Veritiv (VRTV) 10-Q 9 Aug 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Aug. 02, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-36479
Entity Registrant Name	VERITIV CORPORATION
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		13,964,859
Entity Central Index Key	0001599489
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Net sales	$ 1,820.7	$ 1,658.6	$ 3,678.8	$ 3,217.9
Cost of products sold (exclusive of depreciation and amortization shown separately below)	1,410.9	1,319	2,866.3	2,557.1
Distribution expenses	98.2	104	210.4	205.5
Selling and administrative expenses	180.7	177.8	368.6	344.2
Depreciation and amortization	11.1	14.3	23.8	28.8
Restructuring charges, net	1.4	5.2	4.1	9.5
Operating income (loss)	118.4	38.3	205.6	72.8
Interest expense, net	4	4.5	7.5	9.6
Other (income) expense, net	(6.6)	(1.7)	(7.2)	(2.7)
Income (loss) before income taxes	121	35.5	205.3	65.9
Income tax expense (benefit)	29.9	9.1	35.7	18.2
Net income (loss)	$ 91.1	$ 26.4	$ 169.6	$ 47.7
Earnings (loss) per share:
Basic (usd per share)	$ 6.24	$ 1.69	$ 11.55	$ 3.03
Diluted (usd per share)	$ 6.12	$ 1.62	$ 11.23	$ 2.89
Weighted-average shares outstanding:
Basic (in shares)	14,610	15,580	14,690	15,730
Diluted (in shares)	14,880	16,300	15,100	16,490

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)		$ 91.1	$ 26.4	$ 169.6	$ 47.7
Other comprehensive income (loss):
Foreign currency translation adjustments		(4.5)	3	(1.9)	2.7
Reclassification of foreign currency translation adjustments due to sale of a business, net of tax	[1]	9.5	0	9.5	0
Change in fair value of cash flow hedge, net of tax	[1]	0.1	0.1	0.1	0.1
Pension liability adjustments, net of tax	[1]	6.4	0	6.4	0
Reclassification adjustment on settlement of a pension plan, net of tax	[1]	(7)	0	(7)	0
Other comprehensive income (loss)		4.5	3.1	7.1	2.8
Total comprehensive income (loss)		$ 95.6	$ 29.5	$ 176.7	$ 50.5
[1]Amounts shown are net of tax impacts, if any, which for the three and six months ended June 30, 2022, were $2.0 million for the reclassification of foreign currency translation adjustments due to sale of a business, $2.2 million for pension liability adjustments and $(4.0) million for the reclassification adjustment on settlement of a pension plan.

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Reclassification of foreign currency translation adjustments due to sale of business	$ 2	$ 2
Pension liability adjustment, tax	2.2	2.2
Reclassification of settlement of pension plan	$ (4)	$ (4)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 32.1	$ 49.3
Accounts receivable, less allowances of $29.8 and $34.4, respectively	968.4	1,011.2
Inventories	423.8	484.5
Other current assets	127.5	132.7
Total current assets	1,551.8	1,677.7
Property and equipment (net of accumulated depreciation and amortization of $321.5 and $332.4, respectively)	135.2	162.9
Goodwill	96.3	99.6
Other intangibles, net	37.8	42.7
Deferred income tax assets	58.8	47.1
Other non-current assets	355	408.4
Total assets	2,234.9	2,438.4
Current liabilities:
Accounts payable	533.4	561.9
Accrued payroll and benefits	72.2	110
Other accrued liabilities	151.5	185.7
Current portion of debt	15.2	16
Total current liabilities	772.3	873.6
Long-term debt, net of current portion	398.3	499.7
Defined benefit pension obligations	4.1	7.2
Other non-current liabilities	376.3	422.1
Total liabilities	1,551	1,802.6
Commitments and contingencies (Note 11)
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 - 17.5 million and 17.0 million, respectively; shares outstanding - 14.3 million and 14.6 million, respectively	0.2	0.2
Additional paid-in capital	610	633.8
Accumulated earnings (deficit)	312.8	143.2
Accumulated other comprehensive loss	(17.2)	(24.3)
Treasury stock at cost - 3.2 million and 2.4 million shares, respectively	(221.9)	(117.1)
Total shareholders' equity	683.9	635.8
Total liabilities and shareholders' equity	$ 2,234.9	$ 2,438.4

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Assets
Accounts receivable, allowances	$ 29.8	$ 34.4
Property and equipment, accumulated depreciation and amortization	$ 321.5	$ 332.4
Shareholders' equity:
Preferred stock, par value (usd 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 (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	17,500,000	17,000,000
Common stock, shares outstanding (in shares)	14,300,000	14,600,000
Treasury stock, shares (in shares)	3,200,000	2,400,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating activities
Net income (loss)	$ 169.6	$ 47.7
Depreciation and amortization	23.8	28.8
Amortization and write-off of deferred financing fees	0.8	0.7
Net (gains) losses on disposition of assets and sale of a business	(15.3)	(5.6)
Provision for expected credit losses	(0.1)	(0.3)
Deferred income tax provision (benefit)	(11.6)	1.3
Stock-based compensation	5.9	4.7
Other non-cash items, net	(7)	1.8
Changes in operating assets and liabilities
Accounts receivable	(51.4)	(36.2)
Inventories	(25.4)	(21.2)
Other current assets	(1.5)	0.4
Accounts payable	23.4	58.9
Accrued payroll and benefits	(31.8)	(13.9)
Other accrued liabilities	(13.9)	(18.6)
Other	(3.2)	1.6
Net cash provided by (used for) operating activities	62.3	50.1
Investing activities
Property and equipment additions	(11.6)	(9.1)
Proceeds from asset sales and sale of a business, net of cash transferred	139.4	11.3
Proceeds from insurance related to property and equipment	3.5	0
Net cash provided by (used for) investing activities	131.3	2.2
Financing activities
Change in book overdrafts	12.9	(6.3)
Borrowings of long-term debt	3,111.5	2,845.1
Repayments of long-term debt	(3,190.9)	(2,909)
Payments under right-of-use finance leases	(6.3)	(6.7)
Payments under vendor-based financing arrangements	(3.2)	0
Deferred financing fees	0	(3.3)
Purchase of treasury stock	(104.8)	(50.4)
Impact of tax withholding on share-based compensation	(29.7)	(8.3)
Other	0.3	0.7
Net cash provided by (used for) financing activities	(210.2)	(138.2)
Effect of exchange rate changes on cash	(0.6)	0
Net change in cash and cash equivalents	(17.2)	(85.9)
Cash and cash equivalents at beginning of period	49.3	120.6
Cash and cash equivalents at end of period	32.1	34.7
Supplemental cash flow information
Cash paid for income taxes, net of refunds	57.8	26
Cash paid for interest	6.4	8.6
Non-cash investing and financing activities
Non-cash additions to property and equipment for right-of-use finance leases and vendor-based financing arrangements	18.1	0.4
Non-cash additions to other non-current assets for right-of-use operating leases	$ 37.3	$ 24.8

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Shareholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock Issued	Additional Paid-in Capital	Accumulated Earnings (Deficit)	AOCL	[1]	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2020		16.6
Beginning balance at Dec. 31, 2020	$ 583.1	$ 0.2	$ 634.9	$ (1.4)	$ (33.5)		$ (17.1)
Beginning balance (in shares) at Dec. 31, 2020							(0.7)
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
Ending balance at Mar. 31, 2021	577.4	$ 0.2	632.8	19.9	(33.8)		$ (41.7)
Ending balance (in shares) at Mar. 31, 2021							(1.3)
Beginning balance (in shares) at Dec. 31, 2020		16.6
Beginning balance at Dec. 31, 2020	583.1	$ 0.2	634.9	(1.4)	(33.5)		$ (17.1)
Beginning balance (in shares) at Dec. 31, 2020							(0.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	47.7
Other comprehensive income (loss)	2.8
Ending balance (in shares) at Jun. 30, 2021		17
Ending balance at Jun. 30, 2021	579.6	$ 0.2	631.3	46.3	(30.7)		$ (67.5)
Ending balance (in shares) at Jun. 30, 2021							(1.7)
Beginning balance (in shares) at Mar. 31, 2021		16.8
Beginning balance at Mar. 31, 2021	577.4	$ 0.2	632.8	19.9	(33.8)		$ (41.7)
Beginning balance (in shares) at Mar. 31, 2021							(1.3)
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
Ending balance at Jun. 30, 2021	$ 579.6	$ 0.2	631.3	46.3	(30.7)		$ (67.5)
Ending balance (in shares) at Jun. 30, 2021							(1.7)
Beginning balance (in shares) at Dec. 31, 2021	17	17
Beginning balance at Dec. 31, 2021	$ 635.8	$ 0.2	633.8	143.2	(24.3)		$ (117.1)
Beginning balance (in shares) at Dec. 31, 2021	(2.4)						(2.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 78.5			78.5
Other comprehensive income (loss)	2.6				2.6
Stock-based compensation	2.8		2.8
Issuance of common stock, net of stock received for minimum tax withholdings (in shares)		0.5
Issuance of common stock, net of stock received for minimum tax withholdings	(29.5)	$ 0	(29.5)
Treasury stock purchases (in shares)							(0.1)
Treasury stock purchases	(10.4)						$ (10.4)
Ending balance (in shares) at Mar. 31, 2022		17.5
Ending balance at Mar. 31, 2022	$ 679.8	$ 0.2	607.1	221.7	(21.7)		$ (127.5)
Ending balance (in shares) at Mar. 31, 2022							(2.5)
Beginning balance (in shares) at Dec. 31, 2021	17	17
Beginning balance at Dec. 31, 2021	$ 635.8	$ 0.2	633.8	143.2	(24.3)		$ (117.1)
Beginning balance (in shares) at Dec. 31, 2021	(2.4)						(2.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 169.6
Other comprehensive income (loss)	$ 7.1
Ending balance (in shares) at Jun. 30, 2022	17.5	17.5
Ending balance at Jun. 30, 2022	$ 683.9	$ 0.2	610	312.8	(17.2)		$ (221.9)
Ending balance (in shares) at Jun. 30, 2022	(3.2)						(3.2)
Beginning balance (in shares) at Mar. 31, 2022		17.5
Beginning balance at Mar. 31, 2022	$ 679.8	$ 0.2	607.1	221.7	(21.7)		$ (127.5)
Beginning balance (in shares) at Mar. 31, 2022							(2.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	91.1			91.1
Other comprehensive income (loss)	4.5				4.5
Stock-based compensation	3.1		3.1
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	(0.2)	$ 0	(0.2)
Treasury stock purchases (in shares)							(0.7)
Treasury stock purchases	$ (94.4)						$ (94.4)
Ending balance (in shares) at Jun. 30, 2022	17.5	17.5
Ending balance at Jun. 30, 2022	$ 683.9	$ 0.2	$ 610	$ 312.8	$ (17.2)		$ (221.9)
Ending balance (in shares) at Jun. 30, 2022	(3.2)						(3.2)
[1]Accumulated other comprehensive loss.

