Veritiv (VRTV) 10-K 28 Feb 23 2022 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2022	Feb. 21, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filer	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1,510,842,320
Entity Common Stock, Shares Outstanding		13,545,458
Documents Incorporated by Reference	Portions of the Company's Proxy Statement for the 2023 Annual Meeting of Shareholders are incorporated by reference into Part III of this Form 10-K.
Entity Central Index Key	0001599489
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	Atlanta, Georgia

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Net sales	$ 7,146.3	$ 6,850.5	$ 6,345.6
Cost of products sold (including purchases from related party of $55.6 in 2020) (exclusive of depreciation and amortization shown separately below)	5,526	5,417.9	5,040.2
Distribution expenses	398.5	419.3	429.8
Selling and administrative expenses	762.7	735.8	717.9
Gain on sale of businesses	(29.7)	(3.1)	0
Depreciation and amortization	45.6	55.2	57.7
Restructuring charges, net	2	15.4	52.2
Operating income (loss)	441.2	210	47.8
Interest expense, net	17.7	17.2	25.1
Other (income) expense, net	(8.4)	(4.7)	(20.3)
Income (loss) before income taxes	431.9	197.5	43
Income tax expense (benefit)	94	52.9	8.8
Net income (loss)	$ 337.9	$ 144.6	$ 34.2
Earnings (loss) per share:
Basic (usd per share)	$ 23.85	$ 9.50	$ 2.14
Diluted (usd per share)	$ 23.29	$ 9.01	$ 2.08
Weighted-average shares outstanding:
Weighted-average shares outstanding - basic (in shares)	14,170	15,220	15,960
Weighted-average shares outstanding - diluted (in shares)	14,510	16,050	16,480

Consolidated Statements of Op_2

Consolidated Statements of Operations (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Income Statement [Abstract]
Revenue from related parties	$ 19.7
Related party costs	$ 55.6

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)		$ 337.9	$ 144.6	$ 34.2
Other comprehensive income (loss):
Foreign currency translation adjustments		(0.9)	(1)	2.4
Reclassification of foreign currency translation adjustments due to sale of a business, net of tax	[1]	9.5	0	0
Change in fair value of cash flow hedge, net of tax	[1]	0.1	0.1	0.1
Pension liability adjustment, net of tax	[1]	9.9	10.1	(2.9)
Reclassification adjustment on settlement of a pension plan, net of tax	[1]	(7)	0	0
Other comprehensive income (loss)		11.6	9.2	(0.4)
Total comprehensive income (loss)		$ 349.5	$ 153.8	$ 33.8
[1]Amounts shown are net of tax impacts, if any. For the year ended December 31, 2022, tax impacts were: $2.0 million for the reclassification of foreign currency translation adjustments due to sale of a business, $3.4 million for pension liability adjustments and $(4.0) million for the reclassification adjustment on settlement of a pension plan. For the year ended December 31, 2021, the tax impact for the pension liability was $3.5 million. Other tax impacts for the years ended December 31, 2022, 2021 and 2020 were not significant.

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Reclassification of foreign currency translation adjustments due to sale of business	$ 2
Pension liability adjustment, tax	3.4	$ 3.5
Reclassification of settlement of pension plan	$ (4)

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 40.6	$ 49.3
Accounts receivable, less allowances of $26.7 and $34.4, respectively	889.6	1,011.2
Inventories	423.9	484.5
Other current assets	103.7	132.7
Total current assets	1,457.8	1,677.7
Property and equipment (net of accumulated depreciation and amortization of $325.5 and $332.4, respectively)	127.5	162.9
Goodwill	96.3	99.6
Other intangibles, net	35.6	42.7
Deferred income tax assets	29	47.1
Other non-current assets	343.4	408.4
Total assets	2,089.6	2,438.4
Current liabilities:
Accounts payable	452.9	561.9
Accrued payroll and benefits	106.2	110
Other accrued liabilities	154.1	185.7
Current portion of debt	13.4	16
Total current liabilities	726.6	873.6
Long-term debt, net of current portion	264.8	499.7
Defined benefit pension obligations	0.4	7.2
Other non-current liabilities	341.7	422.1
Total liabilities	1,333.5	1,802.6
Commitments and contingencies (Note 15)
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 - 13.5 million and 14.6 million, respectively	0.2	0.2
Additional paid-in capital	613.1	633.8
Accumulated earnings (deficit)	472.6	143.2
Accumulated other comprehensive loss	(12.7)	(24.3)
Treasury stock at cost - 4.0 million and 2.4 million shares, respectively	(317.1)	(117.1)
Total shareholders' equity	756.1	635.8
Total liabilities and shareholders' equity	$ 2,089.6	$ 2,438.4

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Assets
Total accounts receivable allowances	$ 26.7	$ 34.4
Depreciation and amortization	$ 325.5	$ 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)	13,500,000	14,600,000
Treasury stock, shares (in shares)	4,000,000	2,400,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating activities
Net income (loss)	$ 337,900,000	$ 144,600,000	$ 34,200,000
Depreciation and amortization	45,600,000	55,200,000	57,700,000
Amortization and write-off of deferred financing fees	1,700,000	1,500,000	2,100,000
Net (gains) losses on disposition of assets and sale of businesses	(41,100,000)	(9,200,000)	(8,200,000)
Long-lived asset impairment charges	0	500,000	500,000
Provision for expected credit losses	4,000,000	4,700,000	12,400,000
Deferred income tax provision (benefit)	17,100,000	9,200,000	(1,800,000)
Stock-based compensation	9,500,000	7,400,000	17,700,000
Other non-cash items, net	(6,100,000)	9,800,000	(12,400,000)
Changes in operating assets and liabilities
Accounts receivable and related party receivable	6,700,000	(172,600,000)	56,500,000
Inventories	(24,200,000)	(22,100,000)	89,700,000
Other current assets	3,700,000	(9,300,000)	(3,200,000)
Accounts payable and related party payable	(74,400,000)	110,000,000	5,500,000
Accrued payroll and benefits	(10,800,000)	19,900,000	17,100,000
Other accrued liabilities	(4,400,000)	(1,300,000)	(1,000,000)
Other	(12,800,000)	6,400,000	22,400,000
Net cash provided by (used for) operating activities	252,400,000	154,700,000	289,200,000
Investing activities
Property and equipment additions	(21,900,000)	(20,400,000)	(23,600,000)
Proceeds from asset sales and sale of businesses, net of cash transferred	186,700,000	16,100,000	18,300,000
Proceeds from insurance related to property and equipment	3,200,000	0	0
Net cash provided by (used for) investing activities	168,000,000	(4,300,000)	(5,300,000)
Financing activities
Change in book overdrafts	37,000,000	(16,500,000)	(16,600,000)
Borrowings of long-term debt	6,181,300,000	5,734,400,000	5,566,000,000
Repayments of long-term debt	(6,392,900,000)	(5,814,500,000)	(5,719,200,000)
Payments under right-of-use finance leases	(11,600,000)	(13,800,000)	(13,000,000)
Payments under vendor-based financing arrangements	(3,200,000)	0	0
Deferred financing fees	0	(3,300,000)	(3,400,000)
Purchase of treasury stock	(200,000,000)	(100,000,000)	(3,500,000)
Payments under Tax Receivable Agreement	0	0	(12,300,000)
Impact of tax withholding on share-based compensation	(30,200,000)	(8,500,000)	(800,000)
Dividends paid to shareholders	(8,500,000)	0	0
Other	(500,000)	800,000	200,000
Net cash provided by (used for) financing activities	(428,600,000)	(221,400,000)	(202,600,000)
Effect of exchange rate changes on cash	(500,000)	(300,000)	1,300,000
Net change in cash and cash equivalents	(8,700,000)	(71,300,000)	82,600,000
Cash and cash equivalents at beginning of period	49,300,000	120,600,000	38,000,000
Cash and cash equivalents at end of period	40,600,000	49,300,000	120,600,000
Supplemental cash flow information
Cash paid for income taxes, net of refunds	83,900,000	40,100,000	7,800,000
Cash paid for interest	15,600,000	15,000,000	22,000,000
Non-cash investing and financing activities
Non-cash additions to property and equipment for right-of-use finance leases and vendor-based financing arrangements	21,300,000	4,100,000	14,800,000
Non-cash additions to other non-current assets for right-of-use operating leases	$ 38,900,000	$ 111,600,000	$ 20,100,000

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock Issued	Additional Paid-in Capital	Accumulated Earnings (Deficit)	Accumulated Earnings (Deficit) Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2019			16.4
Beginning balance at Dec. 31, 2019	$ 536.2	$ (0.3)	$ 0.2	$ 618	$ (35.3)	$ (0.3)	$ (33.1)	$ (13.6)
Treasury stock, beginning balance (in shares) at Dec. 31, 2019								(0.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	34.2				34.2
Other comprehensive income (loss)	(0.4)						(0.4)
Stock-based compensation	17.7			17.7
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	(0.8)		$ 0	(0.8)
Treasury stock purchases (in shares)								(0.4)
Treasury stock purchases	(3.5)							$ (3.5)
Ending balance (in shares) at Dec. 31, 2020			16.6
Ending balance at Dec. 31, 2020	583.1		$ 0.2	634.9	(1.4)		(33.5)	$ (17.1)
Treasury stock, ending balance (in shares) at Dec. 31, 2020								(0.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	144.6				144.6
Other comprehensive income (loss)	9.2						9.2
Stock-based compensation	7.4			7.4
Issuance of common stock, net of stock received for minimum tax withholdings (in shares)			0.4
Issuance of common stock, net of stock received for minimum tax withholdings	(8.5)		$ 0	(8.5)
Treasury stock purchases (in shares)								(1.7)
Treasury stock purchases	$ (100)							$ (100)
Ending balance (in shares) at Dec. 31, 2021	17		17
Ending balance at Dec. 31, 2021	$ 635.8		$ 0.2	633.8	143.2		(24.3)	$ (117.1)
Treasury stock, ending balance (in shares) at Dec. 31, 2021	(2.4)							(2.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 337.9				337.9
Other comprehensive income (loss)	11.6						11.6
Stock-based compensation	9.5			9.5
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	(30.2)		$ 0	(30.2)
Dividends	(8.5)				(8.5)
Treasury stock purchases (in shares)								(1.6)
Treasury stock purchases	$ (200)							$ (200)
Ending balance (in shares) at Dec. 31, 2022	17.5		17.5
Ending balance at Dec. 31, 2022	$ 756.1		$ 0.2	$ 613.1	$ 472.6		$ (12.7)	$ (317.1)
Treasury stock, ending balance (in shares) at Dec. 31, 2022	(4)							(4)

Business and Summary of Signifi

Business and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 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. Veritiv was established in 2014, following the merger (the "Merger") of International Paper Company's xpedx distribution solutions business ("xpedx") and UWW Holdings, Inc., the parent company of Unisource Worldwide, Inc. ("Unisource"). On July 2, 2014, Veritiv's common stock began regular-way trading on the New York Stock Exchange under the ticker symbol "VRTV". Veritiv operates primarily throughout the United States ("U.S.") and Mexico. During 2022, the Company sold its logistics solutions business and its Veritiv Canada, Inc. business. In 2021, the Company sold its legacy Print segment's Rollsource business. These sales did not represent strategic shifts that will have a major effect on the Company's operations or financial results and they did not meet the requirements to be classified as discontinued operations. See Note 17, Divestitures , for additional information related to the Company's business divestitures. 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 related to the Company's product offerings and reportable segments. Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and include all of the Company's subsidiaries. All significant intercompany transactions between Veritiv's businesses have been eliminated. During 2022, the Company reclassified its gains from the sale of businesses from the selling and administrative expenses line to the gain on sale of businesses line on the Consolidated Statements of Operations for the periods presented. Use of Estimates The preparation of 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 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. Summary of Significant Accounting Policies Revenue Recognition 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. When the Company enters into a sales arrangement with a customer, it believes it is probable that it will collect substantially all of the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer. When management cannot conclude collectability is probable for shipments to a particular customer, revenue associated with that customer is not recognized until cash is collected or management is otherwise able to establish that collectability is probable. 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. See Note 2, Revenue Recognition and Credit Losses , for additional information related to the Company's revenues. Purchase Incentives Veritiv enters into agreements with suppliers that entitle Veritiv to receive rebates, allowances and other discounts based on the attainment of specified purchasing levels or sales to certain customers. Purchase incentives are recorded as a reduction to inventory and recognized in cost of products sold when the sale occurs. During the year ended December 31, 2022, approximately 29% of the Company's purchases were made from ten suppliers. Distribution Expenses Distribution expenses consist of storage, handling and delivery costs including freight to the Company's customers' destinations. Handling and delivery costs were $262.9 million, $271.0 million and $273.6 million for the years ended December 31, 2022, 2021 and 2020, respectively. Cash and Cash Equivalents The Company considers all highly liquid, unrestricted investments with original maturities to the Company of three months or less to be cash equivalents, including investments in money market funds with no restrictions on withdrawals. The Company held no cash equivalents as of December 31, 2022 and 2021. Trade Accounts Receivable, Notes Receivable and Related Allowances The Company performs an assessment of its financial assets which consist primarily of accounts receivable and identifies pools (i.e., groups of similar assets within the accounts receivable portfolio) based on the Company’s internal risk ratings, geographical locations and historical loss information. The Company’s pools are classified by reportable segment, risk level and the geographical location of the Company’s customers. The risk characteristics of each segment are determined by the impact of economic and structural fluctuations that are specific to the industry sectors served by the Company, competition from other suppliers and the nature of the products and services provided to the Company’s customers. The risk characteristics of the Packaging segment include changes in customer buying habits and product preferences. The risk characteristics of the Facility Solutions segment include revenue declines and delinquency rates attributable to changes in the travel industry, constraints and restrictions for large venues, return-to-office and in-person school activities. The Company considered the Packaging and Facility Solutions segments to be a single pool as they share similar risk characteristics. The Print Solutions segment is faced with industry-wide decreases in demand for products and services due to the increasing use of e-commerce and other on-line product substitutions. The Company’s allowance for credit losses reflects the best estimate of expected losses to the Company's accounts receivable portfolio determined on the basis of historical experience, current conditions, reasonable and supportable forecasts and specific allowances for known troubled accounts. In developing the allowance for credit losses, the Company utilizes internal risk ratings that are determined based on a number of factors including a periodic evaluation of each customer’s financial condition where possible. In addition to leveraging the internally developed risk ratings and historical experience, the expected credit loss estimates are developed using quantitative analyses, where meaningful, and qualitative analyses to forecast the impact that external factors and economic indicators may have on the amount that the Company expects to collect. Accounts receivable are written-off when management determines they are uncollectible. The Company, under certain circumstances, enters into note receivable agreements with customers. Expected credit losses are recognized when collectability is uncertain. The Company's provision for expected credit losses is included in selling and administrative expenses on the Consolidated Statements of Operations. See Note 2, Revenue Recognition and Credit Losses , for additional information related to the Company's credit losses and other allowances. Inventories The Company's inventories are primarily comprised of finished goods and predominantly valued at cost as determined by the last-in first-out ("LIFO") method. Such valuations are not in excess of market. Elements of cost in inventories include the purchase price invoiced by a supplier, plus inbound freight and related costs and reduced by estimated volume-based discounts and early pay discounts available from certain suppliers. Approximately 96% and 80% of inventories were valued using the LIFO method as of December 31, 2022 and 2021, respectively. If the first-in, first-out method had been used, total inventory balances would be increased by approximately $165.6 million and $134.5 million at December 31, 2022 and 2021, respectively. The Company reduces the value of obsolete inventory based on the difference between the LIFO cost of the inventory and the estimated market value using assumptions of future demand and market conditions. To estimate the net realizable value, the Company considers factors such as the age of the inventory, the nature of the products, the quantity of items on-hand relative to sales trends, current market prices and trends in pricing, its ability to use excess supply in another channel, historical write-offs and expected residual values or other recoveries. Veritiv maintains some of its inventory on a consignment basis in which the inventory is physically located at the customer's premises or a third-party distribution center. Veritiv had $24.2 million and $24.1 million of consigned inventory as of December 31, 2022 and 2021, respectively, valued on a LIFO basis, net of reserves. Property and Equipment Property and equipment are stated at cost, less accumulated depreciation and amortization. Expenditures for replacements and major improvements are capitalized, whereas repair and maintenance costs that do not improve service potential or extend economic life are expensed as incurred. The Company capitalizes certain computer software and development costs incurred in connection with developing or obtaining software for internal use, including cloud computing arrangements that convey a license in addition to the hosting service. Direct costs incurred to develop internal use software during the development stage are capitalized. Preliminary project stage costs, maintenance and training costs are expensed as incurred. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Land is not depreciated, and construction-in-progress ("CIP") is not depreciated until ready for service. Leased property and leasehold improvements are amortized on a straight-line basis over the lease term or useful life of the asset, whichever is less. Upon retirement or other disposal of property and equipment, the cost and related amount of accumulated depreciation or accumulated amortization are eliminated from the asset and accumulated depreciation or accumulated amortization accounts, respectively. The difference, if any, between the net asset value and the proceeds is included in net income (loss) on the Consolidated Statements of Operations. The following tables summarize the Company's property and equipment: (in millions, except for estimated useful life) As of December 31, Estimated Useful Life 2022 2021 Land, buildings and improvements 1 to 40 years $ 94.9 $ 94.6 Machinery and equipment 3 to 15 years 142.0 156.1 Finance leases 67.5 112.2 Internal use software 3 to 5 years 136.1 122.8 CIP 12.5 9.6 Less: Accumulated depreciation and amortization (325.5) (332.4) Property and equipment (net of accumulated depreciation and amortization) $ 127.5 $ 162.9 Unamortized internal use software costs, including amounts recorded in CIP $ 17.6 $ 10.5 Year Ended December 31, (in millions) 2022 2021 2020 Depreciation expense (1) $ 30.2 $ 36.6 $ 36.8 Amortization expense - internal use software 10.9 13.9 16.1 Depreciation and amortization expense related to property and equipment $ 41.1 $ 50.5 $ 52.9 (1) Includes depreciation expense for finance leases. Cloud Computing Arrangements To support its operations, the Company enters into various cloud computing arrangements that are service contracts. Certain application development stage costs are capitalized based on the nature of the items and are deferred and recognized as other current assets and other non-current assets on the Consolidated Balance Sheets. The deferred costs are expensed on a straight-line basis over the terms of the agreements, including reasonably certain renewal periods, which currently range from three ten years. The following tables summarize the expenses and net capitalized costs for the Company's cloud computing arrangements: Year Ended December 31, (in millions) 2022 2021 2020 Capitalized implementation costs expensed $ 0.4 $ 0.3 $ 0.1 As of December 31, (in millions) 2022 2021 In service: Other current assets $ 0.5 $ 0.3 Other non-current assets 2.0 0.3 Total net capitalized implementation costs in service $ 2.5 $ 0.6 Pending placement into service: Other current assets $ — $ 0.3 Other non-current assets $ 15.3 $ — Leases The Company determines if an arrangement is a lease at lease inception and reviews lease arrangements for finance or operating lease classification at their commencement date. Operating leases are reported as part of other non-current assets, other accrued liabilities and other non-current liabilities on the Consolidated Balance Sheets. Finance leases are reported as part of property and equipment and debt obligations on the Consolidated Balance Sheets. The Company does not include leases with a term of twelve months or less on the Consolidated Balance Sheets and does not separate lease and non-lease components for its delivery equipment leases. In order to value the ROU assets and related liabilities, the Company makes certain estimates and assumptions related to establishing the lease term, discount rates and variable lease payments (e.g., rent escalations tied to changes in the Consumer Price Index). The exercise of any lease renewal or asset purchase option is at the Company's sole discretion. The lease term for all of the Company's leases includes the noncancelable period of the lease and any periods covered by renewal options that the Company is reasonably certain to exercise. Certain leases include rent escalations pre-set in the agreements, which are factored into the lease payment stream. Similar to a variable lease payment, certain delivery equipment leases include a provision for an amount the Company may be required to pay at the end of the lease for any residual value deficiency incurred by the lessor upon resale of the underlying asset. The Company uses the implicit rate of interest when it is available; however, as most of the Company's leases do not provide an implicit rate of interest, the Company uses its incremental borrowing rate based on information available at the lease commencement date in determining the discounted value of the lease payments. Lease expense and depreciation expense are recognized on a straight-line basis over the lease term, or for a finance lease, over the shorter of the life of the underlying asset or the lease term. The Company’s decisions to cease operations in certain warehouse facilities leads to different accounting treatment depending upon whether the leased properties are considered abandoned versus properties that the Company has the intent and ability to sublease. Abandoned ROU assets are assessed for impairment based on estimates of undiscounted operating cash flows until the anticipated cease-use date and any remaining lease expense is accelerated through the anticipated cease-use date. Leases for which the Company has the intent and ability to sublease are assessed for impairment and any remaining ROU asset values are amortized over the shorter of the remaining useful lives of the assets or lease term. The intent and practical ability to sublease and estimates of future cash flows attributable to the sublease are assessed considering the terms of the lease agreement, certain market conditions, remaining lease terms and the time required to sublease the facility and other factors. See Note 3, Leases , for additional information related to the Company's leases. Goodwill and Other Intangible Assets Goodwill relating to a single business reporting unit is included as an asset of the applicable segment. Goodwill arising from major acquisitions that involve multiple reportable segments is allocated to the reporting units based on the relative fair value of the reporting unit. Goodwill is reviewed for impairment on a reporting unit basis annually on October 1 st or more frequently if indicators are present or changes in circumstances suggest that impairment may exist. The testing of goodwill for possible impairment is performed by completing a Step 0 test or electing to by-pass the Step 0 test and comparing the fair value of a reporting unit with its carrying value, including goodwill. The Step 0 test utilizes qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. Qualitative factors include: macroeconomic conditions; industry and market considerations; overall financial performance and cost factors to determine whether a reporting unit is at risk for goodwill impairment. In the event a reporting unit fails the Step 0 goodwill impairment test, it is necessary to move forward with a comparison of the fair value of the reporting unit with its carrying value, including goodwill. If the fair value exceeds the carrying value, goodwill is not considered to be impaired. If the fair value of a reporting unit is below the carrying value, a goodwill impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit's fair value; however, any loss recognized will not exceed the total amount of goodwill allocated to the reporting unit. Intangible assets acquired in a business combination are recorded at fair value. The Company's intangible assets may include customer relationships, trademarks and trade names and non-compete agreements. Intangible assets with finite useful lives are subsequently amortized using the straight-line method over the estimated useful lives of the assets. See the Impairment of Long-Lived Assets section below for the accounting policy related to the periodic review of long-lived intangible assets for impairment. When the Company disposes of a portion of its business that has had goodwill and or other intangible assets allocated to it, the Company performs fair value assessments to determine the amounts of goodwill and or other intangible assets that should be allocated to the disposal asset group. These calculations will usually involve the use of Level 3 data (internal data such as the Company's operating and cash flow projections). See Note 5, Goodwill and Other Intangible Assets and Note 10, Fair Value Measurements , for additional information related to the Company's goodwill and other intangible assets. Impairment of Long-Lived Assets Long-lived assets, including finite lived intangible assets, are tested for impairment whenever events or changes in circumstances indicate their carrying value may not be recoverable. The Company assesses the recoverability of long-lived assets based on the undiscounted future cash flow the assets are expected to generate and recognizes an impairment loss when the estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. When an impairment is identified, the Company reduces the carrying amount of the asset to its estimated fair value based on a discounted cash flow approach or, when available and appropriate, to comparable market values. The calculation of lease impairment charges requires significant judgments and estimates, including estimated sublease rentals, discount rates and future cash flows based on the Company's experience and knowledge of the market in which the property is located, previous efforts to dispose of similar assets and an assessment of current market conditions. See Note 10, Fair Value Measurements , for additional information related to the Company's impairment assessments. Employee Benefit Plans The Company sponsors and/or contributes to defined contribution plans, defined benefit pension plans and MEPPs in the U.S. Except for certain union employees who continue to accrue benefits under the U.S. defined benefit pension plan in accordance with their collective bargaining agreements, the defined benefit pension plans are frozen. In addition, the Company and its subsidiaries have other forms of retirement arrangements outside the U.S. The determination of defined benefit pension and postretirement plan obligations and their associated costs requires the use of actuarial computations to estimate participant plan benefits to which the employees will be entitled. The Company's significant assumptions in this regard include discount rates, rate of future compensation increases, expected long-term rates of return on plan assets, mortality rates and other factors. Each assumption is developed using relevant company experience in conjunction with market-related data. All actuarial assumptions are reviewed annually with third-party consultants and adjusted as necessary. For the recognition of net periodic postretirement cost, the calculation of the expected long-term rate of return on plan assets is derived using the fair value of plan assets at the measurement date. Actual results that differ from the Company's assumptions are accumulated and amortized on a straight-line basis only to the extent they exceed 10% of the higher of the fair value of plan assets or the projected benefit obligation, over the estimated remaining service period of active participants. The fair value of plan assets is determined based on market prices or estimated fair value at the measurement date. The Company also makes contributions to MEPPs for its union employees covered by such plans. For these plans, the Company recognizes a liability only for any required contributions to the plans or surcharges imposed by the plans that are accrued and unpaid at the balance sheet date. The Company does not record an asset or liability to recognize the funded status of the plans. The Company records an estimated undiscounted charge when it becomes probable that it has incurred a withdrawal liability when exiting a MEPP, as the final amount and timing is not assured. When a final determination of the withdrawal liability is received from the plan, the estimated charge is adjusted to the final amount determined by the plan. See Note 9, Employee Benefit Plans , for additional information related to the Company's benefit plans and arrangements. Long-Term Incentive Compensation Plans The Company measures and records compensation expense for all long-term incentive compensation awards based on the respective plans' grant date fair values over the vesting periods of the awards. Forfeitures are recognized when they occur. Performance-based plans require the Company to make estimates of its long-term future performance. See Note 14, Long-Term Incentive Compensation Plans , for additional information related to the Company's long-term incentive compensation plans. Income Taxes Veritiv's income tax expense, deferred tax assets and liabilities, and liabilities for unrecognized tax benefits reflect management's best assessment of estimated current and future taxes to be paid. Veritiv records its global tax provision based on the respective tax rules and regulations for the jurisdictions in which it operates. Where treatment of a position is uncertain, liabilities are recorded based on an evaluation of the more likely than not outcome considering technical merits of the position. Changes to recorded liabilities are made only when an identifiable event occurs that alters the likely outcome, such as settlement with the relevant tax authority or the expiration of statutes of limitation for the subject tax year. Significant judgments and estimates are required in determining the consolidated income tax expense. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Significant judgment is required in evaluating the need for and amount of valuation allowances against deferred tax assets. The realization of these assets is dependent on generating sufficient future taxable income. See Note 7, Income Taxes , for additional information related to the Company's income taxes. Fair Value Measurements Fair value is the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy is used in selecting inputs, with the highest priority given to Level 1, as these are the most transparent or reliable. Level 1 – Quoted market prices in active markets for identical assets or liabilities. Level 2 – Observable market-based inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 – Unobservable inputs for the asset or liability reflecting the reporting entity's own assumptions or external inputs from inactive markets. See Note 10, Fair Value Measurements , for additional information related to the Company's fair value measurements. Foreign Currency The assets and liabilities of the Company's foreign subsidiaries are translated from their respective local currencies to the U.S. dollar at the appropriate spot rates as of the balance sheet date. Changes in the carrying values of these assets and liabilities attributable to fluctuations in spot rates are recognized in foreign currency translation adjustment, a component of accumulated other comprehensive loss ("AOCL"). See Note 13, Shareholders' Equity , for the impacts of foreign currency translation adjustments on AOCL. The revenues and expenses of the foreign subsidiaries are translated using the monthly average exchange rates during the year. The gains or losses from foreign currency transactions are included in other (income) expense, net on the Consolidated Statements of Operations. Treasury Stock Common stock purchased for treasury is recorded at cost. Costs incurred by the Company that are associated with the acquisition of treasury stock are treated in a manner similar to stock issue costs and are added to the cost of the treasury stock. See Note 13, Shareholders' Equity , for additional information related to the Company's treasury stock transactions. Recently Issued Accounting Standards 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 Effective January 1, 2023, the Company will adopt ASU 2022-04 , Liabilities- Supplier Finance Programs (Subtopic 405-50). This standard requires disclosure of the key terms of outstanding supplier finance programs and a rollforward of the related obligations. The amendments in this update do not affect the recognition, measurement or financial statement presentation of obligations covered by supplier finance programs. The amendments in this update are effective for fiscal years beginning after December 15, 2022 on a retrospective basis, including interim periods within those fiscal years, except for the requirement to disclose rollforward information, which is effective prospectively for fiscal years beginning after December 15, 2023. Currently, the Company does not expect the adoption of this guidance to have a material impact on its related disclosures. 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, 2024. 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	12 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue Recognition And Credit Losses	2. REVENUE RECOGNITION AND CREDIT LOSSES Revenue Recognition 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 because, among other factors, it maintains control of the goods after they leave the supplier and before they are received at the customer's location, in most cases it selects the supplier and sets the price to the customer, and it bears the risk of the customer defaulting on payment or rejecting the goods. Revenues from these sales are reported on a gross basis on the 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. 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 Consolidated Balance Sheets. As of December 31, 2022 and 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 and other accrued liabilities on the 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 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 51.6 52.2 Revenue recognized from beginning of year balance (18.8) (10.4) Revenue recognized from current year receipts (37.6) (32.2) Other adjustments (1) (0.9) — Balance at December 31, $ 16.1 $ 21.8 (1) Reflects liabilities removed as part of the sale of a business. See Note 17, Divestitures , for information related to the Company's divestitures. Revenue Composition Veritiv's revenues are primarily derived from purchase orders and rate agreements associated with the delivery of standard listed products with observable standalone sale prices. Prior to its divestiture in September 2022, the Company also earned revenues from its logistics solutions business, which provided transportation and warehousing services. Revenue generally consists of a single performance obligation to transfer a promised good or service and is short-term in nature. Revenues are recognized when control of the promised goods or services is transferred to Veritiv's customers and in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods and services. Sales transactions with customers are designated free on board destination and revenue is recorded at the point in time when the product is delivered to the customer's designated location or when the customer has otherwise obtained the benefit of the goods, when title and risk of loss are transferred. The Company is able to serve a wide variety of customers, from large national companies to small local customers, through its distribution network. 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 93% of its reported net sales for the year ended December 31, 2022, were generated in the U.S. Prior to its divestiture in May 2022, 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. Prior to its divestiture in September 2022, the Company's logistics solutions business, which provided transportation and warehousing solutions, was also included in Corporate & Other. • 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 16, Segment and Other Information , for the disaggregation of revenue and other information related to the Company's reportable segments and Corporate & Other. See Note 1, Business and Summary of Significant Accounting Policies , for additional information related to the Company's policies for revenue recognition, trade accounts receivable, notes receivable and related allowances. Credit Losses and Other Allowances The components of the accounts receivable allowances were as follows: As of December 31, (in millions) 2022 2021 Allowance for credit losses $ 17.7 $ 23.7 Other allowances (1) 9.0 10.7 Total accounts receivable allowances $ 26.7 $ 34.4 (1) Includes amounts reserved for credit memos, customer discounts, customer short pays and other miscellaneous items. Below is a rollforward of the Company's accounts receivable allowances: Year Ended December 31, (in millions) 2022 2021 2020 Balance at January 1, $ 34.4 $ 41.6 $ 43.8 Add / (Deduct): Provision for expected credit losses 4.7 4.4 7.3 Net write-offs and recoveries (5.6) (13.1) (6.5) Other adjustments (1) (6.8) 1.5 (3.0) Balance at December 31, $ 26.7 $ 34.4 $ 41.6 (1) Other adjustments represent amounts reserved for returns and discounts, 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. The 2020 amount includes the impact of the Company's adoption of ASU 2016-13 on January 1, 2020. Below are rollforwards 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 4.4 0.1 0.3 0.0 (0.2) 0.0 (0.3) 0.4 4.7 Write-offs charged against the allowance (3.5) — (2.6) — (0.1) — — (0.2) (6.4) Recoveries of amounts previously written off 0.3 — 0.3 — 0.2 — — 0.0 0.8 Other adjustments (3) (1.0) (1.1) (1.5) (0.5) — 0.0 (0.1) (0.9) (5.1) Balance at December 31, 2022 $ 12.8 $ — $ 2.7 $ — $ 1.6 $ — $ 0.6 $ — $ 17.7 (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. 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, 2020 $ 14.4 $ 0.5 $ 10.2 $ 0.7 $ 3.8 $ 0.0 $ 1.0 $ 0.8 $ 31.4 Add / (Deduct): Provision for expected credit losses 4.8 0.6 (1.7) (0.1) 0.4 0.0 0.0 0.4 4.4 Write-offs charged against the allowance (7.3) (0.1) (4.7) (0.1) (1.1) — 0.0 (0.5) (13.8) Recoveries of amounts previously written off 0.7 — 0.0 0.0 0.0 — — 0.0 0.7 Other adjustments (3) — 0.0 2.4 0.0 (1.4) 0.0 0.0 — 1.0 Balance at December 31, 2021 $ 12.6 $ 1.0 $ 6.2 $ 0.5 $ 1.7 $ 0.0 $ 1.0 $ 0.7 $ 23.7 (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. Additionally, for the years ended December 31, 2022, 2021 and 2020, the Company recognized $(0.7) million, $0.3 million and $5.1 million, respectively, in the provision for expected credit losses related to its notes receivable. At December 31, 2022 and 2021, the Company held $0.1 million and $0.5 million, respectively, in notes receivable, the majority of which is reflected within other non-current assets and other current assets, respectively, on the Consolidated Balance Sheets.

