Veritiv (VRTV) 10-Q 8 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Aug. 01, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-36479
Entity Registrant Name	VERITIV CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-3234977
Entity Address, Address Line One	1000 Abernathy Road NE
Entity Address, Address Line Two	Building 400, Suite 1700
Entity Address, City or Town	Atlanta,
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30328
City Area Code	770
Local Phone Number	391-8200
Title of 12(b) Security	Common stock, $0.01 par value
Trading Symbol	VRTV
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		13,551,081
Entity Central Index Key	0001599489
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Net sales	$ 1,457.3	$ 1,820.7	$ 2,967.5	$ 3,678.8
Cost of products sold (exclusive of depreciation and amortization shown separately below)	1,096.6	1,410.9	2,240.7	2,866.3
Distribution expenses	88.7	98.2	178.4	210.4
Selling and administrative expenses	163.5	190.7	334.9	378.6
Gain on sale of businesses	0	(10)	0	(10)
Depreciation and amortization	9.6	11.1	19.7	23.8
Restructuring charges, net	0	1.4	0	4.1
Operating income	98.9	118.4	193.8	205.6
Interest expense, net	4.3	4	9	7.5
Other (income) expense, net	(1.9)	(6.6)	(0.9)	(7.2)
Income before income taxes	96.5	121	185.7	205.3
Income tax expense	25.8	29.9	46.3	35.7
Net income	$ 70.7	$ 91.1	$ 139.4	$ 169.6
Earnings per share:
Basic (in dollars per share)	$ 5.22	$ 6.24	$ 10.30	$ 11.55
Diluted (in dollars per share)	$ 5.15	$ 6.12	$ 10.15	$ 11.23
Weighted-average shares outstanding:
Basic (in shares)	13,550	14,610	13,540	14,690
Diluted (in shares)	13,720	14,880	13,730	15,100

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income		$ 70.7	$ 91.1	$ 139.4	$ 169.6
Other comprehensive income (loss):
Foreign currency translation adjustments		1.4	(4.5)	4.3	(1.9)
Reclassification of foreign currency translation adjustments due to sale of a business, net of tax	[1]	0	9.5	0	9.5
Change in fair value of cash flow hedge, net of tax	[1]	0	0.1	0	0.1
Pension liability adjustments, net of tax	[1]	(0.5)	6.4	(0.6)	6.4
Reclassification adjustment on settlement of a pension plan, net of tax	[1]	(0.7)	(7)	(0.7)	(7)
Other comprehensive income (loss)		0.2	4.5	3	7.1
Total comprehensive income (loss)		$ 70.9	$ 95.6	$ 142.4	$ 176.7
[1] (1) Amounts shown are net of tax impacts, if any, which for the three and six months ended June 30, 2023, were $(0.1) million for pension liability adjustments and $(0.3) million for the reclassification adjustment on settlement of a pension plan. For the three and six months ended June 30, 2022, the tax impacts were $2.0 million for the reclassification of foreign currency translation adjustments due to sale of a business, $2.2 million for pension liability adjustments and $(4.0) million for the reclassification adjustment on settlement of a pension plan.

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Pension liability adjustment, tax	$ (0.1)	$ 2.2	$ (0.1)	$ 2.2
Reclassification of settlement of pension plan	$ (0.3)	(4)	$ (0.3)	(4)
Reclassification of foreign currency translation adjustments due to sale of business		$ 2		$ 2

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 43.9	$ 40.6
Accounts receivable, less allowances of $22.9 and $26.7, respectively	750.5	889.6
Inventories	487	423.9
Other current assets	95	103.7
Total current assets	1,376.4	1,457.8
Property and equipment (net of accumulated depreciation and amortization of $326.6 and $325.5, respectively)	124.2	127.5
Goodwill	96.3	96.3
Other intangibles, net	33.4	35.6
Deferred income tax assets	25.5	29
Other non-current assets	366.5	343.4
Total assets	2,022.3	2,089.6
Current liabilities:
Accounts payable	418.1	452.9
Accrued payroll and benefits	46.8	106.2
Other accrued liabilities	147.2	154.1
Current portion of debt	14.2	13.4
Total current liabilities	626.3	726.6
Long-term debt, net of current portion	171.6	264.8
Defined benefit pension obligations	0.8	0.4
Other non-current liabilities	340.3	341.7
Total liabilities	1,139	1,333.5
Commitments and contingencies (Note 11)
Shareholders' equity:
Preferred stock, $0.01 par value, 10.0 million shares authorized, none issued	0	0
Common stock, $0.01 par value, 100.0 million shares authorized; shares issued - 17.6 million and 17.5 million, respectively; shares outstanding - 13.6 million and 13.5 million, respectively	0.2	0.2
Additional paid-in capital	614.9	613.1
Accumulated earnings	595	472.6
Accumulated other comprehensive loss	(9.7)	(12.7)
Treasury stock at cost - 4.0 million and 4.0 million shares, respectively	(317.1)	(317.1)
Total shareholders' equity	883.3	756.1
Total liabilities and shareholders' equity	$ 2,022.3	$ 2,089.6

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Assets
Accounts receivable, allowances	$ 22.9	$ 26.7
Property and equipment, accumulated depreciation and amortization	$ 326.6	$ 325.5
Shareholders' equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	17,600,000	17,500,000
Common stock, shares outstanding (in shares)	13,600,000	13,500,000
Treasury stock, shares (in shares)	4,000,000	4,000,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities
Net income	$ 139.4	$ 169.6
Depreciation and amortization	19.7	23.8
Amortization and write-off of deferred financing fees	0.8	0.8
Net (gains) losses on disposition of assets and sale of businesses	0.1	(15.3)
Provision for expected credit losses	(1.8)	(0.1)
Deferred income tax provision (benefit)	4.1	(11.6)
Stock-based compensation	5.4	5.9
Other non-cash items, net	(1.7)	(7)
Changes in operating assets and liabilities
Accounts receivable	142	(51.4)
Inventories	(60.8)	(25.4)
Other current assets	10.2	(1.5)
Accounts payable	(0.7)	23.4
Accrued payroll and benefits	(66.7)	(31.8)
Other accrued liabilities	0	(13.9)
Other	(24.7)	(3.2)
Net cash provided by (used for) operating activities	165.3	62.3
Investing activities
Property and equipment additions	(6)	(11.6)
Proceeds from asset sales and sale of businesses, net of cash transferred	0.3	139.4
Proceeds from insurance related to property and equipment	0.1	3.5
Net cash provided by (used for) investing activities	(5.6)	131.3
Financing activities
Change in book overdrafts	(36.4)	12.9
Borrowings of long-term debt	2,744	3,111.5
Repayments of long-term debt	(2,835.8)	(3,190.9)
Payments under right-of-use finance leases	(4.9)	(6.3)
Payments under vendor-based financing arrangements	(3.4)	(3.2)
Purchase of treasury stock	0	(104.8)
Impact of tax withholding on share-based compensation	(3.6)	(29.7)
Dividends paid to shareholders	(17)	0
Other	0.3	0.3
Net cash provided by (used for) financing activities	(156.8)	(210.2)
Effect of exchange rate changes on cash	0.4	(0.6)
Net change in cash and cash equivalents	3.3	(17.2)
Cash and cash equivalents at beginning of period	40.6	49.3
Cash and cash equivalents at end of period	43.9	32.1
Supplemental cash flow information
Cash paid for income taxes, net of refunds	50.7	57.8
Cash paid for interest	8	6.4
Non-cash investing and financing activities
Non-cash additions to property and equipment for right-of-use finance leases and vendor-based financing arrangements	7.4	18.1
Non-cash additions to other non-current assets for right-of-use operating leases	$ 45.4	$ 37.3

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Shareholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock Issued	Additional Paid-in Capital	Accumulated Earnings	AOCL	[1]	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2021		17
Beginning balance at Dec. 31, 2021	$ 635.8	$ 0.2	$ 633.8	$ 143.2	$ (24.3)		$ (117.1)
Beginning balance (in shares) at Dec. 31, 2021							(2.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	78.5			78.5
Other comprehensive income (loss)	2.6				2.6
Stock-based compensation	2.8		2.8
Issuance of common stock, net of stock received for minimum tax withholdings (in shares)		0.5
Issuance of common stock, net of stock received for minimum tax withholdings	(29.5)	$ 0	(29.5)
Treasury stock purchases (in shares)							(0.1)
Treasury stock purchases	(10.4)						$ (10.4)
Ending balance (in shares) at Mar. 31, 2022		17.5
Ending balance at Mar. 31, 2022	679.8	$ 0.2	607.1	221.7	(21.7)		$ (127.5)
Ending balance (in shares) at Mar. 31, 2022							(2.5)
Beginning balance (in shares) at Dec. 31, 2021		17
Beginning balance at Dec. 31, 2021	635.8	$ 0.2	633.8	143.2	(24.3)		$ (117.1)
Beginning balance (in shares) at Dec. 31, 2021							(2.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	169.6
Other comprehensive income (loss)	7.1
Ending balance (in shares) at Jun. 30, 2022		17.5
Ending balance at Jun. 30, 2022	683.9	$ 0.2	610	312.8	(17.2)		$ (221.9)
Ending balance (in shares) at Jun. 30, 2022							(3.2)
Beginning balance (in shares) at Dec. 31, 2021		17
Beginning balance at Dec. 31, 2021	$ 635.8	$ 0.2	633.8	143.2	(24.3)		$ (117.1)
Beginning balance (in shares) at Dec. 31, 2021							(2.4)
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)
Ending balance (in shares) at Dec. 31, 2022	(4)						(4)
Beginning balance (in shares) at Mar. 31, 2022		17.5
Beginning balance at Mar. 31, 2022	$ 679.8	$ 0.2	607.1	221.7	(21.7)		$ (127.5)
Beginning balance (in shares) at Mar. 31, 2022							(2.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	91.1			91.1
Other comprehensive income (loss)	4.5				4.5
Stock-based compensation	3.1		3.1
Issuance of common stock, net of stock received for minimum tax withholdings (in shares)		0
Issuance of common stock, net of stock received for minimum tax withholdings	(0.2)	$ 0	(0.2)
Treasury stock purchases (in shares)							(0.7)
Treasury stock purchases	(94.4)						$ (94.4)
Ending balance (in shares) at Jun. 30, 2022		17.5
Ending balance at Jun. 30, 2022	$ 683.9	$ 0.2	610	312.8	(17.2)		$ (221.9)
Ending balance (in shares) at Jun. 30, 2022							(3.2)
Beginning balance (in shares) at Dec. 31, 2022	17.5	17.5
Beginning balance at Dec. 31, 2022	$ 756.1	$ 0.2	613.1	472.6	(12.7)		$ (317.1)
Beginning balance (in shares) at Dec. 31, 2022	(4)						(4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 68.7			68.7
Other comprehensive income (loss)	2.8				2.8
Stock-based compensation	1.8		1.8
Issuance of common stock, net of stock received for minimum tax withholdings (in shares)		0
Issuance of common stock, net of stock received for minimum tax withholdings	(3.6)	$ 0	(3.6)
Dividends	(8.5)			(8.5)
Ending balance (in shares) at Mar. 31, 2023		17.5
Ending balance at Mar. 31, 2023	$ 817.3	$ 0.2	611.3	532.8	(9.9)		$ (317.1)
Ending balance (in shares) at Mar. 31, 2023							(4)
Beginning balance (in shares) at Dec. 31, 2022	17.5	17.5
Beginning balance at Dec. 31, 2022	$ 756.1	$ 0.2	613.1	472.6	(12.7)		$ (317.1)
Beginning balance (in shares) at Dec. 31, 2022	(4)						(4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 139.4
Other comprehensive income (loss)	$ 3
Ending balance (in shares) at Jun. 30, 2023	17.6	17.6
Ending balance at Jun. 30, 2023	$ 883.3	$ 0.2	614.9	595	(9.7)		$ (317.1)
Ending balance (in shares) at Jun. 30, 2023	(4)						(4)
Beginning balance (in shares) at Mar. 31, 2023		17.5
Beginning balance at Mar. 31, 2023	$ 817.3	$ 0.2	611.3	532.8	(9.9)		$ (317.1)
Beginning balance (in shares) at Mar. 31, 2023							(4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	70.7			70.7
Other comprehensive income (loss)	0.2				0.2
Stock-based compensation	3.6		3.6
Issuance of common stock, net of stock received for minimum tax withholdings (in shares)		0.1
Issuance of common stock, net of stock received for minimum tax withholdings	0	$ 0	0
Dividends	$ (8.5)			(8.5)
Ending balance (in shares) at Jun. 30, 2023	17.6	17.6
Ending balance at Jun. 30, 2023	$ 883.3	$ 0.2	$ 614.9	$ 595	$ (9.7)		$ (317.1)
Ending balance (in shares) at Jun. 30, 2023	(4)						(4)
[1]Accumulated other comprehensive loss.