Business and Summary of Signifi

Business and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
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 and print-based products and services. Additionally, Veritiv provides logistics and supply chain management solutions to its customers. Veritiv was established in 2014, following the merger of International Paper Company's xpedx distribution solutions business and UWW Holdings, Inc., the parent company of Unisource Worldwide, Inc. ("Unisource"). Veritiv operates primarily throughout the United States ("U.S.") and Mexico. On May 2, 2022, the Company completed the sale of its Veritiv Canada, Inc. business to Imperial Dade Canada Inc. The Company recognized a preliminary gain of approximately $10.0 million. Veritiv received initial net cash proceeds of approximately $147.4 million. The gain and cash proceeds are subject to customary working capital adjustments during the 90-day period following the sale close date. The Company used the proceeds to support the 2022 Share Repurchase Program, to pay down outstanding debt and to fund capital priorities and growth initiatives. The sale included substantially all of the Company's facility solutions and print operations in Canada, and a majority of the Company's Canada-based packaging business, which primarily serves food service customers. The Company maintains the ability to supply packaging solutions to the Canadian locations of certain U.S.-based customers. The sale does not represent a strategic shift that will have a major effect on the Company's operations or financial results and it did not meet the requirements to be classified as a discontinued operation. Upon closing of the sale, Veritiv’s approximately 900 employees in Canada became employees of Imperial Dade Canada Inc. See Note 13, Divestitures , for additional information regarding the sale of Veritiv Canada, Inc. As the print and publishing industries continue to evolve, the Company continues to focus on ways to share costs and leverage combined resources where possible. In order to better align the resources of the Company's print and publishing organizations with the needs of the changing marketplaces, during the first quarter of 2022 the Company reevaluated the way in which it would service its customers, manage its product offerings and allocate resources to support these areas of its business. This resulted in a decision to combine the print and publishing operations, resulting in a new reportable segment known as Print Solutions. Prior period results have been revised to align with the new presentation. See Note 2, Revenue Recognition and Credit Losses , for additional information regarding the Company's product offerings and reportable segments. 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, 2021. 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 divestiture of Veritiv Canada, Inc. and the ongoing impacts of the 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, long-term incentive plans, income tax contingency accruals and valuation allowances, multi-employer pension plan ("MEPP") withdrawal liabilities, contingency accruals, 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, the COVID-19 pandemic has affected Veritiv's operational and financial performance to varying degrees. 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 and deferred tax valuation allowances. The extent to which the COVID-19 pandemic continues to impact the Company's business, results of operations, access to sources of liquidity and financial condition will depend on future developments. These developments, which are uncertain and difficult to predict, include, but are not limited to, the duration, spread and severity of the COVID-19 pandemic including new variants, the effects of the COVID-19 pandemic on the Company's employees, customers, suppliers and vendors, measures adopted or recommended by local and federal governments or health authorities in response to the pandemic, the availability, adoption and effectiveness of vaccines and vaccine boosters 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 or long-term changes in customer behavior. Estimates are revised as additional information becomes available. Accounting Pronouncements Recently Adopted Accounting Standards Effective January 1, 2022, the Company adopted Accounting Standards Update ("ASU") 2021-10, Government Assistance (Topic 832 ) on a prospective basis. This standard increases the transparency of government assistance provided to entities by including disclosure of (1) the types of assistance, (2) an entity's accounting for the assistance and (3) the effect of the assistance on an entity's financial statements. The amendments in this update are effective for annual periods beginning after December 15, 2021. An entity should apply the amendments in this update either (1) prospectively to all transactions within the scope of the amendments that are reflected in financial statements at the date of initial application and new transactions that are entered into after the date of initial application or (2) retrospectively to those transactions. The adoption did not materially impact the Company's consolidated 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 long-term debt for which existing payments are based on LIBOR. The Company's Asset-Based Lending Facility includes certain provisions, which are not yet in effect, 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	6 Months Ended
	Jun. 30, 2022
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. 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. The Company has established credit and collection processes whereby collection assessments are performed and expected credit losses are recognized. 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 June 30, 2022 and December 31, 2021, 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) 2022 2021 Balance at January 1, $ 21.8 $ 12.2 Payments received 28.7 25.5 Revenue recognized from beginning of year balance (13.1) (10.6) Revenue recognized from current year receipts (17.5) (14.4) Other adjustments (1) (0.9) — Balance at June 30, $ 19.0 $ 12.7 (1) Reflects liabilities removed as part of the sale of a business. See Note 13, Divestitures , for information on the sale of Veritiv Canada, Inc. Historically, the Company's ten largest customers have generated approximately 10% - 15% of its consolidated annual net sales. Veritiv's principal markets are concentrated primarily across North America. Approximately 90% of its net sales through June 30, 2022 were generated in the U.S. Prior to the divestiture, Veritiv's Canadian business represented approximately 10% of its net sales. 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 three 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 Solutions – The Print Solutions segment sells and distributes commercial printing, writing and copying products and services primarily in North America. Veritiv's broad geographic platform of operations and services, coupled with the breadth of paper and graphics products, including exclusive private brand offerings, provides a comprehensive suite of solutions in paper procurement, print management, supply chain and distribution. See Note 12, 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) June 30, 2022 December 31, 2021 Allowance for credit losses $ 20.6 $ 23.7 Other allowances (1) 9.2 10.7 Total accounts receivable allowances $ 29.8 $ 34.4 (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 Solutions - High Risk Print Solutions - Medium/Low Risk (in millions) U.S. Canada U.S. Canada U.S. (1) Canada Rest of world Corporate & Other (2) Total Balance at December 31, 2021 $ 12.6 $ 1.0 $ 6.2 $ 0.5 $ 1.7 $ 0.0 $ 1.0 $ 0.7 $ 23.7 Add / (Deduct): Provision for expected credit losses 0.7 0.1 (0.5) 0.0 (0.2) 0.0 0.1 0.3 0.5 Write-offs charged against the allowance (0.9) — (0.6) — (0.1) — — 0.0 (1.6) Recoveries of amounts previously written off 0.2 — 0.1 — 0.1 — — 0.1 0.5 Other adjustments (3) — (1.1) (0.8) (0.5) 0.2 0.0 (0.2) (0.1) (2.5) Balance at June 30, 2022 $ 12.6 $ — $ 4.4 $ — $ 1.7 $ — $ 0.9 $ 1.0 $ 20.6 (1) Reflects the combined results for print and publishing operations. (2) Corporate & Other has only U.S. operations. (3) 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. These adjustments may also include accounts receivable allowances recorded in connection with acquisitions and divestitures.

