VERITIV CORP, 10-K filed on 3/3/2021
Annual Report
v3.20.4
Cover Page - USD ($)
 12 Months Ended
Dec. 31, 2020
Feb. 26, 2021
Jun. 30, 2020
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2020    
Document Transition Report false    
Entity File Number 001-36479    
Entity Registrant Name VERITIV CORPORATION    
Entity Central Index Key 0001599489    
Current Fiscal Year End Date --12-31    
Document Fiscal Year Focus 2020    
Document Fiscal Period Focus FY    
Amendment Flag false    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 46-3234977    
Entity Address, Address Line One 1000 Abernathy Road NE    
Entity Address, Address Line Two Building 400, Suite 1700    
Entity Address, City or Town Atlanta,    
Entity Address, State or Province GA    
Entity Address, Postal Zip Code 30328    
City Area Code (770)    
Local Phone Number 391-8200    
Title of 12(b) Security Common stock, $0.01 par value    
Trading Symbol VRTV    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filer No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Accelerated Filer    
Entity Small Business true    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 216,502,354
Entity Common Stock, Shares Outstanding   15,973,884  
Documents Incorporated by Reference Portions of the Company's Proxy Statement for the 2021 Annual Meeting of Shareholders are incorporated by reference into Part III of this Form 10-K.    
v3.20.4
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income Statement [Abstract]      
Revenues $ 6,345.6 $ 7,659.4 $ 8,696.2
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization 5,040.2 6,206.2 7,155.7
Distribution expenses 429.8 509.2 550.5
Selling and administrative expenses 717.9 823.3 867.6
Depreciation and amortization 57.7 53.5 53.5
Integration and acquisition expenses 0.0 17.5 31.8
Restructuring charges, net 52.2 28.8 21.3
Operating income (loss) 47.8 20.9 15.8
Interest expense, net 25.1 38.1 42.3
Other (income) expense, net (20.3) 11.6 (16.3)
Income (loss) before income taxes 43.0 (28.8) (10.2)
Income tax expense (benefit) 8.8 0.7 5.5
Net income (loss) $ 34.2 $ (29.5) $ (15.7)
Earnings (loss) per share:      
Basic earnings (loss) per share (usd per share) $ 2.14 $ (1.84) $ (0.99)
Diluted earnings (loss) per share (usd per share) $ 2.08 $ (1.84) $ (0.99)
Weighted-average shares outstanding:      
Weighted-average shares outstanding - basic (in shares) 15,960 16,060 15,820
Weighted-average shares outstanding - diluted (in shares) 16,480 16,060 15,820
v3.20.4
Consolidated Statements of Operations (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income Statement [Abstract]      
Revenue from related parties $ 19.7 $ 23.4 $ 28.0
Related party costs $ 55.6 $ 85.2 $ 146.5
v3.20.4
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ 34.2 $ (29.5) $ (15.7)
Other comprehensive income (loss):      
Foreign currency translation adjustments 2.4 3.7 (6.8)
Change in fair value of cash flow hedge, net of tax [1] 0.1 0.0 0.5
Pension liability adjustment, net of tax [1] (2.9) 3.9 (0.1)
Other comprehensive income (loss) (0.4) 7.6 (6.4)
Total comprehensive income (loss) $ 33.8 $ (21.9) $ (22.1)
[1] Amounts shown are net of tax impacts, which were not significant for the periods presented.
v3.20.4
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 120.6 $ 38.0
Accounts receivable, less allowances of $41.6 and $43.8, respectively 849.5 910.8
Related party receivable 0.0 2.8
Inventories 465.4 552.9
Other current assets 119.5 126.1
Total current assets 1,555.0 1,630.6
Property and equipment (net of accumulated depreciation and amortization of $375.9 and $342.6, respectively) 194.7 216.9
Goodwill 99.6 99.6
Other intangibles, net 47.4 52.2
Deferred income tax assets 60.0 57.0
Other non-current assets 378.3 454.8
Total assets 2,335.0 2,511.1
Current liabilities:    
Accounts payable 471.9 476.9
Related party payable 0.0 4.3
Accrued payroll and benefits 80.6 53.9
Other accrued liabilities 182.2 183.8
Current portion of debt 14.7 12.6
Total current liabilities 749.4 731.5
Long-term debt, net of current portion 589.1 742.4
Defined benefit pension obligations 18.2 15.7
Other non-current liabilities 395.2 485.3
Total liabilities 1,751.9 1,974.9
Commitments and contingencies (Note 15)
Shareholders' equity:    
Preferred stock, $0.01 par value, 10.0 million shares authorized, none issued 0.0 0.0
Common stock, $0.01 par value, 100.0 million shares authorized; shares issued - 16.6 million and 16.4 million, respectively; shares outstanding - 15.9 million and 16.1 million, respectively 0.2 0.2
Additional paid-in capital 634.9 618.0
Accumulated earnings (deficit) (1.4) (35.3)
Accumulated other comprehensive loss (33.5) (33.1)
Treasury stock at cost - 0.7 million shares in 2020 and 0.3 million shares in 2019 (17.1) (13.6)
Total shareholders' equity 583.1 536.2
Total liabilities and shareholders' equity $ 2,335.0 $ 2,511.1
v3.20.4
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Assets    
Allowance for doubtful accounts $ 41.6 $ 43.8
Depreciation and amortization $ 375.9 $ 342.6
Shareholders' equity:    
Preferred stock par value (usd per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 10,000,000.0 10,000,000.0
Preferred stock, shares issued (in shares) 0 0
Common stock par value (usd per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 100,000,000.0 100,000,000.0
Common stock, shares issued (in shares) 16,600,000 16,400,000
Common stock shares outstanding (in shares) 15,900,000 16,100,000
Treasury stock at cost (in shares) 700,000 300,000
v3.20.4
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating activities      
Net income (loss) $ 34,200,000 $ (29,500,000) $ (15,700,000)
Depreciation and amortization 57,700,000 53,500,000 53,500,000
Amortization and write-off of deferred financing fees 2,100,000 2,600,000 2,600,000