Business and Summary of Signifi

Business and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
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 of International Paper Company's xpedx distribution solutions business and UWW Holdings, Inc., the parent company of Unisource Worldwide, Inc. ("Unisource"). Veritiv operates primarily throughout the United States ("U.S.") and Mexico. On May 2, 2022, the Company sold its Veritiv Canada, Inc. business. On September 1, 2022, the Company sold its logistics solutions 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 13, Divestitures , for additional information. Basis of Presentation and Principles of Consolidation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for a complete set of annual audited financial statements. The accompanying unaudited financial information should be read in conjunction with the Consolidated Financial Statements and Notes contained in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") for the year ended December 31, 2022. In the opinion of management, all adjustments, including normal recurring accruals and other adjustments, considered necessary for a fair presentation of the interim financial information have been included. The operating results for the interim periods are not necessarily indicative of results for the full year, particularly in light of the Company's divestitures. These financial statements include all of the Company's subsidiaries. All significant intercompany transactions between Veritiv's businesses have been eliminated. During the third quarter of 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 Condensed Consolidated Statements of Operations. The results for the three and six months ended June 30, 2022, presented in this report, have been revised accordingly. Use of Estimates The preparation of unaudited financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses and certain financial statement disclosures. Estimates and assumptions are used for, but not limited to, revenue recognition, right-of-use ("ROU") asset and liability valuations, accounts and notes receivable valuations, inventory valuation, employee benefit plans, long-term incentive plans, income tax contingency accruals and valuation allowances, multi-employer pension plan ("MEPP") withdrawal liabilities, contingency accruals, goodwill and other intangible asset valuations. Although these estimates are based on management's knowledge of current events and actions it may undertake in the future, actual results may ultimately differ from these estimates and assumptions. Accounting Pronouncements Recently Adopted Accounting Standards Effective January 1, 2023, the Company adopted Accounting Standards Update ("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. The adoption did not, and is not expected to have in the future, any material impact on the Company's related disclosures. Effective March 17, 2023, the Company adopted ASU 2020-04 , Reference Rate Reform (Topic 848). This standard provides temporary optional expedients and exceptions to accounting guidance for certain contract modifications and hedging arrangements to ease financial reporting burdens as the market transitions from the London Interbank Offered Rate ("LIBOR") and other interbank reference rates to alternative reference rates, such as Term Secured Overnight Financing Rate (''SOFR"). 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. On March 17, 2023, the Company modified its Asset-Based Lending Facility, incorporating the transition from LIBOR to Term SOFR. The adoption did not materially impact the Company's consolidated financial statements and related disclosures.

Revenue Recognition and Credit

Revenue Recognition and Credit Losses	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION AND CREDIT LOSSES	2. REVENUE RECOGNITION AND CREDIT LOSSES Revenue Recognition and Composition Certain revenues are derived from shipments which are made directly from a manufacturer to a Veritiv customer. The Company is considered to be a principal to these transactions. Revenues from these sales are reported on a gross basis on the Condensed Consolidated Statements of Operations and have historically represented approximately 35% of Veritiv's total net sales. As a normal business practice, Veritiv does not enter into contracts that require more than one year to complete or that contain significant financing components. The Company considers handling and delivery as activities to fulfill its performance obligations. Billings for third-party freight are accounted for as net sales and handling and delivery costs are accounted for as distribution expenses. Veritiv enters into incentive programs with certain of its customers, which are generally based on sales to those same customers. Veritiv follows the expected value method when estimating its retrospective incentives and records the estimated amount as a reduction to gross sales when revenue is recognized. Estimates of the variable consideration are based primarily on contract terms, current customer forecasts as well as historical experience. Customer product returns are estimated based on historical experience and the identification of specific events necessitating an adjustment. The estimated return value is recognized as a reduction of gross sales and related cost of products sold. The estimated inventory returns value is recognized as part of inventories, while the estimated customer refund liability is recognized as part of other accrued liabilities on the Condensed Consolidated Balance Sheets. As of June 30, 2023 and December 31, 2022, estimated inventory returns were not significant. A customer contract liability will arise when Veritiv has received payment for goods and services but has not yet transferred the items to a customer and satisfied its performance obligations. Veritiv records a customer contract liability for performance obligations outstanding related to payments received in advance for customer deposits on equipment sales and other sale arrangements requiring prepayment, which are included in accounts payable on the Condensed Consolidated Balance Sheets. Veritiv expects to satisfy these remaining performance obligations and recognize the related revenues upon delivery of the goods and services to the customer's designated location within 12 months following receipt of the payment. Most equipment sales deposits are held for approximately 90 days and other sale arrangements requiring prepayment initially cover a 60 - 90 day period but can be renewed by the customer. See the table below for a year-to-date summary of the changes to the customer contract liabilities balance: Customer Contract Liabilities (in millions) 2023 2022 Balance at January 1, $ 16.1 $ 21.8 Payments received 28.4 28.7 Revenue recognized from beginning of year balance (11.7) (13.1) Revenue recognized from current year receipts (18.9) (17.5) Other adjustments (1) — (0.9) Balance at June 30, $ 13.9 $ 19.0 (1) Reflects liabilities removed as part of the sale of a business. See Note 13, Divestitures , for information regarding the sale of Veritiv Canada, Inc. Historically, the Company's ten largest customers have generated approximately 10% - 15% of its consolidated annual net sales. Veritiv's principal markets are concentrated primarily across North America. Approximately 97% of its reported net sales for the three and six months ended June 30, 2023 were generated in the U.S. 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 12, Segment and Other Information , for the disaggregation of revenue and other information related to the Company's reportable segments and Corporate & Other. Credit Losses and Other Allowances The components of the accounts receivable allowances were as follows: (in millions) June 30, 2023 December 31, 2022 Allowance for credit losses $ 13.7 $ 17.7 Other allowances (1) 9.2 9.0 Total accounts receivable allowances $ 22.9 $ 26.7 (1) Includes amounts reserved for credit memos, customer discounts, customer short pays and other miscellaneous items. Below is a year-to-date rollforward of the Company’s allowance for credit losses: Packaging and Facility Solutions Print Solutions - High Risk Print Solutions - Medium/Low Risk (in millions) U.S. U.S. U.S. Rest of world Total Balance at December 31, 2022 $ 12.8 $ 2.7 $ 1.6 $ 0.6 $ 17.7 Add / (Deduct): Provision for expected credit losses (0.6) 0.2 (0.1) 0.1 (0.4) Write-offs charged against the allowance (2.3) 0.0 (0.4) (0.2) (2.9) Recoveries of amounts previously written off 0.1 0.1 0.1 — 0.3 Other adjustments (1) — (1.0) — 0.0 (1.0) Balance at June 30, 2023 $ 10.0 $ 2.0 $ 1.2 $ 0.5 $ 13.7 (1) Other adjustments represent amounts reserved for foreign currency translation adjustments and reserves for certain customer accounts where revenue is not recognized because collectability is not probable. These adjustments may also include accounts receivable allowances recorded in connection with acquisitions and divestitures.