Leases

Leases	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022, the Company operated from approximately 95 distribution centers of which approximately 90 were leased. These facilities are strategically located throughout the U.S. 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 Six Months Ended Lease Classification Financial Statement Classification 2022 2021 2022 2021 Short-term lease expense (1) Operating expenses $ 0.8 $ 0.8 $ 1.6 $ 1.8 Operating lease expense (2) Operating expenses $ 23.0 $ 25.4 $ 48.1 $ 51.0 Finance lease expense: Amortization of right-of-use assets Depreciation and amortization $ 2.8 $ 3.6 $ 6.5 $ 7.3 Interest expense Interest expense, net 0.4 0.7 1.1 1.4 Total finance lease expense $ 3.2 $ 4.3 $ 7.6 $ 8.7 Total Lease Cost $ 27.0 $ 30.5 $ 57.3 $ 61.5 (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) June 30, 2022 December 31, 2021 Lease Classification Financial Statement Classification Operating Leases: Operating lease right-of-use assets Other non-current assets $ 330.9 $ 375.6 Operating lease obligations - current Other accrued liabilities $ 71.5 $ 80.2 Operating lease obligations - non-current Other non-current liabilities 291.5 329.3 Total operating lease obligations $ 363.0 $ 409.5 Weighted-average remaining lease term in years 6.2 6.2 Weighted-average discount rate 4.4 % 4.5 % Finance Leases: Finance lease right-of-use assets Property and equipment $ 31.9 $ 66.3 Finance lease obligations - current Current portion of debt $ 9.7 $ 13.9 Finance lease obligations - non-current Long-term debt, net of current portion 25.6 58.9 Total finance lease obligations $ 35.3 $ 72.8 Weighted-average remaining lease term in years 3.9 6.4 Weighted-average discount rate 3.9 % 3.7 % Cash paid for amounts included in the measurement of lease liabilities was as follows: (in millions) Six Months Ended June 30, Lease Classification Financial Statement Classification 2022 2021 Operating Leases: Operating cash flows from operating leases Operating activities $ 48.3 $ 52.7 Finance Leases: Operating cash flows from finance leases Operating activities $ 1.1 $ 1.4 Financing cash flows from finance leases Financing activities 6.3 6.7 Lease Commitments Future minimum lease payments at June 30, 2022 were as follows: (in millions) Finance Leases Operating Leases (1) 2022 (excluding the six months ended June 30, 2022) $ 5.8 $ 45.7 2023 9.4 79.6 2024 7.8 66.7 2025 7.2 55.0 2026 4.5 50.7 2027 2.4 44.1 Thereafter 1.6 75.1 Total future minimum lease payments 38.7 416.9 Amount representing interest (3.4) (53.9) Total future minimum lease payments, net of interest $ 35.3 $ 363.0 (1) Future sublease income of $1.6 million is excluded from the operating leases amount in the table above. Total future minimum lease payments at June 30, 2022 for finance and operating leases, including the amount representing interest, are comprised of $411.7 million for real estate leases and $43.9 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 June 30, 2022, the Company operated from approximately 95 distribution centers of which approximately 90 were leased. These facilities are strategically located throughout the U.S. 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 Six Months Ended Lease Classification Financial Statement Classification 2022 2021 2022 2021 Short-term lease expense (1) Operating expenses $ 0.8 $ 0.8 $ 1.6 $ 1.8 Operating lease expense (2) Operating expenses $ 23.0 $ 25.4 $ 48.1 $ 51.0 Finance lease expense: Amortization of right-of-use assets Depreciation and amortization $ 2.8 $ 3.6 $ 6.5 $ 7.3 Interest expense Interest expense, net 0.4 0.7 1.1 1.4 Total finance lease expense $ 3.2 $ 4.3 $ 7.6 $ 8.7 Total Lease Cost $ 27.0 $ 30.5 $ 57.3 $ 61.5 (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) June 30, 2022 December 31, 2021 Lease Classification Financial Statement Classification Operating Leases: Operating lease right-of-use assets Other non-current assets $ 330.9 $ 375.6 Operating lease obligations - current Other accrued liabilities $ 71.5 $ 80.2 Operating lease obligations - non-current Other non-current liabilities 291.5 329.3 Total operating lease obligations $ 363.0 $ 409.5 Weighted-average remaining lease term in years 6.2 6.2 Weighted-average discount rate 4.4 % 4.5 % Finance Leases: Finance lease right-of-use assets Property and equipment $ 31.9 $ 66.3 Finance lease obligations - current Current portion of debt $ 9.7 $ 13.9 Finance lease obligations - non-current Long-term debt, net of current portion 25.6 58.9 Total finance lease obligations $ 35.3 $ 72.8 Weighted-average remaining lease term in years 3.9 6.4 Weighted-average discount rate 3.9 % 3.7 % Cash paid for amounts included in the measurement of lease liabilities was as follows: (in millions) Six Months Ended June 30, Lease Classification Financial Statement Classification 2022 2021 Operating Leases: Operating cash flows from operating leases Operating activities $ 48.3 $ 52.7 Finance Leases: Operating cash flows from finance leases Operating activities $ 1.1 $ 1.4 Financing cash flows from finance leases Financing activities 6.3 6.7 Lease Commitments Future minimum lease payments at June 30, 2022 were as follows: (in millions) Finance Leases Operating Leases (1) 2022 (excluding the six months ended June 30, 2022) $ 5.8 $ 45.7 2023 9.4 79.6 2024 7.8 66.7 2025 7.2 55.0 2026 4.5 50.7 2027 2.4 44.1 Thereafter 1.6 75.1 Total future minimum lease payments 38.7 416.9 Amount representing interest (3.4) (53.9) Total future minimum lease payments, net of interest $ 35.3 $ 363.0 (1) Future sublease income of $1.6 million is excluded from the operating leases amount in the table above. Total future minimum lease payments at June 30, 2022 for finance and operating leases, including the amount representing interest, are comprised of $411.7 million for real estate leases and $43.9 million for non-real estate leases.

Restructuring Charges

Restructuring Charges	6 Months Ended
	Jun. 30, 2022
Restructuring and Related Activities [Abstract]
Restructuring Charges	4. RESTRUCTURING CHARGES 2020 Restructuring Plan During 2020, the Company initiated a restructuring plan (the "2020 Restructuring Plan") to (1) respond to the impact of the COVID-19 pandemic on its business operations, (2) address the ongoing secular changes in its print and publishing operations and (3) further align its cost structure with ongoing business needs as the Company executes on its stated corporate strategy. The 2020 Restructuring Plan was substantially complete as of December 31, 2021, with remaining charges of approximately $2 million expected to be incurred during the second half of 2022. 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; unless otherwise indicated, costs incurred exclude any non-cash portion of restructuring gains or losses on asset disposals. The following table presents a summary of restructuring charges, net, related to restructuring initiatives that were incurred during the six months ended June 30, 2022 and the cumulative amounts since the initiatives began: (in millions) Severance and Related Costs Other Direct Costs (Gain) Loss on Sale of Assets and Other (non-cash portion) Total 2022 $ 0.5 $ 3.9 $ (0.3) $ 4.1 Cumulative 41.3 34.6 (4.2) 71.7 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, 2021 $ 4.7 $ 3.7 $ 8.4 Costs incurred 0.4 1.4 1.8 Payments (2.3) (2.1) (4.4) Balance at March 31, 2022 2.8 3.0 5.8 Costs incurred 0.1 0.7 0.8 Payments (0.6) (1.1) (1.7) Balance at June 30, 2022 $ 2.3 $ 2.6 $ 4.9 In addition to the costs incurred in the table above, during the three and six months ended June 30, 2022, the Company expensed $0.9 million and $1.8 million, respectively, of Other Direct Costs, which was prepaid at December 31, 2021. For the three and six months ended June 30, 2022, the Company recognized non-cash net gains of $0.3 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 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 In addition to the costs incurred in the table above, during the three and six months ended June 30, 2021, the Company expensed $1.9 million and $3.8 million, respectively, of Other Direct Costs, which was prepaid at December 31, 2020. For the three and six months ended June 30, 2021, the Company recognized non-cash net gains of $0.5 million from lease terminations and retirement of assets. In addition to the 2020 Restructuring Plan, the Company has recorded other restructuring liabilities related to the previous restructuring plans that as of June 30, 2022, totaled $21.7 million, of which $18.3 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, 2021, totaled $22.2 million, of which $18.8 million was related to MEPP withdrawal obligations. See Note 12, Segment and Other Information , for the impact that charges from these restructuring plans had on the Company's reportable segments.

Debt

Debt	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Debt	5. DEBT The Company's debt obligations were as follows: (in millions) June 30, 2022 December 31, 2021 Asset-Based Lending Facility (the "ABL Facility") $ 361.4 $ 440.8 Commercial card program 2.5 2.1 Vendor-based financing arrangements 14.3 — Finance leases 35.3 72.8 Total debt 413.5 515.7 Less: current portion of debt (15.2) (16.0) Long-term debt, net of current portion $ 398.3 $ 499.7 ABL Facility In 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 certain financing costs associated with the transaction, reflected in other non-current assets on the Condensed Consolidated Balance Sheets, which are being amortized to interest expense on a straight-line basis over the 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 June 30, 2022, the available additional borrowing capacity under the ABL Facility was approximately $622.4 million. As of June 30, 2022, the Company held $9.4 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 June 30, 2022, 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 June 30, 2022, the card carried a maximum credit limit of $37.5 million. At June 30, 2022 and December 31, 2021, $2.5 million and $2.1 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. Vendor-Based Financing Arrangements On occasion, the Company enters into long-term vendor-based financing arrangements with suppliers to obtain products, services or property in exchange for extended payment terms. During the

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	6. INCOME TAXES The Company calculated the expense or benefit for income taxes during the three and six months ended June 30, 2022 and 2021, by applying an estimate of the annual effective tax rate 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 June 30, Six Months Ended June 30, (in millions) 2022 2021 2022 2021 Income (loss) before income taxes $ 121.0 $ 35.5 $ 205.3 $ 65.9 Income tax expense (benefit) 29.9 9.1 35.7 18.2 Effective tax rate 24.7 % 25.6 % 17.4 % 27.6 % The difference between the Company's effective tax rates for the three and six months ended June 30, 2022 and 2021 and the U.S. statutory tax rate of 21.0% primarily relates to vesting of stock compensation, state income taxes (net of federal income tax benefit), non-deductible expenses, tax credits and the Company's pre-tax book income (loss) by jurisdiction. Additionally, the effective tax rate for the three and six months ended June 30, 2022 includes a tax benefit on the disposition of the Company's investment in a foreign subsidiary.

