reported as discontinued operations.

Business and Summary of Signi_2

Business and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for a complete set of annual audited financial statements. The accompanying unaudited financial information should be read in conjunction with the Consolidated Financial Statements and Notes contained in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") for the year ended December 31, 2020. In the opinion of management, all adjustments, including normal recurring accruals and other adjustments, considered necessary for a fair presentation of the interim financial information have been included. The operating results for the interim periods are not necessarily indicative of results for the full year, particularly in light of the novel coronavirus ("COVID-19") pandemic and its effects on the domestic and global economies. These financial statements include all of the Company's subsidiaries. All significant intercompany transactions between Veritiv's businesses have been eliminated.
Use of Estimates	Use of Estimates The preparation of unaudited financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses and certain financial statement disclosures. Estimates and assumptions are used for, but not limited to, revenue recognition, right-of-use ("ROU") asset and liability valuations, accounts and notes receivable valuations, inventory valuation, employee benefit plans, income tax contingency accruals and valuation allowances, multi-employer pension plan ("MEPP") withdrawal liabilities, contingency accruals and goodwill and other intangible asset valuations. Although these estimates are based on management's knowledge of current events and actions it may undertake in the future, actual results may ultimately differ from these estimates and assumptions.
Accounting Pronouncements	Accounting Pronouncements Recently Adopted Accounting Standards Effective January 1, 2021, the Company adopted Accounting Standards Update ("ASU") 2019-12, Income Taxes (Topic 740). The standard removes certain exceptions for recognizing deferred taxes for investments, performing intraperiod allocation and calculating income taxes in interim periods. The update also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for goodwill and allocating taxes to members of a consolidated group. The amendments in this update related to separate financial statements of legal entities that are not subject to tax should be applied on a retrospective basis for all periods presented. The amendments related to changes in ownership of foreign equity method investments or foreign subsidiaries should be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The amendments related to franchise taxes that are partially based on income should be applied on either a retrospective basis for all periods presented or a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. All other amendments should be applied on a prospective basis. The adoption did not materially impact the Company's financial statements and disclosures. Recently Issued Accounting Standards Not Yet Adopted ASU 2020-04 , Reference Rate Reform (Topic 848) - This standard provides temporary optional expedients and exceptions to accounting guidance for certain contract modifications and hedging arrangements to ease financial reporting burdens as the market transitions from the London Interbank Offered Rate ("LIBOR") and other interbank reference rates to alternative reference rates. The guidance is available for prospective application upon its issuance and can generally be applied to contract modifications and hedging relationships entered into March 12, 2020 through December 31, 2022. The Company has an interest rate cap arrangement, which currently carries an insignificant value, and long-term debt for which existing payments are based on LIBOR. The Company recently amended its ABL Facility to, among other things, update certain provisions to facilitate the transition from LIBOR to a new replacement benchmark rate. Currently, the Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements and related disclosures.

Revenue Recognition and Credi_2

Revenue Recognition and Credit Losses (Tables)	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Schedule of Customer Contract Liabilities	See the table below for a year-to-date summary of the changes to the customer contract liabilities balance: Customer Contract Liabilities (in millions) 2021 2020 Balance at January 1, $ 12.2 $ 11.7 Payments received 38.3 36.5 Revenue recognized from beginning balance (10.4) (11.4) Revenue recognized from current year receipts (25.0) (22.7) Balance at September 30, $ 15.1 $ 14.1
Schedule of Allowance for Doubtful Accounts	The components of the accounts receivable allowances were as follows: (in millions) September 30, 2021 December 31, 2020 Allowance for credit losses $ 27.1 $ 31.4 Other allowances (1) 10.7 10.2 Total accounts receivable allowances $ 37.8 $ 41.6 (1) Includes amounts reserved for credit memos, customer discounts, customer short pays and other miscellaneous items.
Schedule of Allowance for Credit Losses	Below is a year-to-date rollforward of the Company’s allowance for credit losses: Packaging and Facility Solutions Print - High Risk Print - Medium/Low Risk (in millions) U.S. Canada U.S. Canada U.S. Canada Publishing (1) Rest of world Corporate & Other (1) Total Balance at December 31, 2020 $ 14.4 $ 0.5 $ 10.2 $ 0.7 $ 2.2 $ 0.0 $ 1.6 $ 1.0 $ 0.8 $ 31.4 Add / (Deduct): Provision for expected credit losses 3.3 0.5 0.1 (0.1) 0.8 0.0 (0.4) (0.1) 0.4 4.5 Write-offs charged against the allowance (4.8) 0.0 (2.4) 0.0 (0.4) — (0.1) 0.0 (0.4) (8.1) Recoveries of amounts previously written off 0.5 — 0.0 0.0 0.0 — — — 0.0 0.5 Other adjustments (2) — 0.0 (0.2) 0.0 (1.0) 0.0 — 0.0 — (1.2) Balance at September 30, 2021 $ 13.4 $ 1.0 $ 7.7 $ 0.6 $ 1.6 $ 0.0 $ 1.1 $ 0.9 $ 0.8 $ 27.1 (1) Publishing and Corporate & Other have only U.S. operations. (2) Other adjustments represent amounts reserved for foreign currency translation adjustments and reserves for certain customer accounts where revenue is not recognized because collectability is not probable and may include accounts receivable allowances recorded in connection with acquisitions.