Leases

Leases	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
LEASES	LEASES The Company leases certain property and equipment used for operations to limit its exposure to risks related to ownership. The major leased asset categories include: real estate, delivery equipment, material handling equipment and computer and office equipment. As of June 30, 2023, the Company operated from approximately 95 distribution centers of which approximately 90 were leased. These facilities are strategically located throughout the U.S. and Mexico in order to efficiently serve the customer base in the surrounding areas while also facilitating expedited delivery services for special orders. The Company also leases various office spaces for corporate and sales functions. The components of lease expense were as follows: (in millions) Three Months Ended Six Months Ended Lease Classification Financial Statement Classification 2023 2022 2023 2022 Short-term lease expense (1) Operating expenses $ 1.7 $ 0.8 $ 3.1 $ 1.6 Operating lease expense (2) Operating expenses $ 22.2 $ 23.0 $ 43.3 $ 48.1 Finance lease expense: Amortization of right-of-use assets Depreciation and amortization $ 2.7 $ 2.8 $ 5.3 $ 6.5 Interest expense Interest expense, net 0.4 0.4 0.8 1.1 Total finance lease expense $ 3.1 $ 3.2 $ 6.1 $ 7.6 Total Lease Cost $ 27.0 $ 27.0 $ 52.5 $ 57.3 (1) Short-term lease expense is comprised of expenses related to leases with a term of twelve months or less, which includes expenses related to month-to-month leases. (2) Sublease income and variable lease expense are not included in the above table as the amounts were not significant for the periods presented. Supplemental balance sheets and other information were as follows: (in millions, except weighted-average data) June 30, 2023 December 31, 2022 Lease Classification Financial Statement Classification Operating Leases: Operating lease right-of-use assets Other non-current assets $ 316.0 $ 304.3 Operating lease obligations - current Other accrued liabilities $ 71.1 $ 67.9 Operating lease obligations - non-current Other non-current liabilities 272.6 266.0 Total operating lease obligations $ 343.7 $ 333.9 Weighted-average remaining lease term in years 5.4 5.9 Weighted-average discount rate 5.0 % 4.6 % Finance Leases: Finance lease right-of-use assets Property and equipment $ 32.0 $ 29.7 Finance lease obligations - current Current portion of debt $ 8.9 $ 8.8 Finance lease obligations - non-current Long-term debt, net of current portion 26.3 24.1 Total finance lease obligations $ 35.2 $ 32.9 Weighted-average remaining lease term in years 4.1 3.7 Weighted-average discount rate 4.9 % 4.2 % Cash paid for amounts included in the measurement of lease liabilities was as follows: (in millions) Six Months Ended June 30, Lease Classification Financial Statement Classification 2023 2022 Operating Leases: Operating cash flows from operating leases Operating activities $ 43.9 $ 48.3 Finance Leases: Operating cash flows from finance leases Operating activities $ 0.8 $ 1.1 Financing cash flows from finance leases Financing activities 4.9 6.3 Lease Commitments Future minimum lease payments at June 30, 2023 were as follows: (in millions) Finance Leases Operating Leases (1) 2023 (excluding the six months ended June 30, 2023) $ 5.4 $ 43.3 2024 9.8 84.1 2025 9.1 72.1 2026 6.4 66.2 2027 3.8 49.8 2028 2.5 30.4 Thereafter 2.8 46.2 Total future minimum lease payments 39.8 392.1 Amount representing interest (4.6) (48.4) Total future minimum lease payments, net of interest $ 35.2 $ 343.7 (1) Future sublease income of $1.6 million is excluded from the operating leases amount in the table above. Total future minimum lease payments at June 30, 2023 for finance and operating leases, including the amount representing interest, are comprised of $390.4 million for real estate leases and $41.5 million for non-real estate leases.
LEASES	LEASES The Company leases certain property and equipment used for operations to limit its exposure to risks related to ownership. The major leased asset categories include: real estate, delivery equipment, material handling equipment and computer and office equipment. As of June 30, 2023, the Company operated from approximately 95 distribution centers of which approximately 90 were leased. These facilities are strategically located throughout the U.S. and Mexico in order to efficiently serve the customer base in the surrounding areas while also facilitating expedited delivery services for special orders. The Company also leases various office spaces for corporate and sales functions. The components of lease expense were as follows: (in millions) Three Months Ended Six Months Ended Lease Classification Financial Statement Classification 2023 2022 2023 2022 Short-term lease expense (1) Operating expenses $ 1.7 $ 0.8 $ 3.1 $ 1.6 Operating lease expense (2) Operating expenses $ 22.2 $ 23.0 $ 43.3 $ 48.1 Finance lease expense: Amortization of right-of-use assets Depreciation and amortization $ 2.7 $ 2.8 $ 5.3 $ 6.5 Interest expense Interest expense, net 0.4 0.4 0.8 1.1 Total finance lease expense $ 3.1 $ 3.2 $ 6.1 $ 7.6 Total Lease Cost $ 27.0 $ 27.0 $ 52.5 $ 57.3 (1) Short-term lease expense is comprised of expenses related to leases with a term of twelve months or less, which includes expenses related to month-to-month leases. (2) Sublease income and variable lease expense are not included in the above table as the amounts were not significant for the periods presented. Supplemental balance sheets and other information were as follows: (in millions, except weighted-average data) June 30, 2023 December 31, 2022 Lease Classification Financial Statement Classification Operating Leases: Operating lease right-of-use assets Other non-current assets $ 316.0 $ 304.3 Operating lease obligations - current Other accrued liabilities $ 71.1 $ 67.9 Operating lease obligations - non-current Other non-current liabilities 272.6 266.0 Total operating lease obligations $ 343.7 $ 333.9 Weighted-average remaining lease term in years 5.4 5.9 Weighted-average discount rate 5.0 % 4.6 % Finance Leases: Finance lease right-of-use assets Property and equipment $ 32.0 $ 29.7 Finance lease obligations - current Current portion of debt $ 8.9 $ 8.8 Finance lease obligations - non-current Long-term debt, net of current portion 26.3 24.1 Total finance lease obligations $ 35.2 $ 32.9 Weighted-average remaining lease term in years 4.1 3.7 Weighted-average discount rate 4.9 % 4.2 % Cash paid for amounts included in the measurement of lease liabilities was as follows: (in millions) Six Months Ended June 30, Lease Classification Financial Statement Classification 2023 2022 Operating Leases: Operating cash flows from operating leases Operating activities $ 43.9 $ 48.3 Finance Leases: Operating cash flows from finance leases Operating activities $ 0.8 $ 1.1 Financing cash flows from finance leases Financing activities 4.9 6.3 Lease Commitments Future minimum lease payments at June 30, 2023 were as follows: (in millions) Finance Leases Operating Leases (1) 2023 (excluding the six months ended June 30, 2023) $ 5.4 $ 43.3 2024 9.8 84.1 2025 9.1 72.1 2026 6.4 66.2 2027 3.8 49.8 2028 2.5 30.4 Thereafter 2.8 46.2 Total future minimum lease payments 39.8 392.1 Amount representing interest (4.6) (48.4) Total future minimum lease payments, net of interest $ 35.2 $ 343.7 (1) Future sublease income of $1.6 million is excluded from the operating leases amount in the table above. Total future minimum lease payments at June 30, 2023 for finance and operating leases, including the amount representing interest, are comprised of $390.4 million for real estate leases and $41.5 million for non-real estate leases.

Restructuring Charges

Restructuring Charges	6 Months Ended
	Jun. 30, 2023
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. As of December 31, 2022, the 2020 Restructuring Plan was complete. See Note 12, Segment and Other Information , for the impact that charges from this restructuring plan had on the Company's reportable segments. 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, showing the cumulative amounts since the initiatives began: (in millions) Severance and Related Costs Other Direct Costs (Gain) Loss on Sale of Assets and Other Total 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 current year: (in millions) Severance and Related Costs Other Direct Costs Total Balance at December 31, 2022 $ 0.9 $ 2.3 $ 3.2 Payments (0.4) (0.3) (0.7) Other non-cash items (0.1) 0.0 (0.1) Balance at March 31, 2023 0.4 2.0 2.4 Payments (0.1) (0.9) (1.0) Balance at June 30, 2023 $ 0.3 $ 1.1 $ 1.4 The total liability in the table above primarily consists of obligations to make future lease payments through the end of 2024 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. The following is a summary of the Company's 2020 Restructuring Plan liability activity for the prior year comparable period: (in millions) Severance and Related Costs Other Direct Costs Total Balance at December 31, 2021 $ 4.7 $ 3.7 $ 8.4 Costs incurred 0.4 1.4 1.8 Payments (2.3) (2.1) (4.4) Balance at March 31, 2022 2.8 3.0 5.8 Costs incurred 0.1 0.7 0.8 Payments (0.6) (1.1) (1.7) Balance at June 30, 2022 $ 2.3 $ 2.6 $ 4.9 In addition to the costs incurred in the table above, during the three and six months ended June 30, 2022, the Company expensed $0.9 million and $1.8 million, respectively, of Other Direct Costs, which was prepaid at December 31, 2021. For the three and six months ended June 30, 2022, the Company recognized non-cash net gains of $0.3 million from lease terminations and retirement of assets.

Debt

Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
DEBT	5. DEBT The Company's debt obligations were as follows: (in millions) June 30, 2023 December 31, 2022 Asset-Based Lending Facility (the "ABL Facility") $ 137.4 $ 229.2 Commercial card program 1.9 1.6 Vendor-based financing arrangements 11.3 14.5 Finance leases 35.2 32.9 Total debt 185.8 278.2 Less: current portion of debt (14.2) (13.4) Long-term debt, net of current portion $ 171.6 $ 264.8 ABL Facility On March 17, 2023, the Company amended its ABL Facility to, among other things, replace LIBOR provisions with analogous SOFR provisions. The Company completed the full transition to Term SOFR in the second quarter of 2023. All other significant terms remained substantially the same. The ABL Facility has aggregate commitments of $1.1 billion, a maturity date of May 20, 2026 and interest rates which are based on Term SOFR or the prime rate plus a margin rate. Availability under the ABL Facility is determined based upon a monthly borrowing base calculation which includes eligible customer receivables and inventory, less outstanding borrowings, letters of credit and certain designated reserves. As of June 30, 2023, the available additional borrowing capacity under the ABL Facility was approximately $733.7 million. As of June 30, 2023, 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 June 30, 2023, the above test was not applicable and based on information available as of the date of this report it is not expected to be applicable in the next 12 months. Commercial Card Program The Company has a commercial purchasing card program that is used for business purpose purchasing and must be paid in-full monthly. At June 30, 2023, the card carried a maximum credit limit of $37.5 million. The net change in the outstanding balance is included in other financing activities on the Condensed Consolidated Statements of Cash Flows. Vendor-Based Financing Arrangements On occasion, the Company enters into long-term vendor-based financing arrangements with suppliers to obtain products, services or property in exchange for extended payment terms. During the three months ended March 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 is being paid in annual installments over a five-year term. The payments associated with this arrangement are classified as financing activities on the Condensed Consolidated Statements of Cash Flows. The Company has not entered into any other similar arrangements. Finance Leases See Note 3, Leases , for additional information related to the Company's finance leases.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	6. INCOME TAXES The Company calculated the expense for income taxes during the three and six months ended June 30, 2023 and 2022, by applying an estimate of the annual effective tax rate for the full fiscal year to "ordinary" income (pre-tax income excluding unusual or infrequently occurring discrete items) for the reporting periods. The following table presents the Company's expense for income taxes and the effective tax rates: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2023 2022 2023 2022 Income before income taxes $ 96.5 $ 121.0 $ 185.7 $ 205.3 Income tax expense 25.8 29.9 46.3 35.7 Effective tax rate 26.7 % 24.7 % 24.9 % 17.4 % The difference between the Company's effective tax rates for the three and six months ended June 30, 2023 and 2022 and the U.S. statutory tax rate of 21.0% primarily relates to state income taxes (net of federal income tax benefit), vesting of stock compensation and non-deductible expenses. Additionally, the effective tax rates for the three and six months ended June 30, 2022 include a tax benefit on the disposition of the Company's investment in a foreign subsidiary.