Leases

Leases	12 Months Ended
	Dec. 31, 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 December 31, 2022, the Company operated from 95 distribution centers of which 89 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 Company's leased asset categories generally carry the following lease terms: Real estate leases 3 to 10 years Delivery equipment leases 3 to 8 years Other non-real estate leases 3 to 5 years See Note 1, Business and Summary of Significant Accounting Policies , for information related to the Company's lease accounting policies. The components of lease expense were as follows: (in millions) Year Ended December 31, Lease Classification Financial Statement Classification 2022 2021 2020 Short-term lease expense (1) Operating expenses $ 3.2 $ 4.0 $ 2.3 Operating lease expense (2) Operating expenses $ 90.9 $ 100.9 $ 111.8 Finance lease expense: Amortization of right-of-use assets Depreciation and amortization $ 11.6 $ 14.7 $ 14.7 Interest expense Interest expense, net 1.8 2.8 3.0 Total finance lease expense $ 13.4 $ 17.5 $ 17.7 Total Lease Cost $ 107.5 $ 122.4 $ 131.8 (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 years ended December 31, 2022, 2021 and 2020. Supplemental balance sheets and other information were as follows: (in millions, except weighted-average data) As of December 31, Lease Classification Financial Statement Classification 2022 2021 Operating Leases: Operating lease right-of-use assets Other non-current assets $ 304.3 $ 375.6 Operating lease obligations - current Other accrued liabilities $ 67.9 $ 80.2 Operating lease obligations - non-current Other non-current liabilities 266.0 329.3 Total operating lease obligations $ 333.9 $ 409.5 Weighted-average remaining lease term in years 5.9 6.2 Weighted-average discount rate 4.6 % 4.5 % (in millions, except weighted-average data) As of December 31, Lease Classification Financial Statement Classification 2022 2021 Finance Leases: Finance lease right-of-use assets Property and equipment $ 29.7 $ 66.3 Finance lease obligations - current Current portion of debt $ 8.8 $ 13.9 Finance lease obligations - non-current Long-term debt, net of current portion 24.1 58.9 Total finance lease obligations $ 32.9 $ 72.8 Weighted-average remaining lease term in years 3.7 6.4 Weighted-average discount rate 4.2 % 3.7 % Cash paid for amounts included in the measurement of lease liabilities was as follows: (in millions) Year Ended December 31, Lease Classification Financial Statement Classification 2022 2021 2020 Operating Leases: Operating cash flows from operating leases Operating activities $ 92.4 $ 103.3 $ 111.1 Finance Leases: Operating cash flows from finance leases Operating activities $ 1.8 $ 2.8 $ 3.0 Financing cash flows from finance leases Financing activities 11.6 13.8 13.0 Lease Commitments Future minimum lease payments at December 31, 2022 were as follows: (in millions) Finance Leases Operating Leases (1) 2023 $ 10.6 $ 81.8 2024 8.4 69.9 2025 7.7 57.9 2026 5.0 52.8 2027 2.6 45.1 Thereafter 1.9 75.2 Total future minimum lease payments 36.2 382.7 Amount representing interest (3.3) (48.8) Total future minimum lease payments, net of interest $ 32.9 $ 333.9 (1) Future sublease income of $2.2 million is excluded from the operating leases amount in the table above. Total future minimum lease payments at December 31, 2022 for finance and operating leases, including the amount representing interest, are comprised of $379.9 million for real estate leases and $39.0 million for non-real estate leases. At December 31, 2022, the Company had committed to additional future obligations of approximately $4.8 million for real estate operating leases that have not yet commenced and therefore are not included in the table above. These leases are expected to commence within the next six months with an average lease term of approximately five years.
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 December 31, 2022, the Company operated from 95 distribution centers of which 89 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 Company's leased asset categories generally carry the following lease terms: Real estate leases 3 to 10 years Delivery equipment leases 3 to 8 years Other non-real estate leases 3 to 5 years See Note 1, Business and Summary of Significant Accounting Policies , for information related to the Company's lease accounting policies. The components of lease expense were as follows: (in millions) Year Ended December 31, Lease Classification Financial Statement Classification 2022 2021 2020 Short-term lease expense (1) Operating expenses $ 3.2 $ 4.0 $ 2.3 Operating lease expense (2) Operating expenses $ 90.9 $ 100.9 $ 111.8 Finance lease expense: Amortization of right-of-use assets Depreciation and amortization $ 11.6 $ 14.7 $ 14.7 Interest expense Interest expense, net 1.8 2.8 3.0 Total finance lease expense $ 13.4 $ 17.5 $ 17.7 Total Lease Cost $ 107.5 $ 122.4 $ 131.8 (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 years ended December 31, 2022, 2021 and 2020. Supplemental balance sheets and other information were as follows: (in millions, except weighted-average data) As of December 31, Lease Classification Financial Statement Classification 2022 2021 Operating Leases: Operating lease right-of-use assets Other non-current assets $ 304.3 $ 375.6 Operating lease obligations - current Other accrued liabilities $ 67.9 $ 80.2 Operating lease obligations - non-current Other non-current liabilities 266.0 329.3 Total operating lease obligations $ 333.9 $ 409.5 Weighted-average remaining lease term in years 5.9 6.2 Weighted-average discount rate 4.6 % 4.5 % (in millions, except weighted-average data) As of December 31, Lease Classification Financial Statement Classification 2022 2021 Finance Leases: Finance lease right-of-use assets Property and equipment $ 29.7 $ 66.3 Finance lease obligations - current Current portion of debt $ 8.8 $ 13.9 Finance lease obligations - non-current Long-term debt, net of current portion 24.1 58.9 Total finance lease obligations $ 32.9 $ 72.8 Weighted-average remaining lease term in years 3.7 6.4 Weighted-average discount rate 4.2 % 3.7 % Cash paid for amounts included in the measurement of lease liabilities was as follows: (in millions) Year Ended December 31, Lease Classification Financial Statement Classification 2022 2021 2020 Operating Leases: Operating cash flows from operating leases Operating activities $ 92.4 $ 103.3 $ 111.1 Finance Leases: Operating cash flows from finance leases Operating activities $ 1.8 $ 2.8 $ 3.0 Financing cash flows from finance leases Financing activities 11.6 13.8 13.0 Lease Commitments Future minimum lease payments at December 31, 2022 were as follows: (in millions) Finance Leases Operating Leases (1) 2023 $ 10.6 $ 81.8 2024 8.4 69.9 2025 7.7 57.9 2026 5.0 52.8 2027 2.6 45.1 Thereafter 1.9 75.2 Total future minimum lease payments 36.2 382.7 Amount representing interest (3.3) (48.8) Total future minimum lease payments, net of interest $ 32.9 $ 333.9 (1) Future sublease income of $2.2 million is excluded from the operating leases amount in the table above. Total future minimum lease payments at December 31, 2022 for finance and operating leases, including the amount representing interest, are comprised of $379.9 million for real estate leases and $39.0 million for non-real estate leases. At December 31, 2022, the Company had committed to additional future obligations of approximately $4.8 million for real estate operating leases that have not yet commenced and therefore are not included in the table above. These leases are expected to commence within the next six months with an average lease term of approximately five years.
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 December 31, 2022, the Company operated from 95 distribution centers of which 89 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 Company's leased asset categories generally carry the following lease terms: Real estate leases 3 to 10 years Delivery equipment leases 3 to 8 years Other non-real estate leases 3 to 5 years See Note 1, Business and Summary of Significant Accounting Policies , for information related to the Company's lease accounting policies. The components of lease expense were as follows: (in millions) Year Ended December 31, Lease Classification Financial Statement Classification 2022 2021 2020 Short-term lease expense (1) Operating expenses $ 3.2 $ 4.0 $ 2.3 Operating lease expense (2) Operating expenses $ 90.9 $ 100.9 $ 111.8 Finance lease expense: Amortization of right-of-use assets Depreciation and amortization $ 11.6 $ 14.7 $ 14.7 Interest expense Interest expense, net 1.8 2.8 3.0 Total finance lease expense $ 13.4 $ 17.5 $ 17.7 Total Lease Cost $ 107.5 $ 122.4 $ 131.8 (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 years ended December 31, 2022, 2021 and 2020. Supplemental balance sheets and other information were as follows: (in millions, except weighted-average data) As of December 31, Lease Classification Financial Statement Classification 2022 2021 Operating Leases: Operating lease right-of-use assets Other non-current assets $ 304.3 $ 375.6 Operating lease obligations - current Other accrued liabilities $ 67.9 $ 80.2 Operating lease obligations - non-current Other non-current liabilities 266.0 329.3 Total operating lease obligations $ 333.9 $ 409.5 Weighted-average remaining lease term in years 5.9 6.2 Weighted-average discount rate 4.6 % 4.5 % (in millions, except weighted-average data) As of December 31, Lease Classification Financial Statement Classification 2022 2021 Finance Leases: Finance lease right-of-use assets Property and equipment $ 29.7 $ 66.3 Finance lease obligations - current Current portion of debt $ 8.8 $ 13.9 Finance lease obligations - non-current Long-term debt, net of current portion 24.1 58.9 Total finance lease obligations $ 32.9 $ 72.8 Weighted-average remaining lease term in years 3.7 6.4 Weighted-average discount rate 4.2 % 3.7 % Cash paid for amounts included in the measurement of lease liabilities was as follows: (in millions) Year Ended December 31, Lease Classification Financial Statement Classification 2022 2021 2020 Operating Leases: Operating cash flows from operating leases Operating activities $ 92.4 $ 103.3 $ 111.1 Finance Leases: Operating cash flows from finance leases Operating activities $ 1.8 $ 2.8 $ 3.0 Financing cash flows from finance leases Financing activities 11.6 13.8 13.0 Lease Commitments Future minimum lease payments at December 31, 2022 were as follows: (in millions) Finance Leases Operating Leases (1) 2023 $ 10.6 $ 81.8 2024 8.4 69.9 2025 7.7 57.9 2026 5.0 52.8 2027 2.6 45.1 Thereafter 1.9 75.2 Total future minimum lease payments 36.2 382.7 Amount representing interest (3.3) (48.8) Total future minimum lease payments, net of interest $ 32.9 $ 333.9 (1) Future sublease income of $2.2 million is excluded from the operating leases amount in the table above. Total future minimum lease payments at December 31, 2022 for finance and operating leases, including the amount representing interest, are comprised of $379.9 million for real estate leases and $39.0 million for non-real estate leases. At December 31, 2022, the Company had committed to additional future obligations of approximately $4.8 million for real estate operating leases that have not yet commenced and therefore are not included in the table above. These leases are expected to commence within the next six months with an average lease term of approximately five years.

Restructuring Charges

Restructuring Charges	12 Months Ended
	Dec. 31, 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 included (i) a reduction of the Company's U.S. salaried workforce by approximately 15% across all business segments and corporate functions, (ii) the closure of certain warehouse facilities and retail stores, (iii) adjustments to various compensation plans, (iv) repositioning of inventory to expand the Company's service radius and (v) other actions. Through December 31, 2022, the Company incurred approximately $69.6 million in costs and charges, of which $2.0 million was incurred during the year ended December 31, 2022. As of December 31, 2022, the 2020 Restructuring Plan was complete. Initial charges were incurred and recorded in June 2020. 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 restructuring gains or losses on lease terminations and asset disposals. The following table presents a summary of restructuring charges, net (in millions) Severance and Related Costs Other Direct Costs (Gain) Loss on Sale of Assets and Other Total 2022 $ 0.6 $ 5.9 $ (4.5) $ 2.0 Cumulative 41.4 36.6 (8.4) 69.6 The following is a summary of the Company's 2020 Restructuring Plan liability activity for the periods presented: (in millions) Severance and Related Costs Other Direct Costs Total Balance at December 31, 2020 $ 15.4 $ 6.9 $ 22.3 Costs incurred 2.1 10.4 12.5 Payments (12.8) (13.6) (26.4) Balance at December 31, 2021 4.7 3.7 8.4 Costs incurred 0.6 2.6 3.2 Payments (4.4) (4.0) (8.4) Balance at December 31, 2022 $ 0.9 $ 2.3 $ 3.2 In addition to the costs incurred and payments shown in the table above, in December 2021 and 2020 the Company prepaid Other Direct Costs of $3.3 million and $8.1 million, respectively, of which none and $3.3 million, respectively, remained as a component of other current assets on the Consolidated Balance Sheets at December 31, 2022 and 2021. During the year ended December 31, 2021, the Company recovered $0.2 million of the December 31, 2020 prepaid Other Direct Costs as a result of forfeited agreements. For the years ended December 31, 2022 and 2021, the Company recognized net gains of $4.5 million and $3.9 million, respectively, related to the sale or exit of certain facilities. The $3.2 million liability in the table above primarily consists of obligations to make future lease payments over the next two years for properties that were exited before the lease expired; the majority of the noted severance obligation is expected to be paid by the end of 2023. In addition to the 2020 Restructuring Plan, the Company has recorded other restructuring liabilities related to the previous restructuring plans that as of December 31, 2022 totaled $21.1 million, of which $17.7 million was related to MEPP withdrawal obligations that have a remaining payout period of approximately 15 years. 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 16, Segment and Other Information , for the impact that charges from the restructuring plan had on the Company's reportable segments.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	5. GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill At December 31, 2022 and 2021, the net goodwill balance of $96.3 million and $99.6 million, respectively, was allocated to the Company's Packaging reportable segment. As a result of the sale of Veritiv Canada, Inc. in 2022, the Company allocated and disposed of $3.3 million of its goodwill balance. There were no other goodwill additions, disposals or impairments recognized during the years ended December 31, 2022, 2021 and 2020. Cumulatively, the Company has recognized non-cash pre-tax goodwill impairment charges for certain of its businesses as follows: Facility Solutions $1.9 million (in 2015) and for the Company’s logistics solutions business $6.1 million (in 2017). The following table sets forth the changes in the carrying amount of the Packaging reportable segment's goodwill during 2022 and 2021: (in millions) Packaging Balance at December 31, 2020: Goodwill $ 99.6 Accumulated impairment losses — Net goodwill 2020 99.6 2021 Activity: Goodwill acquired — Impairment of goodwill — Balance at December 31, 2021: Goodwill 99.6 Accumulated impairment losses — Net goodwill 2021 99.6 2022 Activity: Goodwill acquired — Sale of business (3.3) Impairment of goodwill — Balance at December 31, 2022: Goodwill 96.3 Accumulated impairment losses — Net goodwill 2022 $ 96.3 Other Intangible Assets As a result of the sale of Veritiv Canada, Inc. in 2022, the Company allocated and disposed of $2.6 million of its other intangible assets balance. There were no other additions, disposals or impairments recognized during the years ended December 31, 2022, 2021 and 2020 for other intangible assets. The components of the Company's other intangible assets were as follows: December 31, 2022 (in millions) Gross Carrying Amount Accumulated Amortization Disposal Net Customer relationships $ 67.7 $ 29.5 $ 2.6 $ 35.6 Trademarks/Trade names 3.8 3.8 — — Total $ 71.5 $ 33.3 $ 2.6 $ 35.6 December 31, 2021 (in millions) Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 67.7 $ 25.0 $ 42.7 Trademarks/Trade names 3.8 3.8 — Total $ 71.5 $ 28.8 $ 42.7 Upon retirement or full impairment of the intangible assets, the cost and related amount of accumulated amortization are eliminated from the asset and accumulated amortization accounts, respectively. The Company recorded amortization expense of $4.5 million, $4.7 million and $4.8 million for the years ended December 31, 2022, 2021 and 2020, respectively. Estimated aggregate amortization expense for each of the five succeeding years is as follows: (in millions) Total 2023 $ 4.4 2024 4.4 2025 4.4 2026 4.4 2027 4.4 See Note 10, Fair Value Measurements , for additional information related to the Company's impairment assessments.

Debt

Debt	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Debt	6. DEBT The Company's debt obligations were as follows: As of December 31, (in millions) 2022 2021 Asset-Based Lending Facility (the "ABL Facility") $ 229.2 $ 440.8 Commercial card program 1.6 2.1 Vendor-based financing arrangements 14.5 — Finance leases 32.9 72.8 Total debt 278.2 515.7 Less: current portion of debt (13.4) (16.0) Long-term debt, net of current portion $ 264.8 $ 499.7 ABL Facility On May 20, 2021, the Company amended its ABL Facility to extend the maturity date to May 20, 2026, adjust the pricing grid for applicable interest rates and update certain provisions to facilitate the transition from LIBOR to a new replacement benchmark rate. All other significant terms remained substantially the same. Previously, on April 9, 2020, the Company amended its ABL Facility to extend the maturity date to April 9, 2025, reduce the aggregate commitments from $1.4 billion to $1.1 billion and adjust the pricing grid for applicable interest rates. All other significant terms remained substantially the same. The ABL Facility is available to be drawn in U.S. dollars, or in other currencies that are mutually agreeable. The ABL Facility provides for the right of the individual lenders to extend the maturity date of their respective commitments and loans upon the request of Veritiv and without the consent of any other lenders. The ABL Facility may be prepaid at Veritiv's option at any time without premium or penalty and is subject to mandatory prepayment if the amount outstanding under the ABL Facility exceeds either the aggregate commitments with respect thereto or the current borrowing base, in an amount equal to such excess. The Company's accounts receivable and inventories in the U.S. are collateral under 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 December 31, 2022, the available additional borrowing capacity under the ABL Facility was approximately $711.3 million. As of December 31, 2022, the Company held $8.6 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 December 31, 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. Under the terms of the ABL Facility, interest rates are based upon LIBOR or the prime rate plus a margin rate, or in the case of Canada, prior to its divestiture, a banker's acceptance rate or base rate plus a margin rate. At December 31, 2022 and 2021, the weighted-average borrowing interest rates were 6.1% and 1.8%, respectively. In conjunction with the May 20, 2021 amendment to the ABL Facility, the Company incurred and deferred $3.3 million of new financing costs associated with the transaction, reflected in other non-current assets on the Consolidated Balance Sheet. In conjunction with the April 9, 2020 amendment to the ABL Facility, the Company recognized a one-time charge of $0.6 million to interest expense, net, on the Consolidated Statements of Operations, for the write-off of a portion of the previously deferred financing costs associated with lenders in the ABL Facility that exited the amended ABL Facility. In addition, the Company incurred and deferred $3.4 million of financing costs associated with the April 9, 2020 transaction, reflected in other non-current assets on the Consolidated Balance Sheet. These deferred costs are being amortized to interest expense on a straight-line basis over the 2021 amended term of the ABL Facility. Interest expense, net on the Consolidated Statements of Operations included $1.7 million, $1.5 million and $2.1 million of amortization and write-off charges related to deferred financing fees for the years ended December 31, 2022, 2021 and 2020, respectively. The Company's indebtedness under the ABL Facility creates interest rate risk. The Company actively monitors this risk with the objective to reduce, where it is deemed appropriate to do so, fluctuations in earnings and cash flows associated with changes in the interest rate. The Company's one interest rate cap agreement, which was related to the ABL Facility, expired on September 13, 2022. Through September 13, 2022 and for the years ended December 31, 2021 and 2020, the Company held one interest rate cap for which impacts on the Company's financial results were not significant. 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 December 31, 2022, the card carried a maximum credit limit of $37.5 million. At December 31, 2022 and 2021, $1.6 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 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 year ended December 31, 2022, the Company entered into a vendor-based financing agreement with a principal amount of $18.5 million to finance the acquisition of certain internal use software licenses which will be paid in annual installments over a five-year term. At December 31, 2022, the vendor-based financing arrangement had an outstanding balance of $14.5 million. In order to determine the present value of the commitments, the Company used an imputed interest rate of 3.17%. The payments associated with this arrangement are classified as financing activities on the Consolidated Statements of Cash Flows. Finance Leases See Note 3, Leases , for additional information related to the Company's finance leases.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	7. INCOME TAXES The Company is, or has been, subject to federal, state and local income taxes in the U.S., as well as income taxes in Canada, Mexico and other foreign jurisdictions. The domestic (U.S.) and foreign components of the Company's income (loss) before income taxes were as follows: Year Ended December 31, (in millions) 2022 2021 2020 Domestic (U.S.) $ 410.3 $ 173.9 $ 30.8 Foreign 21.6 23.6 12.2 Income (loss) before income taxes $ 431.9 $ 197.5 $ 43.0 Income tax expense (benefit) on the Consolidated Statements of Operations consisted of the following: Year Ended December 31, (in millions) 2022 2021 2020 Current Provision: U.S. Federal $ 53.6 $ 32.7 $ 4.7 U.S. State 17.6 8.5 3.9 Foreign 5.7 2.5 2.0 Total current income tax expense $ 76.9 $ 43.7 $ 10.6 Deferred, net: U.S. Federal $ 13.8 $ 3.9 $ (2.6) U.S. State 3.2 1.5 (0.4) Foreign 0.1 3.8 1.2 Total deferred, net $ 17.1 $ 9.2 $ (1.8) Provision for income tax expense $ 94.0 $ 52.9 $ 8.8 Reconciliation between the federal statutory rate and the effective tax rate is as follows (see Note 8, Related Party Transactions , for additional information related to the Tax Receivable Agreement ("TRA")): Year Ended December 31, (in millions) 2022 2021 2020 Income (loss) before income taxes $ 431.9 $ 197.5 $ 43.0 Statutory U.S. income tax rate 21.0 % 21.0 % 21.0 % Tax expense (benefit) using statutory U.S. income tax rate $ 90.7 $ 41.5 $ 9.0 Foreign income tax rate differential 1.2 1.3 0.6 State tax (net of federal benefit) 17.1 8.8 2.6 Non-deductible expenses 10.3 3.5 2.3 Global Intangible Low Taxed Income — 1.8 (1.5) Foreign-Derived Intangible Income (1.6) (1.5) — TRA — — (3.7) Tax credits (1.9) (2.8) (1.9) Impact of CARES Act — — (2.4) Stock compensation vesting (14.4) (1.0) 2.1 Sale of foreign subsidiary (26.1) — — Change in valuation allowance - U.S. Federal 16.9 — — Change in valuation allowance - Foreign 0.1 0.2 — Foreign taxes 1.3 1.2 1.6 Other 0.4 (0.1) 0.1 Income tax provision $ 94.0 $ 52.9 $ 8.8 Effective income tax rate 21.8 % 26.8 % 20.5 % The Coronavirus Aid, Relief, and Economic Security Act (the " CARES Act") was signed into law on March 27, 2020 and makes significant economic stimulus changes and additional changes to the U.S. tax code, including, but not limited to, allowing the carryback of net operating losses ("NOLs" or "NOL") occurring in 2018, 2019 and 2020 to the prior five years and eliminating the taxable income limitation, changes to the interest expense limitation, a technical correction for qualified improvement property depreciation and providing additional employee retention credits. Components of deferred income tax assets and liabilities were as follows: As of December 31, 2022 2021 (in millions) U.S. Non-U.S. U.S. Non-U.S. Deferred income tax assets: Accrued compensation $ 39.4 $ — $ 41.8 $ 0.0 Finance leases 7.4 — 8.9 9.4 Lease obligations 83.2 4.4 91.2 15.6 Net operating losses and credit carryforwards 22.0 1.3 23.7 1.1 Capital loss carryforward 19.8 — — — Allowance for credit losses 7.0 0.2 9.5 0.2 Other 4.3 2.0 5.4 1.0 Gross deferred income tax assets 183.1 7.9 180.5 27.3 Less valuation allowance (19.9) (1.1) (0.1) (1.1) Total deferred tax asset $ 163.2 $ 6.8 $ 180.4 $ 26.2 As of December 31, 2022 2021 (in millions) U.S. Non-U.S. U.S. Non-U.S. Deferred income tax liabilities: Property and equipment, net $ (21.5) $ — $ (20.1) $ (8.4) Lease assets (77.1) (4.4) (84.6) (14.9) Inventory reserve (25.4) — (20.5) — Other (12.6) — (11.0) — Total deferred tax liability $ (136.6) $ (4.4) $ (136.2) $ (23.3) Net deferred income tax asset $ 26.6 $ 2.4 $ 44.2 $ 2.9 Deferred income tax asset valuation allowance is as follows: (in millions) U.S. Non-U.S. Total Balance at December 31, 2020 $ 1.3 $ 1.0 $ 2.3 Additions — 0.2 0.2 Subtractions (1.2) — (1.2) Currency translation adjustments — (0.1) (0.1) Balance at December 31, 2021 0.1 1.1 1.2 Additions 19.8 0.1 19.9 Subtractions 0.0 — 0.0 Currency translation adjustments — (0.1) (0.1) Balance at December 31, 2022 $ 19.9 $ 1.1 $ 21.0 The Merger resulted in a significant change in the ownership of the Company, which, pursuant to the Internal Revenue Code Section 382, imposes annual limits on the Company's ability to utilize its U.S. federal and state NOL carryforwards. The Company's NOLs will continue to be available to offset taxable income (until such NOLs are either utilized or expire) subject to the Section 382 annual limitation. If the annual limitation amount is not fully utilized in a particular tax year, then the unused portion from that particular tax year will be added to the annual limitation in subsequent years. In connection with the sale of the Company's Canadian operations in 2022, Veritiv generated a capital loss of approximately $98.5 million. The capital loss generated was partially offset by capital gains generated by the Company during the current and prior years. As of December 31, 2022, Veritiv does not expect to generate any additional capital gains before the capital loss expires and, therefore, has recorded a full valuation allowance on the remaining carryforward. To the extent additional capital gains are generated during the remaining carryforward period, the tax benefits relating to the reversal of any or all of the valuation allowance will be recognized as a benefit to income tax expense. In general, it is the practice and intention of Veritiv to reinvest the earnings of its non-U.S. subsidiaries in those operations. As of December 31, 2022, Veritiv's tax basis exceeded its financial reporting basis in certain investments in non-U.S. subsidiaries. The Company does not believe these temporary differences will reverse in the foreseeable future and, therefore, no deferred tax asset has been recognized with respect to these basis differences. Additionally, no deferred tax liability has been recognized for income and withholding tax liabilities associated with investments in non-U.S. subsidiaries where book basis exceeds tax basis. The amount of such temporary differences totaled approximately $33.9 million as of December 31, 2022. The income and withholding tax liability associated with these temporary differences was not significant. Veritiv applies a "more likely than not" threshold to the recognition and de-recognition of uncertain tax positions. A change in judgment related to prior years' uncertain tax positions is recognized in the period of such change. The Company accrues interest and penalties, if incurred, on unrecognized tax benefits as a component of income tax expense. Total gross unrecognized tax benefits as of December 31, 2022, 2021 and 2020, as well as activity within each of the years, was not material. In the U.S., Veritiv is generally subject to examination by the IRS for fiscal years 2016 and later and certain states for fiscal years 2018 and later; however, it may be subject to IRS and state tax authority adjustments for years prior to 2016 to the extent of losses or other tax attributes carrying forward from the earlier years. As of December 31, 2022, Veritiv has federal, state and foreign income tax NOLs available to offset future taxable income of $89.9 million, $54.3 million and $5.0 million, respectively. Federal NOLs begin expiring i n 2024. State and foreign NOLs will expire at various dates from 2023 through 2042, with the exception of certain foreign NOLs that do not expire, some of which have a full valuation allowance.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	8. RELATED PARTY TRANSACTIONS On March 3, 2021, Veritiv announced that its Board of Directors authorized a $50 million share repurchase program (the "2021 Share Repurchase Program"). 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. In conjunction with the Merger, Veritiv and the UWWH Stockholder executed the TRA. The TRA set forth the terms by which Veritiv was generally obligated to pay the UWWH Stockholder an amount equal to 85% of the U.S. federal, state and Canadian income tax savings, if any, that Veritiv actually realized as a result of the utilization of Unisource's NOLs attributable to taxable periods prior to the date of the Merger. In January 2020, Veritiv paid $0.3 million in principal and interest to the UWWH Stockholder for the utilization of pre-merger NOLs in its 2018 federal and state tax returns. In December 2020, the Company and the UWWH Stockholder agreed to settle the TRA. The Company paid the UWWH Stockholder a total of $12.0 million in settlement of all past and future liabilities that would have been owed under the TRA and the parties agreed to a mutual release of claims under the TRA. See Note 10, Fair Value Measurements , for additional information related to the Company's TRA. The Company considers its stockholders that own more than 10.0% of its outstanding common stock to be related parties as defined within ASC 850, Related Party Disclosures. As a result of the Merger and related private placement, Georgia-Pacific LLC ("Georgia-Pacific"), as joint owner of the UWWH Stockholder, qualified as a related party. Effective with the November 19, 2020 sale of the Company's common stock by the UWWH Stockholder, Georgia-Pacific was no longer treated as a related party. The UWWH Stockholder beneficially owned 8.7% of Veritiv's outstanding common stock as of December 31, 2020. Transactions with Georgia-Pacific Veritiv purchases certain inventory items from, and sells certain inventory items to, Georgia-Pacific in the normal course of business. The following table summarizes the financial impact of the transactions with Georgia-Pacific during the portion of 2020 when it was considered a related party: Year Ended December 31, (in millions) 2020 Sales to Georgia-Pacific, reflected in net sales $ 19.7 Purchases of inventory from Georgia-Pacific, recognized in cost of products sold 55.6