Net losses (gains) on dispositions of property and equipment (8,200,000) 600,000 (18,500,000)
Long-lived asset impairment charges 500,000 0 400,000
Provision for expected credit losses and doubtful accounts, respectively 12,400,000 14,900,000 27,100,000
Deferred income tax provision (benefit) (1,800,000) (2,700,000) 2,000,000.0
Stock-based compensation 17,700,000 14,600,000 18,100,000
Other non-cash items, net (12,400,000) 11,900,000 (8,300,000)
Changes in operating assets and liabilities      
Accounts receivable and related party receivable 56,500,000 252,300,000 (43,900,000)
Inventories 89,700,000 139,700,000 26,400,000
Other current assets (3,200,000) 37,100,000 (23,200,000)
Accounts payable and related party payable 5,500,000 (199,700,000) (15,900,000)
Accrued payroll and benefits 17,100,000 (2,900,000) (16,600,000)
Other accrued liabilities (1,000,000.0) (22,400,000) 17,200,000
Other 22,400,000 11,000,000.0 9,800,000
Net cash provided by (used for) operating activities 289,200,000 281,000,000.0 15,000,000.0
Investing activities      
Property and equipment additions (23,600,000) (34,100,000) (45,400,000)
Proceeds from asset sales 18,300,000 500,000 23,700,000
Net cash provided by (used for) investing activities (5,300,000) (33,600,000) (21,700,000)
Financing activities      
Change in book overdrafts (16,600,000) 26,200,000 (16,200,000)
Borrowings of long-term debt 5,566,000,000.0 6,746,500,000 5,805,300,000
Repayments of long-term debt (5,719,200,000) (7,007,000,000.0) (5,767,300,000)
Payments under right-of-use finance leases and capital leases, respectively (13,000,000.0) (9,100,000)  
Payments under right-of-use finance leases and capital leases, respectively     (6,700,000)
Payments under financing obligations (including obligations to related party of $0.0, $0.0 and $8.6, respectively) 0 0 (9,300,000)
Deferred financing fees (3,400,000) 0 0
Purchase of treasury stock (3,500,000) 0 0
Payments under Tax Receivable Agreement (12,300,000) (7,800,000) (9,900,000)
Payments under other contingent consideration 0 (20,000,000.0) (2,500,000)
Other (600,000) (2,700,000) (2,100,000)
Net cash provided by (used for) financing activities (202,600,000) (273,900,000) (8,700,000)
Effect of exchange rate changes on cash 1,300,000 200,000 (600,000)
Net change in cash and cash equivalents 82,600,000 (26,300,000) (16,000,000.0)
Cash and cash equivalents at beginning of period 38,000,000.0 64,300,000 80,300,000
Cash and cash equivalents at end of period 120,600,000 38,000,000.0 64,300,000
Supplemental cash flow information      
Cash paid for income taxes, net of refunds 7,800,000 4,800,000 2,400,000
Cash paid for interest 22,000,000.0 34,700,000 38,900,000
Non-cash investing and financing activities      
Non-cash additions to property and equipment for right-of-use finance leases and capital leases, respectively 14,800,000 22,300,000 31,500,000
Non-cash additions to other non-current assets for right-of-use operating leases $ 20,100,000 $ 129,300,000 $ 0
v3.20.4
Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Statement of Cash Flows [Abstract]      
Repayments of related party obligation $ 0.0 $ 0.0 $ 8.6
v3.20.4
Consolidated Statements of Shareholders' Equity - USD ($)
shares in Millions, $ in Millions
Total
Cumulative Effect, Period of Adoption, Adjustment
Common Stock Issued
Additional Paid-in Capital
Accumulated Earnings (Deficit)
Accumulated Earnings (Deficit)
Cumulative Effect, Period of Adoption, Adjustment
Accumulated Other Comprehensive Loss
Treasury Stock
Beginning balance (in shares) at Dec. 31, 2017     16.0         0.3
Beginning balance at Dec. 31, 2017 $ 549.7   $ 0.2 $ 590.2 $ 6.4   $ (33.5) $ (13.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Adoption impact - Accounting Standards Update 2016-02         0.8   (0.8)  
Net income (loss) (15.7)       (15.7)      
Other comprehensive income (loss) (6.4)           (6.4)  
Stock-based compensation 18.1     18.1        
Issuance of common stock, net of stock received for minimum tax withholdings (in shares)     0.2          
Issuance of common stock, net of stock received for minimum tax withholdings (2.6)   $ 0.0 (2.6)        
Ending balance (in shares) at Dec. 31, 2018     16.2         0.3
Ending balance at Dec. 31, 2018 $ 543.1 $ 2.7 $ 0.2 605.7 (8.5) $ 2.7 (40.7) $ (13.6)
Accounting Standards Update [Extensible List] us-gaap:AccountingStandardsUpdate201602Member              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) $ (29.5)       (29.5)      
Other comprehensive income (loss) 7.6           7.6  
Stock-based compensation 14.6     14.6        
Issuance of common stock, net of stock received for minimum tax withholdings (in shares)     0.2          
Issuance of common stock, net of stock received for minimum tax withholdings (2.3)   $ 0.0 (2.3)        
Ending balance (in shares) at Dec. 31, 2019     16.4         0.3
Ending balance at Dec. 31, 2019 $ 536.2 $ (0.3) $ 0.2 618.0 (35.3) $ (0.3) (33.1) $ (13.6)
Accounting Standards Update [Extensible List] us-gaap:AccountingStandardsUpdate201613Member              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) $ 34.2       34.2      
Other comprehensive income (loss) (0.4)           (0.4)  
Stock-based compensation 17.7     17.7        
Issuance of common stock, net of stock received for minimum tax withholdings (in shares)     0.2          
Issuance of common stock, net of stock received for minimum tax withholdings (0.8)   $ 0.0 (0.8)        
Treasury stock (in shares)               (0.4)
Treasury stock (3.5)             $ (3.5)
Ending balance (in shares) at Dec. 31, 2020     16.6         0.7
Ending balance at Dec. 31, 2020 $ 583.1   $ 0.2 $ 634.9 $ (1.4)   $ (33.5) $ (17.1)
v3.20.4
Business and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Business and Summary of Significant Accounting Policies
1. BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Description of Business