Defined Benefit Plans

Defined Benefit Plans	6 Months Ended
	Jun. 30, 2023
Retirement Benefits [Abstract]
DEFINED BENEFIT PLANS	7. 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. In support of its previously announced intention to terminate and settle the U.S. Veritiv Pension Plan, the Company used a portion of the plan assets to settle approximately half of its obligations through payments to qualified plan participants who elected lump sum distributions during the first half of 2023. During the second quarter of 2023, the Company recognized a gain of approximately $1.0 million on the settlement of these obligations, which was included in other (income) expense, net on the Condensed Consolidated Statement of Operations. The Company currently expects to use the remaining plan assets to settle the remaining obligations by the end of 2023. The Veritiv Hourly Pension Plan will remain open. During the three months ended June 30, 2022, the Company completed the sale of its Veritiv Canada, Inc. business. As a result of the sale, a pension settlement occurred, which required an interim remeasurement of Veritiv Canada, Inc.'s defined benefit pension plan obligations as of the date of the sale. The Company ultimately recognized a gain of $7.0 million on the settlement of the Veritiv Canada, Inc. defined benefit plans, which was included in other (income) expense, net on the Condensed Consolidated Statement of Operations. See Note 13, Divestitures , for additional information regarding the sale of Veritiv Canada, Inc. Total net periodic benefit cost (credit) associated with these plans is summarized below: Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 (in millions) U.S. U.S. Canada Components of net periodic benefit cost (credit): Service cost $ 0.5 $ 0.7 $ 0.0 Interest cost $ 0.6 $ 0.3 $ (1.0) Expected return on plan assets (0.5) (0.4) 1.9 Settlement (gain) loss (1.0) — (7.0) Amortization of net (gain) loss (0.1) — (0.1) Total other components $ (1.0) $ (0.1) $ (6.2) Net periodic benefit cost (credit) $ (0.5) $ 0.6 $ (6.2) Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 (in millions) U.S. U.S. Canada Components of net periodic benefit cost (credit): Service cost $ 0.9 $ 1.5 $ 0.1 Interest cost $ 1.2 $ 0.6 $ (0.4) Expected return on plan assets (1.1) (0.9) 0.8 Settlement (gain) loss (1.0) — (7.0) Amortization of net (gain) loss (0.1) — (0.1) Total other components $ (1.0) $ (0.3) $ (6.7) Net periodic benefit cost (credit) $ (0.1) $ 1.2 $ (6.6) The components of net periodic benefit cost (credit) other than the service cost component are included in other (income) expense, net on the Condensed Consolidated Statements of Operations. Amounts are generally amortized from accumulated other comprehensive loss over the expected future working lifetime of active plan participants.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	8. FAIR VALUE MEASUREMENTS At June 30, 2023 and December 31, 2022, the carrying amounts of cash and cash equivalents, receivables, payables, other components of other current assets and other accrued liabilities, and the short-term debt associated with the commercial card program approximate their fair values due to the short maturity of these items. Cash and cash equivalents may include highly-liquid investments with original maturities to the Company of three months or less that are readily convertible into known amounts of cash. 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 5, Debt , for additional information regarding the Company's ABL Facility and other obligations.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE	9. EARNINGS PER SHARE Basic earnings per share for Veritiv common stock is calculated by dividing net income by the weighted-average number of shares of common stock outstanding during the respective periods. Diluted earnings per share is similarly calculated, except that the denominator is increased to include the number of additional common shares that would have been outstanding during those periods if the dilutive potential common shares had been issued, using the treasury stock method, except where the inclusion of such common shares would have an antidilutive impact. A summary of the numerators and denominators used in the basic and diluted earnings per share calculations is as follows: Three Months Ended Six Months Ended (in millions, except per share data) 2023 2022 2023 2022 Numerator: Net income $ 70.7 $ 91.1 $ 139.4 $ 169.6 Denominator: Weighted-average shares outstanding – basic 13.55 14.61 13.54 14.69 Dilutive effect of stock-based awards 0.17 0.27 0.19 0.41 Weighted-average shares outstanding – diluted 13.72 14.88 13.73 15.10 Earnings per share: Basic $ 5.22 $ 6.24 $ 10.30 $ 11.55 Diluted $ 5.15 $ 6.12 $ 10.15 $ 11.23 Antidilutive stock-based awards excluded from computation of diluted earnings per share ("EPS") 0.04 0.00 0.03 0.08 Performance stock-based awards excluded from computation of diluted EPS because performance conditions had not been met 0.08 0.07 0.08 0.00

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
SHAREHOLDERS' EQUITY	10. SHAREHOLDERS' EQUITY Dividends The following table summarizes the Company's dividend declarations and payments made during the current year period. There were no comparable transactions in the prior year period. Declaration Date Record Date Payable Date Dividend Per Share Payment (in millions) February 27, 2023 March 9, 2023 March 31, 2023 $ 0.63 $ 8.5 May 8, 2023 May 18, 2023 June 5, 2023 0.63 8.5 August 7, 2023 August 17, 2023 September 13, 2023 0.63 N/A Total $ 1.89 $ 17.0 The payment of future dividends remains subject to the discretion of the Company's Board of Directors and will depend upon various factors then existing, including earnings, financial condition, results of operations, capital requirements, level of indebtedness, contractual restrictions with respect to payment of dividends, restrictions imposed by applicable law, general business conditions and other factors that Veritiv's Board of Directors may deem relevant. Treasury Stock - Share Repurchase Program On March 1, 2022, Veritiv announced that its Board of Directors authorized a $200 million share repurchase program (the "2022 Share Repurchase Program"). The 2022 Share Repurchase Program authorizes the Company, from time to time, to purchase shares of its common stock through open market transactions, privately negotiated transactions, forward, derivative or accelerated repurchase transactions, tender offers or otherwise, including Rule 10b5-1 trading plans, in accordance with all applicable securities laws and regulations. The timing and method of any repurchases, which will depend on a variety of market factors, including market conditions, are subject to results of operations, financial conditions, cash requirements and other factors. This authorization may be suspended, terminated, increased or decreased by the Board of Directors at any time. During the three and six months ended June 30, 2022, the Company repurchased 698,645 and 776,670 shares, respectively, of its common stock at a cost of approximately $94.4 million and $104.8 million, respectively, under its 2022 Share Repurchase Program. 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. Veritiv Omnibus Incentive Plan In accordance with the Company's 2014 Omnibus Incentive Plan, as amended and restated as of March 8, 2017, shares of the Company's common stock were issued to plan participants whose Restricted Stock Units, Performance Share Units, Market Condition Performance Share Units and/or non-employee director grants (grants not deferred) vested during those periods. The net share issuance is included on the Condensed Consolidated Statements of Shareholders' Equity for the three and six months ended June 30, 2023 and 2022. The related cash flow impacts are included in financing activities on the Condensed Consolidated Statements of Cash Flows. For additional information related to these plans, refer to the Company's Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2022. See the table below for information related to these transactions. (in millions) 2023 2022 Three months ended March 31, Shares issued 0.1 0.7 Shares recovered for minimum tax withholding (0.1) (0.2) Net shares issued 0.0 0.5 Three months ended June 30, Shares issued 0.0 0.0 Shares recovered for minimum tax withholding 0.1 0.0 Net shares issued 0.1 0.0 Accumulated Other Comprehensive Loss ("AOCL") Comprehensive income (loss) is reported on the Condensed Consolidated Statements of Comprehensive Income (Loss) and consists of net income and other gains and losses affecting shareholders' equity that, under U.S. GAAP, are excluded from net income. The following tables provide the components of AOCL (amounts are shown net of their related income tax effects, if any): (in millions) Foreign currency translation adjustments Retirement liabilities AOCL Balance at December 31, 2022 $ (16.6) $ 3.9 $ (12.7) Unrealized net gains (losses) arising during the period 2.9 (0.1) 2.8 Net current period other comprehensive income (loss) 2.9 (0.1) 2.8 Balance at March 31, 2023 (13.7) 3.8 (9.9) Unrealized net gains (losses) arising during the period 1.4 (0.4) 1.0 Amounts reclassified from AOCL — (0.8) (0.8) Net current period other comprehensive income (loss) 1.4 (1.2) 0.2 Balance at June 30, 2023 $ (12.3) $ 2.6 $ (9.7) (in millions) Foreign currency translation adjustments Retirement liabilities Interest rate cap AOCL Balance at December 31, 2021 $ (25.2) $ 1.0 $ (0.1) $ (24.3) Unrealized net gains (losses) arising during the period 2.6 0.0 0.0 2.6 Net current period other comprehensive income (loss) 2.6 0.0 0.0 2.6 Balance at March 31, 2022 (22.6) 1.0 (0.1) (21.7) Unrealized net gains (losses) arising during the period (4.5) 6.4 0.1 2.0 Amounts reclassified from AOCL 9.5 (7.0) 0.0 2.5 Net current period other comprehensive income (loss) 5.0 (0.6) 0.1 4.5 Balance at June 30, 2022 $ (17.6) $ 0.4 $ 0.0 $ (17.2)

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	11. COMMITMENTS AND CONTINGENCIES Legal Proceedings From time to time, the Company is involved in various lawsuits, claims and regulatory and administrative proceedings arising out of its business relating to general commercial and contractual matters, governmental regulations, intellectual property rights, labor and employment matters, tax and other actions. Although the ultimate outcome of any legal proceeding or investigation cannot be predicted with certainty, based on present information, including the Company's assessment of the merits of the particular claim, the Company does not expect that any asserted or unasserted legal claims or proceedings, individually or in the aggregate, will have a material adverse effect on its results of operations, financial condition or cash flows. MEPPs The Company records an estimated undiscounted charge when it becomes probable that it has incurred a withdrawal liability 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 Condensed Consolidated Statements of Operations. Initial amounts are recorded as other non-current liabilities on the Condensed 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, which was unchanged as of June 30, 2023. The withdrawal charge was recorded in distribution expenses as it was not related to a restructuring activity. As of June 30, 2023, 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. During the first quarter of 2023, the Company received the determination letter and recognized a final withdrawal liability of $0.6 million. The Company expects to make payments over an approximate four-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, which was unchanged as of June 30, 2023. During the second quarter of 2019, in the course of negotiations for a collective bargaining agreement, Veritiv negotiated a partial withdrawal from the Western Pennsylvania Fund and recognized an estimated partial withdrawal liability of $6.5 million, which was unchanged as of June 30, 2023. As of June 30, 2023, 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	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
SEGMENT AND OTHER INFORMATION	12. SEGMENT AND OTHER INFORMATION Veritiv's business is organized under three reportable segments: Packaging, Facility Solutions and Print Solutions. See Note 2, Revenue Recognition and Credit Losses , for descriptions of the Company's reportable segments and Corporate & Other. The following table presents net sales, Adjusted EBITDA (earnings before interest, income taxes, depreciation and amortization, restructuring charges, net, integration and acquisition expenses and other similar charges including any severance costs, costs associated with warehouse and office openings or closings, consolidation, and relocation and other business optimization expenses, stock-based compensation expense, changes in the LIFO reserve, non-restructuring asset impairment charges, non-restructuring severance charges, non-restructuring pension charges (benefits), fair value adjustments related to contingent liabilities assumed in mergers and acquisitions and certain other adjustments), which is the metric management uses to assess operating performance of the segments, and certain other measures for each of the reportable segments and Corporate & Other for the periods presented: (in millions) Packaging Facility Solutions Print Solutions Total Reportable Segments Corporate & Other Total Three Months Ended June 30, 2023 Net sales $ 906.9 $ 187.3 $ 363.1 $ 1,457.3 $ — $ 1,457.3 Adjusted EBITDA 108.9 17.7 24.0 150.6 (38.4) Depreciation and amortization 5.2 1.2 1.2 7.6 2.0 9.6 Three Months Ended June 30, 2022 Net sales $ 1,001.6 $ 195.8 $ 593.2 $ 1,790.6 $ 30.1 $ 1,820.7 Adjusted EBITDA 108.4 16.0 60.5 184.9 (48.6) Depreciation and amortization 5.5 1.1 1.0 7.6 3.5 11.1 Restructuring charges, net 0.9 0.1 0.4 1.4 0.0 1.4 Six Months Ended June 30, 2023 Net sales $ 1,802.3 $ 367.5 $ 797.7 $ 2,967.5 $ — $ 2,967.5 Adjusted EBITDA 205.3 33.1 61.2 299.6 (83.6) Depreciation and amortization 10.6 2.4 2.3 15.3 4.4 19.7 Six Months Ended June 30, 2022 Net sales $ 2,004.7 $ 425.2 $ 1,189.8 $ 3,619.7 $ 59.1 $ 3,678.8 Adjusted EBITDA 205.8 29.4 115.1 350.3 (94.5) Depreciation and amortization 11.8 2.9 2.2 16.9 6.9 23.8 Restructuring charges, net 2.5 0.5 1.1 4.1 0.0 4.1 The table below presents a reconciliation of net income as reflected on the Condensed Consolidated Statements of Operations to Adjusted EBITDA for the reportable segments: Three Months Ended Six Months Ended (in millions) 2023 2022 2023 2022 Net income $ 70.7 $ 91.1 $ 139.4 $ 169.6 Interest expense, net 4.3 4.0 9.0 7.5 Income tax expense 25.8 29.9 46.3 35.7 Depreciation and amortization 9.6 11.1 19.7 23.8 Restructuring charges, net — 1.4 — 4.1 Gain on sale of businesses — (10.0) — (10.0) Facility closure charges, including (gain) loss from asset disposition 0.1 (0.3) 0.0 (0.9) Stock-based compensation 3.6 3.1 5.4 5.9 LIFO reserve (decrease) increase (3.5) 11.8 (6.0) 22.8 Non-restructuring severance charges (0.2) (0.2) 0.1 1.5 Non-restructuring pension charges (benefits) (1.0) (7.0) (0.8) (7.0) Other 2.8 1.4 2.9 2.8 Adjustment for Corporate & Other 38.4 48.6 83.6 94.5 Adjusted EBITDA for reportable segments $ 150.6 $ 184.9 $ 299.6 $ 350.3 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 $2.8 million has been recognized in selling and administrative expenses on the Company's statements of operations, of which $0.1 million of expense and $3.5 million of benefit was recognized for the six months ended June 30, 2023 and 2022, respectively. During the six months ended June 30, 2023 and 2022, the Company received $0.1 million and $3.5 million, respectively, in reimbursements related to the structural damage, which is reported as proceeds from insurance related to property and equipment on the Condensed Consolidated Statement of Cash Flows. Insurance proceeds not related to the structural damage are reported as cash flows from operating activities.