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Schedule of Components of Lease Expense and Cash Flows	The components of lease expense were as follows: (in millions) Three Months Ended Nine Months Ended Lease Classification Financial Statement Classification 2021 2020 2021 2020 Short-term lease expense (1) Operating expenses $ 1.2 $ 0.6 $ 3.0 $ 1.8 Operating lease expense (2) Operating expenses $ 25.0 $ 30.6 $ 76.0 $ 85.3 Finance lease expense: Amortization of right-of-use assets Depreciation and amortization $ 3.7 $ 3.7 $ 11.0 $ 10.9 Interest expense Interest expense, net 0.7 0.7 2.1 2.2 Total finance lease expense $ 4.4 $ 4.4 $ 13.1 $ 13.1 Total Lease Cost $ 30.6 $ 35.6 $ 92.1 $ 100.2 (1) Short-term lease expense is comprised of expenses related to leases with a term of twelve months or less, which includes expenses related to month-to- month leases. (2) Sublease income and variable lease expense are not included in the above table as the amounts were not significant for the periods presented. Cash paid for amounts included in the measurement of lease liabilities was as follows: (in millions) Nine Months Ended September 30, Lease Classification Financial Statement Classification 2021 2020 Operating Leases: Operating cash flows from operating leases Operating activities $ 78.2 $ 83.7 Finance Leases: Operating cash flows from finance leases Operating activities $ 2.1 $ 2.2 Financing cash flows from finance leases Financing activities 10.2 9.5
Schedule of Supplemental Balance Sheet and Other Information	Supplemental balance sheets and other information were as follows: (in millions, except weighted-average data) September 30, 2021 December 31, 2020 Lease Classification Financial Statement Classification Operating Leases: Operating lease right-of-use assets Other non-current assets $ 343.7 $ 351.7 Operating lease obligations - current Other accrued liabilities $ 79.9 $ 81.9 Operating lease obligations - non-current Other non-current liabilities 297.8 307.4 Total operating lease obligations $ 377.7 $ 389.3 Weighted-average remaining lease term in years 5.9 6.1 Weighted-average discount rate 4.6 % 4.7 % Finance Leases: Finance lease right-of-use assets Property and equipment $ 67.6 $ 76.6 Finance lease obligations - current Current portion of debt $ 13.8 $ 13.4 Finance lease obligations - non-current Long-term debt, net of current portion 60.2 68.9 Total finance lease obligations $ 74.0 $ 82.3 Weighted-average remaining lease term in years 6.5 7.1 Weighted-average discount rate 3.6 % 3.7 %
Schedule of Finance Lease Maturity	Future minimum lease payments at September 30, 2021 were as follows: (in millions) Finance Leases Operating Leases (1) 2021 (excluding the nine months ended September 30, 2021) $ 4.1 $ 25.1 2022 15.9 91.8 2023 13.6 74.1 2024 11.8 60.5 2025 10.8 50.0 2026 8.0 44.1 Thereafter 19.7 88.8 Total future minimum lease payments 83.9 434.4 Amount representing interest (9.9) (56.7) Total future minimum lease payments, net of interest $ 74.0 $ 377.7 (1) Future sublease income of $2.9 million is excluded from the operating leases amount in the table above.
Schedule of Operating Lease Maturity	Future minimum lease payments at September 30, 2021 were as follows: (in millions) Finance Leases Operating Leases (1) 2021 (excluding the nine months ended September 30, 2021) $ 4.1 $ 25.1 2022 15.9 91.8 2023 13.6 74.1 2024 11.8 60.5 2025 10.8 50.0 2026 8.0 44.1 Thereafter 19.7 88.8 Total future minimum lease payments 83.9 434.4 Amount representing interest (9.9) (56.7) Total future minimum lease payments, net of interest $ 74.0 $ 377.7 (1) Future sublease income of $2.9 million is excluded from the operating leases amount in the table above.

Restructuring Charges (Tables)

Restructuring Charges (Tables)	9 Months Ended
	Sep. 30, 2021
Restructuring and Related Activities [Abstract]
Summary of the Company's Restructuring Activity	The following is a summary of the Company's 2020 Restructuring Plan liability activity for the current year: (in millions) Severance and Related Costs Other Direct Costs Total Balance at December 31, 2020 $ 15.4 $ 6.9 $ 22.3 Costs incurred (0.3) 2.7 2.4 Payments (5.2) (1.6) (6.8) Balance at March 31, 2021 9.9 8.0 17.9 Costs incurred 0.5 3.3 3.8 Payments (4.2) (4.3) (8.5) Balance at June 30, 2021 6.2 7.0 13.2 Costs incurred 1.6 2.5 4.1 Payments (2.3) (1.1) (3.4) Balance at September 30, 2021 $ 5.5 $ 8.4 $ 13.9 The following is a summary of the Company's 2020 Restructuring Plan liability activity for the prior year comparable period: (in millions) Severance and Related Costs Other Direct Costs Total Balance at March 31, 2020 $ — $ — $ — Costs incurred 31.6 0.9 32.5 Payments — — — Balance at June 30, 2020 31.6 0.9 32.5 Costs incurred 1.6 6.3 7.9 Payments (14.7) (1.0) (15.7) Balance at September 30, 2020 $ 18.5 $ 6.2 $ 24.7

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Long-term Obligations	The Company's debt obligations were as follows: (in millions) September 30, 2021 December 31, 2020 Asset-Based Lending Facility (the "ABL Facility") $ 473.4 $ 520.2 Commercial card program 1.7 1.3 Finance leases 74.0 82.3 Total debt 549.1 603.8 Less: current portion of debt (15.5) (14.7) Long-term debt, net of current portion $ 533.6 $ 589.1

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Provision for Income Taxes and the Effective Tax Rates	The following table presents the Company's expense (benefit) for income taxes and the effective tax rates: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2021 2020 2021 2020 Income (loss) before income taxes $ 54.1 $ 21.0 $ 120.0 $ 2.0 Income tax expense (benefit) 14.1 (0.1) 32.3 (0.2) Effective tax rate 26.1 % (0.5) % 26.9 % (10.0) %

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Summarized Financial Impact of Transactions with Related Party	The following table summarizes the financial impact of the transactions with Georgia-Pacific during the prior year period when it was considered a related party: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2020 2020 Sales to Georgia-Pacific, reflected in net sales $ 4.8 $ 16.5 Purchases of inventory from Georgia-Pacific, recognized in cost of products sold 15.0 47.0