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
Employee Benefit Plans	9. EMPLOYEE BENEFIT PLANS Prior to its divestiture in the second quarter of 2022, the Company sponsored various benefit plans covering certain of its Veritiv Canada, Inc. employees. The information and activity presented below for Canada are through the divestiture date. See Note 17, Divestitures , for information related to the Company's divestiture of Veritiv Canada, Inc. Defined Contribution Plans Veritiv sponsors qualified defined contribution plans covering its employees in the U.S., and prior to the Company's divestiture of its Canadian operations, its employees in Canada. The defined contribution plans allow eligible employees to contribute a portion of their eligible compensation (including salary and annual incentive plan bonus) to the plans and Veritiv makes matching contributions to participant accounts on a specified percentage of employee deferrals as determined by the provisions of each plan. During the years ended December 31, 2022, 2021 and 2020 Veritiv's contributions to these plans totaled $16.3 million, $16.2 million and $9.3 million, respectively. As part of the Company's cost-saving actions taken due to the COVID-19 pandemic, the Company's matching contributions for all salaried employees not covered by collective bargaining agreements were suspended effective May 1, 2020 and were resumed effective January 1, 2021. Profit Sharing Plan Effective January 1, 2022, the Company established a profit sharing plan covering certain U.S. employees who meet established plan eligibility criteria. Contributions to the plan are determined annually based on Veritiv's financial performance and disbursed in the fourth quarter of the year earned. The amount charged to selling and administrative expense for this plan in 2022 was $7.8 million. Deferred Compensation Savings Plans In conjunction with the Merger, Veritiv assumed responsibility for Unisource's legacy deferred compensation plans. In general, the payout terms varied for each employee agreement and are paid in monthly or annual installments ranging up to 15 years from the date of eligibility. Effective January 1, 2015, the Company adopted the Veritiv Deferred Compensation Savings Plan which provides for the deferral of salaries, commissions or bonuses of eligible non-union employees and the deferral of cash and equity retainers for non-employee members of the Company's Board of Directors. Under this plan, eligible employees may elect to defer up to 85% of their base salary, commissions and annual incentive bonus. The amounts deferred are credited to notional investment accounts selected by participants. At the time a deferral election is made, participants elect to receive payout of the deferred amounts (a) in a future year or (b) upon termination of employment or termination of Board service in the form of a lump sum or equal annual installments ranging from two The liabilities associated with these U.S. plans are summarized in the table below. As of December 31, (in millions) 2022 2021 Other accrued liabilities $ 2.8 $ 4.0 Other non-current liabilities 16.5 19.3 Total liabilities $ 19.3 $ 23.3 Defined Benefit Plans Veritiv maintains an open defined benefit pension plan in the U.S. for employees covered by certain collectively bargained agreements. Veritiv also maintains a defined benefit plan in the U.S., which includes frozen cash balance accounts for certain former Unisource employees, and formerly maintained similar plans for Canadian employees prior to the sale of Veritiv Canada, Inc. No other employees participate in Veritiv-sponsored defined benefit pension plans. 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. During the second quarter of 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 Consolidated Statement of Operations. See Note 17, Divestitures , for additional information regarding the Company's divestiture of Veritiv Canada, Inc. Benefit Obligations and Funded Status The following table provides information about Veritiv's U.S. and Canadian defined benefit pension plans and Supplemental Executive Retirement Plans ("SERP"): Year Ended December 31, 2022 2021 (in millions) U.S. Canada (1) U.S. Canada Accumulated benefit obligation, end of year $ 53.6 $ — $ 68.0 $ 82.9 Change in projected benefit obligation: Benefit obligation, beginning of year $ 68.0 $ 87.8 $ 68.6 $ 95.3 Service cost 1.1 0.1 1.3 0.4 Interest cost 1.3 0.8 1.0 2.0 Actuarial (gain) loss (13.6) (17.7) 1.7 (5.7) Benefits paid (0.9) (1.6) (0.6) (4.6) Settlements (2.3) — (4.0) — Divestitures (2) — (68.8) — — Foreign exchange adjustments — (0.6) — 0.4 Projected benefit obligation, end of year $ 53.6 $ — $ 68.0 $ 87.8 Change in plan assets: Plan assets, beginning of year $ 65.0 $ 89.0 $ 63.4 $ 82.0 Employer contributions 0.0 0.1 0.0 0.3 Investment returns (6.6) (8.4) 6.9 11.1 Benefits paid (0.9) (1.6) (0.6) (4.6) Administrative expenses paid (1.5) — (0.7) — Settlements (2.3) — (4.0) — Divestitures (2) — (78.4) — — Foreign exchange adjustments — (0.7) — 0.2 Plan assets, end of year $ 53.7 $ — $ 65.0 $ 89.0 Funded status, end of year $ 0.1 $ — $ (3.0) $ 1.2 (1) The amounts for Canada reflect activity through the divestiture date. (2) The divestitures amounts are included in the calculation of the gain on the sale of the Veritiv Canada, Inc. business. See Note 17, Divestitures , for additional information related to the Company's business divestitures. As of December 31, 2022, the U.S. Veritiv Pension Plan's benefit obligation was $43.6 million, the fair value of plan assets was $44.2 million and the plan was overfunded by $0.6 million. As of December 31, 2022, the Veritiv Hourly Pension Plan plus the SERP had a total projected benefit obligation of $10.0 million, which was equal to the accumulated benefit obligation, a total fair value of plan assets of $9.5 million and the plans were underfunded by a total of $0.5 million. Balance Sheet Positions As of December 31, 2022 2021 (in millions) U.S. U.S. Canada Non-current assets $ 0.6 $ — $ 5.7 Other accrued liabilities (0.1) (0.1) (0.2) Defined benefit pension obligations (0.4) (2.9) (4.3) Net asset (liability) recognized $ 0.1 $ (3.0) $ 1.2 Amounts included in AOCL - net actuarial (gain) loss, net of tax $ (3.9) $ (0.5) $ (0.5) Net Periodic Cost Total net periodic benefit cost (credit) associated with the defined benefit pension and SERP plans is summarized below: Year Ended December 31, 2022 2021 2020 (in millions) U.S. Canada (1) U.S. Canada U.S. Canada Components of net periodic benefit cost (credit): Service cost $ 2.2 $ 0.1 $ 2.1 $ 0.4 $ 2.1 $ 0.4 Interest cost $ 1.3 $ 0.8 $ 1.0 $ 2.0 $ 1.6 $ 2.4 Expected return on plan assets (2.0) (0.4) (4.3) (4.1) (3.9) (3.9) Settlement (gain) loss 0.0 (7.0) 0.0 0.2 0.0 0.1 Amortization of net loss — 0.0 — 0.2 0.0 0.2 Total other components $ (0.7) $ (6.6) $ (3.3) $ (1.7) $ (2.3) $ (1.2) Net periodic benefit cost (credit) $ 1.5 $ (6.5) $ (1.2) $ (1.3) $ (0.2) $ (0.8) Changes to funded status recognized in other comprehensive (income) loss: Net (gain) loss during year, net of tax $ (3.4) $ 0.5 $ (0.7) $ (9.4) $ (0.5) $ 3.4 (1) The amounts for Canada reflect activity through the divestiture date. The components of net periodic benefit cost (credit) other than the service cost component are included in other (income) expense, net on the Consolidated Statements of Operations. Amounts are generally amortized from AOCL over the expected future working lifetime of active plan participants. Fair Value of Plan Assets U.S. pension plan assets are primarily invested in broad-based mutual funds and pooled funds comprised of U.S. and non-U.S. equities, U.S. and non-U.S. high-quality and high-yield fixed income securities, hedge fund-of-funds and short-term interest bearing securities or deposits. The underlying Level 1 investments of the U.S. plan assets are valued using quoted prices in active markets. The Level 2 investments are primarily valued by each fund’s third-party administrator based upon the valuation of the underlying securities and instruments and primarily by applying a valuation methodology based on observable market data as appropriate depending on the specific type of security or instrument held. Prior to the settlement and disposition of the Veritiv Canada, Inc. defined benefit plans, the underlying investments of the Canada plans' assets in equity and fixed income securities were measured at fair value using the Net Asset Value ("NAV") provided by the administrator of the fund. In accordance with ASU 2015-07, Fair Value Measurement (Topic 820) , investments that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. The following tables present Veritiv's plan assets using the fair value hierarchy which is reconciled to the amounts presented for the total pension benefit plan assets: As of December 31, 2022 As of December 31, 2021 (in millions) Total Level 1 Level 2 Total Level 1 Level 2 Investments – U.S.: Equity securities $ 5.0 $ 5.0 $ — $ 3.3 $ 3.3 $ — Fixed income securities 23.8 23.8 — 31.5 31.5 — Hedge Fund-of-Funds 0.9 — 0.9 4.2 — 4.2 Cash and short-term securities 24.0 24.0 — 26.0 26.0 — Total $ 53.7 $ 52.8 $ 0.9 $ 65.0 $ 60.8 $ 4.2 As of December 31, 2021 (in millions) Total Level 1 Investments – Canada: Cash and short-term securities $ 0.7 $ 0.7 Investments measured at NAV: Equity securities 61.9 Fixed income securities 26.4 Total $ 89.0 $ 0.7 The classification of fair value measurements within the hierarchy is based upon the lowest level of input that is significant to the measurement. Valuation methodologies used for assets and liabilities measured at fair value are as follows: * Equity Securities: Commingled funds are valued at the net asset value of units held at year end, as determined by a pricing vendor or the fund family. Mutual funds are valued at the net asset value of shares held at year end, as determined by the closing price reported on the active market on which the individual securities are traded, or a pricing vendor or the fund family if an active market is not available. * Fixed Income Securities: Mutual funds are valued at the net asset value of shares held at year end, as determined by the closing price reported on the active market on which the individual securities are traded, or a pricing vendor or the fund family if an active market is not available. * Hedge Fund-of-Funds: These investments represent limited partnership interests in private equity and hedge funds. The partnership interests are valued by the general partners based on the underlying assets in each fund. * Cash and Short-term Securities: Cash and cash equivalents consist of U.S. and foreign currencies. Foreign currencies are reported in U.S. dollars based on currency exchange rates readily available in active markets. Short-term securities are valued at the net asset value of units held at year end. The weighted-average asset allocations of invested assets within Veritiv's defined benefit pension plans were as follows: As of December 31, 2022 Asset Allocation Range (in millions) U.S. U.S. Equity securities $ 5.0 5% - 15% Fixed income securities 23.8 40% - 50% Hedge Fund-of-Funds 0.9 0% - 10% Cash and short-term securities 24.0 40% - 50% Total $ 53.7 As of December 31, 2021 Asset Allocation Range (in millions) U.S. Canada U.S. Canada Equity securities $ 3.3 $ 61.9 0% - 15% 50% - 70% Fixed income securities 31.5 26.4 45% - 55% 30% - 50% Hedge Fund-of-Funds 4.2 — 0% - 10% —% - —% Cash and short-term securities 26.0 0.7 35% - 45% 0% - 5% Total $ 65.0 $ 89.0 Veritiv's current U.S. investment objectives reflect a recent realignment of the investment strategy to better address the separate needs of the legacy plan and the newly established Veritiv Hourly Pension Plan. The investment objective of the assets remaining in the legacy Veritiv Pension Plan is primarily to reduce the effects of volatility on the fair value of pension assets relative to pension obligations by investing a majority of plan assets in high quality fixed income securities and cash equivalents in preparation for the currently intended plan termination. The investment objective of the assets that were moved to the Veritiv Hourly Pension Plan include maximizing long-term returns at acceptable risk levels, diversifying among asset classes, as applicable, and among investment managers as well as establishing certain risk parameters within asset classes. Total returns are compared to the weighted-average return of a benchmark mix of investments. Individual fund investments are compared to historical three year, five year and ten year returns achieved by funds with similar investment objectives. Investment performance is evaluated at least quarterly. Assumptions The determination of Veritiv's defined benefit obligations and pension expense is based on various assumptions, such as discount rates, expected long-term rates of return, rate of compensation increases, employee retirement patterns and payment selections, inflation and mortality rates. Veritiv's weighted-average discount rates for its U.S. plans were determined by using cash flow matching techniques whereby the rates of yield curves, developed from U.S. corporate yield curves, were applied to the benefit obligations to determine the appropriate discount rate. Prior to the settlement and disposition of the Veritiv Canada, Inc. defined benefit plans, Veritiv's weighted-average discount rates for its Canadian plans were determined by using spot rates from yield curves, developed from high-quality bonds (rated AA or higher) by established rating agencies, matching the duration of the future expected benefit obligations. Veritiv's weighted-average expected rate of return was developed based on several factors, including projected and historical rates of returns, investment allocations of pension plan assets and inflation expectations. Veritiv evaluates the expected rate of return assumptions on an annual basis. The following table presents significant weighted-average assumptions used in computing the benefit obligations: As of December 31, 2022 2021 2020 U.S. U.S. Canada U.S. Canada Discount rate 5.16 % 2.54 % 2.95 % 2.15 % 2.50 % Rate of compensation increases N/A N/A 3.00 % N/A 3.00 % The following table presents significant weighted-average assumptions used in computing net periodic benefit cost (credit): Year Ended December 31, 2022 2021 2020 U.S. Canada (1) U.S. Canada U.S. Canada Discount rate 2.53 % 4.60 % 2.13 % 2.50 % 2.98 % 3.10 % Rate of compensation increases N/A 3.00 % N/A 3.00 % N/A 3.00 % Expected long-term rate of return on assets 3.37 % 5.00 % 7.15 % 5.00 % 7.15 % 5.25 % Interest crediting rate 2.11 % N/A 1.43 % N/A 2.73 % N/A (1) The rates for Canada are for the period through the divestiture date. Cash Flows Veritiv expects to contribute $0.1 million to its U.S. defined benefit pension and SERP plans during 2023. Future benefit payments under the defined benefit pension and SERP plans are estimated as follows, and include an estimated payment of $43.6 million in 2023 to terminate and settle the U.S. Veritiv Pension Plan: (in millions) U.S. 2023 $ 43.9 2024 0.3 2025 0.4 2026 0.5 2027 0.6 2028 – 2032 3.9 MEPPs Veritiv's contributions to MEPPs, excluding the payment of any withdrawal liabilities, were $1.3 million, $1.7 million and $2.0 million for the years ended December 31, 2022, 2021 and 2020, respectively. It is reasonably possible that changes to Veritiv employees covered under these plans might result in additional contribution obligations. Any such obligations would be governed by the specific agreement between Veritiv and any such plan. Veritiv's contributions did not represent more than 5% of total contributions to any MEPPs for the plan years in which Forms 5500 were available. At the date these Consolidated Financial Statements were issued, Forms 5500 were not available for the plan year ended in 2022. The risks of participating in these MEPPs are different from a single employer plan in the following aspects: • Assets contributed to the MEPPs by one employer may be used to provide benefits to employees of other participating employers, • If a participating employer ceases contributing to the plan, the unfunded obligations of the plan may be inherited by the remaining participating employers, and • If the Company stops participating in any of the MEPPs, the Company may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability. The Company records an estimated undiscounted charge when it becomes probable that it has incurred a withdrawal liability when exiting a MEPP. 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. Charges not related to the Company's restructuring efforts are recorded as distribution expenses on the Consolidated Statements of Operations. Initial amounts are recorded as other non-current liabilities on the Consolidated Balance Sheets. See the table below for a summary of the net withdrawal charges and the year-end balance sheet liability positions: Year Ended December 31, (in millions) Distribution expenses 2022 $ 4.9 2021 0.5 2020 7.2 As of December 31, (in millions) Other accrued liabilities Other non-current liabilities 2022 $ 1.8 $ 44.5 2021 1.8 41.4 Teamsters Pension Trust Fund of Philadelphia and Vicinity During the fourth quarter of 2022, in the course of negotiations for a collective bargaining agreement, Veritiv negotiated a complete withdrawal from the Teamsters Pension Trust Fund of Philadelphia and Vicinity to take effect on December 31, 2024, and recognized an estimated complete withdrawal liability of $4.9 million as of December 31, 2022. The withdrawal charge was recorded in distribution expenses as it was not related to a restructuring activity. As of December 31, 2022, the Company has not yet received the determination letter for the complete withdrawal from the Teamsters Pension Trust Fund of Philadelphia and Vicinity. The Company expects that payments will occur over an approximate 19-year period. 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. The withdrawal charge was recorded in distribution expenses as it was not related to a restructuring activity. As of December 31, 2022, the Company has not yet received the determination letter for the complete withdrawal from the Minneapolis Food Distributors Ind Pension Plan. The Company expects that payments will occur over an approximate three-year period. 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 in distribution expenses as it was not related to a restructuring activity. 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. As of December 31, 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. Veritiv's participation in the MEPPs for the year ended December 31, 2022, is outlined in the table below. The "EIN" and "Pension Plan Number" columns provide the Employer Identification Number and the three-digit plan number for each applicable plan. The Pension Protection Act zone listed below is based on the latest information Veritiv received from the plan and is certified by the plan's actuary. Plans in the red zone are generally less than 65% funded, plans in the yellow zone are less than 80% funded and plans in the green zone are at least 80% funded. There were no changes in the status of any zones based on the information provided to Veritiv during 2022. The "FIP/RP Status Pending/Implemented" column indicates plans for which a financial improvement plan or a rehabilitation plan is either pending or has been implemented. The last column lists the expiration date(s) of the collective-bargaining agreement(s). Contributions in the table below, for the years ended December 31, 2022, 2021 and 2020, exclude $1.8 million, $1.8 million and $1.9 million, respectively, related to payments made for accrued withdrawal liabilities. Pension Fund EIN Pension Plan Number Pension Protection Act Zone Status FIP/RP Status Pending/ Implemented Veritiv's Contributions Surcharge Imposed Expiration Date(s) of Collective Bargaining Agreement(s) 2022 2021 2020 Western Conference of Teamsters Pension Trust Fund (1) 91-6145047 001 Green No $ 0.9 $ 0.9 $ 1.1 No 7/31/2023 - 12/31/2025 Teamsters Pension Plan of Philadelphia & Vicinity 23-1511735 001 Yellow Implemented 0.3 0.4 0.4 Yes Complete exit on December 31, 2024 Western Pennsylvania Teamsters and Employers Pension Plan 25-6029946 001 Red Implemented — — 0.1 Yes Partial exit during 2019; complete exit during 2020 Contributions for individually significant plans 1.2 1.3 1.6 Contributions to other multi-employer plans 0.1 0.4 0.4 Total contributions $ 1.3 $ 1.7 $ 2.0 (1) As of December 31, 2022, there were seven collective bargaining units participating in the Western Conference of Teamsters Pension Trust. As of December 31, 2022, none were then in negotiations.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	10. FAIR VALUE MEASUREMENTS At December 31, 2022 and 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, unrestricted investments with original maturities to the Company of three months or less that are readily convertible into known amounts of cash. Debt and Other Obligations 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 Company's one interest rate cap agreement, which was related to the ABL Facility, expired on September 13, 2022. Prior to its expiration, the fair value of the 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 6, Debt , for additional information related to the Company's ABL Facility and other obligations. Goodwill and Other Intangibles The fair value analyses used for the determination of goodwill and intangible asset impairments, as described in Note 1, Business and Summary of Significant Accounting Policies , relied upon both Level 2 data (publicly observable data such as market interest rates, the Company's stock price, the stock prices of peer companies and the capital structures of peer companies) and Level 3 data (internal data such as the Company's operating and cash flow projections). Goodwill is reviewed for impairment on a reporting unit basis annually as of October 1 st or more frequently when indicators are present or changes in circumstances suggest that the carrying amount of the asset may not be recoverable. 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, 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. See Note 17, Divestitures , for additional information related to the Company's divestiture of Veritiv Canada, Inc. The Company performed a quantitative goodwill impairment test during the fourth quarter of 2022 and 2021, which required a determination of whether the fair value of the reporting unit was less than its carrying value. The determination of the reporting unit's fair value was based on an income approach that utilized discounted cash flows and required management to make significant assumptions and estimates related to the forecasts of future revenues, profit margins and discount rates. The principal assumptions utilized, all of which are considered Level 3 inputs under the fair value hierarchy, are subject to various risks and uncertainties. As a result of the respective quantitative goodwill impairment tests, no goodwill impairment was indicated or recorded. The continuing impact of the COVID-19 pandemic on estimated future cash flows is uncertain and will largely depend on the outcome of future events. The Company will perform additional goodwill impairment testing when indicators are present or changes in circumstances suggest the carrying amount of the asset may not be recoverable and a triggering event has occurred. See Note 5, Goodwill and Other Intangible Assets , for additional information related to the Company's goodwill and other intangible assets. Other Assets At December 31, 2022 and 2021, the Company had assets-held-for-sale of none and $1.2 million, respectively. These assets are included, at the lower of their carrying value or fair value, in other current assets on the Consolidated Balance Sheets. The Company has on occasion recognized minor impairments when warranted as part of its normal review of long-lived assets. Based on the underlying nature of each item, these impairment charges may be reported as restructuring charges, net or selling and administrative expenses on the Consolidated Statements of Operations. Total long-lived asset impairments for the years ended December 31, 2022, 2021 and 2020 were none, $0.5 million and $0.5 million respectively. At December 31, 2022 and 2021, a portion of the pension plan assets were comprised of mutual funds and pooled funds. The underlying investments of these funds were valued using either quoted prices in active markets or valued as of the most recent trade date. See Note 9, Employee Benefits Plans , for additional information related to the Company's pension plans. TRA Contingent Liability At the time of the Merger, the Company recorded a $59.4 million contingent liability associated with the TRA at fair value using a discounted cash flow model that reflected management's expectations about probability of payment. The contingent liability was remeasured at fair value at each reporting period-end with the change in fair value recognized in other (income) expense, net on the Consolidated Statements of Operations. In December 2020, the Company and the UWWH Stockholder agreed to settle the TRA. The Company paid the UWWH Stockholder a total of $12.0 million in settlement of all past and future liabilities that would have been owed under the TRA and the parties agreed to a mutual release of claims under the TRA. As a result of the settlement, the Company recognized a favorable fair value adjustment of $20.1 million in other (income) expense, net Note 8, Related Party Transactions , for additional information related to the Company's TRA. All American Containers ("AAC") Contingent Consideration On August 31, 2017 (the "Acquisition Date"), Veritiv completed its acquisition of 100% of the equity interests in various AAC entities. The purchase price allocation for the acquisition of AAC included $22.2 million for the estimated fair value of contingent consideration. The maximum amount payable for the contingent consideration was $50.0 million, with up to $25.0 million payable at each of the first and second anniversaries of the Acquisition Date. During the first quarter of 2020, the Company recognized a final charge of $1.0 million and on March 19, 2020, the Company paid an additional $3.5 million to the sellers of AAC in full satisfaction of the contingent liability.