Divestitures

Divestitures	6 Months Ended
	Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
DIVESTITURES	13. DIVESTITURES 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 an initial pre-tax gain of approximately $10.0 million in the second quarter of 2022, which is included in gain on sale of businesses on the Condensed Consolidated Statements of Operations. Veritiv also received initial net cash proceeds of approximately $147.4 million in the second quarter of 2022, reflecting the purchase price adjusted for cash and target working capital, closing date debt and transaction fees. The net cash proceeds are reported as proceeds from asset sales and sale of businesses, net of cash transferred, in the investing activities section of the Condensed Consolidated Statements of Cash Flows. As of December 31, 2022, the Company had recognized a total pre-tax gain of approximately $18.7 million and net cash proceeds of approximately $162.2 million related to the sale of Veritiv Canada, Inc. 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. Management determined that the carrying values of the goodwill and other intangible assets allocated to the Veritiv Canada, Inc. business were not impaired. Upon closing of the sale, Veritiv’s approximately 900 employees in Canada became employees of Imperial Dade Canada Inc. In connection with the closing, the Company entered into an agreement with the buyer for the provision of certain storage, order processing and/or fulfillment services for the small subset of Veritiv-retained packaging customers.

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Event	14. SUBSEQUENT EVENT On August 6, 2023, the Company entered into a definitive merger agreement to be acquired by an affiliate of Clayton, Dubilier & Rice, LLC. Under the terms of the agreement, each share of the Company's common stock issued and outstanding immediately prior to the closing of the transaction will be entitled to receive $170 per share in cash. The transaction, which was unanimously approved by the Company’s Board of Directors, is currently expected to close in the fourth quarter of 2023, subject to customary closing conditions, including approval by the Company’s shareholders and the receipt of required regulatory approvals. Upon the completion of the transaction, Veritiv will become a privately held company and shares of Veritiv common stock will no longer be listed on any public markets.

Business and Summary of Signi_2

Business and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for a complete set of annual audited financial statements. The accompanying unaudited financial information should be read in conjunction with the Consolidated Financial Statements and Notes contained in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") for the year ended December 31, 2022. In the opinion of management, all adjustments, including normal recurring accruals and other adjustments, considered necessary for a fair presentation of the interim financial information have been included. The operating results for the interim periods are not necessarily indicative of results for the full year, particularly in light of the Company's divestitures. These financial statements include all of the Company's subsidiaries. All significant intercompany transactions between Veritiv's businesses have been eliminated. During the third quarter of 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 Condensed Consolidated Statements of Operations. The results for the three and six months ended June 30, 2022, presented in this report, have been revised accordingly.
Use of Estimates	Use of Estimates The preparation of unaudited financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses and certain financial statement disclosures. Estimates and assumptions are used for, but not limited to, revenue recognition, right-of-use ("ROU") asset and liability valuations, accounts and notes receivable valuations, inventory valuation, employee benefit plans, long-term incentive plans, income tax contingency accruals and valuation allowances, multi-employer pension plan ("MEPP") withdrawal liabilities, contingency accruals, goodwill and other intangible asset valuations. Although these estimates are based on management's knowledge of current events and actions it may undertake in the future, actual results may ultimately differ from these estimates and assumptions.
Accounting Pronouncements	Accounting Pronouncements Recently Adopted Accounting Standards Effective January 1, 2023, the Company adopted Accounting Standards Update ("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. The adoption did not, and is not expected to have in the future, any material impact on the Company's related disclosures. Effective March 17, 2023, the Company adopted ASU 2020-04 , Reference Rate Reform (Topic 848). This standard provides temporary optional expedients and exceptions to accounting guidance for certain contract modifications and hedging arrangements to ease financial reporting burdens as the market transitions from the London Interbank Offered Rate ("LIBOR") and other interbank reference rates to alternative reference rates, such as Term Secured Overnight Financing Rate (''SOFR"). 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. On March 17, 2023, the Company modified its Asset-Based Lending Facility, incorporating the transition from LIBOR to Term SOFR. The adoption did not materially impact the Company's consolidated financial statements and related disclosures.

Revenue Recognition and Credi_2

Revenue Recognition and Credit Losses (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Customer Contract Liabilities	See the table below for a year-to-date summary of the changes to the customer contract liabilities balance: Customer Contract Liabilities (in millions) 2023 2022 Balance at January 1, $ 16.1 $ 21.8 Payments received 28.4 28.7 Revenue recognized from beginning of year balance (11.7) (13.1) Revenue recognized from current year receipts (18.9) (17.5) Other adjustments (1) — (0.9) Balance at June 30, $ 13.9 $ 19.0 (1) Reflects liabilities removed as part of the sale of a business. See Note 13, Divestitures , for information regarding the sale of Veritiv Canada, Inc.
Schedule of Allowance for Doubtful Accounts	The components of the accounts receivable allowances were as follows: (in millions) June 30, 2023 December 31, 2022 Allowance for credit losses $ 13.7 $ 17.7 Other allowances (1) 9.2 9.0 Total accounts receivable allowances $ 22.9 $ 26.7 (1) Includes amounts reserved for credit memos, customer discounts, customer short pays and other miscellaneous items.
Schedule of Allowance for Credit Losses	Below is a year-to-date rollforward of the Company’s allowance for credit losses: Packaging and Facility Solutions Print Solutions - High Risk Print Solutions - Medium/Low Risk (in millions) U.S. U.S. U.S. Rest of world Total Balance at December 31, 2022 $ 12.8 $ 2.7 $ 1.6 $ 0.6 $ 17.7 Add / (Deduct): Provision for expected credit losses (0.6) 0.2 (0.1) 0.1 (0.4) Write-offs charged against the allowance (2.3) 0.0 (0.4) (0.2) (2.9) Recoveries of amounts previously written off 0.1 0.1 0.1 — 0.3 Other adjustments (1) — (1.0) — 0.0 (1.0) Balance at June 30, 2023 $ 10.0 $ 2.0 $ 1.2 $ 0.5 $ 13.7 (1) Other adjustments represent amounts reserved for foreign currency translation adjustments and reserves for certain customer accounts where revenue is not recognized because collectability is not probable. These adjustments may also include accounts receivable allowances recorded in connection with acquisitions and divestitures.

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Schedule of Components of Lease Expense and Cash Flows	The components of lease expense were as follows: (in millions) Three Months Ended Six Months Ended Lease Classification Financial Statement Classification 2023 2022 2023 2022 Short-term lease expense (1) Operating expenses $ 1.7 $ 0.8 $ 3.1 $ 1.6 Operating lease expense (2) Operating expenses $ 22.2 $ 23.0 $ 43.3 $ 48.1 Finance lease expense: Amortization of right-of-use assets Depreciation and amortization $ 2.7 $ 2.8 $ 5.3 $ 6.5 Interest expense Interest expense, net 0.4 0.4 0.8 1.1 Total finance lease expense $ 3.1 $ 3.2 $ 6.1 $ 7.6 Total Lease Cost $ 27.0 $ 27.0 $ 52.5 $ 57.3 (1) Short-term lease expense is comprised of expenses related to leases with a term of twelve months or less, which includes expenses related to month-to-month leases. (2) Sublease income and variable lease expense are not included in the above table as the amounts were not significant for the periods presented. Cash paid for amounts included in the measurement of lease liabilities was as follows: (in millions) Six Months Ended June 30, Lease Classification Financial Statement Classification 2023 2022 Operating Leases: Operating cash flows from operating leases Operating activities $ 43.9 $ 48.3 Finance Leases: Operating cash flows from finance leases Operating activities $ 0.8 $ 1.1 Financing cash flows from finance leases Financing activities 4.9 6.3
Schedule of Supplemental Balance Sheet and Other Information	Supplemental balance sheets and other information were as follows: (in millions, except weighted-average data) June 30, 2023 December 31, 2022 Lease Classification Financial Statement Classification Operating Leases: Operating lease right-of-use assets Other non-current assets $ 316.0 $ 304.3 Operating lease obligations - current Other accrued liabilities $ 71.1 $ 67.9 Operating lease obligations - non-current Other non-current liabilities 272.6 266.0 Total operating lease obligations $ 343.7 $ 333.9 Weighted-average remaining lease term in years 5.4 5.9 Weighted-average discount rate 5.0 % 4.6 % Finance Leases: Finance lease right-of-use assets Property and equipment $ 32.0 $ 29.7 Finance lease obligations - current Current portion of debt $ 8.9 $ 8.8 Finance lease obligations - non-current Long-term debt, net of current portion 26.3 24.1 Total finance lease obligations $ 35.2 $ 32.9 Weighted-average remaining lease term in years 4.1 3.7 Weighted-average discount rate 4.9 % 4.2 %
Schedule of Finance Lease Maturity	Future minimum lease payments at June 30, 2023 were as follows: (in millions) Finance Leases Operating Leases (1) 2023 (excluding the six months ended June 30, 2023) $ 5.4 $ 43.3 2024 9.8 84.1 2025 9.1 72.1 2026 6.4 66.2 2027 3.8 49.8 2028 2.5 30.4 Thereafter 2.8 46.2 Total future minimum lease payments 39.8 392.1 Amount representing interest (4.6) (48.4) Total future minimum lease payments, net of interest $ 35.2 $ 343.7 (1) Future sublease income of $1.6 million is excluded from the operating leases amount in the table above.
Schedule of Operating Lease Maturity	Future minimum lease payments at June 30, 2023 were as follows: (in millions) Finance Leases Operating Leases (1) 2023 (excluding the six months ended June 30, 2023) $ 5.4 $ 43.3 2024 9.8 84.1 2025 9.1 72.1 2026 6.4 66.2 2027 3.8 49.8 2028 2.5 30.4 Thereafter 2.8 46.2 Total future minimum lease payments 39.8 392.1 Amount representing interest (4.6) (48.4) Total future minimum lease payments, net of interest $ 35.2 $ 343.7 (1) Future sublease income of $1.6 million is excluded from the operating leases amount in the table above.