Defined Benefit Plans (Tables)

Defined Benefit Plans (Tables)	9 Months Ended
	Sep. 30, 2021
Retirement Benefits [Abstract]
Net Periodic Benefit Costs and Credits	Total net periodic benefit cost (credit) associated with these plans is summarized below: Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 (in millions) U.S. Canada U.S. Canada Components of net periodic benefit cost (credit): Service cost $ 0.4 $ 0.1 $ 0.5 $ 0.1 Interest cost $ 0.3 $ 0.5 $ 0.4 $ 0.6 Expected return on plan assets (1.1) (1.0) (1.0) (1.0) Total other components $ (0.8) $ (0.5) $ (0.6) $ (0.4) Net periodic benefit cost (credit) $ (0.4) $ (0.4) $ (0.1) $ (0.3) Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 (in millions) U.S. Canada U.S. Canada Components of net periodic benefit cost (credit): Service cost $ 1.6 $ 0.3 $ 1.6 $ 0.3 Interest cost $ 0.8 $ 1.5 $ 1.2 $ 1.8 Expected return on plan assets (3.3) (3.1) (3.0) (2.9) Amortization of net loss 0.0 0.1 0.0 0.1 Total other components $ (2.5) $ (1.5) $ (1.8) $ (1.0) Net periodic benefit cost (credit) $ (0.9) $ (1.2) $ (0.2) $ (0.7)

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Summary of the Numerators and Denominators Used in the Basic and Diluted Earnings Per Share Calculation	A summary of the numerators and denominators used in the basic and diluted earnings (loss) per share calculations is as follows: Three Months Ended Nine Months Ended (in millions, except per share data) 2021 2020 2021 2020 Numerator: Net income (loss) $ 40.0 $ 21.1 $ 87.7 $ 2.2 Denominator: Weighted-average shares outstanding – basic 14.86 15.89 15.44 15.99 Dilutive effect of stock-based awards 0.90 0.32 0.80 0.19 Weighted-average shares outstanding – diluted 15.76 16.21 16.24 16.18 Earnings (loss) per share: Basic $ 2.69 $ 1.33 $ 5.68 $ 0.14 Diluted $ 2.54 $ 1.30 $ 5.40 $ 0.14 Antidilutive stock-based awards excluded from computation of diluted earnings per share ("EPS") 0.00 0.46 0.00 0.80 Performance stock-based awards excluded from computation of diluted EPS because performance conditions had not been met 0.00 0.21 0.00 0.21
Schedule of Incentive Plan Shares Issued	In accordance with the Company's 2014 Omnibus Incentive Plan, as amended and restated as of March 8, 2017, shares of the Company's common stock were issued to plan participants whose Restricted Stock Units and/or Performance Condition Share Units vested during those periods. The net share issuance is included on the Condensed Consolidated Statements of Shareholders' Equity for the three and nine months ended September 30, 2021 and 2020. The related cash flow impacts are included in other financing activities on the Condensed Consolidated Statements of Cash Flows. For additional information related to these plans refer to the Company's Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2020. See the table below for information related to these transactions. Shares issued and recovered during the third quarter of 2021 and 2020 were not significant. (in millions) 2021 2020 Three months ended March 31, Shares issued 0.3 0.2 Shares recovered for minimum tax withholding (0.1) (0.1) Net shares issued 0.2 0.1 Three months ended June 30, Shares issued 0.3 0.1 Shares recovered for minimum tax withholding (0.1) 0.0 Net shares issued 0.2 0.1

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss ("AOCL") (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Components of Accumulated Other Comprehensive Loss	The following tables provide the components of AOCL (amounts are shown net of their related income tax effects, if any): (in millions) Foreign currency translation adjustments Retirement liabilities Interest rate cap AOCL Balance at December 31, 2020 $ (24.2) $ (9.1) $ (0.2) $ (33.5) Unrealized net gains (losses) arising during the period (0.3) 0.0 0.0 (0.3) Net current period other comprehensive income (loss) (0.3) 0.0 0.0 (0.3) Balance at March 31, 2021 (24.5) (9.1) (0.2) (33.8) Unrealized net gains (losses) arising during the period 2.8 0.0 0.0 2.8 Amounts reclassified from AOCL 0.2 0.0 0.1 0.3 Net current period other comprehensive income (loss) 3.0 0.0 0.1 3.1 Balance at June 30, 2021 (21.5) (9.1) (0.1) (30.7) Unrealized net gains (losses) arising during the period (4.0) 0.1 0.0 (3.9) Amounts reclassified from AOCL — 0.0 0.0 0.0 Net current period other comprehensive income (loss) (4.0) 0.1 0.0 (3.9) Balance at September 30, 2021 $ (25.5) $ (9.0) $ (0.1) $ (34.6) (in millions) Foreign currency translation adjustments Retirement liabilities Interest rate cap AOCL Balance at December 31, 2019 $ (26.6) $ (6.2) $ (0.3) $ (33.1) Unrealized net gains (losses) arising during the period (14.0) 0.0 0.0 (14.0) Net current period other comprehensive income (loss) (14.0) 0.0 0.0 (14.0) Balance at March 31, 2020 (40.6) (6.2) (0.3) (47.1) Unrealized net gains (losses) arising during the period 4.2 0.0 (0.1) 4.1 Amounts reclassified from AOCL — 0.0 0.1 0.1 Net current period other comprehensive income (loss) 4.2 0.0 0.0 4.2 Balance at June 30, 2020 (36.4) (6.2) (0.3) (42.9) Unrealized net gains (losses) arising during the period 3.8 0.1 0.0 3.9 Amounts reclassified from AOCL — — 0.0 0.0 Net current period other comprehensive income (loss) 3.8 0.1 0.0 3.9 Balance at September 30, 2020 $ (32.6) $ (6.1) $ (0.3) $ (39.0)