Supplementary Financial Stateme

Supplementary Financial Statement Information	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplementary Financial Statement Information	11. SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION Other Current Assets The components of other current assets as of December 31 were as follows: (in millions) 2022 2021 Rebates receivable $ 51.0 $ 59.3 Prepaid expenses 32.4 44.2 Vendor deposits 11.0 8.2 Value Added Tax receivable 6.4 11.9 Other 2.9 9.1 Other current assets $ 103.7 $ 132.7 Other Non-Current Assets The components of other non-current assets as of December 31 were as follows: (in millions) 2022 2021 Operating lease right-of-use assets $ 304.3 $ 375.6 Cloud computing arrangements 17.3 0.3 Investments in real estate joint ventures 8.3 7.7 Deferred financing costs 5.6 7.3 Other 7.9 17.5 Other non-current assets $ 343.4 $ 408.4 Accrued Payroll and Benefits The components of accrued payroll and benefits as of December 31 were as follows: (in millions) 2022 2021 Accrued incentive plans $ 57.0 $ 60.1 Accrued payroll and related taxes 15.8 28.7 Accrued commissions 15.7 17.9 Accrued cash-based long-term incentive awards, current portion 15.2 — Other 2.5 3.3 Accrued payroll and benefits $ 106.2 $ 110.0 Other Accrued Liabilities The components of other accrued liabilities as of December 31 were as follows: (in millions) 2022 2021 Operating lease obligations - current $ 67.9 $ 80.2 Accrued customer incentives 19.5 23.5 Accrued taxes 12.7 17.8 Accrued professional fees 12.6 5.4 Accrued freight 5.8 12.3 Other 35.6 46.5 Other accrued liabilities $ 154.1 $ 185.7 Other Non-Current Liabilities The components of other non-current liabilities as of December 31 were as follows: (in millions) 2022 2021 Operating lease obligations - non-current $ 266.0 $ 329.3 MEPP withdrawals 44.5 41.4 Deferred compensation 16.5 19.3 Accrued cash-based long-term incentive awards, non-current portion 7.1 16.6 Other 7.6 15.5 Other non-current liabilities $ 341.7 $ 422.1

Earnings (Loss) Per Share

Earnings (Loss) Per Share	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	12. 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. See Note 14, Long-Term Incentive Compensation Plans , for additional information related to shares issued under the Company's long-term incentive compensation plans. A summary of the numerators and denominators used in the basic and diluted earnings (loss) per share calculations is as follows: Year Ended December 31, (in millions, except per share data) 2022 2021 2020 Numerator: Net income (loss) $ 337.9 $ 144.6 $ 34.2 Denominator: Weighted-average shares outstanding – basic 14.17 15.22 15.96 Dilutive effect of stock-based awards 0.34 0.83 0.52 Weighted-average shares outstanding – diluted 14.51 16.05 16.48 Earnings (loss) per share: Basic $ 23.85 $ 9.50 $ 2.14 Diluted $ 23.29 $ 9.01 $ 2.08 Antidilutive stock-based awards excluded from computation of diluted earnings per share ("EPS") 0.07 0.00 0.28 Performance stock-based awards excluded from computation of diluted EPS because performance conditions had not been met 0.00 0.00 0.08

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Shareholders' Equity	13. SHAREHOLDERS' EQUITY Common Stock Shares Authorized and Outstanding: At December 31, 2022 and 2021, the Company had authorized 100.0 million shares of common stock with a par value of $0.01. Dividends: Each holder of common stock shall be entitled to participate equally in all dividends payable with respect to the common stock. On November 7, 2022, the Company’s Board of Directors declared a quarterly cash dividend of $0.63 per share of common stock, payable on December 19, 2022 to shareholders of record at the close of business on November 18, 2022. The dividend resulted in a payout of approximately $8.5 million, which is reported as dividends paid to shareholders on the Consolidated Statements of Cash Flows. On February 27, 2023, the Company’s Board of Directors declared a quarterly cash dividend of $0.63 per share of common stock, payable on March 31, 2023 to shareholders of record at the close of business on March 9, 2023. Voting Rights: The holders of the Company's common stock are entitled to vote only in the circumstances set forth in Veritiv's Amended and Restated Certificate of Incorporation. Each holder of common stock shall be entitled to one vote for each share of common stock held of record by such holder upon all matters to be voted on by the holders of the common stock. Other Rights: Each holder of common stock shall be entitled to share equally, subject to any rights and preferences of the preferred stock (as fixed by resolutions, if any, of Veritiv's Board of Directors), in the assets of the Company available for distribution, in the event of any voluntary or involuntary liquidation, dissolution or winding up of the affairs of Veritiv, or upon any distribution of the assets of the Company. Preferred Stock Subject to the provisions of the Amended and Restated Certificate of Incorporation, the Board of Directors of Veritiv is authorized to provide for the issuance of up to 10.0 million shares of preferred stock in one or more series. The Board of Directors may fix the number of shares constituting any series and determine the designation of the series, the dividend rates, rights of priority of dividend payment, the voting powers (if any) of the shares of the series, and the preferences and relative participating, optional and other rights, if any, and any qualifications, limitations or restrictions, applicable to the shares of such series. No preferred stock was issued and outstanding as of December 31, 2022 and 2021. Treasury Stock - 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 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 year ended December 31, 2022, the Company completed its repurchases under the 2022 Share Repurchase Program by repurchasing 1,564,420 shares of its common stock at a cost of $200 million, reaching the program's authorized repurchase limit. On March 3, 2021, Veritiv announced that its Board of Directors authorized a $50 million share repurchase program, which was increased to $100 million in May 2021 (collectively the "2021 Share Repurchase Program"). The 2021 Share Repurchase Program replaced the $25 million share repurchase authorization previously approved by the Board of Directors in March 2020 (the "2020 Share Repurchase Program"). During the year ended December 31, 2021, the Company completed its repurchases under the 2021 Share Repurchase Program by repurchasing 1,734,810 shares of its common stock at a cost of $100 million, reaching the program's authorized repurchase limit. During the first quarter of 2020, the Company repurchased 383,972 shares of its common stock at a cost of $3.5 million under its 2020 Share Repurchase Program, prior to its suspension as of March 27, 2020. 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 ("RSUs"), Performance Share Units ("PSUs"), Market Condition Performance Share Units ("MCPSUs") and/or non-employee director grants (grants not deferred) vested during those periods. The net share issuance is included on the Consolidated Statements of Shareholders' Equity for the years ended December 31, 2022, 2021 and 2020. The related cash flow impacts are included in financing activities on the Consolidated Statements of Cash Flows. See the table below for information related to these transactions: Year Ended December 31, (in millions) 2022 2021 2020 Shares issued 0.7 0.6 0.3 Shares recovered for minimum tax withholding (0.2) (0.2) (0.1) Net shares issued 0.5 0.4 0.2 Accumulated Other Comprehensive Loss (AOCL) Comprehensive income (loss) is reported on the 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 table provides the components of AOCL (amounts are shown net of their related income tax effect, if any): (in millions) Foreign currency translation adjustments Retirement liabilities Interest rate cap AOCL Balance at December 31, 2020 $ (24.2) $ (9.1) $ (0.2) $ (33.5) Unrealized net gains (losses) arising during the period (1.2) 10.1 0.0 8.9 Amounts reclassified from AOCL 0.2 0.0 0.1 0.3 Net current period other comprehensive income (loss) (1.0) 10.1 0.1 9.2 Balance at December 31, 2021 (25.2) 1.0 (0.1) (24.3) Unrealized net gains (losses) arising during the period (1.0) 9.9 0.1 9.0 Amounts reclassified from AOCL 9.6 (7.0) — 2.6 Net current period other comprehensive income (loss) 8.6 2.9 0.1 11.6 Balance at December 31, 2022 $ (16.6) $ 3.9 $ — $ (12.7)

Long-Term Incentive Compensatio

Long-Term Incentive Compensation Plans	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Long-Term Incentive Compensation Plans	14. LONG-TERM INCENTIVE COMPENSATION PLANS Veritiv Omnibus Incentive Plan The 2014 Plan provides for the grant of stock, Deferred Share Units ("DSUs"), RSUs, PSUs, Market Condition Performance Share Units and cash-based Performance-Based Units ("PBUs"), among other awards. A total of 3.1 million shares of Veritiv common stock may be issued under the 2014 Plan subject to certain adjustment provisions. As of December 31, 2022, there were approximately 1.1 million shares available to be granted to any employee, director or consultant of Veritiv or a subsidiary of Veritiv. Grants are made at the discretion of the Compensation and Leadership Development Committee of the Company's Board of Directors. For awards granted in 2021 and 2020, the Compensation and Leadership Development Committee approved cash-based grants in lieu of equity-based PSU and MCPSU grants. Stock The Company made grants of common stock in 2022, 2021 and 2020 to its non-employee directors. The stock grants were fully vested and non-forfeitable as of the grant dates. The non-employee directors were eligible to defer receipt of the awards under the Veritiv Deferred Compensation Savings Plan, a nonqualified plan. The Company recognized $1.1 million, $1.1 million and $1.0 million in selling and administrative expenses related to these grants for the years ended December 31, 2022, 2021 and 2020, respectively. Deferred Share Units The Company granted DSUs in 2016, 2015 and 2014 to its non-employee directors. Each DSU is the economical equivalent of one share of Veritiv's common stock. The DSUs were fully vested and non-forfeitable as of the grant date and are payable following the individual's separation of service as a Veritiv director. The DSUs granted in 2015 and 2014 are payable in cash and the DSUs granted in 2016 are settled in stock. The cash-settled DSUs are classified as a non-current liability and are remeasured at each reporting date, with a corresponding adjustment to compensation expense. At December 31, 2022 there were approximately 25,900 DSUs outstanding with a fair value of $2.4 million. At December 31, 2021, there were approximately 34,600 DSUs outstanding with a fair value of $3.2 million. The Company recognized impacts of $0.1 million, $2.1 million and $0.0 million in selling and administrative expenses related to these grants for the years ended December 31, 2022, 2021 and 2020, respectively. Restricted Stock Units RSUs are awarded to key employees annually. RSUs granted prior to 2020 typically cliff vest at the end of three years, subject to continued service. RSUs granted in 2022, 2021 and 2020 typically vest over four years, with 25% vesting on each of the first, second, third and fourth anniversaries of the grant date, subject to continued service. The fair value of the RSU awards is based typically on either the closing price of Veritiv common stock on the grant date or the closing price on the trading date immediately prior to the grant date if the grant date is not a trading date. Compensation expense for RSUs granted prior to 2020 is recognized ratably from the grant date to the vesting date. Compensation expense for RSUs granted in 2022, 2021 and 2020 is recognized ratably over the requisite service period for the entire award, which is four years. The total fair value of RSUs that vested during 2022, 2021 and 2020 was $3.7 million, $7.2 million and $4.3 million, respectively. A summary of activity related to non-vested RSUs is presented below: 2022 2021 2020 (units in thousands) Number of RSUs Weighted-Average Grant Date Fair Value Per Share Number of RSUs Weighted-Average Grant Date Fair Value Per Share Number of RSUs Weighted-Average Grant Date Fair Value Per Share Non-vested at beginning of year 456 $19.91 556 $22.59 369 $32.00 Granted 93 $118.02 243 $19.79 352 $18.59 Vested (170) $21.87 (288) $24.93 (99) $43.48 Forfeited (32) $35.98 (55) $20.24 (66) $22.69 Non-vested at end of year 347 $43.69 456 $19.91 556 $22.59 Performance Share Units PSUs granted prior to 2020 were awarded to key employees annually and cliff vest at the end of three years, subject to continued service and the attainment of performance conditions. The PSU award represents the contingent right to receive a number of shares equal to a portion, all or a multiple (not to exceed 200%) of the target number of PSUs. The PSUs are divided into three tranches, and each tranche is earned based on the achievement of an annual Adjusted EBITDA target which is set at the beginning of each of the three years in the vesting period. The Company defines Adjusted EBITDA as 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. Compensation expense for each tranche is recognized ratably from the date the fair value is measured to the vesting date for the number of awards expected to vest. The total fair value of PSUs granted prior to 2020 that vested during 2022, 2021 and 2020 was $8.3 million, $5.9 million and $3.6 million, respectively. Cash-based PBUs were granted in 2021 and 2020 in lieu of equity-based PSUs. In 2022, the Company resumed awarding equity-based PSUs to key employees annually based on a three-year cliff vesting period. For the 2022 grants, 50% percent of the PSUs vest based on the achievement of Packaging Gross Profit Dollar Growth targets, which were set at the beginning of 2022. Packaging Gross Profit Dollar Growth is defined as: net sales for the Packaging reportable segment less the cost of product sold, excluding the impact of LIFO inventory accounting and certain other adjustments. The remaining 50% of the PSUs vest based on the achievement of Return on Invested Capital targets, which were set at the beginning of 2022. Return on Invested Capital is defined as: (Net Operating Profit) divided by (the sum of net working capital and property and equipment). Net Operating Profit is defined as: (Adjusted EBITDA less depreciation and amortization) times (1 minus the standard tax rate). The standard tax rate used in 2022 was 26%. The maximum PSU payout based on the achievement of Packaging Gross Profit Dollar Growth and Return on Invested Capital targets is 180% of the target values. The PSUs are then subject to an adjustment of 20 percentage points (increase or decrease) based on the Company’s total shareholder return ("TSR") relative to the TSR of an applicable peer group. The maximum total payout that can be earned, including the 20% relative TSR modifier, is 200% of the target value. Compensation expense is recognized ratably from the grant date to the vesting date for the number of awards expected to vest. No PSUs granted in 2022 vested during 2022. A summary of activity related to non-vested PSUs is presented below: 2022 2021 2020 (units in thousands) Number of PSUs Weighted-Average Grant Date Fair Value Per Share Number of PSUs Weighted-Average Grant Date Fair Value Per Share Number of PSUs Weighted-Average Grant Date Fair Value Per Share Non-vested at beginning of year 280 $21.79 587 $23.06 645 $25.10 Granted (1) 77 $122.44 — $— — $— Shares gained (lost) based on actual performance (2) (3) 117 $20.88 (31) $23.60 183 $19.67 Vested (397) $20.88 (249) $23.60 (102) $35.70 Forfeited (7) $122.57 (27) $21.95 (139) $28.26 Non-vested at end of year 70 $122.43 280 $21.79 587 $23.06 (1) The per share value for the 2022 grants represents the weighted-average grant date fair value for the 2022 Packaging Gross Profit Dollar Growth and Return on Invested Capital awards. (2) Shares gained (lost) based on actual performance are reflected in the year of vesting. The current year amount may include adjustments for prior years' activity. (3) The per share value for shares gained (lost) based on actual performance in 2022 represents the weighted-average grant date fair value for the shares vesting in that year. Market Condition Performance Share Units MCPSUs granted prior to 2020 were awarded to key employees annually and cliff vest at the end of three years, subject to continued service and the attainment of performance conditions. The MCPSU award represents the contingent right to receive a number of shares equal to a portion, all or a multiple (not to exceed 200%) of the target number of MCPSUs. The MCPSUs are divided into three tranches and each tranche is earned based on the achievement of a TSR target relative to the TSR of an applicable peer group over the one two A summary of activity related to non-vested MCPSUs is presented below: 2022 2021 2020 (units in thousands) Number of MCPSUs Weighted-Average Grant Date Fair Value Per Share Number of MCPSUs Weighted-Average Grant Date Fair Value Per Share Number of MCPSUs Weighted-Average Grant Date Fair Value Per Share Non-vested at beginning of year 168 $31.51 20 $34.35 274 $40.81 Granted — $— — $— — $— Shares gained (lost) based on actual performance (1)(2) (38) $31.52 250 $37.79 (110) $34.35 Vested (130) $31.52 (86) $37.79 — $— Forfeited/cancelled — $— (16) $31.95 (144) $58.89 Non-vested at end of year — $— 168 $31.51 20 $34.35 (1) Shares gained (lost) based on actual performance are reflected in the year of vesting. The current year amount may include adjustments for prior years' activity. (2) The per share value for shares gained (lost) based on actual performance in 2022 represents the weighted-average grant date fair value for the shares vesting in that year. Performance-Based Units (cash-based) In 2021 and 2020, PBUs valued at $1.00 per unit and payable in cash, were awarded to key employees and cliff vest at the end of three years, subject to continued service and the attainment of performance conditions. The PBUs represent the contingent right to receive a cash payment of performance units equal to a portion, all or a multiple (not to exceed 200%) of the target value. Fifty percent of the PBUs vest based on the achievement of Packaging Gross Profit Dollar Growth targets, which were set at the beginning of 2021 and 2020. Packaging Gross Profit Dollar Growth is defined as: net sales for the Packaging reportable segment less the cost of product sold, excluding the impact of LIFO inventory accounting and certain other adjustments. The remaining 50% of the PBUs vest based on the achievement of Return on Invested Capital targets, which were set at the beginning of 2021 and 2020. Return on Invested Capital is defined as: (Net Operating Profit) divided by (the sum of net working capital and property and equipment). Net Operating Profit is defined as: (Adjusted EBITDA less depreciation and amortization) times (1 minus the standard tax rate). The standard tax rate used in 2022, 2021 and 2020 was 26%. The maximum PBU payout based on the achievement of Packaging Gross Profit Dollar Growth and Return on Invested Capital targets is 180% of the target values. The PBUs are then subject to an adjustment of 20 percentage points (increase or decrease) based on the Company’s TSR relative to the TSR of an applicable peer group. The maximum total payout that can be earned, including the 20% relative TSR modifier, is 200% of the target value. The PBUs are remeasured at each reporting date and are classified on the Consolidated Balance Sheets as either accrued payroll and benefits (for the current portion) or other non-current liabilities (for the non-current portion). Compensation expense is recognized ratably from the grant date to the vesting date for the number of awards expected to vest. The Company did not issue any PBUs in 2022. A summary of activity related to non-vested PBUs is presented below: 2022 2021 2020 (units in thousands) Number of PBUs Grant Date Fair Value Per Share Number of PBUs Grant Date Fair Value Per Share Number of PBUs Grant Date Fair Value Per Share Non-vested at beginning of year 17,984 $1.00 11,613 $1.00 — $ — Granted — $— 9,408 $1.00 11,863 $ 1.00 PBUs gained (lost) based on actual performance (1) — $— (1,057) $1.00 1,056 $ 1.00 Vested — $— (20) $1.00 — $ — Forfeited/cancelled (1,896) $1.00 (1,960) $1.00 (1,306) $ 1.00 Non-vested at end of year 16,088 $1.00 17,984 $1.00 11,613 $ 1.00 (1) Shares gained (lost) based on actual performance are reflected in the year of vesting. The current year amount may include adjustments for prior years' activity. The following table summarizes the Company's stock-based and cash-based long-term incentive compensation expense and the related income tax benefits: Year Ended December 31, (in millions) 2022 2021 2020 Stock-based long-term incentive compensation expense $ 9.5 $ 7.4 $ 17.7 Cash-based long-term incentive compensation expense 5.1 10.8 6.5 Income tax benefit - stock-based long-term incentive compensation expense 2.4 1.9 4.6 Income tax benefit - cash-based long-term incentive compensation expense 1.3 2.8 1.7 As of December 31, 2022, total unrecognized long-term incentive compensation expense was $23.6 million and is expected to be recognized over a weighted-average period of approximately 2.0 years. Impact of Dividends on Grant Date Fair Value The Company’s stock-settled RSUs and PSUs are entitled to dividends on the underlying shares only upon vesting. All stock-settled RSUs and PSUs granted after the Company’s dividend policy was instituted in November 2022 will be measured by reducing the grant date fair value per share by the present value of dividends expected to be paid on outstanding Veritiv common stock during the requisite service period, discounted at the appropriate risk-free interest rate. The fair value of awards granted in 2022 or earlier was not impacted by this dividend policy.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	15. 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 when exiting a MEPP. 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. Charges not related to the Company's restructuring efforts are recorded as distribution expenses on the Consolidated Statements of Operations. Initial amounts are recorded as other non-current liabilities on the Consolidated Balance Sheets. Teamsters Pension Trust Fund of Philadelphia and Vicinity During the fourth quarter of 2022, in the course of negotiations for a collective bargaining agreement, Veritiv negotiated a complete withdrawal from the Teamsters Pension Trust Fund of Philadelphia and Vicinity to take effect on December 31, 2024, and recognized an estimated complete withdrawal liability of $4.9 million as of December 31, 2022. The withdrawal charge was recorded in distribution expenses as it was not related to a restructuring activity. As of December 31, 2022, the Company has not yet received the determination letter for the complete withdrawal from the Teamsters Pension Trust Fund of Philadelphia and Vicinity. The Company expects that payments will occur over an approximate 19-year period. 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 December 31, 2022. The withdrawal charge was recorded in distribution expenses as it was not related to a restructuring activity. As of December 31, 2022, the Company has not yet received the determination letter for the complete withdrawal from the Minneapolis Food Distributors Ind Pension Plan. The Company expects that payments will occur over an approximate three-year period. Western Pennsylvania Teamsters and Employers Pension Fund During the first quarter of 2020, Veritiv negotiated the complete withdrawal from 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 December 31, 2022. The withdrawal charge was recorded in distribution expenses as it was not related to a restructuring activity. 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 December 31, 2022. As of December 31, 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.

Segment and Other Information

Segment and Other Information	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Segment and Other Information	16. 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 related to 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 Year Ended December 31, 2022 Net sales $ 3,908.5 $ 780.6 $ 2,378.8 $ 7,067.9 $ 78.4 $ 7,146.3 Adjusted EBITDA 415.9 60.7 239.6 716.2 (198.3) Depreciation and amortization 22.9 5.2 4.3 32.4 13.2 45.6 Restructuring charges, net 1.4 0.3 0.3 2.0 0.0 2.0 Total assets, end of period 1,286.3 173.4 545.4 2,005.1 84.5 2,089.6 Year Ended December 31, 2021 Net sales $ 3,760.4 $ 894.0 $ 2,080.8 $ 6,735.2 $ 115.3 $ 6,850.5 Adjusted EBITDA 393.5 52.7 114.7 560.9 (218.3) Depreciation and amortization 24.5 7.5 6.3 38.3 16.9 55.2 Restructuring charges, net 8.8 1.7 3.3 13.8 1.6 15.4 Total assets, end of period 1,482.6 280.6 546.7 2,309.9 128.5 2,438.4 Year Ended December 31, 2020 Net sales $ 3,316.7 $ 922.3 $ 2,001.7 $ 6,240.7 $ 104.9 $ 6,345.6 Adjusted EBITDA 300.0 41.6 46.5 388.1 (200.5) Depreciation and amortization 22.5 7.9 7.8 38.2 19.5 57.7 Restructuring charges, net 16.0 5.1 23.8 44.9 7.3 52.2 Total assets, end of period 1,332.9 314.7 528.9 2,176.5 158.5 2,335.0 The table below presents a reconciliation of net income (loss) as reflected on the Consolidated Statements of Operations to Adjusted EBITDA for the reportable segments: Year Ended December 31, (in millions) 2022 2021 2020 Net income (loss) $ 337.9 $ 144.6 $ 34.2 Interest expense, net 17.7 17.2 25.1 Income tax expense (benefit) 94.0 52.9 8.8 Depreciation and amortization 45.6 55.2 57.7 Restructuring charges, net 2.0 15.4 52.2 Gain on sale of businesses (29.7) (3.1) — Facility closure charges, including (gain) loss from asset disposition 0.0 0.1 (3.7) Stock-based compensation 9.5 7.4 17.7 LIFO reserve (decrease) increase 32.1 43.6 (1.5) Non-restructuring severance charges 4.3 7.8 4.1 Non-restructuring pension charges (benefits) (2.1) 0.5 7.2 Fair value adjustment on TRA contingent liability — — (19.1) Fair value adjustment on contingent consideration liability — — 1.0 Escheat audit contingent liability — — (0.2) Other 6.6 1.0 4.1 Adjustment for Corporate & Other 198.3 218.3 200.5 Adjusted EBITDA for reportable segments $ 716.2 $ 560.9 $ 388.1 The following table presents net sales as well as property and equipment and operating lease ROU assets, which are shown net of accumulated depreciation and or accumulated amortization, by geographic area: Net Sales Property and Equipment Operating Lease ROU Assets Year Ended December 31, As of December 31, As of December 31, (in millions) 2022 2021 2020 2022 2021 2022 2021 U.S. $ 6,679.7 $ 5,919.2 $ 5,521.8 $ 122.0 $ 120.1 $ 294.3 $ 321.7 Canada 260.0 722.3 650.9 — 38.7 — 43.5 Rest of world 206.6 209.0 172.9 5.5 4.1 10.0 10.4 Total $ 7,146.3 $ 6,850.5 $ 6,345.6 $ 127.5 $ 162.9 $ 304.3 $ 375.6 No single customer accounted for more than 5% of net sales for the years ended December 31, 2022, 2021 and 2020. During the year ended December 31, 2022, approximately 29% of the Company's purchases were made from ten suppliers. 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 $2.9 million has been recognized in selling and administrative expenses on the Consolidated Statements of Operations, of which $3.2 million was recognized in 2022. During the year ended December 31, 2022, the Company received $3.2 million in reimbursement related to the structural damage, which is reported as proceeds from insurance related to property and equipment on the Consolidated Statements of Cash Flows. Insurance proceeds not related to the structural damage are reported as cash flows from operating activities.

Divestitures

Divestitures	12 Months Ended
	Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Divestitures	17. DIVESTITURES Logistics solutions business On September 1, 2022, the Company sold its logistics solutions business, which provided transportation and warehousing solutions to customers in the U.S., to FitzMark, LLC for a purchase price of $19 million in cash payable at closing, subject to certain customary adjustments. The Company recognized a pre-tax gain of approximately $11.0 million, which is included in gain on sale of businesses on the Consolidated Statements of Operations. The Company received net cash proceeds of approximately $18.0 million, reflecting the purchase price adjusted for working capital and transaction fees. The net cash proceeds are reported as proceeds from asset sales and sale of businesses, net of cash transferred, in the investing activities section of the Consolidated Statements of Cash Flows. 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. Upon closing of the sale, Veritiv’s approximately 60 employees in its logistics solutions business became employees of FitzMark, LLC. The sale did 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. The financial results of this business are included in the Corporate & Other category of reported results in Note 16, Segment and Other Information . Veritiv Canada, Inc. On May 2, 2022, the Company sold 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 Company recognized a pre-tax gain of approximately $18.7 million, which is included in gain on sale of businesses on the Consolidated Statements of Operations. Veritiv received net cash proceeds of approximately $162.2 million reflecting the purchase price adjusted for working capital, closing date debt, transaction fees and cash transferred. The net cash proceeds are reported as proceeds from asset sales and sale of businesses, net of cash transferred, in the investing activities section of the Consolidated Statements of Cash Flows. 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 did 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. 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 recognized a pre-tax gain of approximately $3.1 million, which is included in gain on sale of businesses on the Consolidated Statements of Operations. The Company received cash proceeds of approximately $8.2 million, which was immediately used to pay outstanding revolving loan borrowings under the ABL Facility. The cash proceeds are reported as proceeds from asset sales and sale of businesses, net of cash transferred, in the investing activities section of the Consolidated Statements of Cash Flows. The sale did 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. Other divestitures During 2022, the Company sold one property and recognized a gain totaling approximately $4.3 million related to the exit and sale of the facility, which is included in restructuring charges, net on the Consolidated Statements of Operations. During 2021, the Company sold two properties and recognized gains totaling approximately $4.6 million related to the exit and sale of those facilities, of which approximately $1.7 million is included in selling and administrative expenses and approximately $2.9 million is included in restructuring charges, net on the Consolidated Statements of Operations. During 2020, the Company sold two properties and recognized gains totaling approximately $8.3 million related to the exit and sale of those facilities, which are included in selling and administrative expenses on the Consolidated Statements of Operations.