Restructuring Charges (Tables)

Restructuring Charges (Tables)	6 Months Ended
	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Related Costs	The following table presents a summary of restructuring charges, net, showing the cumulative amounts since the initiatives began: (in millions) Severance and Related Costs Other Direct Costs (Gain) Loss on Sale of Assets and Other Total Cumulative $ 41.4 $ 36.6 $ (8.4) $ 69.6
Summary of the Company's Restructuring Activity	The following is a summary of the Company's 2020 Restructuring Plan liability activity for the current year: (in millions) Severance and Related Costs Other Direct Costs Total Balance at December 31, 2022 $ 0.9 $ 2.3 $ 3.2 Payments (0.4) (0.3) (0.7) Other non-cash items (0.1) 0.0 (0.1) Balance at March 31, 2023 0.4 2.0 2.4 Payments (0.1) (0.9) (1.0) Balance at June 30, 2023 $ 0.3 $ 1.1 $ 1.4 The following is a summary of the Company's 2020 Restructuring Plan liability activity for the prior year comparable period: (in millions) Severance and Related Costs Other Direct Costs Total Balance at December 31, 2021 $ 4.7 $ 3.7 $ 8.4 Costs incurred 0.4 1.4 1.8 Payments (2.3) (2.1) (4.4) Balance at March 31, 2022 2.8 3.0 5.8 Costs incurred 0.1 0.7 0.8 Payments (0.6) (1.1) (1.7) Balance at June 30, 2022 $ 2.3 $ 2.6 $ 4.9

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Obligations	The Company's debt obligations were as follows: (in millions) June 30, 2023 December 31, 2022 Asset-Based Lending Facility (the "ABL Facility") $ 137.4 $ 229.2 Commercial card program 1.9 1.6 Vendor-based financing arrangements 11.3 14.5 Finance leases 35.2 32.9 Total debt 185.8 278.2 Less: current portion of debt (14.2) (13.4) Long-term debt, net of current portion $ 171.6 $ 264.8

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Schedule of Provision for Income Taxes and the Effective Tax Rates	The following table presents the Company's expense for income taxes and the effective tax rates: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2023 2022 2023 2022 Income before income taxes $ 96.5 $ 121.0 $ 185.7 $ 205.3 Income tax expense 25.8 29.9 46.3 35.7 Effective tax rate 26.7 % 24.7 % 24.9 % 17.4 %

Defined Benefit Plans (Tables)

Defined Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2023
Retirement Benefits [Abstract]
Schedule of Net Periodic Benefit Costs and Credits	Total net periodic benefit cost (credit) associated with these plans is summarized below: Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 (in millions) U.S. U.S. Canada Components of net periodic benefit cost (credit): Service cost $ 0.5 $ 0.7 $ 0.0 Interest cost $ 0.6 $ 0.3 $ (1.0) Expected return on plan assets (0.5) (0.4) 1.9 Settlement (gain) loss (1.0) — (7.0) Amortization of net (gain) loss (0.1) — (0.1) Total other components $ (1.0) $ (0.1) $ (6.2) Net periodic benefit cost (credit) $ (0.5) $ 0.6 $ (6.2) Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 (in millions) U.S. U.S. Canada Components of net periodic benefit cost (credit): Service cost $ 0.9 $ 1.5 $ 0.1 Interest cost $ 1.2 $ 0.6 $ (0.4) Expected return on plan assets (1.1) (0.9) 0.8 Settlement (gain) loss (1.0) — (7.0) Amortization of net (gain) loss (0.1) — (0.1) Total other components $ (1.0) $ (0.3) $ (6.7) Net periodic benefit cost (credit) $ (0.1) $ 1.2 $ (6.6)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Summary of the Numerators and Denominators Used in the Basic and Diluted Earnings Per Share Calculation	A summary of the numerators and denominators used in the basic and diluted earnings per share calculations is as follows: Three Months Ended Six Months Ended (in millions, except per share data) 2023 2022 2023 2022 Numerator: Net income $ 70.7 $ 91.1 $ 139.4 $ 169.6 Denominator: Weighted-average shares outstanding – basic 13.55 14.61 13.54 14.69 Dilutive effect of stock-based awards 0.17 0.27 0.19 0.41 Weighted-average shares outstanding – diluted 13.72 14.88 13.73 15.10 Earnings per share: Basic $ 5.22 $ 6.24 $ 10.30 $ 11.55 Diluted $ 5.15 $ 6.12 $ 10.15 $ 11.23 Antidilutive stock-based awards excluded from computation of diluted earnings per share ("EPS") 0.04 0.00 0.03 0.08 Performance stock-based awards excluded from computation of diluted EPS because performance conditions had not been met 0.08 0.07 0.08 0.00

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Schedule of Dividend Declarations and Payments	The following table summarizes the Company's dividend declarations and payments made during the current year period. There were no comparable transactions in the prior year period. Declaration Date Record Date Payable Date Dividend Per Share Payment (in millions) February 27, 2023 March 9, 2023 March 31, 2023 $ 0.63 $ 8.5 May 8, 2023 May 18, 2023 June 5, 2023 0.63 8.5 August 7, 2023 August 17, 2023 September 13, 2023 0.63 N/A Total $ 1.89 $ 17.0
Schedule of Incentive Plan Shares Issued	See the table below for information related to these transactions. (in millions) 2023 2022 Three months ended March 31, Shares issued 0.1 0.7 Shares recovered for minimum tax withholding (0.1) (0.2) Net shares issued 0.0 0.5 Three months ended June 30, Shares issued 0.0 0.0 Shares recovered for minimum tax withholding 0.1 0.0 Net shares issued 0.1 0.0
Schedule of Accumulated Other Comprehensive Loss	The following tables provide the components of AOCL (amounts are shown net of their related income tax effects, if any): (in millions) Foreign currency translation adjustments Retirement liabilities AOCL Balance at December 31, 2022 $ (16.6) $ 3.9 $ (12.7) Unrealized net gains (losses) arising during the period 2.9 (0.1) 2.8 Net current period other comprehensive income (loss) 2.9 (0.1) 2.8 Balance at March 31, 2023 (13.7) 3.8 (9.9) Unrealized net gains (losses) arising during the period 1.4 (0.4) 1.0 Amounts reclassified from AOCL — (0.8) (0.8) Net current period other comprehensive income (loss) 1.4 (1.2) 0.2 Balance at June 30, 2023 $ (12.3) $ 2.6 $ (9.7) (in millions) Foreign currency translation adjustments Retirement liabilities Interest rate cap AOCL Balance at December 31, 2021 $ (25.2) $ 1.0 $ (0.1) $ (24.3) Unrealized net gains (losses) arising during the period 2.6 0.0 0.0 2.6 Net current period other comprehensive income (loss) 2.6 0.0 0.0 2.6 Balance at March 31, 2022 (22.6) 1.0 (0.1) (21.7) Unrealized net gains (losses) arising during the period (4.5) 6.4 0.1 2.0 Amounts reclassified from AOCL 9.5 (7.0) 0.0 2.5 Net current period other comprehensive income (loss) 5.0 (0.6) 0.1 4.5 Balance at June 30, 2022 $ (17.6) $ 0.4 $ 0.0 $ (17.2)

Segment and Other Information (

Segment and Other Information (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segment Reporting Information, by Segment	The following table presents net sales, Adjusted EBITDA (earnings before interest, income taxes, depreciation and amortization, restructuring charges, net, integration and acquisition expenses and other similar charges including any severance costs, costs associated with warehouse and office openings or closings, consolidation, and relocation and other business optimization expenses, stock-based compensation expense, changes in the LIFO reserve, non-restructuring asset impairment charges, non-restructuring severance charges, non-restructuring pension charges (benefits), fair value adjustments related to contingent liabilities assumed in mergers and acquisitions and certain other adjustments), which is the metric management uses to assess operating performance of the segments, and certain other measures for each of the reportable segments and Corporate & Other for the periods presented: (in millions) Packaging Facility Solutions Print Solutions Total Reportable Segments Corporate & Other Total Three Months Ended June 30, 2023 Net sales $ 906.9 $ 187.3 $ 363.1 $ 1,457.3 $ — $ 1,457.3 Adjusted EBITDA 108.9 17.7 24.0 150.6 (38.4) Depreciation and amortization 5.2 1.2 1.2 7.6 2.0 9.6 Three Months Ended June 30, 2022 Net sales $ 1,001.6 $ 195.8 $ 593.2 $ 1,790.6 $ 30.1 $ 1,820.7 Adjusted EBITDA 108.4 16.0 60.5 184.9 (48.6) Depreciation and amortization 5.5 1.1 1.0 7.6 3.5 11.1 Restructuring charges, net 0.9 0.1 0.4 1.4 0.0 1.4 Six Months Ended June 30, 2023 Net sales $ 1,802.3 $ 367.5 $ 797.7 $ 2,967.5 $ — $ 2,967.5 Adjusted EBITDA 205.3 33.1 61.2 299.6 (83.6) Depreciation and amortization 10.6 2.4 2.3 15.3 4.4 19.7 Six Months Ended June 30, 2022 Net sales $ 2,004.7 $ 425.2 $ 1,189.8 $ 3,619.7 $ 59.1 $ 3,678.8 Adjusted EBITDA 205.8 29.4 115.1 350.3 (94.5) Depreciation and amortization 11.8 2.9 2.2 16.9 6.9 23.8 Restructuring charges, net 2.5 0.5 1.1 4.1 0.0 4.1
Schedule of Reconciliation of Income Before Income Taxes to Total Adjusted EBITDA	The table below presents a reconciliation of net income as reflected on the Condensed Consolidated Statements of Operations to Adjusted EBITDA for the reportable segments: Three Months Ended Six Months Ended (in millions) 2023 2022 2023 2022 Net income $ 70.7 $ 91.1 $ 139.4 $ 169.6 Interest expense, net 4.3 4.0 9.0 7.5 Income tax expense 25.8 29.9 46.3 35.7 Depreciation and amortization 9.6 11.1 19.7 23.8 Restructuring charges, net — 1.4 — 4.1 Gain on sale of businesses — (10.0) — (10.0) Facility closure charges, including (gain) loss from asset disposition 0.1 (0.3) 0.0 (0.9) Stock-based compensation 3.6 3.1 5.4 5.9 LIFO reserve (decrease) increase (3.5) 11.8 (6.0) 22.8 Non-restructuring severance charges (0.2) (0.2) 0.1 1.5 Non-restructuring pension charges (benefits) (1.0) (7.0) (0.8) (7.0) Other 2.8 1.4 2.9 2.8 Adjustment for Corporate & Other 38.4 48.6 83.6 94.5 Adjusted EBITDA for reportable segments $ 150.6 $ 184.9 $ 299.6 $ 350.3