Segment and Other Information (

Segment and Other Information (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Segment Reporting Information, by Segment	The following table presents net sales, Adjusted EBITDA (earnings before interest, income taxes, depreciation and amortization, restructuring charges, net, integration and acquisition expenses and other similar charges including any severance costs, costs associated with warehouse and office openings or closings, consolidation, and relocation and other business optimization expenses, stock-based compensation expense, changes in the LIFO reserve, non-restructuring asset impairment charges, non-restructuring severance charges, non-restructuring pension charges, net, fair value adjustments related to contingent liabilities assumed in mergers and acquisitions and certain other adjustments), which is the metric management uses to assess operating performance of the segments, and certain other measures for each of the reportable segments and Corporate & Other for the periods presented: (in millions) Packaging Facility Solutions Print Publishing Total Reportable Segments Corporate & Other Total Three Months Ended September 30, 2021 Net sales $ 970.6 $ 232.3 $ 386.2 $ 149.4 $ 1,738.5 $ 29.3 $ 1,767.8 Adjusted EBITDA 107.0 13.4 26.6 3.9 150.9 (57.2) Depreciation and amortization 5.9 1.8 1.5 0.0 9.2 4.1 13.3 Restructuring charges, net 0.8 0.2 0.1 0.0 1.1 1.4 2.5 Three Months Ended September 30, 2020 Net sales $ 847.9 $ 231.4 $ 364.8 $ 119.4 $ 1,563.5 $ 27.7 $ 1,591.2 Adjusted EBITDA 85.9 13.1 8.8 3.5 111.3 (61.4) Depreciation and amortization 5.8 2.1 2.0 0.0 9.9 5.1 15.0 Restructuring charges, net 2.5 0.6 4.2 0.0 7.3 0.6 7.9 Nine Months Ended September 30, 2021 Net sales $ 2,740.2 $ 663.1 $ 1,060.6 $ 435.3 $ 4,899.2 $ 86.5 $ 4,985.7 Adjusted EBITDA 280.4 35.3 57.2 12.9 385.8 (159.1) Depreciation and amortization 18.4 5.7 4.6 0.1 28.8 13.3 42.1 Restructuring charges, net 6.6 1.3 2.5 0.0 10.4 1.6 12.0 Nine Months Ended September 30, 2020 Net sales $ 2,432.0 $ 693.6 $ 1,099.2 $ 401.3 $ 4,626.1 $ 77.2 $ 4,703.3 Adjusted EBITDA 215.4 33.5 21.3 6.9 277.1 (151.2) Depreciation and amortization 16.7 5.9 6.0 0.1 28.7 14.4 43.1 Restructuring charges, net 10.7 3.8 20.2 0.0 34.7 5.7 40.4
Reconciliation of Income Before Income Taxes to Total Adjusted EBITDA	The table below presents a reconciliation of net income (loss) as reflected on the Condensed Consolidated Statements of Operations to Adjusted EBITDA for the reportable segments: Three Months Ended Nine Months Ended (in millions) 2021 2020 2021 2020 Net income (loss) $ 40.0 $ 21.1 $ 87.7 $ 2.2 Interest expense, net 3.8 5.5 13.4 19.7 Income tax expense (benefit) 14.1 (0.1) 32.3 (0.2) Depreciation and amortization 13.3 15.0 42.1 43.1 Restructuring charges, net 2.5 7.9 12.0 40.4 Facility closure charges, including (gain) loss from asset disposition 0.2 (7.4) (1.0) (5.4) Stock-based compensation 1.0 4.8 5.7 14.9 LIFO reserve (decrease) increase 15.1 (0.4) 31.2 (4.6) Non-restructuring severance charges 3.6 0.8 5.5 3.2 Non-restructuring pension charges, net — — — 7.2 Fair value adjustment on TRA contingent liability — 2.0 — 1.0 Fair value adjustment on contingent consideration liability — — — 1.0 Other 0.1 0.7 (2.2) 3.4 Adjustment for Corporate & Other 57.2 61.4 159.1 151.2 Adjusted EBITDA for reportable segments $ 150.9 $ 111.3 $ 385.8 $ 277.1

Business and Summary of Signi_3

Business and Summary of Significant Accounting Policies - Narrative (Details)	Sep. 30, 2021distributionCenter
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of distribution centers	115

Revenue Recognition and Credi_3

Revenue Recognition and Credit Losses - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)segment	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Concentration Risk [Line Items]
Equipment sales deposits, approximate holding period	90 days
Number of reportable segments | segment	4
Notes receivable, provision for expected credit losses	$ 0.1	$ 4.3
Notes receivable	$ 1.1		$ 2.2
Revenue from Contract with Customer Benchmark | Sales Channel, Directly to Consumer | Product Concentration Risk
Concentration Risk [Line Items]
Principal market concentration percent	35.00%
Revenue Benchmark | Ten largest customers | Customer Concentration Risk
Concentration Risk [Line Items]
Principal market concentration percent	10.00%
Revenue Benchmark | U.S. | Geographic Concentration Risk
Concentration Risk [Line Items]
Principal market concentration percent	87.00%
Revenue Benchmark | Canada | Geographic Concentration Risk
Concentration Risk [Line Items]
Principal market concentration percent	10.00%
Revenue Benchmark | Mexico | Geographic Concentration Risk
Concentration Risk [Line Items]
Principal market concentration percent	2.00%
Minimum
Concentration Risk [Line Items]
Bill-and-hold arrangements initial coverage period	60 days
Maximum
Concentration Risk [Line Items]
Bill-and-hold arrangements initial coverage period	90 days

Revenue Recognition and Credi_4

Revenue Recognition and Credit Losses - Remaining Performance Obligation (Details)	Sep. 30, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation satisfaction period	12 months