Defined Benefit Plans

Defined Benefit Plans	6 Months Ended
	Jun. 30, 2022
Retirement Benefits [Abstract]
Defined Benefit Plans	7. DEFINED BENEFIT PLANS Veritiv does not maintain any open defined benefit plans for its non-union employees. Veritiv maintains an open 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. During the three months ended June 30, 2022, the Company completed the sale of its Veritiv Canada, Inc. business. As a result of the sale, a pension settlement occurred, which required an interim remeasurement of Veritiv Canada Inc.'s defined benefit pension plan obligations as of the date of the sale. The Company ultimately recognized a gain of $7.0 million on the settlement of the Veritiv Canada Inc. defined benefit plans, which was included in other (income) expense, net on the Condensed Consolidated Statement of Operations. See Note 13, Divestitures , for additional information regarding the sale of Veritiv Canada, Inc. Effective December 1, 2021, the Company divided the U.S. Veritiv Pension Plan by establishing a new Veritiv Hourly Pension Plan to provide benefits to certain employees who were accruing a benefit under the U.S. Veritiv Pension Plan pursuant to the terms of a collective bargaining agreement. Veritiv currently has the intent to subsequently terminate and settle the U.S. Veritiv Pension Plan. The Veritiv Hourly Pension Plan will remain open. Total net periodic benefit cost (credit) associated with these plans is summarized below: Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 (in millions) U.S. Canada U.S. Canada Components of net periodic benefit cost (credit): Service cost $ 0.7 $ 0.0 $ 0.6 $ 0.1 Interest cost $ 0.3 $ (1.0) $ 0.2 $ 0.5 Expected return on plan assets (0.4) 1.9 (1.1) (1.1) Settlement (gain) loss — (7.0) — — Amortization of net loss — (0.1) 0.0 0.1 Total other components $ (0.1) $ (6.2) $ (0.9) $ (0.5) Net periodic benefit cost (credit) $ 0.6 $ (6.2) $ (0.3) $ (0.4) Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 (in millions) U.S. Canada U.S. Canada Components of net periodic benefit cost (credit): Service cost $ 1.5 $ 0.1 $ 1.2 $ 0.2 Interest cost $ 0.6 $ (0.4) $ 0.5 $ 1.0 Expected return on plan assets (0.9) 0.8 (2.2) (2.1) Settlement (gain) loss — (7.0) — — Amortization of net loss — (0.1) 0.0 0.1 Total other components $ (0.3) $ (6.7) $ (1.7) $ (1.0) Net periodic benefit cost (credit) $ 1.2 $ (6.6) $ (0.5) $ (0.8) 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.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	8. FAIR VALUE MEASUREMENTS At June 30, 2022 and December 31, 2021, 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 June 30, 2022 and December 31, 2021, the Company had assets-held-for-sale of $1.2 million and $1.2 million, respectively. These assets are included, at the lower of their carrying value or fair value, within the current assets section of the Condensed Consolidated Balance Sheets. At June 30, 2022, the Company held a goodwill balance of $96.3 million for its Packaging reportable segment. Additionally, at June 30, 2022, the Company held an other intangibles, net asset balance of $37.8 million for its Packaging and Facility Solutions reportable segments, related to its customer relationships. As a result of the announced sale of Veritiv Canada, Inc. in the first quarter of 2022, which the Company concluded represented a triggering event, the Company reviewed its goodwill and other intangible assets for possible impairment indicators. Utilizing Level 3 data (internal data such as the Company's operating and cash flow projections), the Company allocated $3.3 million of its goodwill balance and $2.6 million of its other intangibles, net asset balance to the divested Canadian business. The fair value analyses used in the impairment assessments for the retained goodwill and other intangibles, net asset also relied upon Level 3 data. Management determined that the carrying values of the goodwill and other intangibles, net asset for both the Veritiv Canada, Inc. business and the remaining Veritiv business were not impaired. The divestiture of Veritiv Canada, Inc. is more fully described in Note 13, Divestitures . There were no other impairment triggering events or other unusual changes to these assets.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	9. 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 Six Months Ended (in millions, except per share data) 2022 2021 2022 2021 Numerator: Net income (loss) $ 91.1 $ 26.4 $ 169.6 $ 47.7 Denominator: Weighted-average shares outstanding – basic 14.61 15.58 14.69 15.73 Dilutive effect of stock-based awards 0.27 0.72 0.41 0.76 Weighted-average shares outstanding – diluted 14.88 16.30 15.10 16.49 Earnings (loss) per share: Basic $ 6.24 $ 1.69 $ 11.55 $ 3.03 Diluted $ 6.12 $ 1.62 $ 11.23 $ 2.89 Antidilutive stock-based awards excluded from computation of diluted earnings per share ("EPS") 0.00 0.00 0.08 0.00 Performance stock-based awards excluded from computation of diluted EPS because performance conditions had not been met 0.07 0.07 0.00 0.07

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Shareholders' Equity	10. SHAREHOLDERS' EQUITY Share Repurchase Programs On March 1, 2022, Veritiv announced that its Board of Directors authorized a $200 million share repurchase program (the "2022 Share Repurchase Program"). The 2022 Share Repurchase Program authorizes the Company, from time to time, to purchase shares of its common stock through open market transactions, privately negotiated transactions, forward, derivative or accelerated repurchase transactions, tender offers or otherwise, including Rule 10b5-1 trading plans, in accordance with all applicable securities laws and regulations. The timing and method of any repurchases, which will depend on a variety of market factors, including market conditions, are subject to results of operations, financial conditions, cash requirements and other factors. This authorization may be suspended, terminated, increased or decreased by the Board of Directors at any time. During the three and six months ended June 30, 2022, the Company repurchased 698,645 and 776,670 shares, respectively, of its common stock at a cost of $94.4 million and $104.8 million, respectively, under its 2022 Share Repurchase Program. 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. During the three and six months ended June 30, 2021, the Company repurchased 449,940 and 1,035,943 shares, respectively, of its common stock at a cost of $25.8 million and $50.4 million, respectively, under its 2021 Share Repurchase Program. As of December 31, 2021, the Company had completed its repurchases under the 2021 Share Repurchase Program bringing the total purchases to $100 million, the authorized repurchase limit. Veritiv Omnibus Incentive Plan 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, Performance Share Units, Market Condition Performance Share Units and/or non-employee director grants (grants not deferred) vested during those periods. The net share issuance is included on the Condensed Consolidated Statements of Shareholders' Equity for the three and six months ended June 30, 2022 and 2021. The related cash flow impacts are included in 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, 2021. See the table below for information related to these transactions: (in millions) 2022 2021 Three months ended March 31, Shares issued 0.7 0.3 Shares recovered for minimum tax withholding (0.2) (0.1) Net shares issued 0.5 0.2 Three months ended June 30, Shares issued 0.0 0.3 Shares recovered for minimum tax withholding 0.0 (0.1) Net shares issued 0.0 0.2 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, 2021 $ (25.2) $ 1.0 $ (0.1) $ (24.3) Unrealized net gains (losses) arising during the period 2.6 0.0 0.0 2.6 Net current period other comprehensive income (loss) 2.6 0.0 0.0 2.6 Balance at March 31, 2022 (22.6) 1.0 (0.1) (21.7) Unrealized net gains (losses) arising during the period (4.5) 6.4 0.1 2.0 Amounts reclassified from AOCL 9.5 (7.0) 0.0 2.5 Net current period other comprehensive income (loss) 5.0 (0.6) 0.1 4.5 Balance at June 30, 2022 $ (17.6) $ 0.4 $ 0.0 $ (17.2) (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)

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. 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. MEPPs 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. Western Pennsylvania Teamsters and Employers Pension Fund During the first quarter of 2020, Veritiv negotiated the complete withdrawal from the Western Pennsylvania Teamsters and Employers Pension Fund (the "Western Pennsylvania Fund"), a MEPP 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 June 30, 2022. 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 Fund and recognized an estimated partial withdrawal liability of $6.5 million, which was unchanged as of June 30, 2022. As of June 30, 2022, the Company has not yet received the determination letters for the full and partial withdrawals from the Western Pennsylvania Fund. The Company expects that payments will occur over an approximate 20-year period, which could run consecutively. Minneapolis Food Distributors Ind Pension Plan During the fourth quarter of 2021, in the course of negotiations for a collective bargaining agreement, Veritiv negotiated a complete withdrawal from the Minneapolis Food Distributors Ind Pension Plan to take effect on July 31, 2022, and recognized an estimated complete withdrawal liability of $0.5 million as of December 31, 2021, which was unchanged as of June 30, 2022. The withdrawal charge was recorded in distribution expenses as it was not related to a restructuring activity. As of June 30, 2022,

Segment and Other Information

Segment and Other Information	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Segment and Other Information	12. SEGMENT AND OTHER INFORMATION Veritiv's business is organized under three reportable segments: Packaging, Facility Solutions and Print Solutions. See Note 1, Business and Summary of Significant Accounting Policies , for information regarding the formation of the Company's Print Solutions reportable segment. 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 (benefits), 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 Solutions Total Reportable Segments Corporate & Other Total Three Months Ended June 30, 2022 Net sales $ 1,001.6 $ 195.8 $ 593.2 $ 1,790.6 $ 30.1 $ 1,820.7 Adjusted EBITDA 108.4 16.0 60.5 184.9 (48.6) Depreciation and amortization 5.5 1.1 1.0 7.6 3.5 11.1 Restructuring charges, net 0.9 0.1 0.4 1.4 0.0 1.4 Three Months Ended June 30, 2021 Net sales $ 915.0 $ 224.7 $ 489.0 $ 1,628.7 $ 29.9 $ 1,658.6 Adjusted EBITDA 95.4 10.4 22.2 128.0 (54.5) Depreciation and amortization 6.4 1.9 1.6 9.9 4.4 14.3 Restructuring charges, net 3.1 0.6 0.8 4.5 0.7 5.2 Six Months Ended June 30, 2022 Net sales $ 2,004.7 $ 425.2 $ 1,189.8 $ 3,619.7 $ 59.1 $ 3,678.8 Adjusted EBITDA 205.8 29.4 115.1 350.3 (94.5) Depreciation and amortization 11.8 2.9 2.2 16.9 6.9 23.8 Restructuring charges, net 2.5 0.5 1.1 4.1 0.0 4.1 Six Months Ended June 30, 2021 Net sales $ 1,769.6 $ 430.8 $ 960.3 $ 3,160.7 $ 57.2 $ 3,217.9 Adjusted EBITDA 173.4 21.9 39.6 234.9 (101.9) Depreciation and amortization 12.5 3.9 3.2 19.6 9.2 28.8 Restructuring charges, net 5.8 1.1 2.4 9.3 0.2 9.5 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 Six Months Ended (in millions) 2022 2021 2022 2021 Net income (loss) $ 91.1 $ 26.4 $ 169.6 $ 47.7 Interest expense, net 4.0 4.5 7.5 9.6 Income tax expense (benefit) 29.9 9.1 35.7 18.2 Depreciation and amortization 11.1 14.3 23.8 28.8 Restructuring charges, net 1.4 5.2 4.1 9.5 Facility closure charges, including (gain) loss from asset disposition (0.3) (1.5) (0.9) (1.2) Stock-based compensation 3.1 3.5 5.9 4.7 LIFO reserve (decrease) increase 11.8 11.0 22.8 16.1 Non-restructuring severance charges (0.2) 1.1 1.5 1.9 Non-restructuring pension charges (benefits) (7.0) — (7.0) — Other (8.6) (0.1) (7.2) (2.3) Adjustment for Corporate & Other 48.6 54.5 94.5 101.9 Adjusted EBITDA for reportable segments $ 184.9 $ 128.0 $ 350.3 $ 234.9 In February 2021, a Veritiv warehouse incurred significant damage as a result of a severe weather event, which included damage to the building structure and contents, as well as a loss of inventory. The total amount of the incurred loss and restoration cost is currently estimated to be approximately $13 million, the majority of which is expected to be covered by the Company's various insurance policies. From the date of the incident, a total net benefit of $3.2 million has been recognized in selling and administrative expenses on the Company's statements of operations, of which $3.5 million was recognized in 2022. During the six months ended June 30, 2022, the Company received $3.5 million in reimbursement related to the structural damage, which is reported as proceeds from insurance related to property and equipment on the Condensed Consolidated Statement of Cash Flows. Insurance proceeds not related to the structural damage are reported as cash flows from operating activities.