Revenue Recognition and Credi_3

Revenue Recognition and Credit Losses - Narrative (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
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 (reversal of) expected credit losses		$ (1.4)	$ (0.6)
Notes receivable	$ 0.1	$ 0.1		$ 0.1
Minimum
Concentration Risk [Line Items]
Other sale arrangements requiring prepayment initial coverage period		60 days
Maximum
Concentration Risk [Line Items]
Other sale arrangements requiring prepayment initial coverage period		90 days
Product Concentration Risk | Revenue from Contract with Customer Benchmark | Sales Channel, Directly to Consumer
Concentration Risk [Line Items]
Concentration risk, percentage		35%
Customer Concentration Risk | Revenue Benchmark | Minimum | Ten Largest Customers
Concentration Risk [Line Items]
Concentration risk, percentage		10%
Customer Concentration Risk | Revenue Benchmark | Maximum | Ten Largest Customers
Concentration Risk [Line Items]
Concentration risk, percentage		15%
Geographic Concentration Risk | Revenue Benchmark | U.S.
Concentration Risk [Line Items]
Concentration risk, percentage	97%	97%

Revenue Recognition and Credi_4

Revenue Recognition and Credit Losses - Remaining Performance Obligation (Details)	Jun. 30, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation satisfaction period	12 months

Revenue Recognition and Credi_5

Revenue Recognition and Credit Losses - Schedule of Customer Contract Liabilities (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Change in Contract with Customer, Liability [Roll Forward]
Beginning balance	$ 16.1	$ 21.8
Payments received	28.4	28.7
Revenue recognized from beginning of year balance	(11.7)	(13.1)
Revenue recognized from current year receipts	(18.9)	(17.5)
Other adjustments	0	(0.9)
Ending balance	$ 13.9	$ 19

Revenue Recognition and Credi_6

Revenue Recognition and Credit Losses - Schedule of Credit Losses (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Allowance for credit losses	$ 13.7	$ 17.7
Other allowances	9.2	9
Total accounts receivable allowances	$ 22.9	$ 26.7

Revenue Recognition and Credi_7

Revenue Recognition and Credit Losses - Rollforward of Credit Losses (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 17.7
Provision for expected credit losses	(0.4)
Write-offs charged against the allowance	(2.9)
Recoveries of amounts previously written off	0.3
Other adjustments	(1)
Ending balance	13.7
U.S. | Packaging and Facility Solutions | Operating Segments
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	12.8
Provision for expected credit losses	(0.6)
Write-offs charged against the allowance	(2.3)
Recoveries of amounts previously written off	0.1
Other adjustments	0
Ending balance	10
U.S. | Print Solutions | Operating Segments | Risk Level, High
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	2.7
Provision for expected credit losses	0.2
Write-offs charged against the allowance	0
Recoveries of amounts previously written off	0.1
Other adjustments	(1)
Ending balance	2
U.S. | Print Solutions | Operating Segments | Risk Level, Medium / Low
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	1.6
Provision for expected credit losses	(0.1)
Write-offs charged against the allowance	(0.4)
Recoveries of amounts previously written off	0.1
Other adjustments	0
Ending balance	1.2
Rest of world | Reportable Geographical Components
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	0.6
Provision for expected credit losses	0.1
Write-offs charged against the allowance	(0.2)
Recoveries of amounts previously written off	0
Other adjustments	0
Ending balance	$ 0.5

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	Jun. 30, 2023 USD ($) distribution_center
Lessee, Lease, Description [Line Items]
Number of distribution centers | distribution_center	95
Number of leased distribution centers | distribution_center	90
Real Estate
Lessee, Lease, Description [Line Items]
Finance and operating lease payments due | $	$ 390.4
Non-Real Estate
Lessee, Lease, Description [Line Items]
Finance and operating lease payments due | $	$ 41.5

Leases - Schedule of Components

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Short-term lease expense	$ 1.7	$ 0.8	$ 3.1	$ 1.6
Operating lease expense	22.2	23	43.3	48.1
Finance lease expense:
Amortization of right-of-use assets	2.7	2.8	5.3	6.5
Interest expense	0.4	0.4	0.8	1.1
Total finance lease expense	3.1	3.2	6.1	7.6
Total Lease Cost	$ 27	$ 27	$ 52.5	$ 57.3

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Balance Sheet and Other Information (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other non-current assets	Other non-current assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other accrued liabilities	Other accrued liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other non-current liabilities	Other non-current liabilities
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property and equipment (net of accumulated depreciation and amortization of $326.6 and $325.5, respectively)	Property and equipment (net of accumulated depreciation and amortization of $326.6 and $325.5, respectively)
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Current portion of debt	Current portion of debt
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term debt, net of current portion	Long-term debt, net of current portion
Operating Leases:
Operating lease right-of-use assets	$ 316	$ 304.3
Operating lease obligations - current	71.1	67.9
Operating lease obligations - non-current	272.6	266
Total operating lease obligations	$ 343.7	$ 333.9
Weighted-average remaining lease term in years	5 years 4 months 24 days	5 years 10 months 24 days
Weighted-average discount rate	5%	4.60%
Finance Leases:
Finance lease right-of-use assets	$ 32	$ 29.7
Finance lease obligations - current	8.9	8.8
Finance lease obligations - non-current	26.3	24.1
Total finance lease obligations	$ 35.2	$ 32.9
Weighted-average remaining lease term in years	4 years 1 month 6 days	3 years 8 months 12 days
Weighted-average discount rate	4.90%	4.20%

Leases - Schedule of Suppleme_2

Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating cash flows from operating leases
Operating cash flows from operating leases	$ 43.9	$ 48.3
Finance Leases:
Operating cash flows from finance leases	0.8	1.1
Financing cash flows from finance leases	$ 4.9	$ 6.3

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Operating and Finance Lease Payments (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Finance Leases
2023 (excluding the six months ended June 30, 2023)	$ 5.4
2024	9.8
2025	9.1
2026	6.4
2027	3.8
2028	2.5
Thereafter	2.8
Total future minimum lease payments	39.8
Amount representing interest	(4.6)
Total future minimum lease payments, net of interest	35.2	$ 32.9
Operating Leases
2023 (excluding the six months ended June 30, 2023)	43.3
2024	84.1
2025	72.1
2026	66.2
2027	49.8
2028	30.4
Thereafter	46.2
Total future minimum lease payments	392.1
Amount representing interest	(48.4)
Total future minimum lease payments, net of interest	343.7	$ 333.9
Future sublease income	$ 1.6

Restructuring Charges - Schedul

Restructuring Charges - Schedule of Restructuring Charges (Details) - 2020 Restructuring Plan $ in Millions	Dec. 31, 2022 USD ($)
Total
Restructuring Cost and Reserve [Line Items]
Cumulative	$ 69.6
Severance and Related Costs
Restructuring Cost and Reserve [Line Items]
Cumulative	41.4
Other Direct Costs
Restructuring Cost and Reserve [Line Items]
Cumulative	36.6
(Gain) Loss on Sale of Assets and Other
Restructuring Cost and Reserve [Line Items]
Cumulative	$ (8.4)

Restructuring Charges - Sched_2

Restructuring Charges - Schedule of Changes in Restructuring Liability - 2020 Restructuring Plan (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Restructuring Reserve [Roll Forward]
Costs incurred	$ 0		$ 1.4		$ 0	$ 4.1
2020 Restructuring Plan
Restructuring Reserve [Roll Forward]
Balance at the beginning	2.4	$ 3.2	5.8	$ 8.4	3.2	8.4
Costs incurred			0.8	1.8
Payments	(1)	(0.7)	(1.7)	(4.4)
Other non-cash items		(0.1)
Balance at the end	1.4	2.4	4.9	5.8	1.4	4.9
Severance and Related Costs | 2020 Restructuring Plan
Restructuring Reserve [Roll Forward]
Balance at the beginning	0.4	0.9	2.8	4.7	0.9	4.7
Costs incurred			0.1	0.4
Payments	(0.1)	(0.4)	(0.6)	(2.3)
Other non-cash items		(0.1)
Balance at the end	0.3	0.4	2.3	2.8	0.3	2.3
Other Direct Costs | 2020 Restructuring Plan
Restructuring Reserve [Roll Forward]
Balance at the beginning	2	2.3	3	3.7	2.3	3.7
Costs incurred			0.7	1.4
Payments	(0.9)	(0.3)	(1.1)	(2.1)
Other non-cash items		0
Balance at the end	$ 1.1	$ 2	$ 2.6	$ 3	$ 1.1	$ 2.6

Restructuring Charges - Narrati

Restructuring Charges - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Restructuring Cost and Reserve [Line Items]
Gain (loss) on termination of lease and retirement of assets	$ 0.3	$ 0.3
2020 Restructuring Plan | Other Direct Costs
Restructuring Cost and Reserve [Line Items]
Prepaid restructuring expensed during the period	$ 0.9	$ 1.8

Debt - Long-Term Debt Obligatio

Debt - Long-Term Debt Obligations (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Commercial card program	$ 14.2	$ 13.4
Finance leases	35.2	32.9
Total debt	185.8	278.2
Less: current portion of debt	(14.2)	(13.4)
Long-term debt, net of current portion	171.6	264.8
Vendor-based financing arrangements
Debt Instrument [Line Items]
Long-term debt	11.3	14.5
Line of Credit | Asset-Based Lending Facility
Debt Instrument [Line Items]
Long-term debt	137.4	229.2
Commercial Card Program
Debt Instrument [Line Items]
Commercial card program	$ 1.9	$ 1.6

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Jun. 30, 2023	Mar. 17, 2023
Line of Credit Facility [Line Items]
Commercial card, maximum credit limit		$ 37,500,000
Asset-Based Lending Facility
Line of Credit Facility [Line Items]
Minimum fixed coverage ratio		100%
Asset-Based Lending Facility | Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 1,100,000,000
Remaining borrowing capacity		$ 733,700,000
Outstanding letters of credit		$ 8,600,000
Vendor-based financing arrangements
Line of Credit Facility [Line Items]
Principal amount	$ 18,500,000
Debt instrument, term (in year)	5 years