Revenue Recognition and Credi_5

Revenue Recognition and Credit Losses - Schedule of Customer Contract Liabilities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Change in Contract with Customer, Liability [Roll Forward]
Beginning balance	$ 12.2	$ 11.7
Payments received	38.3	36.5
Revenue recognized from beginning balance	(10.4)	(11.4)
Revenue recognized from current year receipts	(25)	(22.7)
Ending balance	$ 15.1	$ 14.1

Revenue Recognition and Credi_6

Revenue Recognition and Credit Losses - Schedule of Credit Losses (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Allowance for credit losses	$ 27.1	$ 31.4
Other allowances	10.7	10.2
Total accounts receivable allowances	$ 37.8	$ 41.6

Revenue Recognition and Credi_7

Revenue Recognition and Credit Losses - Rollforward of Credit Losses (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
Loss Contingencies [Line Items]
Balance at December 31, 2020	$ 31.4
Provision for expected credit losses	4.5
Write-offs charged against the allowance	(8.1)
Recoveries of amounts previously written off	0.5
Other adjustments	(1.2)
Balance at September 30, 2021	27.1
U.S. | Corporate & Other
Loss Contingencies [Line Items]
Balance at December 31, 2020	0.8
Provision for expected credit losses	0.4
Write-offs charged against the allowance	(0.4)
Recoveries of amounts previously written off	0
Other adjustments	0
Balance at September 30, 2021	0.8
U.S. | Packaging and Facility Solutions | Operating Segments
Loss Contingencies [Line Items]
Balance at December 31, 2020	14.4
Provision for expected credit losses	3.3
Write-offs charged against the allowance	(4.8)
Recoveries of amounts previously written off	0.5
Other adjustments	0
Balance at September 30, 2021	13.4
U.S. | Print | Operating Segments | Risk Level, High
Loss Contingencies [Line Items]
Balance at December 31, 2020	10.2
Provision for expected credit losses	0.1
Write-offs charged against the allowance	(2.4)
Recoveries of amounts previously written off	0
Other adjustments	(0.2)
Balance at September 30, 2021	7.7
U.S. | Print | Operating Segments | Risk Level, Medium / Low
Loss Contingencies [Line Items]
Balance at December 31, 2020	2.2
Provision for expected credit losses	0.8
Write-offs charged against the allowance	(0.4)
Recoveries of amounts previously written off	0
Other adjustments	(1)
Balance at September 30, 2021	1.6
U.S. | Publishing | Operating Segments
Loss Contingencies [Line Items]
Balance at December 31, 2020	1.6
Provision for expected credit losses	(0.4)
Write-offs charged against the allowance	(0.1)
Recoveries of amounts previously written off	0
Other adjustments	0
Balance at September 30, 2021	1.1
Canada | Packaging and Facility Solutions | Operating Segments
Loss Contingencies [Line Items]
Balance at December 31, 2020	0.5
Provision for expected credit losses	0.5
Write-offs charged against the allowance	0
Recoveries of amounts previously written off	0
Other adjustments	0
Balance at September 30, 2021	1
Canada | Print | Operating Segments | Risk Level, High
Loss Contingencies [Line Items]
Balance at December 31, 2020	0.7
Provision for expected credit losses	(0.1)
Write-offs charged against the allowance	0
Recoveries of amounts previously written off	0
Other adjustments	0
Balance at September 30, 2021	0.6
Canada | Print | Operating Segments | Risk Level, Medium / Low
Loss Contingencies [Line Items]
Balance at December 31, 2020	0
Provision for expected credit losses	0
Write-offs charged against the allowance	0
Recoveries of amounts previously written off	0
Other adjustments	0
Balance at September 30, 2021	0
Rest of world | Operating Segments
Loss Contingencies [Line Items]
Balance at December 31, 2020	1
Provision for expected credit losses	(0.1)
Write-offs charged against the allowance	0
Recoveries of amounts previously written off	0
Other adjustments	0
Balance at September 30, 2021	$ 0.9

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)distributionCenter
Lessee, Lease, Description [Line Items]
Number of distribution centers | distributionCenter	115
Number of leased distribution centers | distributionCenter	110
Real Estate
Lessee, Lease, Description [Line Items]
Finance and operating lease payments due	$ 454.7
Operating lease not yet commenced	$ 71.8
Commencement period, leases not yet commenced	6 months
Lease not commenced, lease term	8 years
Non-Real Estate
Lessee, Lease, Description [Line Items]
Finance and operating lease payments due	$ 63.6

Leases - Schedule of Components

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Short-term lease expense	$ 1.2	$ 0.6	$ 3	$ 1.8
Operating lease expense	25	30.6	76	85.3
Finance lease expense:
Amortization of right-of-use assets	3.7	3.7	11	10.9
Interest expense	0.7	0.7	2.1	2.2
Total finance lease expense	4.4	4.4	13.1	13.1
Total Lease Cost	$ 30.6	$ 35.6	$ 92.1	$ 100.2

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Balance Sheet and Other Information (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other non-current assets	Other non-current assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other accrued liabilities	Other accrued liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other non-current liabilities
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property and equipment (net of accumulated depreciation and amortization of $323.6 and $375.9, respectively)	Property and equipment (net of accumulated depreciation and amortization of $323.6 and $375.9, respectively)
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Current portion of debt	Current portion of debt
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term debt, net of current portion	Long-term debt, net of current portion
Operating Leases:
Operating lease right-of-use assets	$ 343.7	$ 351.7
Operating lease obligations - current	79.9	81.9
Operating lease obligations - non-current	297.8	307.4
Total operating lease obligations	$ 377.7	$ 389.3
Weighted-average remaining lease term in years	5 years 10 months 24 days	6 years 1 month 6 days
Weighted-average discount rate	4.60%	4.70%
Finance Leases:
Finance lease right-of-use assets	$ 67.6	$ 76.6
Finance lease obligations - current	13.8	13.4
Finance lease obligations - non-current	60.2	68.9
Total finance lease obligations	$ 74	$ 82.3
Weighted-average remaining lease term in years	6 years 6 months	7 years 1 month 6 days
Weighted-average discount rate	3.60%	3.70%