Veritiv Corporation ("Veritiv" or the "Company") is a North American business-to-business full-service provider of value-added packaging products and services, as well as facility solutions, print and publishing products and services. Additionally, Veritiv provides logistics and supply chain management solutions to its customers. Veritiv was established on July 1, 2014 (the "Distribution Date"), following the merger (the "Merger") of International Paper Company's ("International Paper") xpedx distribution solutions business ("xpedx") and UWW Holdings, Inc. ("UWWH"), the parent company of Unisource Worldwide, Inc. ("Unisource"). On July 2, 2014, Veritiv's common stock began regular-way trading on the New York Stock Exchange under the ticker symbol "VRTV". Veritiv operates from 125 distribution centers primarily throughout the United States ("U.S."), Canada and Mexico.

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and include all of the Company's subsidiaries. All significant intercompany transactions between Veritiv's businesses have been eliminated. As a result of adopting Accounting Standards Update ("ASU") 2016-13, Financial Instruments-Credit Losses (Topic 326) on January 1, 2020, using the required modified retrospective basis, the accounting for credit losses for periods prior to 2020 has not been revised and results are reported in accordance with prior U.S. GAAP. See the adoption impact in the Recently Issued Accounting Standards section of this note. As a result of adopting ASU 2016-02, Leases (Topic 842) on January 1, 2019, applying the additional transition approach, which is a prospective approach, the accounting for operating leases for periods prior to 2019 has not been revised and results are reported in accordance with prior U.S. GAAP.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses and certain financial statement disclosures. Estimates and assumptions are used for, but not limited to, revenue recognition, right-of-use ("ROU") asset and liability valuations, accounts and notes receivable valuations, inventory valuation, employee benefit plans, income tax contingency accruals and valuation allowances, multi-employer pension plan ("MEPP") withdrawal liabilities, contingency accruals and goodwill and other intangible asset valuations. Although these estimates are based on management's knowledge of current events and actions it may undertake in the future, actual results may ultimately differ from these estimates and assumptions.

Primarily beginning in April 2020, unfavorable impacts from the COVID-19 pandemic have had a negative impact on the Company's financial results, including decreased sales activity across all segments. As a result of the COVID-19 pandemic, the Company could continue to experience impacts including, but not limited to, charges from potential adjustments of the carrying amount of accounts and notes receivables and inventory, asset impairment charges, including goodwill, and deferred tax valuation allowances. The extent to which the COVID-19 pandemic impacts the Company's business, results of operations, access to sources of liquidity and financial condition will depend on future developments. These developments, which are highly uncertain and cannot be predicted, include, but are not limited to, the duration, spread and severity of the COVID-19 pandemic, the effects of the COVID-19 pandemic on the Company's employees, customers, suppliers and vendors and the remedial actions and stimulus measures adopted by local and federal governments, the availability, adoption and effectiveness of a vaccine and to what extent normal economic and operating conditions can resume and be sustained. Even after the COVID-19 pandemic has subsided, the Company may experience an impact to its business as a result of any economic recession, downturn, or volatility that has occurred or may occur in the future. Estimates are revised as additional information becomes available.
Summary of Significant Accounting Policies

Revenue Recognition

Veritiv applies the five step model to assess its contracts with customers. The Company's revenue is reported as net sales and is measured as the determinable transaction price, net of any variable consideration (e.g., sales incentives and rights to return product) and any taxes collected from customers and remitted to governmental authorities. When the Company enters into a sales arrangement with a customer, it believes it is probable that it will collect substantially all of the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer. When management cannot conclude collectability is probable for shipments to a particular customer, revenue associated with that customer is not recognized until cash is collected or management is otherwise able to establish that collectability is probable. As a normal business practice, Veritiv does not enter into contracts that require more than one year to complete or that contain significant financing components. See Note 2, Revenue Recognition, for additional information regarding the Company's revenue recognition practices.