Business and Summary of Signi_2

Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and include all of the Company's subsidiaries. All significant intercompany transactions between Veritiv's businesses have been eliminated. During 2022, the Company reclassified its gains from the sale of businesses from the selling and administrative expenses line to the gain on sale of businesses line on the Consolidated Statements of Operations for the periods presented.
Use of Estimates	Use of Estimates The preparation of 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 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
Revenue Recognition	Revenue RecognitionVeritiv 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. When the Company enters into a sales arrangement with a customer, it believes it is probable that it will collect substantially all of the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer. When management cannot conclude collectability is probable for shipments to a particular customer, revenue associated with that customer is not recognized until cash is collected or management is otherwise able to establish that collectability is probable. 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.
Purchase Incentives	Purchase IncentivesVeritiv enters into agreements with suppliers that entitle Veritiv to receive rebates, allowances and other discounts based on the attainment of specified purchasing levels or sales to certain customers. Purchase incentives are recorded as a reduction to inventory and recognized in cost of products sold when the sale occurs.
Distribution Expenses	Distribution Expenses Distribution expenses consist of storage, handling and delivery costs including freight to the Company's customers' destinations.
Cash and Cash Equivalents	Cash and Cash EquivalentsThe Company considers all highly liquid, unrestricted investments with original maturities to the Company of three months or less to be cash equivalents, including investments in money market funds with no restrictions on withdrawals.
Trade Accounts Receivable, Notes Receivable and Related Allowances	Trade Accounts Receivable, Notes Receivable and Related Allowances The Company performs an assessment of its financial assets which consist primarily of accounts receivable and identifies pools (i.e., groups of similar assets within the accounts receivable portfolio) based on the Company’s internal risk ratings, geographical locations and historical loss information. The Company’s pools are classified by reportable segment, risk level and the geographical location of the Company’s customers. The risk characteristics of each segment are determined by the impact of economic and structural fluctuations that are specific to the industry sectors served by the Company, competition from other suppliers and the nature of the products and services provided to the Company’s customers. The risk characteristics of the Packaging segment include changes in customer buying habits and product preferences. The risk characteristics of the Facility Solutions segment include revenue declines and delinquency rates attributable to changes in the travel industry, constraints and restrictions for large venues, return-to-office and in-person school activities. The Company considered the Packaging and Facility Solutions segments to be a single pool as they share similar risk characteristics. The Print Solutions segment is faced with industry-wide decreases in demand for products and services due to the increasing use of e-commerce and other on-line product substitutions. The Company’s allowance for credit losses reflects the best estimate of expected losses to the Company's accounts receivable portfolio determined on the basis of historical experience, current conditions, reasonable and supportable forecasts and specific allowances for known troubled accounts. In developing the allowance for credit losses, the Company utilizes internal risk ratings that are determined based on a number of factors including a periodic evaluation of each customer’s financial condition where possible. In addition to leveraging the internally developed risk ratings and historical experience, the expected credit loss estimates are developed using quantitative analyses, where meaningful, and qualitative analyses to forecast the impact that external factors and economic indicators may have on the amount that the Company expects to collect. Accounts receivable are written-off when management determines they are uncollectible. The Company, under certain circumstances, enters into note receivable agreements with customers. Expected credit losses are recognized when collectability is uncertain.
Inventories	Inventories The Company's inventories are primarily comprised of finished goods and predominantly valued at cost as determined by the last-in first-out ("LIFO") method. Such valuations are not in excess of market. Elements of cost in inventories include the purchase price invoiced by a supplier, plus inbound freight and related costs and reduced by estimated volume-based discounts and early pay discounts available from certain suppliers. Approximately 96% and 80% of inventories were valued using the LIFO method as of December 31, 2022 and 2021, respectively. If the first-in, first-out method had been used, total inventory balances would be increased by approximately $165.6 million and $134.5 million at December 31, 2022 and 2021, respectively. The Company reduces the value of obsolete inventory based on the difference between the LIFO cost of the inventory and the estimated market value using assumptions of future demand and market conditions. To estimate the net realizable value, the Company considers factors such as the age of the inventory, the nature of the products, the quantity of items on-hand relative to sales trends, current market prices and trends in pricing, its ability to use excess supply in another channel, historical write-offs and expected residual values or other recoveries.
Property and Equipment	Property and Equipment Property and equipment are stated at cost, less accumulated depreciation and amortization. Expenditures for replacements and major improvements are capitalized, whereas repair and maintenance costs that do not improve service potential or extend economic life are expensed as incurred. The Company capitalizes certain computer software and development costs incurred in connection with developing or obtaining software for internal use, including cloud computing arrangements that convey a license in addition to the hosting service. Direct costs incurred to develop internal use software during the development stage are capitalized. Preliminary project stage costs, maintenance and training costs are expensed as incurred. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Land is not depreciated, and construction-in-progress ("CIP") is not depreciated until ready for service. Leased property and leasehold improvements are amortized on a straight-line basis over the lease term or useful life of the asset, whichever is less. Upon retirement or other disposal of property and equipment, the cost and related amount of accumulated depreciation or accumulated amortization are eliminated from the asset and accumulated depreciation or accumulated amortization accounts, respectively. The difference, if any, between the net asset value and the proceeds is included in net income (loss) on the Consolidated Statements of Operations.
Cloud Computing Arrangements	Cloud Computing Arrangements To support its operations, the Company enters into various cloud computing arrangements that are service contracts. Certain application development stage costs are capitalized based on the nature of the items and are deferred and recognized as other current assets and other non-current assets on the Consolidated Balance Sheets. The deferred costs are expensed on a straight-line basis over the terms of the agreements, including reasonably certain renewal periods, which currently range from three ten years.
Leases	LeasesThe Company determines if an arrangement is a lease at lease inception and reviews lease arrangements for finance or operating lease classification at their commencement date. Operating leases are reported as part of other non-current assets, other accrued liabilities and other non-current liabilities on the Consolidated Balance Sheets. Finance leases are reported as part of property and equipment and debt obligations on the Consolidated Balance Sheets. The Company does not include leases with a term of twelve months or less on the Consolidated Balance Sheets and does not separate lease and non-lease components for its delivery equipment leases. In order to value the ROU assets and related liabilities, the Company makes certain estimates and assumptions related to establishing the lease term, discount rates and variable lease payments (e.g., rent escalations tied to changes in the Consumer Price Index). The exercise of any lease renewal or asset purchase option is at the Company's sole discretion. The lease term for all of the Company's leases includes the noncancelable period of the lease and any periods covered by renewal options that the Company is reasonably certain to exercise. Certain leases include rent escalations pre-set in the agreements, which are factored into the lease payment stream. Similar to a variable lease payment, certain delivery equipment leases include a provision for an amount the Company may be required to pay at the end of the lease for any residual value deficiency incurred by the lessor upon resale of the underlying asset. The Company uses the implicit rate of interest when it is available; however, as most of the Company's leases do not provide an implicit rate of interest, the Company uses its incremental borrowing rate based on information available at the lease commencement date in determining the discounted value of the lease payments. Lease expense and depreciation expense are recognized on a straight-line basis over the lease term, or for a finance lease, over the shorter of the life of the underlying asset or the lease term. The Company’s decisions to cease operations in certain warehouse facilities leads to different accounting treatment depending upon whether the leased properties are considered abandoned versus properties that the Company has the intent and ability to sublease. Abandoned ROU assets are assessed for impairment based on estimates of undiscounted operating cash flows until the anticipated cease-use date and any remaining lease expense is accelerated through the anticipated cease-use date. Leases for which the Company has the intent and ability to sublease are assessed for impairment and any remaining ROU asset values are amortized over the shorter of the remaining useful lives of the assets or lease term. The intent and practical ability to sublease and estimates of future cash flows attributable to the sublease are assessed considering the terms of the lease agreement, certain market conditions, remaining lease terms and the time required to sublease the facility and other factors.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill relating to a single business reporting unit is included as an asset of the applicable segment. Goodwill arising from major acquisitions that involve multiple reportable segments is allocated to the reporting units based on the relative fair value of the reporting unit. Goodwill is reviewed for impairment on a reporting unit basis annually on October 1 st or more frequently if indicators are present or changes in circumstances suggest that impairment may exist. The testing of goodwill for possible impairment is performed by completing a Step 0 test or electing to by-pass the Step 0 test and comparing the fair value of a reporting unit with its carrying value, including goodwill. The Step 0 test utilizes qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. Qualitative factors include: macroeconomic conditions; industry and market considerations; overall financial performance and cost factors to determine whether a reporting unit is at risk for goodwill impairment. In the event a reporting unit fails the Step 0 goodwill impairment test, it is necessary to move forward with a comparison of the fair value of the reporting unit with its carrying value, including goodwill. If the fair value exceeds the carrying value, goodwill is not considered to be impaired. If the fair value of a reporting unit is below the carrying value, a goodwill impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit's fair value; however, any loss recognized will not exceed the total amount of goodwill allocated to the reporting unit. Intangible assets acquired in a business combination are recorded at fair value. The Company's intangible assets may include customer relationships, trademarks and trade names and non-compete agreements. Intangible assets with finite useful lives are subsequently amortized using the straight-line method over the estimated useful lives of the assets. See the Impairment of Long-Lived Assets section below for the accounting policy related to the periodic review of long-lived intangible assets for impairment. When the Company disposes of a portion of its business that has had goodwill and or other intangible assets allocated to it, the Company performs fair value assessments to determine the amounts of goodwill and or other intangible assets that should be allocated to the disposal asset group. These calculations will usually involve the use of Level 3 data (internal data such as the Company's operating and cash flow projections).
Impairment of Long-Lived Assets	Impairment of Long-Lived AssetsLong-lived assets, including finite lived intangible assets, are tested for impairment whenever events or changes in circumstances indicate their carrying value may not be recoverable. The Company assesses the recoverability of long-lived assets based on the undiscounted future cash flow the assets are expected to generate and recognizes an impairment loss when the estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. When an impairment is identified, the Company reduces the carrying amount of the asset to its estimated fair value based on a discounted cash flow approach or, when available and appropriate, to comparable market values. The calculation of lease impairment charges requires significant judgments and estimates, including estimated sublease rentals, discount rates and future cash flows based on the Company's experience and knowledge of the market in which the property is located, previous efforts to dispose of similar assets and an assessment of current market conditions.
Employee Benefit Plans	Employee Benefit Plans The Company sponsors and/or contributes to defined contribution plans, defined benefit pension plans and MEPPs in the U.S. Except for certain union employees who continue to accrue benefits under the U.S. defined benefit pension plan in accordance with their collective bargaining agreements, the defined benefit pension plans are frozen. In addition, the Company and its subsidiaries have other forms of retirement arrangements outside the U.S. The determination of defined benefit pension and postretirement plan obligations and their associated costs requires the use of actuarial computations to estimate participant plan benefits to which the employees will be entitled. The Company's significant assumptions in this regard include discount rates, rate of future compensation increases, expected long-term rates of return on plan assets, mortality rates and other factors. Each assumption is developed using relevant company experience in conjunction with market-related data. All actuarial assumptions are reviewed annually with third-party consultants and adjusted as necessary. For the recognition of net periodic postretirement cost, the calculation of the expected long-term rate of return on plan assets is derived using the fair value of plan assets at the measurement date. Actual results that differ from the Company's assumptions are accumulated and amortized on a straight-line basis only to the extent they exceed 10% of the higher of the fair value of plan assets or the projected benefit obligation, over the estimated remaining service period of active participants. The fair value of plan assets is determined based on market prices or estimated fair value at the measurement date. The Company also makes contributions to MEPPs for its union employees covered by such plans. For these plans, the Company recognizes a liability only for any required contributions to the plans or surcharges imposed by the plans that are accrued and unpaid at the balance sheet date. The Company does not record an asset or liability to recognize the funded status of the plans. The Company records an estimated undiscounted charge when it becomes probable that it has incurred a withdrawal liability when exiting a MEPP, as the final amount and timing is not assured. When a final determination of the withdrawal liability is received from the plan, the estimated charge is adjusted to the final amount determined by the plan.
Long-Term Incentive Compensation Plans	Long-Term Incentive Compensation PlansThe Company measures and records compensation expense for all long-term incentive compensation awards based on the respective plans' grant date fair values over the vesting periods of the awards. Forfeitures are recognized when they occur. Performance-based plans require the Company to make estimates of its long-term future performance.
Income Taxes	Income Taxes Veritiv's income tax expense, deferred tax assets and liabilities, and liabilities for unrecognized tax benefits reflect management's best assessment of estimated current and future taxes to be paid. Veritiv records its global tax provision based on the respective tax rules and regulations for the jurisdictions in which it operates. Where treatment of a position is uncertain, liabilities are recorded based on an evaluation of the more likely than not outcome considering technical merits of the position. Changes to recorded liabilities are made only when an identifiable event occurs that alters the likely outcome, such as settlement with the relevant tax authority or the expiration of statutes of limitation for the subject tax year. Significant judgments and estimates are required in determining the consolidated income tax expense. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Significant judgment is required in evaluating the need for and amount of valuation allowances against deferred tax assets. The realization of these assets is dependent on generating sufficient future taxable income.
Fair Value Measurements	Fair Value Measurements Fair value is the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy is used in selecting inputs, with the highest priority given to Level 1, as these are the most transparent or reliable. Level 1 – Quoted market prices in active markets for identical assets or liabilities. Level 2 – Observable market-based inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 – Unobservable inputs for the asset or liability reflecting the reporting entity's own assumptions or external inputs from inactive markets.
Foreign Currency	Foreign Currency The assets and liabilities of the Company's foreign subsidiaries are translated from their respective local currencies to the U.S. dollar at the appropriate spot rates as of the balance sheet date. Changes in the carrying values of these assets and liabilities attributable to fluctuations in spot rates are recognized in foreign currency translation adjustment, a component of accumulated other comprehensive loss ("AOCL"). See Note 13, Shareholders' Equity , for the impacts of foreign currency translation adjustments on AOCL. The revenues and expenses of the foreign subsidiaries are translated using the monthly average exchange rates during the year. The gains or losses from foreign currency transactions are included in other (income) expense, net on the Consolidated Statements of Operations.
Treasury Stock	Treasury Stock Common stock purchased for treasury is recorded at cost. Costs incurred by the Company that are associated with the acquisition of treasury stock are treated in a manner similar to stock issue costs and are added to the cost of the treasury stock.
Recently Issued Accounting Standards	Recently Issued Accounting Standards 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 Effective January 1, 2023, the Company will adopt ASU 2022-04 , Liabilities- Supplier Finance Programs (Subtopic 405-50). This standard requires disclosure of the key terms of outstanding supplier finance programs and a rollforward of the related obligations. The amendments in this update do not affect the recognition, measurement or financial statement presentation of obligations covered by supplier finance programs. The amendments in this update are effective for fiscal years beginning after December 15, 2022 on a retrospective basis, including interim periods within those fiscal years, except for the requirement to disclose rollforward information, which is effective prospectively for fiscal years beginning after December 15, 2023. Currently, the Company does not expect the adoption of this guidance to have a material impact on its related disclosures. 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, 2024. 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.

Business and Summary of Signi_3

Business and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Property and Equipment	The following tables summarize the Company's property and equipment: (in millions, except for estimated useful life) As of December 31, Estimated Useful Life 2022 2021 Land, buildings and improvements 1 to 40 years $ 94.9 $ 94.6 Machinery and equipment 3 to 15 years 142.0 156.1 Finance leases 67.5 112.2 Internal use software 3 to 5 years 136.1 122.8 CIP 12.5 9.6 Less: Accumulated depreciation and amortization (325.5) (332.4) Property and equipment (net of accumulated depreciation and amortization) $ 127.5 $ 162.9 Unamortized internal use software costs, including amounts recorded in CIP $ 17.6 $ 10.5
Schedule of Property, Plant and Equipment, Depreciation and Amortization	Year Ended December 31, (in millions) 2022 2021 2020 Depreciation expense (1) $ 30.2 $ 36.6 $ 36.8 Amortization expense - internal use software 10.9 13.9 16.1 Depreciation and amortization expense related to property and equipment $ 41.1 $ 50.5 $ 52.9 (1) Includes depreciation expense for finance leases.
Schedule of Cloud Computing Arrangements	The following tables summarize the expenses and net capitalized costs for the Company's cloud computing arrangements: Year Ended December 31, (in millions) 2022 2021 2020 Capitalized implementation costs expensed $ 0.4 $ 0.3 $ 0.1 As of December 31, (in millions) 2022 2021 In service: Other current assets $ 0.5 $ 0.3 Other non-current assets 2.0 0.3 Total net capitalized implementation costs in service $ 2.5 $ 0.6 Pending placement into service: Other current assets $ — $ 0.3 Other non-current assets $ 15.3 $ —

Revenue Recognition and Credi_2

Revenue Recognition and Credit Losses (Tables)	12 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Customer Contract Liabilities	See the table below for a 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 51.6 52.2 Revenue recognized from beginning of year balance (18.8) (10.4) Revenue recognized from current year receipts (37.6) (32.2) Other adjustments (1) (0.9) — Balance at December 31, $ 16.1 $ 21.8 (1) Reflects liabilities removed as part of the sale of a business. See Note 17, Divestitures , for information related to the Company's divestitures.
Schedule of Allowance for Doubtful Accounts	The components of the accounts receivable allowances were as follows: As of December 31, (in millions) 2022 2021 Allowance for credit losses $ 17.7 $ 23.7 Other allowances (1) 9.0 10.7 Total accounts receivable allowances $ 26.7 $ 34.4 (1) Includes amounts reserved for credit memos, customer discounts, customer short pays and other miscellaneous items.
Schedule of Roll Forward of Allowance for Credit Loss	Below is a rollforward of the Company's accounts receivable allowances: Year Ended December 31, (in millions) 2022 2021 2020 Balance at January 1, $ 34.4 $ 41.6 $ 43.8 Add / (Deduct): Provision for expected credit losses 4.7 4.4 7.3 Net write-offs and recoveries (5.6) (13.1) (6.5) Other adjustments (1) (6.8) 1.5 (3.0) Balance at December 31, $ 26.7 $ 34.4 $ 41.6 (1) Other adjustments represent amounts reserved for returns and discounts, 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. The 2020 amount includes the impact of the Company's adoption of ASU 2016-13 on January 1, 2020. Below are rollforwards 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 4.4 0.1 0.3 0.0 (0.2) 0.0 (0.3) 0.4 4.7 Write-offs charged against the allowance (3.5) — (2.6) — (0.1) — — (0.2) (6.4) Recoveries of amounts previously written off 0.3 — 0.3 — 0.2 — — 0.0 0.8 Other adjustments (3) (1.0) (1.1) (1.5) (0.5) — 0.0 (0.1) (0.9) (5.1) Balance at December 31, 2022 $ 12.8 $ — $ 2.7 $ — $ 1.6 $ — $ 0.6 $ — $ 17.7 (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. 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, 2020 $ 14.4 $ 0.5 $ 10.2 $ 0.7 $ 3.8 $ 0.0 $ 1.0 $ 0.8 $ 31.4 Add / (Deduct): Provision for expected credit losses 4.8 0.6 (1.7) (0.1) 0.4 0.0 0.0 0.4 4.4 Write-offs charged against the allowance (7.3) (0.1) (4.7) (0.1) (1.1) — 0.0 (0.5) (13.8) Recoveries of amounts previously written off 0.7 — 0.0 0.0 0.0 — — 0.0 0.7 Other adjustments (3) — 0.0 2.4 0.0 (1.4) 0.0 0.0 — 1.0 Balance at December 31, 2021 $ 12.6 $ 1.0 $ 6.2 $ 0.5 $ 1.7 $ 0.0 $ 1.0 $ 0.7 $ 23.7 (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)	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Schedule of Lease Terms by Asset Category	The Company's leased asset categories generally carry the following lease terms: Real estate leases 3 to 10 years Delivery equipment leases 3 to 8 years Other non-real estate leases 3 to 5 years
Schedule of Components of Lease Expense and Cash Flows	The components of lease expense were as follows: (in millions) Year Ended December 31, Lease Classification Financial Statement Classification 2022 2021 2020 Short-term lease expense (1) Operating expenses $ 3.2 $ 4.0 $ 2.3 Operating lease expense (2) Operating expenses $ 90.9 $ 100.9 $ 111.8 Finance lease expense: Amortization of right-of-use assets Depreciation and amortization $ 11.6 $ 14.7 $ 14.7 Interest expense Interest expense, net 1.8 2.8 3.0 Total finance lease expense $ 13.4 $ 17.5 $ 17.7 Total Lease Cost $ 107.5 $ 122.4 $ 131.8 (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 years ended December 31, 2022, 2021 and 2020. Cash paid for amounts included in the measurement of lease liabilities was as follows: (in millions) Year Ended December 31, Lease Classification Financial Statement Classification 2022 2021 2020 Operating Leases: Operating cash flows from operating leases Operating activities $ 92.4 $ 103.3 $ 111.1 Finance Leases: Operating cash flows from finance leases Operating activities $ 1.8 $ 2.8 $ 3.0 Financing cash flows from finance leases Financing activities 11.6 13.8 13.0
Schedule of Supplemental Balance Sheet and Other Information	Supplemental balance sheets and other information were as follows: (in millions, except weighted-average data) As of December 31, Lease Classification Financial Statement Classification 2022 2021 Operating Leases: Operating lease right-of-use assets Other non-current assets $ 304.3 $ 375.6 Operating lease obligations - current Other accrued liabilities $ 67.9 $ 80.2 Operating lease obligations - non-current Other non-current liabilities 266.0 329.3 Total operating lease obligations $ 333.9 $ 409.5 Weighted-average remaining lease term in years 5.9 6.2 Weighted-average discount rate 4.6 % 4.5 % (in millions, except weighted-average data) As of December 31, Lease Classification Financial Statement Classification 2022 2021 Finance Leases: Finance lease right-of-use assets Property and equipment $ 29.7 $ 66.3 Finance lease obligations - current Current portion of debt $ 8.8 $ 13.9 Finance lease obligations - non-current Long-term debt, net of current portion 24.1 58.9 Total finance lease obligations $ 32.9 $ 72.8 Weighted-average remaining lease term in years 3.7 6.4 Weighted-average discount rate 4.2 % 3.7 %
Schedule of Operating Lease Maturity	Future minimum lease payments at December 31, 2022 were as follows: (in millions) Finance Leases Operating Leases (1) 2023 $ 10.6 $ 81.8 2024 8.4 69.9 2025 7.7 57.9 2026 5.0 52.8 2027 2.6 45.1 Thereafter 1.9 75.2 Total future minimum lease payments 36.2 382.7 Amount representing interest (3.3) (48.8) Total future minimum lease payments, net of interest $ 32.9 $ 333.9 (1) Future sublease income of $2.2 million is excluded from the operating leases amount in the table above.
Schedule of Finance Lease Maturity	Future minimum lease payments at December 31, 2022 were as follows: (in millions) Finance Leases Operating Leases (1) 2023 $ 10.6 $ 81.8 2024 8.4 69.9 2025 7.7 57.9 2026 5.0 52.8 2027 2.6 45.1 Thereafter 1.9 75.2 Total future minimum lease payments 36.2 382.7 Amount representing interest (3.3) (48.8) Total future minimum lease payments, net of interest $ 32.9 $ 333.9 (1) Future sublease income of $2.2 million is excluded from the operating leases amount in the table above.

Restructuring Charges (Tables)

Restructuring Charges (Tables)	12 Months Ended
	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Related Costs	The following table presents a summary of restructuring charges, net (in millions) Severance and Related Costs Other Direct Costs (Gain) Loss on Sale of Assets and Other Total 2022 $ 0.6 $ 5.9 $ (4.5) $ 2.0 Cumulative 41.4 36.6 (8.4) 69.6 See the table below for a summary of the net withdrawal charges and the year-end balance sheet liability positions: Year Ended December 31, (in millions) Distribution expenses 2022 $ 4.9 2021 0.5 2020 7.2 As of December 31, (in millions) Other accrued liabilities Other non-current liabilities 2022 $ 1.8 $ 44.5 2021 1.8 41.4
Schedule of Restructuring Reserve	The following is a summary of the Company's 2020 Restructuring Plan liability activity for the periods presented: (in millions) Severance and Related Costs Other Direct Costs Total Balance at December 31, 2020 $ 15.4 $ 6.9 $ 22.3 Costs incurred 2.1 10.4 12.5 Payments (12.8) (13.6) (26.4) Balance at December 31, 2021 4.7 3.7 8.4 Costs incurred 0.6 2.6 3.2 Payments (4.4) (4.0) (8.4) Balance at December 31, 2022 $ 0.9 $ 2.3 $ 3.2

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table sets forth the changes in the carrying amount of the Packaging reportable segment's goodwill during 2022 and 2021: (in millions) Packaging Balance at December 31, 2020: Goodwill $ 99.6 Accumulated impairment losses — Net goodwill 2020 99.6 2021 Activity: Goodwill acquired — Impairment of goodwill — Balance at December 31, 2021: Goodwill 99.6 Accumulated impairment losses — Net goodwill 2021 99.6 2022 Activity: Goodwill acquired — Sale of business (3.3) Impairment of goodwill — Balance at December 31, 2022: Goodwill 96.3 Accumulated impairment losses — Net goodwill 2022 $ 96.3
Schedule of Finite-Lived Intangible Assets	The components of the Company's other intangible assets were as follows: December 31, 2022 (in millions) Gross Carrying Amount Accumulated Amortization Disposal Net Customer relationships $ 67.7 $ 29.5 $ 2.6 $ 35.6 Trademarks/Trade names 3.8 3.8 — — Total $ 71.5 $ 33.3 $ 2.6 $ 35.6 December 31, 2021 (in millions) Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 67.7 $ 25.0 $ 42.7 Trademarks/Trade names 3.8 3.8 — Total $ 71.5 $ 28.8 $ 42.7
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Estimated aggregate amortization expense for each of the five succeeding years is as follows: (in millions) Total 2023 $ 4.4 2024 4.4 2025 4.4 2026 4.4 2027 4.4

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt Obligations	The Company's debt obligations were as follows: As of December 31, (in millions) 2022 2021 Asset-Based Lending Facility (the "ABL Facility") $ 229.2 $ 440.8 Commercial card program 1.6 2.1 Vendor-based financing arrangements 14.5 — Finance leases 32.9 72.8 Total debt 278.2 515.7 Less: current portion of debt (13.4) (16.0) Long-term debt, net of current portion $ 264.8 $ 499.7

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of Income (Loss) before Income Tax, Domestic and Foreign	The domestic (U.S.) and foreign components of the Company's income (loss) before income taxes were as follows: Year Ended December 31, (in millions) 2022 2021 2020 Domestic (U.S.) $ 410.3 $ 173.9 $ 30.8 Foreign 21.6 23.6 12.2 Income (loss) before income taxes $ 431.9 $ 197.5 $ 43.0
Schedule of Provision for Income Tax (Benefit) Expense	Income tax expense (benefit) on the Consolidated Statements of Operations consisted of the following: Year Ended December 31, (in millions) 2022 2021 2020 Current Provision: U.S. Federal $ 53.6 $ 32.7 $ 4.7 U.S. State 17.6 8.5 3.9 Foreign 5.7 2.5 2.0 Total current income tax expense $ 76.9 $ 43.7 $ 10.6 Deferred, net: U.S. Federal $ 13.8 $ 3.9 $ (2.6) U.S. State 3.2 1.5 (0.4) Foreign 0.1 3.8 1.2 Total deferred, net $ 17.1 $ 9.2 $ (1.8) Provision for income tax expense $ 94.0 $ 52.9 $ 8.8
Schedule of Effective Income Tax Rate Reconciliation	Reconciliation between the federal statutory rate and the effective tax rate is as follows (see Note 8, Related Party Transactions , for additional information related to the Tax Receivable Agreement ("TRA")): Year Ended December 31, (in millions) 2022 2021 2020 Income (loss) before income taxes $ 431.9 $ 197.5 $ 43.0 Statutory U.S. income tax rate 21.0 % 21.0 % 21.0 % Tax expense (benefit) using statutory U.S. income tax rate $ 90.7 $ 41.5 $ 9.0 Foreign income tax rate differential 1.2 1.3 0.6 State tax (net of federal benefit) 17.1 8.8 2.6 Non-deductible expenses 10.3 3.5 2.3 Global Intangible Low Taxed Income — 1.8 (1.5) Foreign-Derived Intangible Income (1.6) (1.5) — TRA — — (3.7) Tax credits (1.9) (2.8) (1.9) Impact of CARES Act — — (2.4) Stock compensation vesting (14.4) (1.0) 2.1 Sale of foreign subsidiary (26.1) — — Change in valuation allowance - U.S. Federal 16.9 — — Change in valuation allowance - Foreign 0.1 0.2 — Foreign taxes 1.3 1.2 1.6 Other 0.4 (0.1) 0.1 Income tax provision $ 94.0 $ 52.9 $ 8.8 Effective income tax rate 21.8 % 26.8 % 20.5 %
Schedule of Deferred Tax Assets and Liabilities	Components of deferred income tax assets and liabilities were as follows: As of December 31, 2022 2021 (in millions) U.S. Non-U.S. U.S. Non-U.S. Deferred income tax assets: Accrued compensation $ 39.4 $ — $ 41.8 $ 0.0 Finance leases 7.4 — 8.9 9.4 Lease obligations 83.2 4.4 91.2 15.6 Net operating losses and credit carryforwards 22.0 1.3 23.7 1.1 Capital loss carryforward 19.8 — — — Allowance for credit losses 7.0 0.2 9.5 0.2 Other 4.3 2.0 5.4 1.0 Gross deferred income tax assets 183.1 7.9 180.5 27.3 Less valuation allowance (19.9) (1.1) (0.1) (1.1) Total deferred tax asset $ 163.2 $ 6.8 $ 180.4 $ 26.2 As of December 31, 2022 2021 (in millions) U.S. Non-U.S. U.S. Non-U.S. Deferred income tax liabilities: Property and equipment, net $ (21.5) $ — $ (20.1) $ (8.4) Lease assets (77.1) (4.4) (84.6) (14.9) Inventory reserve (25.4) — (20.5) — Other (12.6) — (11.0) — Total deferred tax liability $ (136.6) $ (4.4) $ (136.2) $ (23.3) Net deferred income tax asset $ 26.6 $ 2.4 $ 44.2 $ 2.9
Summary of Valuation Allowance	Deferred income tax asset valuation allowance is as follows: (in millions) U.S. Non-U.S. Total Balance at December 31, 2020 $ 1.3 $ 1.0 $ 2.3 Additions — 0.2 0.2 Subtractions (1.2) — (1.2) Currency translation adjustments — (0.1) (0.1) Balance at December 31, 2021 0.1 1.1 1.2 Additions 19.8 0.1 19.9 Subtractions 0.0 — 0.0 Currency translation adjustments — (0.1) (0.1) Balance at December 31, 2022 $ 19.9 $ 1.1 $ 21.0