Leases - Schedule of Suppleme_2

Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating cash flows from operating leases
Operating cash flows from operating leases	$ 78.2	$ 83.7
Finance Leases:
Operating cash flows from finance leases	2.1	2.2
Financing cash flows from finance leases	$ 10.2	$ 9.5

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Operating and Finance Lease Payments (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Finance Leases
2021 (excluding the nine months ended September 30, 2021)	$ 4.1
2022	15.9
2023	13.6
2024	11.8
2025	10.8
2026	8
Thereafter	19.7
Total future minimum lease payments	83.9
Amount representing interest	(9.9)
Total future minimum lease payments, net of interest	74	$ 82.3
Operating Leases
2021 (excluding the nine months ended September 30, 2021)	25.1
2022	91.8
2023	74.1
2024	60.5
2025	50
2026	44.1
Thereafter	88.8
Total future minimum lease payments	434.4
Amount representing interest	(56.7)
Total future minimum lease payments, net of interest	377.7	$ 389.3
Future sublease income	$ 2.9

Restructuring Charges - Narrati

Restructuring Charges - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)yr	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring charges, net	$ 2.5	$ 7.9	$ 12	$ 40.4
Gain on termination of lease and retirement of assets	$ (3.4)		$ (3.9)
Multi-employer pension plans, settlement term | yr			20
2020 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Estimated percent reduction in salaried workforce	15.00%		15.00%
Restructuring costs and charges incurred to date	$ 64.2		$ 64.2
Restructuring charges, net			12
Restructuring prepayments expensed during the period	1.8		5.6
2020 Restructuring Plan | Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	70		70
2020 Restructuring Plan | Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	76		76
Veritiv Restructuring Plan | Restructuring Costs, Excluding Non-Cash Restructuring Gains (Losses)
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	22.6		22.6		$ 24
Pension plan withdrawal liability	$ 19.1		$ 19.1		$ 20

Restructuring Charges - Schedul

Restructuring Charges - Schedule of Changes in Restructuring Liability - 2020 Restructuring Plan (Details) - USD ($) $ in Millions	3 Months Ended					9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Restructuring Cost and Reserve [Line Items]
Costs incurred	$ 2.5			$ 7.9		$ 12	$ 40.4
2020 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Costs incurred						12
Severance and Related Costs | 2020 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring reserve, beginning balance	6.2	$ 9.9	$ 15.4	31.6	$ 0	15.4
Costs incurred	1.6	0.5	(0.3)	1.6	31.6
Payments	(2.3)	(4.2)	(5.2)	(14.7)	0
Restructuring reserve, ending balance	5.5	6.2	9.9	18.5	31.6	5.5	18.5
Other Direct Costs | 2020 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring reserve, beginning balance	7	8	6.9	0.9	0	6.9
Costs incurred	2.5	3.3	2.7	6.3	0.9
Payments	(1.1)	(4.3)	(1.6)	(1)	0
Restructuring reserve, ending balance	8.4	7	8	6.2	0.9	8.4	6.2
Total | 2020 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring reserve, beginning balance	13.2	17.9	22.3	32.5	0	22.3
Costs incurred	4.1	3.8	2.4	7.9	32.5
Payments	(3.4)	(8.5)	(6.8)	(15.7)	0
Restructuring reserve, ending balance	$ 13.9	$ 13.2	$ 17.9	$ 24.7	$ 32.5	$ 13.9	$ 24.7

Debt - Long-Term Debt Obligatio

Debt - Long-Term Debt Obligations (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Commercial card program	$ 15.5	$ 14.7
Finance leases	74	82.3
Total debt	549.1	603.8
Less: current portion of debt	(15.5)	(14.7)
Long-term debt, net of current portion	533.6	589.1
Line of Credit | Asset-Based Lending Facility
Debt Instrument [Line Items]
Asset-Based Lending Facility (the "ABL Facility")	473.4	520.2
Commercial Card Program
Debt Instrument [Line Items]
Commercial card program	$ 1.7	$ 1.3

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2021	May 20, 2021	Dec. 31, 2020	Apr. 09, 2020	Apr. 08, 2020
Line of Credit Facility [Line Items]
Commercial card, maximum credit limit		$ 37,500,000
Commercial card program		$ 15,500,000		$ 14,700,000
Asset-Based Lending Facility
Line of Credit Facility [Line Items]
Deferred financing costs incurred			$ 3,300,000		$ 3,400,000
Write off of deferred financing costs	$ 600,000
Minimum fixed coverage ratio		100.00%
Line of Credit | Asset-Based Lending Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity					$ 1,100,000,000	$ 1,400,000,000
Remaining borrowing capacity		$ 494,800,000
Outstanding letters of credit		11,000,000
Commercial Card Program
Line of Credit Facility [Line Items]
Commercial card program		$ 1,700,000		$ 1,300,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income (loss) before income taxes	$ 54.1	$ 21		$ 120	$ 2
Income tax expense (benefit)	$ 14.1	$ (0.1)		$ 32.3	$ (0.2)
Effective tax rate	26.10%	(0.50%)		26.90%	(10.00%)
Estimated tax benefit (expense) resulting from CARES Act		$ (1.5)	$ 0.9		$ 2.4
Estimated tax benefit resulting from new legislation		$ 2.2