Purchase Incentives

Veritiv enters into agreements with suppliers that entitle Veritiv to receive rebates, allowances and other discounts based on the attainment of specified purchasing levels or sales to certain customers. Purchase incentives are recorded as a reduction to inventory and recognized in cost of products sold when the sale occurs. During the year ended December 31, 2020, approximately 30% of the Company's purchases were made from ten suppliers.

Distribution Expenses

Distribution expenses consist of storage, handling and delivery costs including freight to the Company's customers' destinations. Handling and delivery costs were $273.6 million, $346.9 million and $398.0 million for the years ended December 31, 2020, 2019 and 2018, respectively.

Integration and Acquisition Expenses

Integration and acquisition expenses are expensed as incurred. Integration and acquisition expenses include internally dedicated integration management resources, retention compensation, information technology conversion costs, professional services and other costs to integrate its businesses. See Note 4, Restructuring, Integration and Acquisition Charges, for additional information regarding the Company's integration and acquisition activities.

Cash and Cash Equivalents

The Company considers all highly liquid, unrestricted investments with original maturities to the Company of three months or less to be cash equivalents, including investments in money market funds with no restrictions on withdrawals. As of December 31, 2020, the Company's cash and cash equivalents included a $75.0 million investment in a money market fund that is highly liquid and qualifies as a cash equivalent.

Trade Accounts Receivable, Notes Receivable and Related Allowances

The Company adopted ASU 2016-13, Financial Instruments-Credit Losses (Topic 326) on January 1, 2020, using the required modified retrospective approach. Accordingly, prior periods have not been adjusted to conform to the new guidance. Upon adoption, the Company recorded a $0.3 million decrease to retained earnings as the cumulative effect adjustment from applying the standard.

Under Topic 326

The Company performs an assessment of its financial assets which consist primarily of accounts receivable and identifies pools (i.e., groups of similar assets within the accounts receivable portfolio) based on the Company’s internal risk ratings, geographical locations and historical loss information. The Company’s pools are classified by reportable segment, risk level and the geographical location of the Company’s customers. The risk characteristics of each segment are determined by the impact of economic and structural fluctuations that are specific to the industry sectors served by the Company, competition from other suppliers and the nature of the products and services provided to the Company’s
customers. The Print and Publishing segments are faced with industry-wide decreases in demand for products and services due to the increasing use of e-commerce and other on-line product substitutions. The risk characteristics of the Facility Solutions segment include revenue declines and delinquency rates attributable to changes in the travel industry and back-to-school activities. The risk characteristics of the Packaging segment include changes in customer buying habits and product preferences. The Company considered the Packaging and Facility Solutions segments to be a single pool as they share similar risk characteristics.

The Company’s allowance for credit losses reflects the best estimate of expected losses to the Company's accounts receivable portfolio determined on the basis of historical experience, current conditions, reasonable and supportable forecasts and specific allowances for known troubled accounts. In developing the allowance for credit losses, the Company utilizes internal risk ratings that are determined based on a number of factors including a periodic evaluation of each customer’s financial condition where possible. In addition to leveraging the internally developed risk ratings and historical experience, the expected credit loss estimates are developed using quantitative analyses, where meaningful, and qualitative analyses to forecast the impact that external factors and economic indicators may have on the amount that the Company expects to collect.

Under prior guidance

Accounts receivable are recognized net of allowances. The allowance for doubtful accounts reflects the best estimate of losses inherent in the Company's accounts receivable portfolio determined on the basis of historical experience, specific allowances for known troubled accounts and other available evidence.

Additional accounts and notes receivable information:

The components of the accounts receivable allowances were as follows:
As of December 31,
(in millions)20202019
Allowance for credit losses and doubtful accounts, respectively$31.4 $30.4 
Other allowances (1)
10.2 13.4 
Total accounts receivable allowances$41.6 $43.8 
(1) Includes amounts reserved for credit memos, customer discounts, customer short pays and other miscellaneous items.