Divestitures

Divestitures	6 Months Ended
	Jun. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Divestitures	13. DIVESTITURES Veritiv Canada, Inc. In March 2022, the Company signed a definitive agreement to sell its Veritiv Canada, Inc. business to Imperial Dade Canada Inc. for a purchase price of CAD $240 million (approximately U.S. $190 million) in cash payable at closing, subject to certain customary adjustments. The sale closed on May 2, 2022. The Company recognized a preliminary gain of approximately $10.0 million, which is included in selling and administrative expenses on the Condensed Consolidated Statements of Operations. Veritiv received initial net cash proceeds of approximately $147.4 million, reflecting the purchase price adjusted for cash and target working capital, closing date debt and transaction fees, The net 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 gain and cash proceeds are subject to customary working capital adjustments during the 90-day period following the sale close date. The Company used the proceeds to support the 2022 Share Repurchase Program, to pay down outstanding debt and to fund capital priorities and growth initiatives. The sale included substantially all of the Company's facility solutions and print operations in Canada, and a majority of the Company's Canada-based packaging business, which primarily serves food service customers. The Company maintains the ability to supply packaging solutions to the Canadian locations of certain U.S.-based customers. The sale does not represent a strategic shift that will have a major effect on the Company's operations or financial results and it did not meet the requirements to be classified as a discontinued operation. Management determined that the carrying values of the goodwill and other intangible assets allocated to the Veritiv Canada, Inc. business were not impaired. Upon closing of the sale, Veritiv’s approximately 900 employees in Canada became employees of Imperial Dade Canada Inc. In connection with the closing, the Company entered into an agreement with the buyer for the provision of certain storage, order processing and/or fulfillment services for the small subset of Veritiv retained packaging customers. Rollsource business On March 31, 2021, the Company sold its legacy Print segment's Rollsource business, which provided 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 were used to pay outstanding revolving loan borrowings under the ABL Facility. The cash proceeds, including those from the subsequent working capital adjustment, 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 pre-tax gain of $2.4 million on the sale, and in the second quarter of 2021, the Company received cash proceeds for and recognized an additional pre-tax gain of $0.7 million related to the post-closing working capital adjustment. Both gains are included in selling and administrative expenses on the Condensed Consolidated Statements of Operations. Other divestitures The Company has on occasion divested of certain facilities. These property divestitures resulted in gains or losses, which were included in selling and administrative expenses or restructuring charges, net on the Condensed Consolidated Statements of Operations.

Business and Summary of Signi_2

Business and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of ConsolidationThe 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, 2021. 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 divestiture of Veritiv Canada, Inc. and the ongoing impacts of the 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, long-term incentive plans, income tax contingency accruals and valuation allowances, multi-employer pension plan ("MEPP") withdrawal liabilities, contingency accruals, goodwill and other intangible asset valuations. Although these estimates are based on
Accounting Pronouncements	Accounting Pronouncements Recently Adopted Accounting Standards Effective January 1, 2022, the Company adopted Accounting Standards Update ("ASU") 2021-10, Government Assistance (Topic 832 ) on a prospective basis. This standard increases the transparency of government assistance provided to entities by including disclosure of (1) the types of assistance, (2) an entity's accounting for the assistance and (3) the effect of the assistance on an entity's financial statements. The amendments in this update are effective for annual periods beginning after December 15, 2021. An entity should apply the amendments in this update either (1) prospectively to all transactions within the scope of the amendments that are reflected in financial statements at the date of initial application and new transactions that are entered into after the date of initial application or (2) retrospectively to those transactions. The adoption did not materially impact the Company's consolidated 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 long-term debt for which existing payments are based on LIBOR. The Company's Asset-Based Lending Facility includes certain provisions, which are not yet in effect, 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)	6 Months Ended
	Jun. 30, 2022
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) 2022 2021 Balance at January 1, $ 21.8 $ 12.2 Payments received 28.7 25.5 Revenue recognized from beginning of year balance (13.1) (10.6) Revenue recognized from current year receipts (17.5) (14.4) Other adjustments (1) (0.9) — Balance at June 30, $ 19.0 $ 12.7 (1) Reflects liabilities removed as part of the sale of a business. See Note 13, Divestitures , for information on the sale of Veritiv Canada, Inc.
Schedule of Allowance for Doubtful Accounts	The components of the accounts receivable allowances were as follows: (in millions) June 30, 2022 December 31, 2021 Allowance for credit losses $ 20.6 $ 23.7 Other allowances (1) 9.2 10.7 Total accounts receivable allowances $ 29.8 $ 34.4 (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 Solutions - High Risk Print Solutions - Medium/Low Risk (in millions) U.S. Canada U.S. Canada U.S. (1) Canada Rest of world Corporate & Other (2) Total Balance at December 31, 2021 $ 12.6 $ 1.0 $ 6.2 $ 0.5 $ 1.7 $ 0.0 $ 1.0 $ 0.7 $ 23.7 Add / (Deduct): Provision for expected credit losses 0.7 0.1 (0.5) 0.0 (0.2) 0.0 0.1 0.3 0.5 Write-offs charged against the allowance (0.9) — (0.6) — (0.1) — — 0.0 (1.6) Recoveries of amounts previously written off 0.2 — 0.1 — 0.1 — — 0.1 0.5 Other adjustments (3) — (1.1) (0.8) (0.5) 0.2 0.0 (0.2) (0.1) (2.5) Balance at June 30, 2022 $ 12.6 $ — $ 4.4 $ — $ 1.7 $ — $ 0.9 $ 1.0 $ 20.6 (1) Reflects the combined results for print and publishing operations. (2) Corporate & Other has only U.S. operations. (3) 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. These adjustments may also include accounts receivable allowances recorded in connection with acquisitions and divestitures.

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Schedule of Components of Lease Expense and Cash Flows	The components of lease expense were as follows: (in millions) Three Months Ended Six Months Ended Lease Classification Financial Statement Classification 2022 2021 2022 2021 Short-term lease expense (1) Operating expenses $ 0.8 $ 0.8 $ 1.6 $ 1.8 Operating lease expense (2) Operating expenses $ 23.0 $ 25.4 $ 48.1 $ 51.0 Finance lease expense: Amortization of right-of-use assets Depreciation and amortization $ 2.8 $ 3.6 $ 6.5 $ 7.3 Interest expense Interest expense, net 0.4 0.7 1.1 1.4 Total finance lease expense $ 3.2 $ 4.3 $ 7.6 $ 8.7 Total Lease Cost $ 27.0 $ 30.5 $ 57.3 $ 61.5 (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) Six Months Ended June 30, Lease Classification Financial Statement Classification 2022 2021 Operating Leases: Operating cash flows from operating leases Operating activities $ 48.3 $ 52.7 Finance Leases: Operating cash flows from finance leases Operating activities $ 1.1 $ 1.4 Financing cash flows from finance leases Financing activities 6.3 6.7
Schedule of Supplemental Balance Sheet and Other Information	Supplemental balance sheets and other information were as follows: (in millions, except weighted-average data) June 30, 2022 December 31, 2021 Lease Classification Financial Statement Classification Operating Leases: Operating lease right-of-use assets Other non-current assets $ 330.9 $ 375.6 Operating lease obligations - current Other accrued liabilities $ 71.5 $ 80.2 Operating lease obligations - non-current Other non-current liabilities 291.5 329.3 Total operating lease obligations $ 363.0 $ 409.5 Weighted-average remaining lease term in years 6.2 6.2 Weighted-average discount rate 4.4 % 4.5 % Finance Leases: Finance lease right-of-use assets Property and equipment $ 31.9 $ 66.3 Finance lease obligations - current Current portion of debt $ 9.7 $ 13.9 Finance lease obligations - non-current Long-term debt, net of current portion 25.6 58.9 Total finance lease obligations $ 35.3 $ 72.8 Weighted-average remaining lease term in years 3.9 6.4 Weighted-average discount rate 3.9 % 3.7 %
Schedule of Finance Lease Maturity	Future minimum lease payments at June 30, 2022 were as follows: (in millions) Finance Leases Operating Leases (1) 2022 (excluding the six months ended June 30, 2022) $ 5.8 $ 45.7 2023 9.4 79.6 2024 7.8 66.7 2025 7.2 55.0 2026 4.5 50.7 2027 2.4 44.1 Thereafter 1.6 75.1 Total future minimum lease payments 38.7 416.9 Amount representing interest (3.4) (53.9) Total future minimum lease payments, net of interest $ 35.3 $ 363.0 (1) Future sublease income of $1.6 million is excluded from the operating leases amount in the table above.
Schedule of Operating Lease Maturity	Future minimum lease payments at June 30, 2022 were as follows: (in millions) Finance Leases Operating Leases (1) 2022 (excluding the six months ended June 30, 2022) $ 5.8 $ 45.7 2023 9.4 79.6 2024 7.8 66.7 2025 7.2 55.0 2026 4.5 50.7 2027 2.4 44.1 Thereafter 1.6 75.1 Total future minimum lease payments 38.7 416.9 Amount representing interest (3.4) (53.9) Total future minimum lease payments, net of interest $ 35.3 $ 363.0 (1) Future sublease income of $1.6 million is excluded from the operating leases amount in the table above.