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($)	Mar. 12, 2021	Nov. 19, 2020	Dec. 31, 2020	Jan. 31, 2020	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Mar. 31, 2020	Sep. 30, 2021	May 31, 2021	Mar. 03, 2021
Related Party Transaction [Line Items]
Stock repurchase program, authorized amount										$ 100,000,000	$ 50,000,000
Shares repurchased (in shares)									1,181,274
Stock repurchased, aggregate purchase price					$ 49,600,000	$ 25,800,000	$ 24,600,000	$ 3,500,000	$ 76,800,000
UWW Holdings, LLC | Public Stock Offering
Related Party Transaction [Line Items]
Shares sold in offering (in shares)		1,400,000
UWW Holdings, LLC
Related Party Transaction [Line Items]
Shares repurchased (in shares)	553,536
Stock repurchased, aggregate purchase price	$ 23,200,000
UWW Holdings, LLC | UWW Holdings, LLC | Tax Receivable Agreement
Related Party Transaction [Line Items]
Payments to UWWF for utilization of pre-merger net operating losses in federal and state tax returns				$ 300,000
Final settlement payment for Tax Receivable Agreement			$ 12,000,000

Related Party Transactions - Su

Related Party Transactions - Summarized Financial Impact of Transactions with Related Party (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Related Party Transaction [Line Items]
Sales to related party	$ 4.8	$ 16.5
Georgia-Pacific | Sales to Georgia-Pacific, reflected in net sales
Related Party Transaction [Line Items]
Sales to related party	4.8	16.5
Georgia-Pacific | Purchases of inventory from Georgia-Pacific, recognized in cost of products sold
Related Party Transaction [Line Items]
Purchases of inventory recognized in cost of products sold	$ 15	$ 47

Defined Benefit Plans (Details)

Defined Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
U.S.
Components of net periodic benefit cost (credit):
Service cost	$ 0.4	$ 0.5	$ 1.6	$ 1.6
Interest cost	0.3	0.4	0.8	1.2
Expected return on plan assets	(1.1)	(1)	(3.3)	(3)
Amortization of net loss			0	0
Total other components	(0.8)	(0.6)	(2.5)	(1.8)
Net periodic benefit cost (credit)	(0.4)	(0.1)	(0.9)	(0.2)
Canada
Components of net periodic benefit cost (credit):
Service cost	0.1	0.1	0.3	0.3
Interest cost	0.5	0.6	1.5	1.8
Expected return on plan assets	(1)	(1)	(3.1)	(2.9)
Amortization of net loss			0.1	0.1
Total other components	(0.5)	(0.4)	(1.5)	(1)
Net periodic benefit cost (credit)	$ (0.4)	$ (0.3)	$ (1.2)	$ (0.7)

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Millions	Jul. 01, 2014USD ($)	Sep. 30, 2021USD ($)property	Jun. 30, 2021USD ($)property	Sep. 30, 2020USD ($)property	Dec. 31, 2020USD ($)
Business Acquisition [Line Items]
Number of properties sold | property		1	1	1
Gain on sale of property		$ 2.9	$ 1.7
Gain on sale of properties and lease termination				$ 8.5
UWW Holdings, Inc. XPEDX Merger
Business Acquisition [Line Items]
Fair value of contingent liability associated with the tax receivable agreement	$ 59.4
Veritiv Restructuring Plan
Business Acquisition [Line Items]
Assets held for sale		$ 1.2			$ 0.4

Earnings (Loss) Per Share - Sum

Earnings (Loss) Per Share - Summary of the Numerators and Denominators Used in the Basic and Diluted Earnings Per Share Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net income (loss)	$ 40	$ 26.4	$ 21.3	$ 21.1	$ (18.5)	$ (0.4)	$ 87.7	$ 2.2
Denominator:
Weighted-average shares outstanding - basic (in shares)	14,860			15,890			15,440	15,990
Dilutive effect of stock-based awards (in shares)	900			320			800	190
Weighted-average shares outstanding - diluted (in shares)	15,760			16,210			16,240	16,180
Earnings (loss) per share:
Basic (in dollars per share)	$ 2.69			$ 1.33			$ 5.68	$ 0.14
Diluted (in dollars per share)	$ 2.54			$ 1.30			$ 5.40	$ 0.14
Antidilutive stock-based awards excluded from computation of diluted loss per share (EPS) (in shares)	0			460			0	800
Performance stock-based awards excluded from computation of diluted EPS because performance conditions had not been met (in shares)	0			210			0	210

Earnings (Loss) Per Share - Sch

Earnings (Loss) Per Share - Schedule of Shares Issued (Details) - shares shares in Millions	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020
Earnings Per Share [Abstract]
Shares issued (in shares)	0.3	0.3	0.1	0.2
Shares recovered for minimum tax withholding (in shares)	(0.1)	(0.1)	0	(0.1)
Net shares issued (in shares)	0.2	0.2	0.1	0.1

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss ("AOCL") - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions		3 Months Ended
		Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		$ 579.6	$ 577.4	$ 583.1	$ 513	$ 526.8	$ 536.2
Unrealized net gains (losses) arising during the period		(3.9)	2.8	(0.3)	3.9	4.1	(14)
Amounts reclassified from AOCL		0	0.3		0	0.1
Net current period other comprehensive income (loss)		(3.9)	3.1	(0.3)	3.9	4.2	(14)
Ending balance		567	579.6	577.4	542.8	513	526.8
AOCL
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	[1]	(30.7)	(33.8)	(33.5)	(42.9)	(47.1)	(33.1)
Ending balance	[1]	(34.6)	(30.7)	(33.8)	(39)	(42.9)	(47.1)
Foreign currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		(21.5)	(24.5)	(24.2)	(36.4)	(40.6)	(26.6)
Unrealized net gains (losses) arising during the period		(4)	2.8	(0.3)	3.8	4.2	(14)
Amounts reclassified from AOCL		0	0.2		0	0
Net current period other comprehensive income (loss)		(4)	3	(0.3)	3.8	4.2	(14)
Ending balance		(25.5)	(21.5)	(24.5)	(32.6)	(36.4)	(40.6)
Retirement liabilities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		(9.1)	(9.1)	(9.1)	(6.2)	(6.2)	(6.2)
Unrealized net gains (losses) arising during the period		0.1	0	0	0.1	0	0
Amounts reclassified from AOCL		0	0		0	0
Net current period other comprehensive income (loss)		0.1	0	0	0.1	0	0
Ending balance		(9)	(9.1)	(9.1)	(6.1)	(6.2)	(6.2)
Interest rate cap
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		(0.1)	(0.2)	(0.2)	(0.3)	(0.3)	(0.3)
Unrealized net gains (losses) arising during the period		0	0	0	0	(0.1)	0
Amounts reclassified from AOCL		0	0.1		0	0.1
Net current period other comprehensive income (loss)		0	0.1	0	0	0	0
Ending balance		$ (0.1)	$ (0.1)	$ (0.2)	$ (0.3)	$ (0.3)	$ (0.3)
[1]	Accumulated other comprehensive loss.