Below is a rollforward of the Company's accounts receivable allowances for the years ended December 31, 2020, 2019 and 2018. Accounts receivable are written-off when management determines they are uncollectible.    
Year Ended December 31,
(in millions)202020192018
Balance at January 1,$43.8 $62.0 $44.0 
Add / (Deduct):
Provision for expected credit losses and doubtful accounts, respectively
7.3 13.8 26.5 
Net write-offs and recoveries
(6.5)(29.5)(6.3)
Other adjustments(1)
(3.0)(2.5)(2.2)
Balance at December 31,$41.6 $43.8 $62.0 
(1) Other adjustments represent amounts reserved for returns and discounts, foreign currency translation adjustments and reserves for certain customer
accounts where revenue is not recognized because collectability is not probable, and may include accounts receivable allowances recorded in connection
with acquisitions. The 2020 amount includes the impact of the Company's adoption of ASU 2016-13 on January 1, 2020.
Below is a rollforward of the Company’s allowance for credit losses for the year ended December 31, 2020:

Packaging and Facility SolutionsPrint - High RiskPrint - Medium/Low Risk
(in millions)U.S.CanadaU.S.CanadaU.S.Canada
Publishing(1)
Rest of world
Corporate & Other(1)
Total
Balance at December 31, 2019$13.3 $1.0 $11.9 $0.4 $0.9 $0.1 $1.3 $0.6 $0.9 $30.4 
Add / (Deduct):
Adoption impact - ASU 2016-131.0(0.3)(0.2)0.00.1(0.1)(0.1)—0.00.4
Provision for expected credit losses2.80.12.30.30.10.01.30.40.07.3
Write-offs charged against the allowance(3.0)(0.3)(2.4)0.0(0.1)—(0.9)—(0.1)(6.8)
Recoveries of amounts previously written off0.3—0.00.00.0—0.0—0.00.3
Other adjustments(2)
—0.0(1.4)0.01.20.0—0.0—(0.2)
Balance at December 31, 2020$14.4 $0.5 $10.2 $0.7 $2.2 $0.0 $1.6 $1.0 $0.8 $31.4 
(1) Publishing and Corporate & Other have only U.S. Operations.
(2) Other adjustments represent amounts reserved for foreign currency translation adjustments and reserves for certain customer accounts where revenue is not recognized because collectability is not probable, and may include accounts receivable allowances recorded in connection with acquisitions.

The Company has, under certain circumstances, entered into a note receivable agreement with a customer. Expected credit losses are recognized when collectability is uncertain; these losses are included in selling and administrative expenses on the Consolidated Statements of Operations. For the years ended December 31, 2020, 2019 and 2018, the Company recognized $5.1 million, $1.1 million and $0.6 million, respectively, in the provision for credit losses related to these notes receivable. At December 31, 2020 and 2019, the Company held $2.2 million and $6.7 million, respectively, in notes receivable within other current assets on the Consolidated Balance Sheets.

Inventories

The Company's inventories are primarily comprised of finished goods and predominantly valued at cost as determined by the last-in first-out ("LIFO") method. Such valuations are not in excess of market. Elements of cost in inventories include the purchase price invoiced by a supplier, plus inbound freight and related costs and reduced by estimated volume-based discounts and early pay discounts available from certain suppliers. Approximately 76% and 81% of inventories were valued using the LIFO method as of December 31, 2020 and 2019, respectively. If the first-in, first-out method had been used, total inventory balances would be increased by approximately $93.2 million and $93.8 million at December 31, 2020 and 2019, respectively.

The Company reduces the value of obsolete inventory based on the difference between the LIFO cost of the inventory and the estimated market value using assumptions of future demand and market conditions. To estimate the net realizable value, the Company considers factors such as the age of the inventory, the nature of the products, the quantity of items on-hand relative to sales trends, current market prices and trends in pricing, its ability to use excess supply in another channel, historical write-offs and expected residual values or other recoveries.

Veritiv maintains some of its inventory on a consignment basis in which the inventory is physically located at the customer's premises or a third-party distribution center. Veritiv had $20.5 million and $30.7 million of consigned inventory as of December 31, 2020 and 2019, respectively, valued on a LIFO basis, net of reserves.
Property and Equipment

Property and equipment are stated at cost, less accumulated depreciation and amortization. Expenditures for replacements and major improvements are capitalized, whereas repair and maintenance costs that do not improve service potential or extend economic life are expensed as incurred. The Company capitalizes certain computer software and development costs incurred in connection with developing or obtaining software for internal use. Costs related to the development of internal use software, other than those incurred during the application development stage, are expensed as incurred.
The components of property and equipment were as follows:
(in millions)As of December 31,
20202019
Land, buildings and improvements$100.7 $96.4 
Machinery and equipment164.9 167.9 
Finance leases
111.8 99.5 
Internal use software188.6 178.5 
Construction-in-progress4.6 17.2 
Less: Accumulated depreciation and amortization(375.9)(342.6)
Property and equipment (net of accumulated depreciation and amortization)$194.7 $216.9 

Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Land is not depreciated, and construction-in-progress ("CIP") is not depreciated until ready for service. Leased property and leasehold improvements are amortized on a straight-line basis over the lease term or useful life of the asset, whichever is less.