Restructuring Charges (Tables)

Restructuring Charges (Tables)	6 Months Ended
	Jun. 30, 2022
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Related Costs	The following table presents a summary of restructuring charges, net, related to restructuring initiatives that were incurred during the six months ended June 30, 2022 and the cumulative amounts since the initiatives began: (in millions) Severance and Related Costs Other Direct Costs (Gain) Loss on Sale of Assets and Other (non-cash portion) Total 2022 $ 0.5 $ 3.9 $ (0.3) $ 4.1 Cumulative 41.3 34.6 (4.2) 71.7
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, 2021 $ 4.7 $ 3.7 $ 8.4 Costs incurred 0.4 1.4 1.8 Payments (2.3) (2.1) (4.4) Balance at March 31, 2022 2.8 3.0 5.8 Costs incurred 0.1 0.7 0.8 Payments (0.6) (1.1) (1.7) Balance at June 30, 2022 $ 2.3 $ 2.6 $ 4.9 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 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

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Long-term Obligations	The Company's debt obligations were as follows: (in millions) June 30, 2022 December 31, 2021 Asset-Based Lending Facility (the "ABL Facility") $ 361.4 $ 440.8 Commercial card program 2.5 2.1 Vendor-based financing arrangements 14.3 — Finance leases 35.3 72.8 Total debt 413.5 515.7 Less: current portion of debt (15.2) (16.0) Long-term debt, net of current portion $ 398.3 $ 499.7

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2022
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 June 30, Six Months Ended June 30, (in millions) 2022 2021 2022 2021 Income (loss) before income taxes $ 121.0 $ 35.5 $ 205.3 $ 65.9 Income tax expense (benefit) 29.9 9.1 35.7 18.2 Effective tax rate 24.7 % 25.6 % 17.4 % 27.6 %

Defined Benefit Plans (Tables)

Defined Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 Three Months Ended June 30, 2021 (in millions) U.S. Canada U.S. Canada Components of net periodic benefit cost (credit): Service cost $ 0.7 $ 0.0 $ 0.6 $ 0.1 Interest cost $ 0.3 $ (1.0) $ 0.2 $ 0.5 Expected return on plan assets (0.4) 1.9 (1.1) (1.1) Settlement (gain) loss — (7.0) — — Amortization of net loss — (0.1) 0.0 0.1 Total other components $ (0.1) $ (6.2) $ (0.9) $ (0.5) Net periodic benefit cost (credit) $ 0.6 $ (6.2) $ (0.3) $ (0.4) Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 (in millions) U.S. Canada U.S. Canada Components of net periodic benefit cost (credit): Service cost $ 1.5 $ 0.1 $ 1.2 $ 0.2 Interest cost $ 0.6 $ (0.4) $ 0.5 $ 1.0 Expected return on plan assets (0.9) 0.8 (2.2) (2.1) Settlement (gain) loss — (7.0) — — Amortization of net loss — (0.1) 0.0 0.1 Total other components $ (0.3) $ (6.7) $ (1.7) $ (1.0) Net periodic benefit cost (credit) $ 1.2 $ (6.6) $ (0.5) $ (0.8)

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2022
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 Six Months Ended (in millions, except per share data) 2022 2021 2022 2021 Numerator: Net income (loss) $ 91.1 $ 26.4 $ 169.6 $ 47.7 Denominator: Weighted-average shares outstanding – basic 14.61 15.58 14.69 15.73 Dilutive effect of stock-based awards 0.27 0.72 0.41 0.76 Weighted-average shares outstanding – diluted 14.88 16.30 15.10 16.49 Earnings (loss) per share: Basic $ 6.24 $ 1.69 $ 11.55 $ 3.03 Diluted $ 6.12 $ 1.62 $ 11.23 $ 2.89 Antidilutive stock-based awards excluded from computation of diluted earnings per share ("EPS") 0.00 0.00 0.08 0.00 Performance stock-based awards excluded from computation of diluted EPS because performance conditions had not been met 0.07 0.07 0.00 0.07

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
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, Performance Share Units, Market Condition Performance Share Units and/or non-employee director grants (grants not deferred) vested during those periods. The net share issuance is included on the Condensed Consolidated Statements of Shareholders' Equity for the three and six months ended June 30, 2022 and 2021. The related cash flow impacts are included in 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, 2021. See the table below for information related to these transactions: (in millions) 2022 2021 Three months ended March 31, Shares issued 0.7 0.3 Shares recovered for minimum tax withholding (0.2) (0.1) Net shares issued 0.5 0.2 Three months ended June 30, Shares issued 0.0 0.3 Shares recovered for minimum tax withholding 0.0 (0.1) Net shares issued 0.0 0.2
Schedule 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, 2021 $ (25.2) $ 1.0 $ (0.1) $ (24.3) Unrealized net gains (losses) arising during the period 2.6 0.0 0.0 2.6 Net current period other comprehensive income (loss) 2.6 0.0 0.0 2.6 Balance at March 31, 2022 (22.6) 1.0 (0.1) (21.7) Unrealized net gains (losses) arising during the period (4.5) 6.4 0.1 2.0 Amounts reclassified from AOCL 9.5 (7.0) 0.0 2.5 Net current period other comprehensive income (loss) 5.0 (0.6) 0.1 4.5 Balance at June 30, 2022 $ (17.6) $ 0.4 $ 0.0 $ (17.2) (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)

Segment and Other Information (

Segment and Other Information (Tables)	6 Months Ended
	Jun. 30, 2022
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 (benefits), 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 Solutions Total Reportable Segments Corporate & Other Total Three Months Ended June 30, 2022 Net sales $ 1,001.6 $ 195.8 $ 593.2 $ 1,790.6 $ 30.1 $ 1,820.7 Adjusted EBITDA 108.4 16.0 60.5 184.9 (48.6) Depreciation and amortization 5.5 1.1 1.0 7.6 3.5 11.1 Restructuring charges, net 0.9 0.1 0.4 1.4 0.0 1.4 Three Months Ended June 30, 2021 Net sales $ 915.0 $ 224.7 $ 489.0 $ 1,628.7 $ 29.9 $ 1,658.6 Adjusted EBITDA 95.4 10.4 22.2 128.0 (54.5) Depreciation and amortization 6.4 1.9 1.6 9.9 4.4 14.3 Restructuring charges, net 3.1 0.6 0.8 4.5 0.7 5.2 Six Months Ended June 30, 2022 Net sales $ 2,004.7 $ 425.2 $ 1,189.8 $ 3,619.7 $ 59.1 $ 3,678.8 Adjusted EBITDA 205.8 29.4 115.1 350.3 (94.5) Depreciation and amortization 11.8 2.9 2.2 16.9 6.9 23.8 Restructuring charges, net 2.5 0.5 1.1 4.1 0.0 4.1 Six Months Ended June 30, 2021 Net sales $ 1,769.6 $ 430.8 $ 960.3 $ 3,160.7 $ 57.2 $ 3,217.9 Adjusted EBITDA 173.4 21.9 39.6 234.9 (101.9) Depreciation and amortization 12.5 3.9 3.2 19.6 9.2 28.8 Restructuring charges, net 5.8 1.1 2.4 9.3 0.2 9.5
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 Six Months Ended (in millions) 2022 2021 2022 2021 Net income (loss) $ 91.1 $ 26.4 $ 169.6 $ 47.7 Interest expense, net 4.0 4.5 7.5 9.6 Income tax expense (benefit) 29.9 9.1 35.7 18.2 Depreciation and amortization 11.1 14.3 23.8 28.8 Restructuring charges, net 1.4 5.2 4.1 9.5 Facility closure charges, including (gain) loss from asset disposition (0.3) (1.5) (0.9) (1.2) Stock-based compensation 3.1 3.5 5.9 4.7 LIFO reserve (decrease) increase 11.8 11.0 22.8 16.1 Non-restructuring severance charges (0.2) 1.1 1.5 1.9 Non-restructuring pension charges (benefits) (7.0) — (7.0) — Other (8.6) (0.1) (7.2) (2.3) Adjustment for Corporate & Other 48.6 54.5 94.5 101.9 Adjusted EBITDA for reportable segments $ 184.9 $ 128.0 $ 350.3 $ 234.9

Business and Summary of Signi_3

Business and Summary of Significant Accounting Policies (Details) $ in Millions			6 Months Ended
	May 02, 2022	Mar. 31, 2021 USD ($)	Jun. 30, 2022 USD ($) employee
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of business		$ 2.4
Proceeds from sale of Rollsource business		$ 7.5
Veritiv Canada Inc
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of business			$ 10
Number of employees | employee			900
Veritiv Canada Inc | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of Rollsource business			$ 147.4
Working capital adjustment period	90 days

Revenue Recognition and Credi_3

Revenue Recognition and Credit Losses - Narrative (Details) $ in Millions	4 Months Ended	6 Months Ended
	May 02, 2022	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Concentration Risk [Line Items]
Equipment sales deposits, approximate holding period		90 days
Number of reportable segments | segment		3
Notes receivable, provision for (reversal of) expected credit losses		$ (0.6)	$ 0.3
Notes receivable		$ 1.1		$ 0.5
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
Product Concentration Risk | Revenue from Contract with Customer Benchmark | Sales Channel, Directly to Consumer
Concentration Risk [Line Items]
Concentration risk, percentage		35%
Customer Concentration Risk | Revenue Benchmark | Minimum | Ten largest customers
Concentration Risk [Line Items]
Concentration risk, percentage		10%
Customer Concentration Risk | Revenue Benchmark | Maximum | Ten largest customers
Concentration Risk [Line Items]
Concentration risk, percentage		15%
Geographic Concentration Risk | Revenue Benchmark | U.S.
Concentration Risk [Line Items]
Concentration risk, percentage		90%
Geographic Concentration Risk | Revenue Benchmark | Canada
Concentration Risk [Line Items]
Concentration risk, percentage	10%

Revenue Recognition and Credi_4

Revenue Recognition and Credit Losses - Remaining Performance Obligation (Details)	Jun. 30, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
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	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Change in Contract with Customer, Liability [Roll Forward]
Beginning balance	$ 21.8	$ 12.2
Payments received	28.7	25.5
Revenue recognized from beginning of year balance	(13.1)	(10.6)
Revenue recognized from current year receipts	(17.5)	(14.4)
Other adjustments	(0.9)	0
Ending balance	$ 19	$ 12.7

Revenue Recognition and Credi_6

Revenue Recognition and Credit Losses - Schedule of Credit Losses (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Allowance for credit losses	$ 20.6	$ 23.7
Other allowances	9.2	10.7
Total accounts receivable allowances	$ 29.8	$ 34.4