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the financial impact of the transactions with Georgia-Pacific during the portion of 2020 when it was considered a related party: Year Ended December 31, (in millions) 2020 Sales to Georgia-Pacific, reflected in net sales $ 19.7 Purchases of inventory from Georgia-Pacific, recognized in cost of products sold 55.6

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
Schedule of Deferred Compensation Liability	The liabilities associated with these U.S. plans are summarized in the table below. As of December 31, (in millions) 2022 2021 Other accrued liabilities $ 2.8 $ 4.0 Other non-current liabilities 16.5 19.3 Total liabilities $ 19.3 $ 23.3
Schedule of Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan	The following table provides information about Veritiv's U.S. and Canadian defined benefit pension plans and Supplemental Executive Retirement Plans ("SERP"): Year Ended December 31, 2022 2021 (in millions) U.S. Canada (1) U.S. Canada Accumulated benefit obligation, end of year $ 53.6 $ — $ 68.0 $ 82.9 Change in projected benefit obligation: Benefit obligation, beginning of year $ 68.0 $ 87.8 $ 68.6 $ 95.3 Service cost 1.1 0.1 1.3 0.4 Interest cost 1.3 0.8 1.0 2.0 Actuarial (gain) loss (13.6) (17.7) 1.7 (5.7) Benefits paid (0.9) (1.6) (0.6) (4.6) Settlements (2.3) — (4.0) — Divestitures (2) — (68.8) — — Foreign exchange adjustments — (0.6) — 0.4 Projected benefit obligation, end of year $ 53.6 $ — $ 68.0 $ 87.8 Change in plan assets: Plan assets, beginning of year $ 65.0 $ 89.0 $ 63.4 $ 82.0 Employer contributions 0.0 0.1 0.0 0.3 Investment returns (6.6) (8.4) 6.9 11.1 Benefits paid (0.9) (1.6) (0.6) (4.6) Administrative expenses paid (1.5) — (0.7) — Settlements (2.3) — (4.0) — Divestitures (2) — (78.4) — — Foreign exchange adjustments — (0.7) — 0.2 Plan assets, end of year $ 53.7 $ — $ 65.0 $ 89.0 Funded status, end of year $ 0.1 $ — $ (3.0) $ 1.2 (1) The amounts for Canada reflect activity through the divestiture date. (2) The divestitures amounts are included in the calculation of the gain on the sale of the Veritiv Canada, Inc. business. See Note 17, Divestitures , for additional information related to the Company's business divestitures.
Schedule of Amounts Recognized in Balance Sheet	Balance Sheet Positions As of December 31, 2022 2021 (in millions) U.S. U.S. Canada Non-current assets $ 0.6 $ — $ 5.7 Other accrued liabilities (0.1) (0.1) (0.2) Defined benefit pension obligations (0.4) (2.9) (4.3) Net asset (liability) recognized $ 0.1 $ (3.0) $ 1.2 Amounts included in AOCL - net actuarial (gain) loss, net of tax $ (3.9) $ (0.5) $ (0.5)
Schedule of Net Periodic Benefit Cost Not yet Recognized	Total net periodic benefit cost (credit) associated with the defined benefit pension and SERP plans is summarized below: Year Ended December 31, 2022 2021 2020 (in millions) U.S. Canada (1) U.S. Canada U.S. Canada Components of net periodic benefit cost (credit): Service cost $ 2.2 $ 0.1 $ 2.1 $ 0.4 $ 2.1 $ 0.4 Interest cost $ 1.3 $ 0.8 $ 1.0 $ 2.0 $ 1.6 $ 2.4 Expected return on plan assets (2.0) (0.4) (4.3) (4.1) (3.9) (3.9) Settlement (gain) loss 0.0 (7.0) 0.0 0.2 0.0 0.1 Amortization of net loss — 0.0 — 0.2 0.0 0.2 Total other components $ (0.7) $ (6.6) $ (3.3) $ (1.7) $ (2.3) $ (1.2) Net periodic benefit cost (credit) $ 1.5 $ (6.5) $ (1.2) $ (1.3) $ (0.2) $ (0.8) Changes to funded status recognized in other comprehensive (income) loss: Net (gain) loss during year, net of tax $ (3.4) $ 0.5 $ (0.7) $ (9.4) $ (0.5) $ 3.4 (1) The amounts for Canada reflect activity through the divestiture date.
Schedule of Fair Value Hierarchy of Plan Assets and Weighted-Average Asset Allocations	The following tables present Veritiv's plan assets using the fair value hierarchy which is reconciled to the amounts presented for the total pension benefit plan assets: As of December 31, 2022 As of December 31, 2021 (in millions) Total Level 1 Level 2 Total Level 1 Level 2 Investments – U.S.: Equity securities $ 5.0 $ 5.0 $ — $ 3.3 $ 3.3 $ — Fixed income securities 23.8 23.8 — 31.5 31.5 — Hedge Fund-of-Funds 0.9 — 0.9 4.2 — 4.2 Cash and short-term securities 24.0 24.0 — 26.0 26.0 — Total $ 53.7 $ 52.8 $ 0.9 $ 65.0 $ 60.8 $ 4.2 As of December 31, 2021 (in millions) Total Level 1 Investments – Canada: Cash and short-term securities $ 0.7 $ 0.7 Investments measured at NAV: Equity securities 61.9 Fixed income securities 26.4 Total $ 89.0 $ 0.7 The weighted-average asset allocations of invested assets within Veritiv's defined benefit pension plans were as follows: As of December 31, 2022 Asset Allocation Range (in millions) U.S. U.S. Equity securities $ 5.0 5% - 15% Fixed income securities 23.8 40% - 50% Hedge Fund-of-Funds 0.9 0% - 10% Cash and short-term securities 24.0 40% - 50% Total $ 53.7 As of December 31, 2021 Asset Allocation Range (in millions) U.S. Canada U.S. Canada Equity securities $ 3.3 $ 61.9 0% - 15% 50% - 70% Fixed income securities 31.5 26.4 45% - 55% 30% - 50% Hedge Fund-of-Funds 4.2 — 0% - 10% —% - —% Cash and short-term securities 26.0 0.7 35% - 45% 0% - 5% Total $ 65.0 $ 89.0
Schedule of Significant Weighted-Average Assumptions	The following table presents significant weighted-average assumptions used in computing the benefit obligations: As of December 31, 2022 2021 2020 U.S. U.S. Canada U.S. Canada Discount rate 5.16 % 2.54 % 2.95 % 2.15 % 2.50 % Rate of compensation increases N/A N/A 3.00 % N/A 3.00 % The following table presents significant weighted-average assumptions used in computing net periodic benefit cost (credit): Year Ended December 31, 2022 2021 2020 U.S. Canada (1) U.S. Canada U.S. Canada Discount rate 2.53 % 4.60 % 2.13 % 2.50 % 2.98 % 3.10 % Rate of compensation increases N/A 3.00 % N/A 3.00 % N/A 3.00 % Expected long-term rate of return on assets 3.37 % 5.00 % 7.15 % 5.00 % 7.15 % 5.25 % Interest crediting rate 2.11 % N/A 1.43 % N/A 2.73 % N/A (1) The rates for Canada are for the period through the divestiture date.
Schedule of Expected Benefit Payments	Future benefit payments under the defined benefit pension and SERP plans are estimated as follows, and include an estimated payment of $43.6 million in 2023 to terminate and settle the U.S. Veritiv Pension Plan: (in millions) U.S. 2023 $ 43.9 2024 0.3 2025 0.4 2026 0.5 2027 0.6 2028 – 2032 3.9
Schedule of Restructuring and Related Costs	The following table presents a summary of restructuring charges, net (in millions) Severance and Related Costs Other Direct Costs (Gain) Loss on Sale of Assets and Other Total 2022 $ 0.6 $ 5.9 $ (4.5) $ 2.0 Cumulative 41.4 36.6 (8.4) 69.6 See the table below for a summary of the net withdrawal charges and the year-end balance sheet liability positions: Year Ended December 31, (in millions) Distribution expenses 2022 $ 4.9 2021 0.5 2020 7.2 As of December 31, (in millions) Other accrued liabilities Other non-current liabilities 2022 $ 1.8 $ 44.5 2021 1.8 41.4
Schedule of Multiemployer Plans	Veritiv's participation in the MEPPs for the year ended December 31, 2022, is outlined in the table below. The "EIN" and "Pension Plan Number" columns provide the Employer Identification Number and the three-digit plan number for each applicable plan. The Pension Protection Act zone listed below is based on the latest information Veritiv received from the plan and is certified by the plan's actuary. Plans in the red zone are generally less than 65% funded, plans in the yellow zone are less than 80% funded and plans in the green zone are at least 80% funded. There were no changes in the status of any zones based on the information provided to Veritiv during 2022. The "FIP/RP Status Pending/Implemented" column indicates plans for which a financial improvement plan or a rehabilitation plan is either pending or has been implemented. The last column lists the expiration date(s) of the collective-bargaining agreement(s). Contributions in the table below, for the years ended December 31, 2022, 2021 and 2020, exclude $1.8 million, $1.8 million and $1.9 million, respectively, related to payments made for accrued withdrawal liabilities. Pension Fund EIN Pension Plan Number Pension Protection Act Zone Status FIP/RP Status Pending/ Implemented Veritiv's Contributions Surcharge Imposed Expiration Date(s) of Collective Bargaining Agreement(s) 2022 2021 2020 Western Conference of Teamsters Pension Trust Fund (1) 91-6145047 001 Green No $ 0.9 $ 0.9 $ 1.1 No 7/31/2023 - 12/31/2025 Teamsters Pension Plan of Philadelphia & Vicinity 23-1511735 001 Yellow Implemented 0.3 0.4 0.4 Yes Complete exit on December 31, 2024 Western Pennsylvania Teamsters and Employers Pension Plan 25-6029946 001 Red Implemented — — 0.1 Yes Partial exit during 2019; complete exit during 2020 Contributions for individually significant plans 1.2 1.3 1.6 Contributions to other multi-employer plans 0.1 0.4 0.4 Total contributions $ 1.3 $ 1.7 $ 2.0 (1) As of December 31, 2022, there were seven collective bargaining units participating in the Western Conference of Teamsters Pension Trust. As of December 31, 2022, none were then in negotiations.

Supplementary Financial State_2

Supplementary Financial Statement Information (Tables)	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Other Current Assets	The components of other current assets as of December 31 were as follows: (in millions) 2022 2021 Rebates receivable $ 51.0 $ 59.3 Prepaid expenses 32.4 44.2 Vendor deposits 11.0 8.2 Value Added Tax receivable 6.4 11.9 Other 2.9 9.1 Other current assets $ 103.7 $ 132.7
Schedule of Other Non-Current Assets	The components of other non-current assets as of December 31 were as follows: (in millions) 2022 2021 Operating lease right-of-use assets $ 304.3 $ 375.6 Cloud computing arrangements 17.3 0.3 Investments in real estate joint ventures 8.3 7.7 Deferred financing costs 5.6 7.3 Other 7.9 17.5 Other non-current assets $ 343.4 $ 408.4
Schedule of Accrued Payroll and Benefits	The components of accrued payroll and benefits as of December 31 were as follows: (in millions) 2022 2021 Accrued incentive plans $ 57.0 $ 60.1 Accrued payroll and related taxes 15.8 28.7 Accrued commissions 15.7 17.9 Accrued cash-based long-term incentive awards, current portion 15.2 — Other 2.5 3.3 Accrued payroll and benefits $ 106.2 $ 110.0
Schedule of Other Accrued Liabilities	The components of other accrued liabilities as of December 31 were as follows: (in millions) 2022 2021 Operating lease obligations - current $ 67.9 $ 80.2 Accrued customer incentives 19.5 23.5 Accrued taxes 12.7 17.8 Accrued professional fees 12.6 5.4 Accrued freight 5.8 12.3 Other 35.6 46.5 Other accrued liabilities $ 154.1 $ 185.7
Schedule of Other Non-Current Liabilities	The components of other non-current liabilities as of December 31 were as follows: (in millions) 2022 2021 Operating lease obligations - non-current $ 266.0 $ 329.3 MEPP withdrawals 44.5 41.4 Deferred compensation 16.5 19.3 Accrued cash-based long-term incentive awards, non-current portion 7.1 16.6 Other 7.6 15.5 Other non-current liabilities $ 341.7 $ 422.1

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Schedule of Earnings (Loss) Per Share, Basic and Diluted	A summary of the numerators and denominators used in the basic and diluted earnings (loss) per share calculations is as follows: Year Ended December 31, (in millions, except per share data) 2022 2021 2020 Numerator: Net income (loss) $ 337.9 $ 144.6 $ 34.2 Denominator: Weighted-average shares outstanding – basic 14.17 15.22 15.96 Dilutive effect of stock-based awards 0.34 0.83 0.52 Weighted-average shares outstanding – diluted 14.51 16.05 16.48 Earnings (loss) per share: Basic $ 23.85 $ 9.50 $ 2.14 Diluted $ 23.29 $ 9.01 $ 2.08 Antidilutive stock-based awards excluded from computation of diluted earnings per share ("EPS") 0.07 0.00 0.28 Performance stock-based awards excluded from computation of diluted EPS because performance conditions had not been met 0.00 0.00 0.08

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Schedule of Incentive Plan Shares Issued	See the table below for information related to these transactions: Year Ended December 31, (in millions) 2022 2021 2020 Shares issued 0.7 0.6 0.3 Shares recovered for minimum tax withholding (0.2) (0.2) (0.1) Net shares issued 0.5 0.4 0.2
Schedule of Accumulated Other Comprehensive Loss	The following table provides the components of AOCL (amounts are shown net of their related income tax effect, if any): (in millions) Foreign currency translation adjustments Retirement liabilities Interest rate cap AOCL Balance at December 31, 2020 $ (24.2) $ (9.1) $ (0.2) $ (33.5) Unrealized net gains (losses) arising during the period (1.2) 10.1 0.0 8.9 Amounts reclassified from AOCL 0.2 0.0 0.1 0.3 Net current period other comprehensive income (loss) (1.0) 10.1 0.1 9.2 Balance at December 31, 2021 (25.2) 1.0 (0.1) (24.3) Unrealized net gains (losses) arising during the period (1.0) 9.9 0.1 9.0 Amounts reclassified from AOCL 9.6 (7.0) — 2.6 Net current period other comprehensive income (loss) 8.6 2.9 0.1 11.6 Balance at December 31, 2022 $ (16.6) $ 3.9 $ — $ (12.7)

Long-Term Incentive Compensat_2

Long-Term Incentive Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of Activity of Non-Vested Restricted Stock Units	A summary of activity related to non-vested RSUs is presented below: 2022 2021 2020 (units in thousands) Number of RSUs Weighted-Average Grant Date Fair Value Per Share Number of RSUs Weighted-Average Grant Date Fair Value Per Share Number of RSUs Weighted-Average Grant Date Fair Value Per Share Non-vested at beginning of year 456 $19.91 556 $22.59 369 $32.00 Granted 93 $118.02 243 $19.79 352 $18.59 Vested (170) $21.87 (288) $24.93 (99) $43.48 Forfeited (32) $35.98 (55) $20.24 (66) $22.69 Non-vested at end of year 347 $43.69 456 $19.91 556 $22.59
Stock-based and Cash-based Long-term Incentive Compensation Expense and The Related Income Tax Benefits	The following table summarizes the Company's stock-based and cash-based long-term incentive compensation expense and the related income tax benefits: Year Ended December 31, (in millions) 2022 2021 2020 Stock-based long-term incentive compensation expense $ 9.5 $ 7.4 $ 17.7 Cash-based long-term incentive compensation expense 5.1 10.8 6.5 Income tax benefit - stock-based long-term incentive compensation expense 2.4 1.9 4.6 Income tax benefit - cash-based long-term incentive compensation expense 1.3 2.8 1.7
Performance Condition Stock Units (PCSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of Activity of Non-Vested Performance Units	A summary of activity related to non-vested PSUs is presented below: 2022 2021 2020 (units in thousands) Number of PSUs Weighted-Average Grant Date Fair Value Per Share Number of PSUs Weighted-Average Grant Date Fair Value Per Share Number of PSUs Weighted-Average Grant Date Fair Value Per Share Non-vested at beginning of year 280 $21.79 587 $23.06 645 $25.10 Granted (1) 77 $122.44 — $— — $— Shares gained (lost) based on actual performance (2) (3) 117 $20.88 (31) $23.60 183 $19.67 Vested (397) $20.88 (249) $23.60 (102) $35.70 Forfeited (7) $122.57 (27) $21.95 (139) $28.26 Non-vested at end of year 70 $122.43 280 $21.79 587 $23.06 (1) The per share value for the 2022 grants represents the weighted-average grant date fair value for the 2022 Packaging Gross Profit Dollar Growth and Return on Invested Capital awards. (2) Shares gained (lost) based on actual performance are reflected in the year of vesting. The current year amount may include adjustments for prior years' activity. (3) The per share value for shares gained (lost) based on actual performance in 2022 represents the weighted-average grant date fair value for the shares vesting in that year.
Market Condition Performance Stock Units (MCPSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of Activity of Non-Vested Performance Units	A summary of activity related to non-vested MCPSUs is presented below: 2022 2021 2020 (units in thousands) Number of MCPSUs Weighted-Average Grant Date Fair Value Per Share Number of MCPSUs Weighted-Average Grant Date Fair Value Per Share Number of MCPSUs Weighted-Average Grant Date Fair Value Per Share Non-vested at beginning of year 168 $31.51 20 $34.35 274 $40.81 Granted — $— — $— — $— Shares gained (lost) based on actual performance (1)(2) (38) $31.52 250 $37.79 (110) $34.35 Vested (130) $31.52 (86) $37.79 — $— Forfeited/cancelled — $— (16) $31.95 (144) $58.89 Non-vested at end of year — $— 168 $31.51 20 $34.35 (1) Shares gained (lost) based on actual performance are reflected in the year of vesting. The current year amount may include adjustments for prior years' activity. (2) The per share value for shares gained (lost) based on actual performance in 2022 represents the weighted-average grant date fair value for the shares vesting in that year.
Cash-Based Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of Activity of Non-Vested Performance Units	A summary of activity related to non-vested PBUs is presented below: 2022 2021 2020 (units in thousands) Number of PBUs Grant Date Fair Value Per Share Number of PBUs Grant Date Fair Value Per Share Number of PBUs Grant Date Fair Value Per Share Non-vested at beginning of year 17,984 $1.00 11,613 $1.00 — $ — Granted — $— 9,408 $1.00 11,863 $ 1.00 PBUs gained (lost) based on actual performance (1) — $— (1,057) $1.00 1,056 $ 1.00 Vested — $— (20) $1.00 — $ — Forfeited/cancelled (1,896) $1.00 (1,960) $1.00 (1,306) $ 1.00 Non-vested at end of year 16,088 $1.00 17,984 $1.00 11,613 $ 1.00 (1) Shares gained (lost) based on actual performance are reflected in the year of vesting. The current year amount may include adjustments for prior years' activity.

Segment and Other Information (

Segment and Other Information (Tables)	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Schedule of 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 Year Ended December 31, 2022 Net sales $ 3,908.5 $ 780.6 $ 2,378.8 $ 7,067.9 $ 78.4 $ 7,146.3 Adjusted EBITDA 415.9 60.7 239.6 716.2 (198.3) Depreciation and amortization 22.9 5.2 4.3 32.4 13.2 45.6 Restructuring charges, net 1.4 0.3 0.3 2.0 0.0 2.0 Total assets, end of period 1,286.3 173.4 545.4 2,005.1 84.5 2,089.6 Year Ended December 31, 2021 Net sales $ 3,760.4 $ 894.0 $ 2,080.8 $ 6,735.2 $ 115.3 $ 6,850.5 Adjusted EBITDA 393.5 52.7 114.7 560.9 (218.3) Depreciation and amortization 24.5 7.5 6.3 38.3 16.9 55.2 Restructuring charges, net 8.8 1.7 3.3 13.8 1.6 15.4 Total assets, end of period 1,482.6 280.6 546.7 2,309.9 128.5 2,438.4 Year Ended December 31, 2020 Net sales $ 3,316.7 $ 922.3 $ 2,001.7 $ 6,240.7 $ 104.9 $ 6,345.6 Adjusted EBITDA 300.0 41.6 46.5 388.1 (200.5) Depreciation and amortization 22.5 7.9 7.8 38.2 19.5 57.7 Restructuring charges, net 16.0 5.1 23.8 44.9 7.3 52.2 Total assets, end of period 1,332.9 314.7 528.9 2,176.5 158.5 2,335.0
Reconciliation of Total Adjusted EBITDA to Net Income (Loss)	The table below presents a reconciliation of net income (loss) as reflected on the Consolidated Statements of Operations to Adjusted EBITDA for the reportable segments: Year Ended December 31, (in millions) 2022 2021 2020 Net income (loss) $ 337.9 $ 144.6 $ 34.2 Interest expense, net 17.7 17.2 25.1 Income tax expense (benefit) 94.0 52.9 8.8 Depreciation and amortization 45.6 55.2 57.7 Restructuring charges, net 2.0 15.4 52.2 Gain on sale of businesses (29.7) (3.1) — Facility closure charges, including (gain) loss from asset disposition 0.0 0.1 (3.7) Stock-based compensation 9.5 7.4 17.7 LIFO reserve (decrease) increase 32.1 43.6 (1.5) Non-restructuring severance charges 4.3 7.8 4.1 Non-restructuring pension charges (benefits) (2.1) 0.5 7.2 Fair value adjustment on TRA contingent liability — — (19.1) Fair value adjustment on contingent consideration liability — — 1.0 Escheat audit contingent liability — — (0.2) Other 6.6 1.0 4.1 Adjustment for Corporate & Other 198.3 218.3 200.5 Adjusted EBITDA for reportable segments $ 716.2 $ 560.9 $ 388.1
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas	The following table presents net sales as well as property and equipment and operating lease ROU assets, which are shown net of accumulated depreciation and or accumulated amortization, by geographic area: Net Sales Property and Equipment Operating Lease ROU Assets Year Ended December 31, As of December 31, As of December 31, (in millions) 2022 2021 2020 2022 2021 2022 2021 U.S. $ 6,679.7 $ 5,919.2 $ 5,521.8 $ 122.0 $ 120.1 $ 294.3 $ 321.7 Canada 260.0 722.3 650.9 — 38.7 — 43.5 Rest of world 206.6 209.0 172.9 5.5 4.1 10.0 10.4 Total $ 7,146.3 $ 6,850.5 $ 6,345.6 $ 127.5 $ 162.9 $ 304.3 $ 375.6

Business and Summary of Signi_4

Business and Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Contract with customer, term	1 year
Distribution expenses	$ 262,900,000	$ 271,000,000	$ 273,600,000
Cash and cash equivalents	$ 40,600,000	$ 49,300,000	$ 120,600,000	$ 38,000,000
Percentage of LIFO inventory	96%	80%
Excess of replacement or current costs over stated LIFO value	$ 165,600,000	$ 134,500,000
Consigned inventory	$ 24,200,000	24,100,000
Percent threshold of the higher of fair value of plan assets or the projected benefit obligation over the estimated remaining service period of active participants	10%
Minimum
Business Acquisition [Line Items]
Capitalized computer software, amortization period	3 years
Maximum
Business Acquisition [Line Items]
Capitalized computer software, amortization period	10 years
Money Market Funds
Business Acquisition [Line Items]
Cash and cash equivalents	$ 0	$ 0
Ten Suppliers | Purchases | Supplier Concentration Risk
Business Acquisition [Line Items]
Concentration risk	29%

Business and Summary of Signi_5

Business and Summary of Significant Accounting Policies - Plant Property & Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Finance leases	$ 67.5	$ 112.2
Less: Accumulated depreciation and amortization	(325.5)	(332.4)
Property and equipment (net of accumulated depreciation and amortization)	127.5	162.9
Unamortized internal use software costs, including amounts recorded in CIP	17.6	10.5
Land, buildings and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 94.9	94.6
Land, buildings and improvements | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	1 year
Land, buildings and improvements | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	40 years
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 142	156.1
Machinery and equipment | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Machinery and equipment | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	15 years
Internal use software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 136.1	122.8
Internal use software | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Internal use software | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
CIP
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 12.5	$ 9.6

Business and Summary of Signi_6

Business and Summary of Significant Accounting Policies - Schedule of Property, Plant and Equipment, Depreciation and Amortization (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 30.2	$ 36.6	$ 36.8
Depreciation and amortization expense related to property and equipment	45.6	55.2	57.7
Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense related to property and equipment	41.1	50.5	52.9
Internal use software
Property, Plant and Equipment [Line Items]
Amortization expense - internal use software	$ 10.9	$ 13.9	$ 16.1

Business and Summary of Signi_7

Business and Summary of Significant Accounting Policies- Schedule of Cloud Computing Arrangements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Capitalized Contract Cost [Line Items]
Capitalized implementation costs expensed	$ 0.4	$ 0.3	$ 0.1
In Service
Capitalized Contract Cost [Line Items]
Other current assets	0.5	0.3
Other non-current assets	2	0.3
Total net capitalized implementation costs in service	2.5	0.6
Pending Placement in to Service
Capitalized Contract Cost [Line Items]
Other current assets	0	0.3
Other non-current assets	$ 15.3	$ 0

Revenue Recognition and Credi_3

Revenue Recognition and Credit Losses - Narrative (Details) $ in Millions	4 Months Ended	12 Months Ended
	May 02, 2022	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Concentration Risk [Line Items]
Contract with customer, term		1 year
Equipment sales deposits, approximate holding period		90 days
Number of reportable segments | segment		3
Notes receivable, provision for expected credit losses		$ (0.7)	$ 0.3	$ 5.1
Notes receivable		$ 0.1	$ 0.5
Minimum
Concentration Risk [Line Items]
Other sale arrangement requiring prepayment initial coverage period		60 days
Maximum
Concentration Risk [Line Items]
Other sale arrangement requiring prepayment initial coverage period		90 days
Revenue from Contract with Customer | Product Concentration Risk | Sales Channel, Directly to Consumer
Concentration Risk [Line Items]
Concentration risk		35%
Sales Revenue, Net | Customer Concentration Risk | Minimum | Ten Largest Customers
Concentration Risk [Line Items]
Concentration risk		10%
Sales Revenue, Net | Customer Concentration Risk | Maximum | Ten Largest Customers
Concentration Risk [Line Items]
Concentration risk		15%
Sales Revenue, Net | Geographic Concentration Risk | U.S.
Concentration Risk [Line Items]
Concentration risk		93%
Sales Revenue, Net | Geographic Concentration Risk | Canada
Concentration Risk [Line Items]
Concentration risk	10%

Revenue Recognition and Credi_4

Revenue Recognition and Credit Losses- Remaining Performance Obligation (Details)	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, estimated satisfaction period	12 months

Revenue Recognition and Credi_5

Revenue Recognition and Credit Losses - Schedule of Customer Contract Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Change in Contract with Customer, Liability [Roll Forward]
Beginning balance	$ 16.1	$ 21.8	$ 12.2
Payments received	51.6	52.2
Revenue recognized from beginning of year balance	(18.8)	(10.4)
Revenue recognized from current year receipts	(37.6)	(32.2)
Other adjustments	(0.9)	0
Ending balance	$ 16.1	$ 21.8

Revenue Recognition and Credi_6

Revenue Recognition and Credit Losses - Schedule of Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Allowance for credit losses	$ 17.7	$ 23.7
Other allowances	9	10.7
Total accounts receivable allowances	$ 26.7	$ 34.4	$ 41.6	$ 43.8

Revenue Recognition and Credi_7

Revenue Recognition and Credit Losses - Rollforward of Allowance for Credit Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts Receivable Written-Off [Roll Forward]
Balance at the beginning	$ 34.4	$ 41.6	$ 43.8
Provision for expected credit losses	4.7	4.4	7.3
Net write-offs and recoveries	(5.6)	(13.1)	(6.5)
Other adjustments	(6.8)	1.5	(3)
Balance at the end	$ 26.7	$ 34.4	$ 41.6