Depreciation and amortization for property and equipment, other than land, finance leases and CIP, is based upon the following estimated useful lives:
Buildings40years
Leasehold improvements1to20years
Machinery and equipment3to15years
Internal use software3to5years

Additional property and equipment information is as follows:

Year Ended December 31,
(in millions)202020192018
Depreciation expense (1)
$36.8 $33.5 $33.2 
Amortization expense - internal use software16.1 15.0 13.4 
Depreciation and amortization expense related to property and equipment$52.9 $48.5 $46.6 
(1) Includes depreciation expense for finance leases, capital leases and assets related to financing obligations (including financing obligations with related party).
As of December 31,
(in millions)20202019
Unamortized internal use software costs, including amounts recorded in CIP$24.6 $32.6 
Upon retirement or other disposal of property and equipment, the cost and related amount of accumulated depreciation or accumulated amortization are eliminated from the asset and accumulated depreciation or accumulated amortization accounts, respectively. The difference, if any, between the net asset value and the proceeds is included in net income (loss) on the Consolidated Statements of Operations.
Leases

The Company determines if an arrangement is a lease at lease inception and reviews lease arrangements for finance or operating lease classification at their commencement date. Operating leases are reported as part of other non-current assets, other accrued liabilities and other non-current liabilities on the Consolidated Balance Sheets. Finance leases are reported as part of property and equipment and debt obligations on the Consolidated Balance Sheets. The Company does not include leases with a term of twelve months or less on the Consolidated Balance Sheets. In order to value the assets and related liabilities, the Company makes certain estimates and assumptions related to establishing the lease term, discount rates and variable lease payments (e.g., rent escalations tied to changes in the Consumer Price Index ("CPI")). The exercise of any lease renewal or asset purchase option is at the Company's sole discretion. The lease term for all of the Company's leases includes the noncancelable period of the lease and any periods covered by renewal options that the Company is reasonably certain to exercise. Certain leases include rent escalations pre-set in the agreements, which are factored into the lease payment stream. Similar to a variable lease payment, certain delivery equipment leases include a provision for an amount the Company may be required to pay at the end of the lease for any residual value deficiency incurred by the lessor upon resale of the underlying asset. The Company uses the implicit rate of interest when it is available; however, as most of the Company's leases do not provide an implicit rate of interest, the Company uses its incremental borrowing rate based on information available at the lease commencement date in determining the discounted value of the lease payments. Lease expense and depreciation expense are recognized on a straight-line basis over the lease term, or for a finance lease, over the shorter of the life of the underlying asset or the lease term. The Company’s decisions to cease operations in certain warehouse facilities and retail locations leads to different accounting treatment depending upon whether the leased properties are considered abandoned versus properties that the Company has the intent and ability to sublease. See Note 3, Leases, for additional information related to the Company's leases.

Goodwill and Other Intangible Assets

Goodwill relating to a single business reporting unit is included as an asset of the applicable segment. Goodwill arising from major acquisitions that involve multiple reportable segments is allocated to the reporting units based on the relative fair value of the reporting unit. Goodwill is reviewed by Veritiv for impairment on a reporting unit basis annually on October 1st or more frequently if indicators are present or changes in circumstances suggest that impairment may exist. The testing of goodwill for possible impairment is performed by completing a Step 0 test or electing to by-pass the Step 0 test and comparing the fair value of a reporting unit with its carrying value, including goodwill. The Step 0 test utilizes qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. Qualitative factors include: macroeconomic conditions; industry and market considerations; overall financial performance and cost factors to determine whether a reporting unit is at risk for goodwill impairment. In the event a reporting unit fails the Step 0 goodwill impairment test, it is necessary to move forward with a comparison of the fair value of the reporting unit with its carrying value, including goodwill. If the fair value exceeds the carrying value, goodwill is not considered to be impaired. If the fair value of a reporting unit is below the carrying value, a goodwill impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit's fair value; however, any loss recognized will not exceed the total amount of goodwill allocated to the reporting unit.

Intangible assets acquired in a business combination are recorded at fair value. The Company's intangible assets may include customer relationships, trademarks and trade names and non-compete agreements. Intangible assets with finite useful lives are subsequently amortized using the straight-line method over the estimated useful lives of the assets. See the Impairment of Long-Lived Assets section below for the accounting policy related to the periodic review of long-lived intangible assets for impairment.

See Note 5, Goodwill and Other Intangible Assets, for additional information related to the Company's goodwill and other intangible assets.

Impairment of Long-Lived Assets

Long-lived assets, including finite lived intangible assets, are tested for impairment whenever events or changes in circumstances indicate their carrying value may not be recoverable. The Company assesses the recoverability of long-lived assets based on the undiscounted future cash flow the assets are expected to generate and recognizes an impairment loss when the estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. When an impairment is identified, the Company
reduces the carrying amount of the asset to its estimated fair value based on a discounted cash flow approach or, when available and appropriate, to comparable market values. The calculation of lease impairment charges requires significant judgments and estimates, including estimated sublease rentals, discount rates and future cash flows based on the Company's experience and knowledge of the market in which the property is located, previous efforts to dispose of similar assets and an assessment of current market conditions.

Employee Benefit Plans

The Company sponsors and/or contributes to defined contribution plans, defined benefit pension plans and MEPPs in the U.S. Except for certain union employees who continue to accrue benefits under the U.S. defined benefit pension plan in accordance with their collective bargaining agreements, as discussed below, the defined benefit pension plans are frozen. In addition, the Company and its subsidiaries have various pension plans and other forms of retirement arrangements outside the U.S. See Note 9, Employee Benefit Plans, for additional information related to these plans and arrangements.
      