Revenue Recognition and Credi_7

Revenue Recognition and Credit Losses - Rollforward of Credit Losses (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 23.7
Provision for expected credit losses	0.5
Write-offs charged against the allowance	(1.6)
Recoveries of amounts previously written off	0.5
Other adjustments	(2.5)
Ending balance	20.6
U.S. | Corporate & Other
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	0.7
Provision for expected credit losses	0.3
Write-offs charged against the allowance	0
Recoveries of amounts previously written off	0.1
Other adjustments	(0.1)
Ending balance	1
U.S. | Packaging and Facility Solutions | Operating Segments
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	12.6
Provision for expected credit losses	0.7
Write-offs charged against the allowance	(0.9)
Recoveries of amounts previously written off	0.2
Other adjustments	0
Ending balance	12.6
U.S. | Print Solutions | Operating Segments | Risk Level, High
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	6.2
Provision for expected credit losses	(0.5)
Write-offs charged against the allowance	(0.6)
Recoveries of amounts previously written off	0.1
Other adjustments	(0.8)
Ending balance	4.4
U.S. | Print Solutions | Operating Segments | Risk Level, Medium / Low
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	1.7
Provision for expected credit losses	(0.2)
Write-offs charged against the allowance	(0.1)
Recoveries of amounts previously written off	0.1
Other adjustments	0.2
Ending balance	1.7
Canada | Packaging and Facility Solutions | Operating Segments
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	1
Provision for expected credit losses	0.1
Write-offs charged against the allowance	0
Recoveries of amounts previously written off	0
Other adjustments	(1.1)
Ending balance	0
Canada | Print Solutions | Operating Segments | Risk Level, High
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	0.5
Provision for expected credit losses	0
Write-offs charged against the allowance	0
Recoveries of amounts previously written off	0
Other adjustments	(0.5)
Ending balance	0
Canada | Print Solutions | Operating Segments | Risk Level, Medium / Low
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	0
Provision for expected credit losses	0
Write-offs charged against the allowance	0
Recoveries of amounts previously written off	0
Other adjustments	0
Ending balance	0
Rest of world | Operating Segments
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	1
Provision for expected credit losses	0.1
Write-offs charged against the allowance	0
Recoveries of amounts previously written off	0
Other adjustments	(0.2)
Ending balance	$ 0.9

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	Jun. 30, 2022 USD ($) distribution_center
Lessee, Lease, Description [Line Items]
Number of distribution centers | distribution_center	95
Number of leased distribution centers | distribution_center	90
Real Estate
Lessee, Lease, Description [Line Items]
Finance and operating lease payments due | $	$ 411.7
Non-Real Estate
Lessee, Lease, Description [Line Items]
Finance and operating lease payments due | $	$ 43.9

Leases - Schedule of Components

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Short-term lease expense	$ 0.8	$ 0.8	$ 1.6	$ 1.8
Operating lease expense	23	25.4	48.1	51
Finance lease expense:
Amortization of right-of-use assets	2.8	3.6	6.5	7.3
Interest expense	0.4	0.7	1.1	1.4
Total finance lease expense	3.2	4.3	7.6	8.7
Total Lease Cost	$ 27	$ 30.5	$ 57.3	$ 61.5

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Balance Sheet and Other Information (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
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	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 $321.5 and $332.4, respectively)	Property and equipment (net of accumulated depreciation and amortization of $321.5 and $332.4, 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	$ 330.9	$ 375.6
Operating lease obligations - current	71.5	80.2
Operating lease obligations - non-current	291.5	329.3
Total operating lease obligations	$ 363	$ 409.5
Weighted-average remaining lease term in years	6 years 2 months 12 days	6 years 2 months 12 days
Weighted-average discount rate	4.40%	4.50%
Finance Leases:
Finance lease right-of-use assets	$ 31.9	$ 66.3
Finance lease obligations - current	9.7	13.9
Finance lease obligations - non-current	25.6	58.9
Total finance lease obligations	$ 35.3	$ 72.8
Weighted-average remaining lease term in years	3 years 10 months 24 days	6 years 4 months 24 days
Weighted-average discount rate	3.90%	3.70%

Leases - Schedule of Suppleme_2

Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating cash flows from operating leases
Operating cash flows from operating leases	$ 48.3	$ 52.7
Finance Leases:
Operating cash flows from finance leases	1.1	1.4
Financing cash flows from finance leases	$ 6.3	$ 6.7

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Operating and Finance Lease Payments (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Finance Leases
2022 (excluding the six months ended June 30, 2022)	$ 5.8
2023	9.4
2024	7.8
2025	7.2
2026	4.5
2027	2.4
Thereafter	1.6
Total future minimum lease payments	38.7
Amount representing interest	(3.4)
Total future minimum lease payments, net of interest	35.3	$ 72.8
Operating Leases
2022 (excluding the six months ended June 30, 2022)	45.7
2023	79.6
2024	66.7
2025	55
2026	50.7
2027	44.1
Thereafter	75.1
Total future minimum lease payments	416.9
Amount representing interest	(53.9)
Total future minimum lease payments, net of interest	363	$ 409.5
Future sublease income	$ 1.6

Restructuring Charges - Narrati

Restructuring Charges - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Gain on termination of lease and retirement of assets	$ 0.3	$ 0.5	$ 0.3	$ 0.5
Multi-employer pension plans, settlement term			20 years
2020 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected remaining charges	2		$ 2
Prepaid restructuring expensed during the period		1.9		3.8
2020 Restructuring Plan | Other Direct Costs
Restructuring Cost and Reserve [Line Items]
Prepaid restructuring expensed during the period	0.9		1.8
Restructuring reserve	2.6	$ 7	2.6	$ 7	$ 3	$ 3.7	$ 8	$ 6.9
Veritiv Restructuring Plan | Restructuring Costs, Excluding Non-Cash Restructuring Gains (Losses)
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	21.7		21.7			22.2
Withdrawal obligations	$ 18.3		$ 18.3			$ 18.8

Restructuring Charges - Schedul

Restructuring Charges - Schedule of Restructuring Charges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring charges, net	$ 1.4	$ 5.2	$ 4.1	$ 9.5
Total | Veritiv Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges, net			4.1
Cumulative	71.7		71.7
Severance and Related Costs | Veritiv Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges, net			0.5
Cumulative	41.3		41.3
Other Direct Costs | Veritiv Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges, net			3.9
Cumulative	34.6		34.6
(Gain) Loss on Sale of Assets and Other (non-cash portion) | Veritiv Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges, net			(0.3)
Cumulative	$ (4.2)		$ (4.2)

Restructuring Charges - Sched_2

Restructuring Charges - Schedule of Changes in Restructuring Liability - 2020 Restructuring Plan (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Restructuring Reserve [Roll Forward]
Costs incurred	$ 1.4		$ 5.2		$ 4.1	$ 9.5
Severance and Related Costs | 2020 Restructuring Plan
Restructuring Reserve [Roll Forward]
Balance at the beginning	2.8	$ 4.7	9.9	$ 15.4	4.7	15.4
Costs incurred	0.1	0.4	0.5	(0.3)
Payments	(0.6)	(2.3)	(4.2)	(5.2)
Balance at the end	2.3	2.8	6.2	9.9	2.3	6.2
Other Direct Costs | 2020 Restructuring Plan
Restructuring Reserve [Roll Forward]
Balance at the beginning	3	3.7	8	6.9	3.7	6.9
Costs incurred	0.7	1.4	3.3	2.7
Payments	(1.1)	(2.1)	(4.3)	(1.6)
Balance at the end	2.6	3	7	8	2.6	7
Total | 2020 Restructuring Plan
Restructuring Reserve [Roll Forward]
Balance at the beginning	5.8	8.4	17.9	22.3	8.4	22.3
Costs incurred	0.8	1.8	3.8	2.4
Payments	(1.7)	(4.4)	(8.5)	(6.8)
Balance at the end	$ 4.9	$ 5.8	$ 13.2	$ 17.9	$ 4.9	$ 13.2

Debt - Long-Term Debt Obligatio

Debt - Long-Term Debt Obligations (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Commercial card program	$ 15.2	$ 16
Finance leases	35.3	72.8
Total debt	413.5	515.7
Less: current portion of debt	(15.2)	(16)
Long-term debt, net of current portion	398.3	499.7
Vendor-based financing arrangements
Debt Instrument [Line Items]
Long-term debt	14.3	0
Line of Credit | Asset-Based Lending Facility
Debt Instrument [Line Items]
Long-term debt	361.4	440.8
Commercial Card Program
Debt Instrument [Line Items]
Commercial card program	$ 2.5	$ 2.1

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Commercial card, maximum credit limit	$ 37.5
Commercial card program	$ 15.2	$ 16
Asset-Based Lending Facility
Line of Credit Facility [Line Items]
Minimum fixed coverage ratio	100%
Vendor-based financing arrangements
Line of Credit Facility [Line Items]
Principal amount	$ 18.5
Debt instrument, term (in year)	5 years
Long-term debt	$ 14.3	0
Interest rate (as percentage)	3.17%
Line of Credit | Asset-Based Lending Facility
Line of Credit Facility [Line Items]
Remaining borrowing capacity	$ 622.4
Outstanding letters of credit	9.4
Long-term debt	361.4	440.8
Commercial Card Program
Line of Credit Facility [Line Items]
Commercial card program	$ 2.5	$ 2.1

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income (loss) before income taxes	$ 121	$ 35.5	$ 205.3	$ 65.9
Income tax expense (benefit)	$ 29.9	$ 9.1	$ 35.7	$ 18.2
Effective tax rate	24.70%	25.60%	17.40%	27.60%

Defined Benefit Plans (Details)

Defined Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
U.S.
Defined Benefit Plan Disclosure [Line Items]
Settlement gain	$ 0	$ 0	$ 0	$ 0
Components of net periodic benefit cost (credit):
Service cost	0.7	0.6	1.5	1.2
Interest cost	0.3	0.2	0.6	0.5
Expected return on plan assets	(0.4)	(1.1)	(0.9)	(2.2)
Settlement (gain) loss	0	0	0	0
Amortization of net loss	0	0	0	0
Total other components	(0.1)	(0.9)	(0.3)	(1.7)
Net periodic benefit cost (credit)	0.6	(0.3)	1.2	(0.5)
Canada
Defined Benefit Plan Disclosure [Line Items]
Settlement gain	7	0	7	0
Components of net periodic benefit cost (credit):
Service cost	0	0.1	0.1	0.2
Interest cost	(1)	0.5	(0.4)	1
Expected return on plan assets	1.9	(1.1)	0.8	(2.1)
Settlement (gain) loss	(7)	0	(7)	0
Amortization of net loss	(0.1)	0.1	(0.1)	0.1
Total other components	(6.2)	(0.5)	(6.7)	(1)
Net periodic benefit cost (credit)	$ (6.2)	$ (0.4)	$ (6.6)	$ (0.8)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill	$ 96.3	$ 99.6
Other intangible assets	37.8	42.7
Veritiv Canada Inc
Business Acquisition [Line Items]
Goodwill	3.3
Other intangible assets	2.6
Packaging
Business Acquisition [Line Items]
Goodwill	96.3
Packaging and Facility Solutions
Business Acquisition [Line Items]
Other intangible assets	37.8
Held-for-sale
Business Acquisition [Line Items]
Assets held for sale	$ 1.2	$ 1.2