Revenue Recognition and Credi_8

Revenue Recognition and Credit Losses - Rollforward of Allowance for Credit Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at the beginning	$ 23.7	$ 31.4
Provision for expected credit losses	4.7	4.4	$ 7.3
Write-offs charged against the allowance	(6.4)	(13.8)
Recoveries of amounts previously written off	0.8	0.7
Other adjustments	(5.1)	1
Balance at the end	17.7	23.7	31.4
Operating Segments | U.S. | Packaging and Facility Solutions
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at the beginning	12.6	14.4
Provision for expected credit losses	4.4	4.8
Write-offs charged against the allowance	(3.5)	(7.3)
Recoveries of amounts previously written off	0.3	0.7
Other adjustments	(1)	0
Balance at the end	12.8	12.6	14.4
Operating Segments | U.S. | Print Solutions | Risk Level, High
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at the beginning	6.2	10.2
Provision for expected credit losses	0.3	(1.7)
Write-offs charged against the allowance	(2.6)	(4.7)
Recoveries of amounts previously written off	0.3	0
Other adjustments	(1.5)	2.4
Balance at the end	2.7	6.2	10.2
Operating Segments | U.S. | Print Solutions | Risk Level, Medium / Low
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at the beginning	1.7	3.8
Provision for expected credit losses	(0.2)	0.4
Write-offs charged against the allowance	(0.1)	(1.1)
Recoveries of amounts previously written off	0.2	0
Other adjustments	0	(1.4)
Balance at the end	1.6	1.7	3.8
Operating Segments | Canada | Packaging and Facility Solutions
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at the beginning	1	0.5
Provision for expected credit losses	0.1	0.6
Write-offs charged against the allowance	0	(0.1)
Recoveries of amounts previously written off	0	0
Other adjustments	(1.1)	0
Balance at the end	0	1	0.5
Operating Segments | Canada | Print Solutions | Risk Level, High
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at the beginning	0.5	0.7
Provision for expected credit losses	0	(0.1)
Write-offs charged against the allowance	0	(0.1)
Recoveries of amounts previously written off	0	0
Other adjustments	(0.5)	0
Balance at the end	0	0.5	0.7
Operating Segments | Canada | Print Solutions | Risk Level, Medium / Low
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at the beginning	0	0
Provision for expected credit losses	0	0
Write-offs charged against the allowance	0	0
Recoveries of amounts previously written off	0	0
Other adjustments	0	0
Balance at the end	0	0	0
Operating Segments | Rest of world
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at the beginning	1	1
Provision for expected credit losses	(0.3)	0
Write-offs charged against the allowance	0	0
Recoveries of amounts previously written off	0	0
Other adjustments	(0.1)	0
Balance at the end	0.6	1	1
Corporate & Other | U.S.
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at the beginning	0.7	0.8
Provision for expected credit losses	0.4	0.4
Write-offs charged against the allowance	(0.2)	(0.5)
Recoveries of amounts previously written off	0	0
Other adjustments	(0.9)	0
Balance at the end	$ 0	$ 0.7	$ 0.8

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) distributionCenter
Lessee, Lease, Description [Line Items]
Number of distribution centers | distributionCenter	95
Number of leased distribution centers | distributionCenter	89
Real estate leases
Lessee, Lease, Description [Line Items]
Finance and operating lease payments due	$ 379.9
Operating lease not yet commenced	$ 4.8
Operating lease not yet commenced, commencement period	6 months
Operating lease not yet commenced, lease term	5 years
Other non-real estate leases
Lessee, Lease, Description [Line Items]
Finance and operating lease payments due	$ 39

Leases - Schedule of Lease Term

Leases - Schedule of Lease Terms by Asset Category (Details)	12 Months Ended
	Dec. 31, 2022
Minimum | Real estate leases
Lessee, Lease, Description [Line Items]
Lease term	3 years
Minimum | Delivery equipment leases
Lessee, Lease, Description [Line Items]
Lease term	3 years
Minimum | Other non-real estate leases
Lessee, Lease, Description [Line Items]
Lease term	3 years
Maximum | Real estate leases
Lessee, Lease, Description [Line Items]
Lease term	10 years
Maximum | Delivery equipment leases
Lessee, Lease, Description [Line Items]
Lease term	8 years
Maximum | Other non-real estate leases
Lessee, Lease, Description [Line Items]
Lease term	5 years

Leases - Schedule of Components

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Short-Term Lease Expense	$ 3.2	$ 4	$ 2.3
Operating lease expense	90.9	100.9	111.8
Finance lease expense:
Amortization of right-of-use assets	11.6	14.7	14.7
Interest expense	1.8	2.8	3
Total finance lease expense	13.4	17.5	17.7
Total Lease Cost	$ 107.5	$ 122.4	$ 131.8

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Balance Sheet and Other Information (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Operating Leases:
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
Operating lease right-of-use assets	$ 304.3	$ 375.6
Operating lease obligations - current	67.9	80.2
Operating lease obligations - non-current	266	329.3
Total operating lease obligations	$ 333.9	$ 409.5
Weighted-average remaining lease term in years	5 years 10 months 24 days	6 years 2 months 12 days
Weighted-average discount rate	4.60%	4.50%
Finance Leases:
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property and equipment (net of accumulated depreciation and amortization of $325.5 and $332.4, respectively)	Property and equipment (net of accumulated depreciation and amortization of $325.5 and $332.4, respectively)
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Commercial card program payable	Commercial card program payable
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term debt, net of current portion	Long-term debt, net of current portion
Finance lease right-of-use assets	$ 29.7	$ 66.3
Finance lease obligations - current	8.8	13.9
Finance lease obligations - non-current	24.1	58.9
Total finance lease obligations	$ 32.9	$ 72.8
Weighted-average remaining lease term in years	3 years 8 months 12 days	6 years 4 months 24 days
Weighted-average discount rate	4.20%	3.70%

Leases - Schedule of Suppleme_2

Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating cash flows from operating leases
Operating cash flows from operating leases	$ 92.4	$ 103.3	$ 111.1
Finance Leases:
Operating cash flows from finance leases	1.8	2.8	3
Financing cash flows from finance leases	$ 11.6	$ 13.8	$ 13

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Operating and Finance Lease Payments (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Finance Leases
2023	$ 10.6
2024	8.4
2025	7.7
2026	5
2027	2.6
Thereafter	1.9
Total future minimum lease payments	36.2
Amount representing interest	(3.3)
Total future minimum lease payments, net of interest	32.9	$ 72.8
Operating Leases
2023	81.8
2024	69.9
2025	57.9
2026	52.8
2027	45.1
Thereafter	75.2
Total future minimum lease payments	382.7
Amount representing interest	(48.8)
Total future minimum lease payments, net of interest	333.9	$ 409.5
Future sublease income	$ 2.2

Restructuring Charges - Narrati

Restructuring Charges - Narrative (Details) - USD ($)	1 Months Ended		12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Estimated percent reduction in salaried workforce		15%			15%
Restructuring charges, net			$ 2,000,000	$ 15,400,000	$ 52,200,000
Lease payment term for properties that were exited before the lease expired			2 years
Withdrawal obligations	$ 41,400,000		$ 44,500,000	41,400,000
Multi-employer pension plans, settlement terms			15 years
2020 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Cumulative			$ 69,600,000
2020 Restructuring Plan | Other Direct Costs
Restructuring Cost and Reserve [Line Items]
Cumulative			36,600,000
Restructuring charges, net			2,600,000	10,400,000
Prepayments made for restructuring	3,300,000	$ 8,100,000
Restructuring prepayments, remaining balance	3,300,000		0	3,300,000
Prepayment recovered				200,000
Restructuring and related cost incurred			5,900,000
Restructuring reserve	3,700,000	$ 6,900,000	2,300,000	3,700,000	$ 6,900,000
2020 Restructuring Plan | (Gain) Loss on Sale of Assets and Other
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost incurred			(4,500,000)	(3,900,000)
Veritiv Restructuring Plan | Restructuring cost
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	22,200,000		21,100,000	22,200,000
Withdrawal obligations	$ 18,800,000		$ 17,700,000	$ 18,800,000

Restructuring Charges - Schedul

Restructuring Charges - Schedule of Restructuring Charges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Restructuring charges, net
2020 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Cumulative	$ 69.6
Total | 2020 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
2022	2
Cumulative	69.6
Severance and Related Costs | 2020 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
2022	0.6
Cumulative	41.4
Other Direct Costs | 2020 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
2022	5.9
Cumulative	36.6
(Gain) Loss on Sale of Assets and Other | 2020 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
2022	(4.5)	$ (3.9)
Cumulative	$ (8.4)

Restructuring Charges - Restruc

Restructuring Charges - Restructuring Liability (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring Reserve [Roll Forward]
Costs incurred	$ 2	$ 15.4	$ 52.2
Severance and Related Costs | 2020 Restructuring Plan
Restructuring Reserve [Roll Forward]
Balance at the beginning	4.7	15.4
Costs incurred	0.6	2.1
Payments	(4.4)	(12.8)
Balance at the end	0.9	4.7	15.4
Other Direct Costs | 2020 Restructuring Plan
Restructuring Reserve [Roll Forward]
Balance at the beginning	3.7	6.9
Costs incurred	2.6	10.4
Payments	(4)	(13.6)
Balance at the end	2.3	3.7	6.9
Total | 2020 Restructuring Plan
Restructuring Reserve [Roll Forward]
Balance at the beginning	8.4	22.3
Costs incurred	3.2	12.5
Payments	(8.4)	(26.4)
Balance at the end	$ 3.2	$ 8.4	$ 22.3

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2017	Dec. 31, 2015	Mar. 31, 2022
Acquired Indefinite-lived Intangible Assets [Line Items]
Goodwill	$ 96,300,000	$ 99,600,000
Goodwill, impairment loss	0	0	$ 0
Goodwill acquired	0	0	0
Other intangibles, net	35,600,000	42,700,000
Amortization of intangible assets	4,500,000	$ 4,700,000	$ 4,800,000
Facility Solutions
Acquired Indefinite-lived Intangible Assets [Line Items]
Goodwill, impairment loss					$ 1,900,000
Logistics solutions business
Acquired Indefinite-lived Intangible Assets [Line Items]
Goodwill, impairment loss				$ 6,100,000
Veritiv Canada Inc
Acquired Indefinite-lived Intangible Assets [Line Items]
Goodwill	$ 3,300,000					$ 3,300,000
Other intangibles, net						$ 2,600,000

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Changes in Goodwill (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Line Items]
Goodwill	$ 96,300,000	$ 99,600,000
Goodwill [Roll Forward]
Net goodwill beginning of period	99,600,000
Goodwill acquired	0	0	$ 0
Impairment of goodwill	0	0	0
Net goodwill end of period	96,300,000	99,600,000
Operating Segments | Packaging
Goodwill [Line Items]
Goodwill	96,300,000	99,600,000	99,600,000
Accumulated impairment losses	0	0	0
Goodwill	96,300,000	99,600,000	99,600,000
Goodwill [Roll Forward]
Net goodwill beginning of period	99,600,000	99,600,000
Goodwill acquired	0	0
Impairment of goodwill	0	0
Sale of business	(3,300,000)
Net goodwill end of period	$ 96,300,000	$ 99,600,000	$ 99,600,000

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	$ 71.5	$ 71.5
Accumulated Amortization	33.3	28.8
Disposal	2.6
Net	35.6	42.7
Customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	67.7	67.7
Accumulated Amortization	29.5	25
Disposal	2.6
Net	35.6	42.7
Trademarks/Trade names
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	3.8	3.8
Accumulated Amortization	3.8	3.8
Disposal	0
Net	$ 0	$ 0

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Future Amortization (Details) $ in Millions	Dec. 31, 2022 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2023	$ 4.4
2024	4.4
2025	4.4
2026	4.4
2027	$ 4.4

Debt - Long-Term Debt Obligatio

Debt - Long-Term Debt Obligations (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Current portion of debt	$ 13.4	$ 16
Finance leases	32.9	72.8
Total debt	278.2	515.7
Less: current portion of debt	(13.4)	(16)
Long-term debt, net of current portion	264.8	499.7
Line of Credit | Asset-Based Lending Facility (the "ABL Facility")
Debt Instrument [Line Items]
Asset-Based Lending Facility (the "ABL Facility")	229.2	440.8
Commercial card program
Debt Instrument [Line Items]
Current portion of debt	$ 1.6	$ 2.1

Debt - Narrative (Details)

Debt - Narrative (Details)		12 Months Ended
	Apr. 09, 2020 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) derivative	Dec. 31, 2020 USD ($) derivative	Sep. 13, 2022 derivative	May 20, 2021 USD ($)	Apr. 08, 2020 USD ($)
Line of Credit Facility [Line Items]
Commercial card, maximum credit limit		$ 37,500,000
Commercial card program payable		$ 13,400,000	$ 16,000,000
Interest Rate Cap
Line of Credit Facility [Line Items]
Derivative, number of instruments held | derivative			1	1
Asset-Based Lending Facility (the "ABL Facility")
Line of Credit Facility [Line Items]
Minimum fixed charge coverage ratio		100%
Asset-Based Lending Facility (the "ABL Facility") | Interest Rate Cap
Line of Credit Facility [Line Items]
Derivative, number of instruments held | derivative					1
Vendor-Based Financing Agreement
Line of Credit Facility [Line Items]
Debt instrument, face amount		$ 18,500,000
Debt Instrument, term		5 years
Asset-Based Lending Facility (the "ABL Facility")		$ 14,500,000	$ 0
Interest rate (as percentage)		3.17%
Line of Credit | Asset-Based Lending Facility (the "ABL Facility")
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,100,000,000						$ 1,400,000,000
Remaining borrowing capacity		$ 711,300,000
Outstanding letters of credit		$ 8,600,000
Weighted average interest rate		6.10%	1.80%
Deferred financing costs	3,400,000					$ 3,300,000
One-time charge to interest expense	$ 600,000
Asset-Based Lending Facility (the "ABL Facility")		$ 229,200,000	$ 440,800,000
Line of Credit | Asset-Based Lending Facility (the "ABL Facility") | Interest Expense
Line of Credit Facility [Line Items]
Amortization and write-off of deferred financing fees		1,700,000	1,500,000	$ 2,100,000
Commercial card program
Line of Credit Facility [Line Items]
Commercial card program payable		$ 1,600,000	$ 2,100,000

Income Taxes - Domestic (United

Income Taxes - Domestic (United States) and Foreign components of Net Income Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Domestic (U.S.)	$ 410.3	$ 173.9	$ 30.8
Foreign	21.6	23.6	12.2
Income (loss) before income taxes	$ 431.9	$ 197.5	$ 43

Income Taxes - Income Tax Expen

Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current Provision:
U.S. Federal	$ 53.6	$ 32.7	$ 4.7
U.S. State	17.6	8.5	3.9
Foreign	5.7	2.5	2
Total current income tax expense	76.9	43.7	10.6
Deferred, net:
U.S. Federal	13.8	3.9	(2.6)
U.S. State	3.2	1.5	(0.4)
Foreign	0.1	3.8	1.2
Total deferred, net	17.1	9.2	(1.8)
Income tax provision	$ 94	$ 52.9	$ 8.8

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Federal Statutory Rate and the Effective Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income (loss) before income taxes	$ 431.9	$ 197.5	$ 43
Statutory U.S. income tax rate	21%	21%	21%
Tax expense (benefit) using statutory U.S. income tax rate	$ 90.7	$ 41.5	$ 9
Foreign income tax rate differential	1.2	1.3	0.6
State tax (net of federal benefit)	17.1	8.8	2.6
Non-deductible expenses	10.3	3.5	2.3
Global Intangible Low Taxed Income	0	1.8	(1.5)
Foreign-Derived Intangible Income	(1.6)	(1.5)	0
TRA	0	0	(3.7)
Tax credits	(1.9)	(2.8)	(1.9)
Impact of CARES Act	0	0	(2.4)
Stock compensation vesting	(14.4)	(1)	2.1
Sale of foreign subsidiary	(26.1)	0	0
Foreign taxes	1.3	1.2	1.6
Other	0.4	(0.1)	0.1
Income tax provision	$ 94	$ 52.9	$ 8.8
Effective income tax rate	21.80%	26.80%	20.50%
U.S.
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Change in valuation allowance - Foreign	$ 16.9	$ 0	$ 0
Foreign
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Change in valuation allowance - Foreign	$ 0.1	$ 0.2	$ 0

Income Taxes - Deferred Income

Income Taxes - Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Deferred income tax assets:
Capital loss carryforward	$ 98.5
U.S.
Deferred income tax assets:
Accrued compensation	39.4	$ 41.8
Finance leases	7.4	8.9
Lease obligations	83.2	91.2
Net operating losses and credit carryforwards	22	23.7
Capital loss carryforward	19.8	0
Allowance for credit losses	7	9.5
Other	4.3	5.4
Gross deferred income tax assets	183.1	180.5
Less valuation allowance	(19.9)	(0.1)
Total deferred tax asset	163.2	180.4
Deferred income tax liabilities:
Property and equipment, net	(21.5)	(20.1)
Lease assets	(77.1)	(84.6)
Inventory reserve	(25.4)	(20.5)
Other	(12.6)	(11)
Total deferred tax liability	(136.6)	(136.2)
Net deferred income tax asset	26.6	44.2
Non-U.S.
Deferred income tax assets:
Accrued compensation	0	0
Finance leases	0	9.4
Lease obligations	4.4	15.6
Net operating losses and credit carryforwards	1.3	1.1
Capital loss carryforward	0	0
Allowance for credit losses	0.2	0.2
Other	2	1
Gross deferred income tax assets	7.9	27.3
Less valuation allowance	(1.1)	(1.1)
Total deferred tax asset	6.8	26.2
Deferred income tax liabilities:
Property and equipment, net	0	(8.4)
Lease assets	(4.4)	(14.9)
Inventory reserve	0	0
Other	0	0
Total deferred tax liability	(4.4)	(23.3)
Net deferred income tax asset	$ 2.4	$ 2.9

Income Taxes - Schedule of Valu

Income Taxes - Schedule of Valuation Allowance (Details) - Valuation Allowance of Deferred Tax Assets - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Valuation Allowance [Roll Forward]
Beginning balance	$ 1.2	$ 2.3
Additions	19.9	0.2
Subtractions	0	(1.2)
Currency translation adjustments	(0.1)	(0.1)
Ending balance	21	1.2
U.S.
Valuation Allowance [Roll Forward]
Beginning balance	0.1	1.3
Additions	19.8	0
Subtractions	0	(1.2)
Currency translation adjustments	0	0
Ending balance	19.9	0.1
Non-U.S.
Valuation Allowance [Roll Forward]
Beginning balance	1.1	1
Additions	0.1	0.2
Subtractions	0	0
Currency translation adjustments	(0.1)	(0.1)
Ending balance	$ 1.1	$ 1.1

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Capital loss carryforward	$ 98.5
Deferred tax liability not recognized, undistributed earnings of foreign subsidiaries	33.9
Federal tax authority
Operating Loss Carryforwards [Line Items]
Capital loss carryforward	19.8	$ 0
Operating loss carryforwards	89.9
State tax authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	54.3
Non-U.S.
Operating Loss Carryforwards [Line Items]
Capital loss carryforward	0	$ 0
Operating loss carryforwards	$ 5

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($)		1 Months Ended		12 Months Ended
	Mar. 12, 2021	Dec. 31, 2020	Jan. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	May 31, 2021	Mar. 03, 2021
Related Party Transaction [Line Items]
Shares repurchased, value				$ 200,000,000	$ 100,000,000	$ 3,500,000
UWW Holdings, LLC
Related Party Transaction [Line Items]
Percentage of veritiv outstanding common stock owned		8.70%				8.70%
UWW Holdings, LLC
Related Party Transaction [Line Items]
Merger utilization of operating losses, percentage of tax savings payable to affiliate				85%
UWW Holdings, LLC | UWW Holdings, LLC | Tax Receivable Agreement
Related Party Transaction [Line Items]
Payments for utilization of pre-merger NOL			$ 300,000
UWW Holdings, LLC | Tax Receivable Agreement | UWW Holdings, LLC
Related Party Transaction [Line Items]
Final settlement payment for tax receivable agreement		$ 12,000,000
2021 Shares Repurchase Program
Related Party Transaction [Line Items]
Share repurchase program, authorized amount							$ 100,000,000	$ 50,000,000
Shares repurchased (in shares)					1,734,810
Shares repurchased, value					$ 100,000,000
2021 Shares Repurchase Program | UWW Holdings, LLC
Related Party Transaction [Line Items]
Shares repurchased (in shares)	553,536
Shares repurchased, value	$ 23,200,000

Related Party Transactions - Fi

Related Party Transactions - Financial Impact (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Related Party Transaction [Line Items]
Sales to Georgia-Pacific, reflected in net sales	$ 19.7
Georgia-Pacific | Net sales
Related Party Transaction [Line Items]
Sales to Georgia-Pacific, reflected in net sales	19.7
Georgia-Pacific | Cost of products sold
Related Party Transaction [Line Items]
Purchases of inventory from Georgia-Pacific, recognized in cost of products sold	$ 55.6

Employee Benefit Plans - Narrat

Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Jun. 30, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Contributions	$ 16.3	$ 16.2	$ 9.3
Employer contributions	$ 7.8
Maximum contractual term	15 years
Deferred compensation, percentage of base salary deferred (up to)	85%
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Settlement Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Nonoperating Income (Expense)
Multiemployer plan, period contributions	$ 1.3	1.7	2
Multi-employer pension plans, settlement terms	15 years
Withdrawal obligations	$ 44.5	41.4
Withdrawal from Multiemployer Defined Benefit Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Payments made for accrued withdrawal liability	1.8	1.8	1.9
U.S. Veritiv Pension Plan | Multiemployer plans, pension
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, benefit obligation	43.6
Fair value of plan assets	44.2
Funded status, end of year	0.6
Veritiv Hourly Pension Plan and the SERP | Multiemployer plans, pension
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, benefit obligation	10
Fair value of plan assets	9.5
Funded status, end of year	$ (0.5)
Teamsters Pension Trust Fund of Philadelphia and Vicinity | Multiemployer plans, pension | Withdrawal from Multiemployer Defined Benefit Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Multi-employer pension plans, settlement terms	19 years
Withdrawal obligations	$ 4.9
Minneapolis Food Distributors Ind Pension Plan | Multiemployer plans, pension | Withdrawal from Multiemployer Defined Benefit Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Multi-employer pension plans, settlement terms	3 years
Withdrawal obligations		0.5
Western Pennsylvania Teamsters and Employers Pension Plan | Multiemployer plans, pension | Withdrawal from Multiemployer Defined Benefit Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Multi-employer pension plans, settlement terms	20 years
Withdrawal obligations					$ 6.5
Western Pennsylvania Teamsters and Employers Pension Plan | Multiemployer plans, pension | Withdrawal from Multiemployer Defined Benefit Plan | Complete Withdrawal
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Withdrawal obligations				$ 7.1
Canada
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contributions	$ 0.1	0.3
Settlement gain (loss)	7	(0.2)	(0.1)
Defined benefit plan, benefit obligation	0	87.8	95.3
Fair value of plan assets	0	89	82
Funded status, end of year	0	1.2
U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contributions	0	0
Settlement gain (loss)	0	0	0
Defined benefit plan, benefit obligation	53.6	68	68.6
Fair value of plan assets	53.7	65	$ 63.4
Funded status, end of year	0.1	$ (3)
Estimated future employer contributions	$ 0.1
Minimum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Installment payment period	2 years
Maximum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Installment payment period	10 years

Employee Benefit Plans - Deferr

Employee Benefit Plans - Deferred Compensation Liability (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Other non-current liabilities	$ 16.5	$ 19.3
Total liabilities	19.3	23.3
Other accrued liabilities
Defined Benefit Plan Disclosure [Line Items]
Other accrued liabilities	2.8	4
Other non-current liabilities
Defined Benefit Plan Disclosure [Line Items]
Other non-current liabilities	$ 16.5	$ 19.3

Employee Benefit Plans - Change

Employee Benefit Plans - Change Benefit Obligation and Funded Status (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Change in plan assets:
Employer contributions	$ 7.8
U.S.
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation, end of year	53.6	$ 68
Change in projected benefit obligation:
Benefit obligation, beginning of year	68	68.6
Service cost	1.1	1.3
Interest cost	1.3	1	$ 1.6
Actuarial (gain) loss	(13.6)	1.7
Benefits paid	(0.9)	(0.6)
Settlements	(2.3)	(4)
Divestitures	0	0
Foreign exchange adjustments	0	0
Projected benefit obligation, end of year	53.6	68	68.6
Change in plan assets:
Plan assets, beginning of year	65	63.4
Employer contributions	0	0
Investment returns	(6.6)	6.9
Benefits paid	(0.9)	(0.6)
Administrative expenses paid	(1.5)	(0.7)
Settlements	(2.3)	(4)
Divestitures	0	0
Foreign exchange adjustments	0	0
Plan assets, end of year	53.7	65	63.4
Funded status, end of year	0.1	(3)
Canada
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation, end of year	0	82.9
Change in projected benefit obligation:
Benefit obligation, beginning of year	87.8	95.3
Service cost	0.1	0.4
Interest cost	0.8	2	2.4
Actuarial (gain) loss	(17.7)	(5.7)
Benefits paid	(1.6)	(4.6)
Settlements	0	0
Divestitures	(68.8)	0
Foreign exchange adjustments	(0.6)	0.4
Projected benefit obligation, end of year	0	87.8	95.3
Change in plan assets:
Plan assets, beginning of year	89	82
Employer contributions	0.1	0.3
Investment returns	(8.4)	11.1
Benefits paid	(1.6)	(4.6)
Administrative expenses paid	0	0
Settlements	0	0
Divestitures	(78.4)	0
Foreign exchange adjustments	(0.7)	0.2
Plan assets, end of year	0	89	$ 82
Funded status, end of year	$ 0	$ 1.2

Employee Benefit Plans - Balanc

Employee Benefit Plans - Balance Sheet Positions (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
U.S.
Defined Benefit Plan Disclosure [Line Items]
Non-current assets	$ 0.6	$ 0
Other accrued liabilities	(0.1)	(0.1)
Defined benefit pension obligations	(0.4)	(2.9)
Net asset (liability) recognized	0.1	(3)
Amounts included in AOCL - net actuarial (gain) loss, net of tax	$ (3.9)	(0.5)
Canada
Defined Benefit Plan Disclosure [Line Items]
Non-current assets		5.7
Other accrued liabilities		(0.2)
Defined benefit pension obligations		(4.3)
Net asset (liability) recognized		1.2
Amounts included in AOCL - net actuarial (gain) loss, net of tax		$ (0.5)

Employee Benefit Plans - Net Pe

Employee Benefit Plans - Net Periodic Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Nonoperating Income (Expense)	Nonoperating Income (Expense)	Nonoperating Income (Expense)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Nonoperating Income (Expense)	Nonoperating Income (Expense)	Nonoperating Income (Expense)
U.S.
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 2.2	$ 2.1	$ 2.1
Interest cost	1.3	1	1.6
Expected return on plan assets	(2)	(4.3)	(3.9)
Settlement (gain) loss	0	0	0
Amortization of net loss	0	0	0
Total other components	(0.7)	(3.3)	(2.3)
Net periodic benefit cost (credit)	1.5	(1.2)	(0.2)
Net (gain) loss during year, net of tax	(3.4)	(0.7)	(0.5)
Canada
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	0.1	0.4	0.4
Interest cost	0.8	2	2.4
Expected return on plan assets	(0.4)	(4.1)	(3.9)
Settlement (gain) loss	(7)	0.2	0.1
Amortization of net loss	0	0.2	0.2
Total other components	(6.6)	(1.7)	(1.2)
Net periodic benefit cost (credit)	(6.5)	(1.3)	(0.8)
Net (gain) loss during year, net of tax	$ 0.5	$ (9.4)	$ 3.4

Employee Benefit Plans - Fair V

Employee Benefit Plans - Fair Value Hierarchy of Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 53.7	$ 65	$ 63.4
U.S. | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	52.8	60.8
U.S. | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.9	4.2
U.S. | Equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	5	3.3
U.S. | Equity securities | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	5	3.3
U.S. | Equity securities | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
U.S. | Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	23.8	31.5
U.S. | Fixed income securities | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	23.8	31.5
U.S. | Fixed income securities | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
U.S. | Hedge Fund-of-Funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.9	4.2
U.S. | Hedge Fund-of-Funds | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
U.S. | Hedge Fund-of-Funds | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.9	4.2
U.S. | Cash and short-term securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	24	26
U.S. | Cash and short-term securities | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	24	26
U.S. | Cash and short-term securities | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Canada
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 0	89	$ 82
Canada | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0.7
Canada | Equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		61.9
Defined benefit plan, plan assets, fair Value by hierarchy and NAV [Extensible List]	Fair Value Measured at Net Asset Value Per Share [Member]
Canada | Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		26.4
Defined benefit plan, plan assets, fair Value by hierarchy and NAV [Extensible List]	Fair Value Measured at Net Asset Value Per Share [Member]
Canada | Hedge Fund-of-Funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
Canada | Cash and short-term securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0.7
Canada | Cash and short-term securities | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		$ 0.7