The determination of defined benefit pension and postretirement plan obligations and their associated costs requires the use of actuarial computations to estimate participant plan benefits to which the employees will be entitled. The Company's significant assumptions in this regard include discount rates, rate of future compensation increases, expected long-term rates of return on plan assets, mortality rates and other factors. Each assumption is developed using relevant company experience in conjunction with market-related data in the U.S. and Canada. All actuarial assumptions are reviewed annually with third-party consultants and adjusted as necessary.

For the recognition of net periodic postretirement cost, the calculation of the expected long-term rate of return on plan assets is derived using the fair value of plan assets at the measurement date. Actual results that differ from the Company's assumptions are accumulated and amortized on a straight-line basis only to the extent they exceed 10% of the higher of the fair value of plan assets or the projected benefit obligation, over the estimated remaining service period of active participants. The fair value of plan assets is determined based on market prices or estimated fair value at the measurement date.

The Company also makes contributions to MEPPs for its union employees covered by such plans. For these plans, the Company recognizes a liability only for any required contributions to the plans or surcharges imposed by the plans that are accrued and unpaid at the balance sheet date. The Company does not record an asset or liability to recognize the funded status of the plans. The Company records an estimated undiscounted charge when it becomes probable that it has incurred a withdrawal liability, as the final amount and timing is not assured. When a final determination of the withdrawal liability is received from the plan, the estimated charge is adjusted to the final amount determined by the plan.

Long-Term Incentive Compensation Plans

The Company measures and records compensation expense for all long-term incentive compensation awards based on the grant date fair values over the vesting periods of the awards. Forfeitures are recognized when they occur. See Note 14, Long-Term Incentive Compensation Plans, for additional information.

Income Taxes

Veritiv's income tax expense, deferred tax assets and liabilities, and liabilities for unrecognized tax benefits reflect management's best assessment of estimated current and future taxes to be paid.  Veritiv records its global tax provision based on the respective tax rules and regulations for the jurisdictions in which it operates.  Where treatment of a position is uncertain, liabilities are recorded based upon an evaluation of the more likely than not outcome considering technical merits of the position.  Changes to recorded liabilities are made only when an identifiable event occurs that alters the likely outcome, such as settlement with the relevant tax authority or the expiration of statutes of limitation for the subject tax year.  Significant judgments and estimates are required in determining the consolidated income tax expense.

The Tax Cuts and Jobs Act of 2017 (the "Tax Act") was signed into law on December 22, 2017 and makes broad and complex changes to the U.S. tax code. Veritiv recognized provisional estimates of the impact of the Tax Act in the year ended December 31, 2017 and as of the year ended December 31, 2018, the Company recorded additional tax expense. Although the Company considers these items complete, the determination of the Tax Act's income tax effects may change following future legislation or further interpretation of the Tax Act based on the publication of U.S. Treasury regulations and
guidance from the Internal Revenue Service ("IRS") and state tax authorities.  Additionally, the Company has concluded the applicable accounting policy election associated with Global Intangible Low Tax Income ("GILTI") will be treated as a period cost.  See Note 7, Income Taxes, for additional details regarding the Tax Act.
               
Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized.  Significant judgment is required in evaluating the need for and amount of valuation allowances against deferred tax assets.  The realization of these assets is dependent on generating sufficient future taxable income.

While Veritiv believes that these judgments and estimates are appropriate and reasonable under the circumstances, actual resolution of these matters may differ from recorded estimated amounts.

Fair Value Measurements

Fair value is the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy is used in selecting inputs, with the highest priority given to Level 1, as these are the most transparent or reliable.

Level 1 –Quoted market prices in active markets for identical assets or liabilities.
Level 2 –Observable market-based inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3 –Unobservable inputs for the asset or liability reflecting the reporting entity's own assumptions or external inputs from inactive markets.
See Note 10, Fair Value Measurements, for further details.

Foreign Currency

The assets and liabilities of the foreign subsidiaries are translated from their respective local currencies to the U.S. dollars at the appropriate spot rates as of the balance sheet date. Changes in the carrying values of these assets and liabilities attributable to fluctuations in spot rates are recognized in foreign currency translation adjustment, a component of accumulated other comprehensive loss ("AOCL"). See Note 13, Shareholders' Equity, for the impacts of foreign currency translation adjustments on AOCL. The revenues and expenses of the foreign subsidiaries are translated using the monthly average exchange rates during the year. The gains or losses from foreign currency transactions are included in other (income) expense, net on the Consolidated Statements of Operations.

Treasury Stock

Common stock purchased for treasury is recorded at cost. Costs incurred by the Company that are associated with the acquisition of treasury stock are treated in a manner similar to stock issue costs and are added to the cost of the treasury stock. See Note 13, Shareholders' Equity, for additional information regarding the Company's treasury stock transactions.