Earnings (Loss) Per Share (Deta

Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net income (loss)	$ 91.1	$ 78.5	$ 26.4	$ 21.3	$ 169.6	$ 47.7
Denominator:
Weighted-average shares outstanding - basic (in shares)	14,610		15,580		14,690	15,730
Dilutive effect of stock-based awards (in shares)	270		720		410	760
Weighted-average shares outstanding - diluted (in shares)	14,880		16,300		15,100	16,490
Earnings (loss) per share:
Basic (usd per share)	$ 6.24		$ 1.69		$ 11.55	$ 3.03
Diluted (usd per share)	$ 6.12		$ 1.62		$ 11.23	$ 2.89
Antidilutive stock-based awards excluded from computation of diluted earnings per share (EPS) (in shares)	0		0		80	0
Performance stock-based awards excluded from computation of diluted EPS because performance conditions had not been met (in shares)	70		70		0	70

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($)		3 Months Ended				6 Months Ended
	Mar. 12, 2021	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Mar. 01, 2022	Dec. 31, 2021	May 31, 2021	Mar. 03, 2021
Class of Stock [Line Items]
Stock repurchased, aggregate purchase price		$ 94,400,000	$ 10,400,000	$ 25,800,000	$ 24,600,000
2022 Shares Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount								$ 200,000,000
Shares repurchased (in shares)		698,645				776,670
Stock repurchased, aggregate purchase price		$ 94,400,000				$ 104,800,000
2021 Shares Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount									$ 100,000,000	$ 100,000,000	$ 50,000,000
Shares repurchased (in shares)				449,940			1,035,943
Stock repurchased, aggregate purchase price				$ 25,800,000			$ 50,400,000
2021 Shares Repurchase Program | UWW Holdings, LLC
Class of Stock [Line Items]
Shares repurchased (in shares)	553,536
Stock repurchased, aggregate purchase price	$ 23,200,000

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Incentive Plan Shares Issued (Details) - shares shares in Millions	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Equity [Abstract]
Shares issued (in shares)	0	0.7	0.3	0.3
Shares recovered for minimum tax withholding (in shares)	0	(0.2)	(0.1)	(0.1)
Net shares issued (in shares)	0	0.5	0.2	0.2

Shareholders' Equity - Schedu_2

Shareholders' Equity - Schedule of Other Comprehensive Income Included (Details) - USD ($) $ in Millions		3 Months Ended
		Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		$ 679.8	$ 635.8	$ 577.4	$ 583.1
Unrealized net gains (losses) arising during the period		2	2.6	2.8	(0.3)
Amounts reclassified from AOCL		2.5		0.3
Net current period other comprehensive income (loss)		4.5	2.6	3.1	(0.3)
Ending balance		683.9	679.8	579.6	577.4
AOCL
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	[1]	(21.7)	(24.3)	(33.8)	(33.5)
Ending balance	[1]	(17.2)	(21.7)	(30.7)	(33.8)
Foreign currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		(22.6)	(25.2)	(24.5)	(24.2)
Unrealized net gains (losses) arising during the period		(4.5)	2.6	2.8	(0.3)
Amounts reclassified from AOCL		9.5		0.2
Net current period other comprehensive income (loss)		5	2.6	3	(0.3)
Ending balance		(17.6)	(22.6)	(21.5)	(24.5)
Retirement liabilities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		1	1	(9.1)	(9.1)
Unrealized net gains (losses) arising during the period		6.4	0	0	0
Amounts reclassified from AOCL		(7)		0
Net current period other comprehensive income (loss)		(0.6)	0	0	0
Ending balance		0.4	1	(9.1)	(9.1)
Interest rate cap
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		(0.1)	(0.1)	(0.2)	(0.2)
Unrealized net gains (losses) arising during the period		0.1	0	0	0
Amounts reclassified from AOCL		0		0.1
Net current period other comprehensive income (loss)		0.1	0	0.1	0
Ending balance		$ 0	$ (0.1)	$ (0.1)	$ (0.2)
[1]Accumulated other comprehensive loss.

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Multi-employer pension plans, settlement term	20 years
Withdrawal from Multiemployer Defined Benefit Plan | Western Pennsylvania Teamsters and Employers Pension Plan | Multiemployer Pension Plans
Loss Contingencies [Line Items]
Withdrawal obligations	$ 6.5
Multi-employer pension plans, settlement term	20 years
Withdrawal from Multiemployer Defined Benefit Plan | Minneapolis Food Distributors Ind Pension Plan | Multiemployer Pension Plans
Loss Contingencies [Line Items]
Withdrawal obligations		$ 0.5
Multi-employer pension plans, settlement term	3 years
Withdrawal from Multiemployer Defined Benefit Plan | Complete Withdrawal | Western Pennsylvania Teamsters and Employers Pension Plan | Multiemployer Pension Plans
Loss Contingencies [Line Items]
Withdrawal obligations	$ 7.1

Segment and Other Information -

Segment and Other Information - Narrative (Details) $ in Millions	1 Months Ended	6 Months Ended		17 Months Ended
	Feb. 28, 2021 USD ($)	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment		3
Incurred loss and restoration costs	$ 13
Net benefit of severe weather event				$ 3.2
Loss from severe weather event		$ 3.5
Proceeds from insurance related to property and equipment		$ 3.5	$ 0

Segment and Other Information_2

Segment and Other Information - Segment Reporting Information, by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Net sales	$ 1,820.7	$ 1,658.6	$ 3,678.8	$ 3,217.9
Adjusted EBITDA
Depreciation and amortization	11.1	14.3	23.8	28.8
Restructuring charges, net	1.4	5.2	4.1	9.5
Operating Segments
Segment Reporting Information [Line Items]
Net sales	1,790.6	1,628.7	3,619.7	3,160.7
Adjusted EBITDA	184.9	128	350.3	234.9
Depreciation and amortization	7.6	9.9	16.9	19.6
Restructuring charges, net	1.4	4.5	4.1	9.3
Corporate & Other
Segment Reporting Information [Line Items]
Net sales	30.1	29.9	59.1	57.2
Adjusted EBITDA	(48.6)	(54.5)	(94.5)	(101.9)
Depreciation and amortization	3.5	4.4	6.9	9.2
Restructuring charges, net	0	0.7	0	0.2
Packaging | Operating Segments
Segment Reporting Information [Line Items]
Net sales	1,001.6	915	2,004.7	1,769.6
Adjusted EBITDA	108.4	95.4	205.8	173.4
Depreciation and amortization	5.5	6.4	11.8	12.5
Restructuring charges, net	0.9	3.1	2.5	5.8
Facility Solutions | Operating Segments
Segment Reporting Information [Line Items]
Net sales	195.8	224.7	425.2	430.8
Adjusted EBITDA	16	10.4	29.4	21.9
Depreciation and amortization	1.1	1.9	2.9	3.9
Restructuring charges, net	0.1	0.6	0.5	1.1
Print Solutions | Operating Segments
Segment Reporting Information [Line Items]
Net sales	593.2	489	1,189.8	960.3
Adjusted EBITDA	60.5	22.2	115.1	39.6
Depreciation and amortization	1	1.6	2.2	3.2
Restructuring charges, net	$ 0.4	$ 0.8	$ 1.1	$ 2.4

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				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Net income (loss)	$ 91.1	$ 78.5	$ 26.4	$ 21.3	$ 169.6	$ 47.7
Interest expense, net	4		4.5		7.5	9.6
Income tax expense (benefit)	29.9		9.1		35.7	18.2
Depreciation and amortization	11.1		14.3		23.8	28.8
Restructuring charges, net	1.4		5.2		4.1	9.5
Facility closure charges, including (gain) loss from asset disposition	(0.3)		(1.5)		(0.9)	(1.2)
Stock-based compensation	3.1		3.5		5.9	4.7
LIFO reserve (decrease) increase	11.8		11		22.8	16.1
Non-restructuring severance charges	(0.2)		1.1		1.5	1.9
Non-restructuring pension charges (benefits)	(7)		0		(7)	0
Other	(8.6)		(0.1)		(7.2)	(2.3)
Adjusted EBITDA for reportable segments
Corporate & Other
Segment Reporting Information [Line Items]
Depreciation and amortization	3.5		4.4		6.9	9.2
Restructuring charges, net	0		0.7		0	0.2
Adjusted EBITDA for reportable segments	(48.6)		(54.5)		(94.5)	(101.9)
Operating Segments
Segment Reporting Information [Line Items]
Depreciation and amortization	7.6		9.9		16.9	19.6
Restructuring charges, net	1.4		4.5		4.1	9.3
Adjusted EBITDA for reportable segments	$ 184.9		$ 128		$ 350.3	$ 234.9

Divestitures (Details)

Divestitures (Details) $ in Millions, $ in Millions			3 Months Ended	6 Months Ended
	May 02, 2022	Mar. 31, 2021 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) employee	Mar. 31, 2022 CAD ($)	Mar. 31, 2022 USD ($)
Business Acquisition [Line Items]
Gain on sale of business		$ 2.4
Proceeds from sale of Rollsource business		$ 7.5
Rollsource business, working capital adjustment			$ 0.7
Veritiv Canada Inc
Business Acquisition [Line Items]
Purchase price					$ 240	$ 190
Gain on sale of business				$ 10
Number of employees | employee				900
Veritiv Canada Inc | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Proceeds from sale of Rollsource business				$ 147.4
Working capital adjustment period	90 days