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income before income taxes	$ 96.5	$ 121	$ 185.7	$ 205.3
Income tax expense	$ 25.8	$ 29.9	$ 46.3	$ 35.7
Effective tax rate	26.70%	24.70%	24.90%	17.40%

Defined Benefit Plans - Narrati

Defined Benefit Plans - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
U.S.
Defined Benefit Plan Disclosure [Line Items]
Gain on settlement	$ 1	$ 0	$ 1	$ 0
Canada
Defined Benefit Plan Disclosure [Line Items]
Gain on settlement		$ 7		$ 7

Defined Benefit Plans - Schedul

Defined Benefit Plans - Schedule of Net Periodic Benefit Costs and Credits (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
U.S.
Components of net periodic benefit cost (credit):
Service cost	$ 0.5	$ 0.7	$ 0.9	$ 1.5
Interest cost	0.6	0.3	1.2	0.6
Expected return on plan assets	(0.5)	(0.4)	(1.1)	(0.9)
Settlement (gain) loss	(1)	0	(1)	0
Amortization of net (gain) loss	(0.1)	0	(0.1)	0
Total other components	(1)	(0.1)	(1)	(0.3)
Net periodic benefit cost (credit)	$ (0.5)	0.6	$ (0.1)	1.2
Canada
Components of net periodic benefit cost (credit):
Service cost		0		0.1
Interest cost		(1)		(0.4)
Expected return on plan assets		1.9		0.8
Settlement (gain) loss		(7)		(7)
Amortization of net (gain) loss		(0.1)		(0.1)
Total other components		(6.2)		(6.7)
Net periodic benefit cost (credit)		$ (6.2)		$ (6.6)

Fair Value Measurements (Detail

Fair Value Measurements (Details)	Sep. 13, 2022 derivative
Interest Rate Cap | Asset-Backed Lending Facility
Business Acquisition [Line Items]
Interest rate cap agreement	1

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net income	$ 70.7	$ 68.7	$ 91.1	$ 78.5	$ 139.4	$ 169.6
Denominator:
Weighted-average shares outstanding - basic (in shares)	13,550		14,610		13,540	14,690
Dilutive effect of stock-based awards (in shares)	170		270		190	410
Weighted-average shares outstanding - diluted (in shares)	13,720		14,880		13,730	15,100
Earnings per share:
Basic (in dollars per share)	$ 5.22		$ 6.24		$ 10.30	$ 11.55
Diluted (in dollars per share)	$ 5.15		$ 6.12		$ 10.15	$ 11.23
Antidilutive stock-based awards excluded from computation of diluted earnings per share (EPS) (in shares)	40		0		30	80
Performance stock-based awards excluded from computation of diluted EPS because performance conditions had not been met (in shares)	80		70		80	0

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Dividend Declarations And Payments (Details) - USD ($) $ / shares in Units, $ in Millions						5 Months Ended	6 Months Ended		7 Months Ended
	Aug. 07, 2023	Jun. 05, 2023	May 08, 2023	Mar. 31, 2023	Feb. 27, 2023	Jun. 05, 2023	Jun. 30, 2023	Jun. 30, 2022	Aug. 07, 2023
Class of Stock [Line Items]
Dividend Per Share (in dollars per share)			$ 0.63		$ 0.63
Dividend Payment		$ 8.5		$ 8.5		$ 17	$ 17	$ 0
Subsequent Event
Class of Stock [Line Items]
Dividend Per Share (in dollars per share)	$ 0.63								$ 1.89

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022	Dec. 31, 2022	Mar. 01, 2022
Class of Stock [Line Items]
Stock repurchased, aggregate purchase price	$ 94,400,000	$ 10,400,000
2022 Shares Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount					$ 200,000,000
Shares repurchased (in shares)	698,645		776,670	1,564,420
Stock repurchased, aggregate purchase price	$ 94,400,000		$ 104,800,000	$ 200,000,000

Shareholders' Equity - Schedu_2

Shareholders' Equity - Schedule of Incentive Plan Shares Issued (Details) - shares shares in Millions	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Equity [Abstract]
Shares issued (in shares)	0	0.1	0	0.7
Shares recovered for minimum tax withholding (in shares)		(0.1)	0	(0.2)
Shares recovered for minimum tax withholding (in shares)	0.1
Net shares issued (in shares)	0.1	0	0	0.5

Shareholders' Equity - Schedu_3

Shareholders' Equity - Schedule of Other Comprehensive Income Included (Details) - USD ($) $ in Millions		3 Months Ended
		Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		$ 817.3	$ 756.1	$ 679.8	$ 635.8
Unrealized net gains (losses) arising during the period		1	2.8	2	2.6
Amounts reclassified from AOCL		(0.8)		2.5
Net current period other comprehensive income (loss)		0.2	2.8	4.5	2.6
Ending balance		883.3	817.3	683.9	679.8
AOCL
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	[1]	(9.9)	(12.7)	(21.7)	(24.3)
Ending balance	[1]	(9.7)	(9.9)	(17.2)	(21.7)
Foreign currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		(13.7)	(16.6)	(22.6)	(25.2)
Unrealized net gains (losses) arising during the period		1.4	2.9	(4.5)	2.6
Amounts reclassified from AOCL		0		9.5
Net current period other comprehensive income (loss)		1.4	2.9	5	2.6
Ending balance		(12.3)	(13.7)	(17.6)	(22.6)
Retirement liabilities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		3.8	3.9	1	1
Unrealized net gains (losses) arising during the period		(0.4)	(0.1)	6.4	0
Amounts reclassified from AOCL		(0.8)		(7)
Net current period other comprehensive income (loss)		(1.2)	(0.1)	(0.6)	0
Ending balance		$ 2.6	$ 3.8	0.4	1
Interest rate cap
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance				(0.1)	(0.1)
Unrealized net gains (losses) arising during the period				0.1	0
Amounts reclassified from AOCL				0
Net current period other comprehensive income (loss)				0.1	0
Ending balance				$ 0	$ (0.1)
[1]Accumulated other comprehensive loss.

Commitments and Contingencies (

Commitments and Contingencies (Details) - Withdrawal from Multiemployer Defined Benefit Plan - Multiemployer Pension Plans - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2020	Jun. 30, 2019
Teamsters Pension Trust Fund of Philadelphia and Vicinity
Loss Contingencies [Line Items]
Withdrawal obligations			$ 4.9
Multi-employer pension plans, settlement term	19 years
Minneapolis Food Distributors Ind Pension Plan
Loss Contingencies [Line Items]
Withdrawal obligations		$ 0.6		$ 0.5
Multi-employer pension plans, settlement term	4 years
Western Pennsylvania Teamsters and Employers Pension Plan
Loss Contingencies [Line Items]
Withdrawal obligations					$ 7.1	$ 6.5
Multi-employer pension plans, settlement term	20 years

Segment and Other Information -

Segment and Other Information - Narrative (Details) $ in Millions	1 Months Ended	6 Months Ended		29 Months Ended
	Feb. 28, 2021 USD ($)	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment		3
Incurred loss and restoration costs	$ 13
Net benefit of severe weather event				$ 2.8
Loss from severe weather event expense (benefit)		$ 0.1	$ (3.5)
Proceeds from insurance related to property and equipment		$ 0.1	$ 3.5

Segment and Other Information_2

Segment and Other Information - Segment Reporting Information, by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Net sales	$ 1,457.3	$ 1,820.7	$ 2,967.5	$ 3,678.8
Depreciation and amortization	9.6	11.1	19.7	23.8
Restructuring charges, net	0	1.4	0	4.1
Operating Segments
Segment Reporting Information [Line Items]
Net sales	1,457.3	1,790.6	2,967.5	3,619.7
Adjusted EBITDA	150.6	184.9	299.6	350.3
Depreciation and amortization	7.6	7.6	15.3	16.9
Restructuring charges, net		1.4		4.1
Corporate & Other
Segment Reporting Information [Line Items]
Net sales	0	30.1	0	59.1
Adjusted EBITDA	(38.4)	(48.6)	(83.6)	(94.5)
Depreciation and amortization	2	3.5	4.4	6.9
Restructuring charges, net		0		0
Packaging | Operating Segments
Segment Reporting Information [Line Items]
Net sales	906.9	1,001.6	1,802.3	2,004.7
Adjusted EBITDA	108.9	108.4	205.3	205.8
Depreciation and amortization	5.2	5.5	10.6	11.8
Restructuring charges, net		0.9		2.5
Facility Solutions | Operating Segments
Segment Reporting Information [Line Items]
Net sales	187.3	195.8	367.5	425.2
Adjusted EBITDA	17.7	16	33.1	29.4
Depreciation and amortization	1.2	1.1	2.4	2.9
Restructuring charges, net		0.1		0.5
Print Solutions | Operating Segments
Segment Reporting Information [Line Items]
Net sales	363.1	593.2	797.7	1,189.8
Adjusted EBITDA	24	60.5	61.2	115.1
Depreciation and amortization	$ 1.2	1	$ 2.3	2.2
Restructuring charges, net		$ 0.4		$ 1.1

Segment and Other Information_3

Segment and Other Information - Reconciliation of Net Income (Loss) to Total Adjusted EBITDA (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Net income	$ 70.7	$ 68.7	$ 91.1	$ 78.5	$ 139.4	$ 169.6
Interest expense, net	4.3		4		9	7.5
Income tax expense	25.8		29.9		46.3	35.7
Depreciation and amortization	9.6		11.1		19.7	23.8
Restructuring charges, net	0		1.4		0	4.1
Gain on sale of businesses	0		(10)		0	(10)
Facility closure charges, including (gain) loss from asset disposition	0.1		(0.3)		0	(0.9)
Stock-based compensation	3.6		3.1		5.4	5.9
LIFO reserve (decrease) increase	(3.5)		11.8		(6)	22.8
Non-restructuring severance charges	(0.2)		(0.2)		0.1	1.5
Non-restructuring pension charges (benefits)	(1)		(7)		(0.8)	(7)
Other	2.8		1.4		2.9	2.8
Corporate & Other
Segment Reporting Information [Line Items]
Depreciation and amortization	2		3.5		4.4	6.9
Restructuring charges, net			0			0
Adjusted EBITDA	(38.4)		(48.6)		(83.6)	(94.5)
Operating Segments
Segment Reporting Information [Line Items]
Depreciation and amortization	7.6		7.6		15.3	16.9
Restructuring charges, net			1.4			4.1
Adjusted EBITDA	$ 150.6		$ 184.9		$ 299.6	$ 350.3

Divestitures (Details)

Divestitures (Details) $ in Millions, $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	May 02, 2022 USD ($) employee	May 02, 2022 CAD ($) employee
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of businesses	$ 0	$ 10	$ 0	$ 10
Veritiv Canada Inc | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase price						$ 190	$ 240
Gain on sale of businesses		10			$ 18.7
Proceeds from sale of rollsource business		$ 147.4			$ 162.2
Number of employees | employee						900	900

Subsequent Event (Details)

Subsequent Event (Details)	Aug. 06, 2023 $ / shares
Subsequent Event | Clayton, Dubilier & Rice LLC
Subsequent Event [Line Items]
Business acquisition, share price (in dollars per share)	$ 170