Employee Benefit Plans - Weight

Employee Benefit Plans - Weighted-Average Asset Allocations (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 53.7	$ 65	$ 63.4
U.S. | Equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 5	$ 3.3
U.S. | Equity securities | Minimum
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Range	5%	0%
U.S. | Equity securities | Maximum
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Range	15%	15%
U.S. | Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 23.8	$ 31.5
U.S. | Fixed income securities | Minimum
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Range	40%	45%
U.S. | Fixed income securities | Maximum
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Range	50%	55%
U.S. | Hedge Fund-of-Funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 0.9	$ 4.2
U.S. | Hedge Fund-of-Funds | Minimum
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Range	0%	0%
U.S. | Hedge Fund-of-Funds | Maximum
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Range	10%	10%
U.S. | Cash and short-term securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 24	$ 26
U.S. | Cash and short-term securities | Minimum
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Range	40%	35%
U.S. | Cash and short-term securities | Maximum
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Range	50%	45%
Canada
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 0	$ 89	$ 82
Canada | Equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		$ 61.9
Canada | Equity securities | Minimum
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Range		50%
Canada | Equity securities | Maximum
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Range		70%
Canada | Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		$ 26.4
Canada | Fixed income securities | Minimum
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Range		30%
Canada | Fixed income securities | Maximum
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Range		50%
Canada | Hedge Fund-of-Funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		$ 0
Canada | Hedge Fund-of-Funds | Minimum
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Range		0%
Canada | Hedge Fund-of-Funds | Maximum
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Range		0%
Canada | Cash and short-term securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		$ 0.7
Canada | Cash and short-term securities | Minimum
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Range		0%
Canada | Cash and short-term securities | Maximum
Defined Benefit Plan Disclosure [Line Items]
Asset Allocation Range		5%

Employer Benefit Plans - Signif

Employer Benefit Plans - Significant Weighted-Average Assumptions (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
U.S.
Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	5.16%	2.54%	2.15%
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	2.53%	2.13%	2.98%
Expected long-term rate of return on assets	3.37%	7.15%	7.15%
Interest crediting rate	2.11%	1.43%	2.73%
Canada
Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate		2.95%	2.50%
Rate of compensation increases		3%	3%
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	4.60%	2.50%	3.10%
Rate of compensation increases	3%	3%	3%
Expected long-term rate of return on assets	5%	5%	5.25%

Employee Benefit Plans - Expect

Employee Benefit Plans - Expected Future Benefit Payments (Details) - U.S. $ in Millions	Dec. 31, 2022 USD ($)
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2023	$ 43.9
2024	0.3
2025	0.4
2026	0.5
2027	0.6
2028 – 2032	3.9
Multiemployer plans, pension
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2023	$ 43.6

Employee Benefit Plans - Restru

Employee Benefit Plans - Restructuring and Related Costs and Multiemployer Plans (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) collectiveBargainingUnit lease	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Multiemployer Plans [Line Items]
Distribution expenses	$ 262.9	$ 271	$ 273.6
Withdrawal obligations	44.5	41.4
Veritiv's Contributions	1.2	1.3	1.6
Contributions to other multi-employer plans	0.1	0.4	0.4
Total contributions	$ 1.3	1.7	2
Western Conference of Teamsters Pension Trust Fund
Multiemployer Plans [Line Items]
Pension Plan Number	001
Pension Protection Act Zone Status	Green
FIP/RP Status Pending/ Implemented	No
Veritiv's Contributions	$ 0.9	0.9	1.1
Surcharge Imposed	No
Number of participating collective bargaining units | collectiveBargainingUnit	7
Number of participating collective bargaining units under negotiations | lease	0
Teamsters Pension Plan of Philadelphia & Vicinity
Multiemployer Plans [Line Items]
Pension Plan Number	001
Pension Protection Act Zone Status	Yellow
FIP/RP Status Pending/ Implemented	Implemented
Veritiv's Contributions	$ 0.3	0.4	0.4
Surcharge Imposed	Yes
Western Pennsylvania Teamsters and Employers Pension Plan
Multiemployer Plans [Line Items]
Pension Plan Number	001
Pension Protection Act Zone Status	Red
FIP/RP Status Pending/ Implemented	Implemented
Veritiv's Contributions	$ 0	0	0.1
Surcharge Imposed	Yes
Other accrued liabilities
Multiemployer Plans [Line Items]
Withdrawal obligations	$ 1.8	1.8
Other non-current liabilities
Multiemployer Plans [Line Items]
Withdrawal obligations	44.5	41.4
Withdrawal from Multiemployer Defined Benefit Plan
Multiemployer Plans [Line Items]
Distribution expenses	$ 4.9	$ 0.5	$ 7.2

Fair Value Measurements (Detail

Fair Value Measurements (Details)			1 Months Ended	3 Months Ended		12 Months Ended
	Mar. 19, 2020 USD ($)	Jul. 01, 2014 USD ($)	Dec. 31, 2020 USD ($) derivative	Dec. 31, 2020 USD ($) derivative	Mar. 31, 2020 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) derivative	Dec. 31, 2020 USD ($) derivative	Sep. 13, 2022 derivative	Mar. 31, 2022 USD ($)	Aug. 31, 2017 USD ($)
Business Acquisition [Line Items]
Goodwill						$ 96,300,000	$ 99,600,000
Other intangibles, net						35,600,000	42,700,000
Long-lived asset impairment charges						$ 0	500,000	$ 500,000
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]						Nonoperating Income (Expense)
UWW Holdings, Inc. XPEDX Merger
Business Acquisition [Line Items]
Fair value of contingent liability associated with the tax receivable agreement		$ 59,400,000
Final settlement payment for tax receivable agreement			$ 12,000,000
UWW Holdings, Inc. XPEDX Merger | Tax Receivable Agreement
Business Acquisition [Line Items]
Fair value adjustment in other (income) loss				$ 20,100,000
All American Containers
Business Acquisition [Line Items]
Percent of business acquired											100%
All American Containers | Earn Out Payment
Business Acquisition [Line Items]
Final settlement payment for tax receivable agreement					$ 1,000,000	$ 0	0	$ 1,000,000
Contingent liability											$ 22,200,000
Contingent consideration range of outcomes high value											50,000,000
Maximum contingent consideration paid on an annual basis											$ 25,000,000
All American Containers | Earn Out Payment | Level 3
Business Acquisition [Line Items]
Contingent liability payment	$ 3,500,000
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Disposal group, including discontinued operation, assets						0	$ 1,200,000
Veritiv Canada Inc
Business Acquisition [Line Items]
Goodwill						$ 3,300,000				$ 3,300,000
Other intangibles, net										$ 2,600,000
Interest Rate Cap
Business Acquisition [Line Items]
Derivative, number of instruments held | derivative			1	1			1	1
Asset-Based Lending Facility (the "ABL Facility") | Interest Rate Cap
Business Acquisition [Line Items]
Derivative, number of instruments held | derivative									1

Supplementary Financial State_3

Supplementary Financial Statement Information - Other Current Assets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Other Current Assets:
Rebates receivable	$ 51	$ 59.3
Prepaid expenses	32.4	44.2
Vendor deposits	11	8.2
Value Added Tax receivable	6.4	11.9
Other	2.9	9.1
Other current assets	$ 103.7	$ 132.7

Supplementary Financial State_4

Supplementary Financial Statement Information - Other Non-Current Assets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Other Non-Current Assets:
Operating lease right-of-use assets	$ 304.3	$ 375.6
Cloud computing arrangements	17.3	0.3
Investments in real estate joint ventures	8.3	7.7
Deferred financing costs	5.6	7.3
Other	7.9	17.5
Other non-current assets	$ 343.4	$ 408.4

Supplementary Financial State_5

Supplementary Financial Statement Information - Accrued Payroll and Benefits (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Accrued Payroll and Benefits:
Accrued incentive plans	$ 57	$ 60.1
Accrued payroll and related taxes	15.8	28.7
Accrued commissions	15.7	17.9
Accrued cash-based long-term incentive awards, current portion	15.2	0
Other non-current liabilities	16.5	19.3
Other	2.5	3.3
Accrued payroll and benefits	$ 106.2	$ 110

Supplementary Financial State_6

Supplementary Financial Statement Information - Other Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Other Accrued Liabilities:
Operating lease obligations - current	$ 67.9	$ 80.2
Accrued customer incentives	19.5	23.5
Accrued taxes	12.7	17.8
Accrued professional fees	12.6	5.4
Accrued freight	5.8	12.3
Other	35.6	46.5
Other accrued liabilities	$ 154.1	$ 185.7

Supplementary Financial State_7

Supplementary Financial Statement Information - Other Non-Current Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Other Non-Current Liabilities:
Operating lease obligations - non-current	$ 266	$ 329.3
MEPP withdrawals	44.5	41.4
Other non-current liabilities	16.5	19.3
Accrued cash-based long-term incentive awards, non-current portion	7.1	16.6
Other	7.6	15.5
Other non-current liabilities	$ 341.7	$ 422.1

Earnings (Loss) Per Share - Sch

Earnings (Loss) Per Share - Schedule of Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net income (loss)	$ 337.9	$ 144.6	$ 34.2
Denominator:
Weighted-average shares outstanding - basic (in shares)	14,170	15,220	15,960
Dilutive effect of stock-based awards (in shares)	340	830	520
Weighted-average shares outstanding - diluted (in shares)	14,510	16,050	16,480
Earnings (loss) per share:
Basic (usd per share)	$ 23.85	$ 9.50	$ 2.14
Diluted (usd per share)	$ 23.29	$ 9.01	$ 2.08
Antidilutive stock-based awards excluded from computation of diluted earnings per share (in shares)	70	0	280
Performance stock-based awards excluded from computation of diluted EPS because performance conditions had not been met (in shares)	0	0	80

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details)			3 Months Ended	12 Months Ended
	Feb. 27, 2023 $ / shares	Nov. 07, 2022 $ / shares	Mar. 31, 2020 USD ($) shares	Dec. 31, 2022 USD ($) vote $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($)	Mar. 01, 2022 USD ($)	May 31, 2021 USD ($)	Mar. 03, 2021 USD ($)
Equity, Class of Treasury Stock [Line Items]
Common stock, shares authorized (in shares) | shares				100,000,000	100,000,000
Common stock par value (usd per share) | $ / shares				$ 0.01	$ 0.01
Common stock, dividends, per share, declared ( usd per share ) | $ / shares		$ 0.63
Dividends paid to shareholders				$ 8,500,000	$ 0	$ 0
Common stock votes per share owned (in votes per share) | vote				1
Preferred stock, shares authorized (in shares) | shares				10,000,000	10,000,000
Preferred stock, shares issued (in shares) | shares				0	0
Shares repurchased, value				$ 200,000,000	$ 100,000,000	$ 3,500,000
2022 Shares Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Share repurchase program, authorized amount							$ 200,000,000
Shares repurchased (in shares) | shares				1,564,420
Shares repurchased, value				$ 200,000,000
2021 Shares Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Share repurchase program, authorized amount								$ 100,000,000	$ 50,000,000
Shares repurchased (in shares) | shares					1,734,810
Shares repurchased, value					$ 100,000,000
2020 share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Share repurchase program, authorized amount			$ 25,000,000
Shares repurchased (in shares) | shares			383,972
Shares repurchased, value			$ 3,500,000
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Common stock, dividends, per share, declared ( usd per share ) | $ / shares	$ 0.63

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Incentive Plan Shares Issued (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Shares issued (in shares)	0.7	0.6	0.3
Shares recovered for minimum tax withholding (in shares)	(0.2)	(0.2)	(0.1)
Net shares issued (in shares)	0.5	0.4	0.2

Shareholders' Equity - Schedu_2

Shareholders' Equity - Schedule of Other Comprehensive Income Included (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 635.8	$ 583.1	$ 536.2
Unrealized net gains (losses) arising during the period	9	8.9
Amounts reclassified from AOCL	2.6	0.3
Other comprehensive income (loss)	11.6	9.2	(0.4)
Ending balance	756.1	635.8	583.1
AOCL
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(24.3)	(33.5)	(33.1)
Other comprehensive income (loss)	11.6	9.2	(0.4)
Ending balance	(12.7)	(24.3)	(33.5)
Foreign currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(25.2)	(24.2)
Unrealized net gains (losses) arising during the period	(1)	(1.2)
Amounts reclassified from AOCL	9.6	0.2
Other comprehensive income (loss)	8.6	(1)
Ending balance	(16.6)	(25.2)	(24.2)
Retirement liabilities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	1	(9.1)
Unrealized net gains (losses) arising during the period	9.9	10.1
Amounts reclassified from AOCL	(7)	0
Other comprehensive income (loss)	2.9	10.1
Ending balance	3.9	1	(9.1)
Interest rate cap
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(0.1)	(0.2)
Unrealized net gains (losses) arising during the period	0.1	0
Amounts reclassified from AOCL	0	0.1
Other comprehensive income (loss)	0.1	0.1
Ending balance	$ 0	$ (0.1)	$ (0.2)

Long-Term Incentive Compensat_3

Long-Term Incentive Compensation Plans - Narrative (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) tranche $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 9.5	$ 7.4	$ 17.7
Withdrawal obligations	44.5	41.4
Employee service share-based compensation, unrecognized compensation expense	$ 23.6
Performance Condition Stock Units (PCSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period	3 years
Share-based compensation, percent of target award (not to exceed)	200%
Standard tax rate utilized on award compensation	26%
Share-based compensation, percent of target award, financial metrics (not to exceed)	180%
Adjustment based on TSR relative to applicable peer group	20%
Performance Condition Stock Units (PCSUs) | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Adjustment based on TSR relative to applicable peer group	(20.00%)
Performance Condition Stock Units (PCSUs) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Adjustment based on TSR relative to applicable peer group	20%
Performance Condition Stock Units (PCSUs) | Period One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting percentage	50%
Performance Condition Stock Units (PCSUs) | Period Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting percentage	50%
Market Condition Performance Stock Units (MCPSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee service share-based compensation, unrecognized compensation expense, period of recognition	2 years
Market Condition Performance Stock Units (MCPSUs) | Multiemployer plans, pension | Guarantee Obligations
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Withdrawal obligations	$ 4.1	3.3	0
Cash-Based Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 5.1	10.8	6.5
Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares) | shares	3,100,000
Number of shares available for grant (in shares) | shares	1,100,000
Omnibus Incentive Plan | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, fair value of awards vested in period	$ 3.7	$ 7.2	$ 4.3
Granted (in shares) | shares	93,000	243,000	352,000
Omnibus Incentive Plan | Restricted Stock Units (RSUs) | Period One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period			3 years
Omnibus Incentive Plan | Restricted Stock Units (RSUs) | Period Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period	4 years	4 years	4 years
Share-based compensation, award vesting percentage	25%	25%	25%
Omnibus Incentive Plan | Performance Condition Stock Units (PCSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period			3 years
Share-based compensation, fair value of awards vested in period	$ 8.3	$ 5.9	$ 3.6
Share-based compensation, percent of target award (not to exceed)			200%
Share-based compensation arrangement, number of tranches | tranche			3
Granted (in shares) | shares	77,000	0	0
Omnibus Incentive Plan | Market Condition Performance Stock Units (MCPSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period			3 years
Share-based compensation, percent of target award (not to exceed)			200%
Share-based compensation arrangement, number of tranches | tranche			3
Granted (in shares) | shares	0	0	0
Percent target award final payout			0%
Omnibus Incentive Plan | Market Condition Performance Stock Units (MCPSUs) | Period One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period			1 year
Omnibus Incentive Plan | Market Condition Performance Stock Units (MCPSUs) | Period Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period			2 years
Omnibus Incentive Plan | Market Condition Performance Stock Units (MCPSUs) | Period Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period			3 years
Omnibus Incentive Plan | Cash-Based Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period	3 years
Share-based compensation, award vesting percentage	50%
Share-based compensation, percent of target award (not to exceed)	200%
Standard tax rate utilized on award compensation	26%	26%	26%
Share-based compensation, percent of target award, financial metrics (not to exceed)	180%
Adjustment based on TSR relative to applicable peer group	20%
Granted (in shares) | shares	0	9,408,000	11,863,000
Share price (usd per share) | $ / shares		$ 1	$ 1
Omnibus Incentive Plan | Cash-Based Performance Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Adjustment based on TSR relative to applicable peer group	20%
Omnibus Incentive Plan | Cash-Based Performance Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Adjustment based on TSR relative to applicable peer group	20%
Omnibus Incentive Plan | Non-Employee Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1.1	$ 1.1	$ 1
Omnibus Incentive Plan | Non-Employee Director | Deferred Share Units (DSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation arrangement, number of shares issued per award	1
Deferred compensation arrangement with individual, shares outstanding (in shares) | shares	25,900	34,600
Deferred compensation arrangement with individual, fair value of shares outstanding	$ 2.4	$ 3.2
Impact of deferred share units	$ 0.1	$ 2.1	$ 0

Long-Term Incentive Compensat_4

Long-Term Incentive Compensation Plans - Activity of Non-Vested Restricted Stock Units (Details) - Omnibus Incentive Plan - Restricted Stock Units (RSUs) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Awards
Non-vested at beginning of period (in shares)	456	556	369
Granted (in shares)	93	243	352
Vested (in shares)	(170)	(288)	(99)
Forfeited (in shares)	(32)	(55)	(66)
Non-vested at end of period (in shares)	347	456	556
Weighted-Average Grant Date Fair Value Per Share
Non-vested at beginning of period (usd per share)	$ 19.91	$ 22.59	$ 32
Granted (usd per share)	118.02	19.79	18.59
Vested (usd per share)	21.87	24.93	43.48
Forfeited (usd per share)	35.98	20.24	22.69
Non-vested at end of period (usd per share)	$ 43.69	$ 19.91	$ 22.59

Long-Term Incentive Compensat_5

Long-Term Incentive Compensation Plans - Activity of Non-Vested PCSUs (Details) - Omnibus Incentive Plan - Performance Condition Stock Units (PCSUs) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Awards
Non-vested at beginning of period (in shares)	280	587	645
Granted (in shares)	77	0	0
Shares gained (lost) based on actual performance (in shares)	117	(31)	183
Vested (in shares)	(397)	(249)	(102)
Forfeited (in shares)	(7)	(27)	(139)
Non-vested at end of period (in shares)	70	280	587
Weighted-Average Grant Date Fair Value Per Share
Non-vested at beginning of period (usd per share)	$ 21.79	$ 23.06	$ 25.10
Granted (usd per share)	122.44	0	0
Shares gained (lost) based on actual performance (usd per share)	20.88	23.60	19.67
Vested (usd per share)	20.88	23.60	35.70
Forfeited (usd per share)	122.57	21.95	28.26
Non-vested at end of period (usd per share)	$ 122.43	$ 21.79	$ 23.06

Long-Term Incentive Compensat_6

Long-Term Incentive Compensation Plans - Activity of Non-Vested MCPSUs (Details) - Omnibus Incentive Plan - Market Condition Performance Stock Units (MCPSUs) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Awards
Non-vested at beginning of period (in shares)	168,000	20,000	274,000
Granted (in shares)	0	0	0
Shares gained (lost) based on actual performance (in shares)	(38,000)	250,000	(110,000)
Vested (in shares)	(130,000)	(86,000)	0
Forfeited (in shares)	0	(16,000)	(144,000)
Non-vested at end of period (in shares)	0	168,000	20,000
Weighted-Average Grant Date Fair Value Per Share
Non-vested at beginning of period (usd per share)	$ 31.51	$ 34.35	$ 40.81
Granted (usd per share)	0	0	0
Shares gained (lost) based on actual performance (usd per share)	31.52	37.79	34.35
Vested (usd per share)	31.52	37.79	0
Forfeited (usd per share)	0	31.95	58.89
Non-vested at end of period (usd per share)	$ 0	$ 31.51	$ 34.35

Long-Term Incentive Compensat_7

Long-Term Incentive Compensation Plans - Activity of Non-Vested PBUs (Details) - Omnibus Incentive Plan - Cash-Based Performance Units - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Awards
Non-vested at beginning of period (in shares)	17,984	11,613	0
Granted (in shares)	0	9,408	11,863
Shares gained (lost) based on actual performance (in shares)	0	(1,057)	1,056
Vested (in shares)	0	(20)	0
Forfeited (in shares)	(1,896)	(1,960)	(1,306)
Non-vested at end of period (in shares)	16,088	17,984	11,613
Weighted-Average Grant Date Fair Value Per Share
Non-vested at beginning of period (usd per share)	$ 1	$ 1	$ 0
Granted (usd per share)	0	1	1
Shares gained (lost) based on actual performance (usd per share)	0	1	1
Vested (usd per share)	0	1	0
Forfeited (usd per share)	1	1	1
Non-vested at end of period (usd per share)	$ 1	$ 1	$ 1

Long-Term Incentive Compensat_8

Long-Term Incentive Compensation Plans - Stock-based and Cash-based Long-term Incentive Compensation Expense and The Related Income Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 9.5	$ 7.4	$ 17.7
Income tax benefit related to stock-based compensation and cash-based compensation	2.4	1.9	4.6
Cash-Based Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	5.1	10.8	6.5
Income tax benefit related to stock-based compensation and cash-based compensation	$ 1.3	$ 2.8	$ 1.7

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2020	Jun. 30, 2019
Loss Contingencies [Line Items]
Withdrawal obligations	$ 44.5	$ 41.4
Multi-employer pension plans, settlement terms	15 years
Withdrawal from Multiemployer Defined Benefit Plan | Teamsters Pension Trust Fund of Philadelphia and Vicinity | Multiemployer plans, pension
Loss Contingencies [Line Items]
Withdrawal obligations	$ 4.9
Multi-employer pension plans, settlement terms	19 years
Withdrawal from Multiemployer Defined Benefit Plan | Minneapolis Food Distributors Ind Pension Plan | Multiemployer plans, pension
Loss Contingencies [Line Items]
Withdrawal obligations		$ 0.5
Multi-employer pension plans, settlement terms	3 years
Withdrawal from Multiemployer Defined Benefit Plan | Western Pennsylvania Teamsters and Employers Pension Plan | Multiemployer plans, pension
Loss Contingencies [Line Items]
Withdrawal obligations				$ 6.5
Multi-employer pension plans, settlement terms	20 years
Withdrawal from Multiemployer Defined Benefit Plan | Western Pennsylvania Teamsters and Employers Pension Plan | Multiemployer plans, pension | Complete Withdrawal
Loss Contingencies [Line Items]
Withdrawal obligations			$ 7.1

Segment and Other Information -

Segment and Other Information - Narrative (Details) $ in Millions	1 Months Ended	12 Months Ended			23 Months Ended
	Feb. 28, 2021 USD ($)	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment		3
Severe weather event, loss, gross	$ 13
Severe weather event, net benefit, expected					$ 2.9
Loss from severe weather event		$ 3.2
Proceeds from insurance related to property and equipment		$ 3.2	$ 0	$ 0
Purchases | Supplier Concentration Risk | Ten Suppliers
Segment Reporting Information [Line Items]
Concentration risk		29%

Segment and Other Information_2

Segment and Other Information - Net Sales by Reportable Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Net sales	$ 7,146.3	$ 6,850.5	$ 6,345.6
Depreciation and amortization	45.6	55.2	57.7
Restructuring charges, net	2	15.4	52.2
Total assets, end of period	2,089.6	2,438.4	2,335
Operating Segments
Segment Reporting Information [Line Items]
Net sales	7,067.9	6,735.2	6,240.7
Adjusted EBITDA	716.2	560.9	388.1
Depreciation and amortization	32.4	38.3	38.2
Restructuring charges, net	2	13.8	44.9
Total assets, end of period	2,005.1	2,309.9	2,176.5
Operating Segments | Packaging
Segment Reporting Information [Line Items]
Net sales	3,908.5	3,760.4	3,316.7
Adjusted EBITDA	415.9	393.5	300
Depreciation and amortization	22.9	24.5	22.5
Restructuring charges, net	1.4	8.8	16
Total assets, end of period	1,286.3	1,482.6	1,332.9
Operating Segments | Facility Solutions
Segment Reporting Information [Line Items]
Net sales	780.6	894	922.3
Adjusted EBITDA	60.7	52.7	41.6
Depreciation and amortization	5.2	7.5	7.9
Restructuring charges, net	0.3	1.7	5.1
Total assets, end of period	173.4	280.6	314.7
Operating Segments | Print Solutions
Segment Reporting Information [Line Items]
Net sales	2,378.8	2,080.8	2,001.7
Adjusted EBITDA	239.6	114.7	46.5
Depreciation and amortization	4.3	6.3	7.8
Restructuring charges, net	0.3	3.3	23.8
Total assets, end of period	545.4	546.7	528.9
Corporate & Other
Segment Reporting Information [Line Items]
Net sales	78.4	115.3	104.9
Adjusted EBITDA	(198.3)	(218.3)	(200.5)
Depreciation and amortization	13.2	16.9	19.5
Restructuring charges, net	0	1.6	7.3
Total assets, end of period	$ 84.5	$ 128.5	$ 158.5

Segment and Other Information_3

Segment and Other Information - Operating Profit by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Net income (loss)		$ 337.9	$ 144.6	$ 34.2
Interest expense, net		17.7	17.2	25.1
Income tax expense (benefit)		94	52.9	8.8
Depreciation and amortization		45.6	55.2	57.7
Restructuring charges, net		2	15.4	52.2
Gain on sale of businesses		(29.7)	(3.1)	0
Facility closure charges, including (gain) loss from asset disposition		0	0.1	(3.7)
Stock-based compensation		9.5	7.4	17.7
LIFO reserve (decrease) increase		32.1	43.6	(1.5)
Non-restructuring severance charges		4.3	7.8	4.1
Non-restructuring pension charges (benefits)		(2.1)	0.5	7.2
Escheat audit contingent liability		0	0	(0.2)
Other		6.6	1	4.1
Tax Receivable Agreement
Segment Reporting Information [Line Items]
Fair value adjustment on contingent liability		0	0	(19.1)
Corporate & Other
Segment Reporting Information [Line Items]
Depreciation and amortization		13.2	16.9	19.5
Restructuring charges, net		0	1.6	7.3
Adjusted EBITDA		(198.3)	(218.3)	(200.5)
Operating Segments
Segment Reporting Information [Line Items]
Depreciation and amortization		32.4	38.3	38.2
Restructuring charges, net		2	13.8	44.9
Adjusted EBITDA		716.2	560.9	388.1
Earn Out Payment | All American Containers
Segment Reporting Information [Line Items]
Fair value adjustment on contingent liability	$ 1	$ 0	$ 0	$ 1

Segment and Other Information_4

Segment and Other Information - Sales and Property and Equipment by Geographic Area (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 7,146.3	$ 6,850.5	$ 6,345.6
Property and Equipment	127.5	162.9
Operating lease right-of-use assets	304.3	375.6
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	6,679.7	5,919.2	5,521.8
Property and Equipment	122	120.1
Operating lease right-of-use assets	294.3	321.7
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	260	722.3	650.9
Property and Equipment	0	38.7
Operating lease right-of-use assets	0	43.5
Rest of world
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	206.6	209	$ 172.9
Property and Equipment	5.5	4.1
Operating lease right-of-use assets	$ 10	$ 10.4

Divestitures (Details)

Divestitures (Details) $ in Millions, $ in Millions		12 Months Ended
	Mar. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) property	Dec. 31, 2020 USD ($) property	Sep. 01, 2022 USD ($) employee	May 02, 2022 USD ($) employee	May 02, 2022 CAD ($) employee
Business Acquisition [Line Items]
Gain on sale of businesses		$ 29.7	$ 3.1	$ 0
Number of properties sold | property		1	2	2
Gain (loss) on sale of properties and lease termination		$ 4.3	$ 4.6	$ 8.3
Restructuring Charges
Business Acquisition [Line Items]
Gain (loss) on sale of properties and lease termination			2.9
Selling, general and administrative expenses
Business Acquisition [Line Items]
Gain (loss) on sale of properties and lease termination			$ 1.7
Logistics solutions business
Business Acquisition [Line Items]
Purchase price					$ 19
Gain on sale of businesses		11
Logistics solutions business | FitzMark, LLC
Business Acquisition [Line Items]
Number of employees | employee					60
Logistics solutions business | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Proceeds from divestiture of businesses		18
Veritiv Canada Inc
Business Acquisition [Line Items]
Purchase price						$ 190	$ 240
Gain on sale of businesses		18.7
Proceeds from divestiture of businesses		$ 162.2
Veritiv Canada Inc | Imperial Dade Canada Inc.
Business Acquisition [Line Items]
Number of employees | employee						900	900
Rollsource business
Business Acquisition [Line Items]
Gain on sale of businesses	$ 3.1
Proceeds from divestiture of businesses	$ 8.2

Uncategorized Items - vrtv-2022

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