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
Loss Contingencies [Line Items]
Pension plan withdrawal liability, estimated payment period	20 years
Withdrawal from Multiemployer Defined Benefit Plan | Western Pennsylvania Teamsters and Employers Pension Plan | Multiemployer Pension Plans
Loss Contingencies [Line Items]
Pension plan withdrawal liability	$ 6.5
Withdrawal from Multiemployer Defined Benefit Plan | Complete Withdrawal | Western Pennsylvania Teamsters and Employers Pension Plan | Multiemployer Pension Plans
Loss Contingencies [Line Items]
Pension plan withdrawal liability	$ 7.1

Segment and Other Information -

Segment and Other Information - Narrative (Details) $ in Millions	Mar. 31, 2021USD ($)	Jun. 30, 2021USD ($)	Sep. 30, 2021segment
Segment Reporting [Abstract]
Number of reportable segments | segment			4
Proceeds from sale of Rollsource business	$ 7.5
Gain on sale of Rollsource business	$ 2.4
Rollsource business, working capital adjustment		$ 0.7

Segment and Other Information_2

Segment and Other Information - Segment Reporting Information, by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Net sales	$ 1,767.8	$ 1,591.2	$ 4,985.7	$ 4,703.3
Adjusted EBITDA
Depreciation and amortization	13.3	15	42.1	43.1
Restructuring charges, net	2.5	7.9	12	40.4
Operating Segments
Segment Reporting Information [Line Items]
Net sales	1,738.5	1,563.5	4,899.2	4,626.1
Adjusted EBITDA	150.9	111.3	385.8	277.1
Depreciation and amortization	9.2	9.9	28.8	28.7
Restructuring charges, net	1.1	7.3	10.4	34.7
Corporate & Other
Segment Reporting Information [Line Items]
Net sales	29.3	27.7	86.5	77.2
Adjusted EBITDA	(57.2)	(61.4)	(159.1)	(151.2)
Depreciation and amortization	4.1	5.1	13.3	14.4
Restructuring charges, net	1.4	0.6	1.6	5.7
Packaging | Operating Segments
Segment Reporting Information [Line Items]
Net sales	970.6	847.9	2,740.2	2,432
Adjusted EBITDA	107	85.9	280.4	215.4
Depreciation and amortization	5.9	5.8	18.4	16.7
Restructuring charges, net	0.8	2.5	6.6	10.7
Facility Solutions | Operating Segments
Segment Reporting Information [Line Items]
Net sales	232.3	231.4	663.1	693.6
Adjusted EBITDA	13.4	13.1	35.3	33.5
Depreciation and amortization	1.8	2.1	5.7	5.9
Restructuring charges, net	0.2	0.6	1.3	3.8
Print | Operating Segments
Segment Reporting Information [Line Items]
Net sales	386.2	364.8	1,060.6	1,099.2
Adjusted EBITDA	26.6	8.8	57.2	21.3
Depreciation and amortization	1.5	2	4.6	6
Restructuring charges, net	0.1	4.2	2.5	20.2
Publishing | Operating Segments
Segment Reporting Information [Line Items]
Net sales	149.4	119.4	435.3	401.3
Adjusted EBITDA	3.9	3.5	12.9	6.9
Depreciation and amortization	0	0	0.1	0.1
Restructuring charges, net	$ 0	$ 0	$ 0	$ 0

Segment and Other Information_3

Segment and Other Information - Reconciliation of Net Income (Loss) to Total Adjusted EBITDA (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Net income (loss)	$ 40	$ 26.4	$ 21.3	$ 21.1	$ (18.5)	$ (0.4)	$ 87.7	$ 2.2
Interest expense, net	3.8			5.5			13.4	19.7
Income tax expense (benefit)	14.1			(0.1)			32.3	(0.2)
Depreciation and amortization	13.3			15			42.1	43.1
Restructuring charges, net	2.5			7.9			12	40.4
Facility closure charges, including (gain) loss from asset disposition	0.2			(7.4)			(1)	(5.4)
Stock-based compensation	1			4.8			5.7	14.9
LIFO reserve (decrease) increase	15.1			(0.4)			31.2	(4.6)
Non-restructuring severance charges	3.6			0.8			5.5	3.2
Non-restructuring pension charges, net	0			0			0	7.2
Other	0.1			0.7			(2.2)	3.4
Adjusted EBITDA for reportable segments
Corporate & Other
Segment Reporting Information [Line Items]
Depreciation and amortization	4.1			5.1			13.3	14.4
Restructuring charges, net	1.4			0.6			1.6	5.7
Adjusted EBITDA for reportable segments	(57.2)			(61.4)			(159.1)	(151.2)
Operating Segments
Segment Reporting Information [Line Items]
Depreciation and amortization	9.2			9.9			28.8	28.7
Restructuring charges, net	1.1			7.3			10.4	34.7
Adjusted EBITDA for reportable segments	150.9			111.3			385.8	277.1
Tax Receivable Agreement
Segment Reporting Information [Line Items]
Fair value adjustments on contingent liability	0			2			0	1
Earn Out Payment | All American Containers
Segment Reporting Information [Line Items]
Fair value adjustments on contingent liability	$ 0			$ 0			$ 0	$ 1

Uncategorized Items - vrtv-2021

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]