Accounting for Derivative Instruments

The Company holds one interest rate cap agreement which is subject to Accounting Standards Codification ("ASC") 815, Derivatives and Hedging. For those instruments that are designated and qualify as hedging instruments, a company must designate the instrument, based upon the exposure being hedged, as a cash flow hedge, a fair value hedge or a hedge of a net investment in a foreign operation. A cash flow hedge refers to hedging the exposure to variability in expected future cash flows attributable to a particular risk. For derivative instruments that are designated and qualify as a cash flow hedge, the gains and losses resulting from changes in the fair value of the derivative instrument are reported as a component of AOCL in the Company's Consolidated Balance Sheets and in the Consolidated Statements of Comprehensive Income (Loss), until reclassified into the same Consolidated Statements of Operations line item in the same period the hedged transaction affects earnings. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. See Note 6, Debt and Note 13, Shareholders' Equity, for additional information regarding the Company's derivative instrument.
Recently Issued Accounting Standards

Recently Adopted Accounting Standards

Effective January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments-Credit Losses (Topic 326). The standard replaces the previously required incurred loss impairment methodology with guidance that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to be considered in making credit loss estimates. The amendments in this update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The standard requires application on a modified retrospective basis; accordingly, prior periods have not been adjusted to conform to the new guidance. Upon adoption, the Company recorded a $0.3 million decrease to retained earnings as the cumulative effect adjustment from applying the standard.

Effective January 1, 2020, the Company adopted ASU 2018-13, Fair Value Measurement (Topic 820). The standard modifies the disclosure requirements on fair value measurements by removing certain disclosure requirements related to the fair value hierarchy, modifying existing disclosure requirements related to measurement uncertainty and adding new disclosure requirements. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted-average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The adoption did not materially impact the Company's financial statement disclosures.

Effective January 1, 2020, the Company adopted ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40). The standard aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The amendments in this update also require companies to expense capitalized implementation costs over the term of the hosting arrangement, including periods covered by renewal options that are reasonably certain to be exercised. The amendments also stipulate presentation requirements for the Statement of Operations, Balance Sheet and Statement of Cash Flows. The amendments in this update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The amendments in this update should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company adopted this ASU on a prospective basis. Capitalized amounts are reported on the Consolidated Balance Sheet as other non-current assets, pursuant to the standard which requires presentation in the same line item that a prepayment of the fees for the associated hosting arrangement would be presented. The related periodic expense is reported as part of operating expenses on the Consolidated Statement of Operations and the corresponding cash flow impact is reported as part of operating activities on the Consolidated Statement of Cash Flows. The adoption did not materially impact the Consolidated Financial Statements. The Company does not expect the adoption of this standard to have a material impact on its future consolidated financial statements and related disclosures.


Recently Issued Accounting Standards Not Yet Adopted

Effective January 1, 2021, the Company will adopt ASU 2019-12, Income Taxes (Topic 740). The standard removes certain exceptions for recognizing deferred taxes for investments, performing intraperiod allocation and calculating income taxes in interim periods. The update also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for goodwill and allocating taxes to members of a consolidated group. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The amendments in this update related to separate financial statements of legal entities that are not subject to tax should be applied on a retrospective basis for all periods presented. The amendments related to changes in ownership of foreign equity method investments or foreign subsidiaries should be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The amendments related to franchise taxes that are partially based on income should be applied on either a retrospective basis for all periods presented or a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. All other amendments should be applied on a prospective basis. The adoption will not have a material impact on future consolidated financial statements and related disclosures.
ASU 2020-04, Reference Rate Reform (Topic 848) - This standard provides temporary optional expedients and exceptions to accounting guidance for certain contract modifications and hedging arrangements to ease financial reporting burdens as the market transitions from the London Interbank Offered Rate ("LIBOR") and other interbank reference rates to alternative reference rates. The guidance is available for prospective application upon its issuance and can generally be applied to contract modifications and hedging relationships entered into March 12, 2020 through December 31, 2022. The Company has an interest rate cap arrangement and long-term debt as described in Note 6, Debt for which existing payments are based on LIBOR. The Company is currently evaluating the timing of adoption and the related impact on its consolidated financial statements. Currently, the Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements and related disclosures.
v3.20.4
Revenue Recognition
 12 Months Ended
Dec. 31, 2020
Revenue from Contract with Customer [Abstract]  
Revenue Recognition
2. REVENUE RECOGNITION

Revenue Recognition

Veritiv applies the five-step model to assess its contracts with customers. The Company's revenue is reported as net sales and is measured as the determinable transaction price, net of any variable consideration (e.g., sales incentives and rights to return product) and any taxes collected from customers and remitted to governmental authorities. When the Company enters into a sales arrangement with a customer, it believes it is probable that it will collect substantially all of the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer. When management cannot conclude collectability is probable for shipments to a particular customer, revenue associated with that customer is not recognized until cash is collected or management is otherwise able to establish that collectability is probable. The Company has established credit and collection processes whereby collection assessments are performed and expected credit losses are recognized. 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.

Additionally, Veritiv enters into incentive programs with certain of its customers, which are generally based on sales to those same customers. Veritiv follows the expected value method when estimating its retrospective incentives and records the estimated amount as a reduction to gross sales when revenue is recognized. Estimates of the variable consideration are based primarily on contract terms, current customer forecasts as well as historical experience.

Customer product returns are estimated based on historical experience and the identification of specific events necessitating an adjustment. The estimated return value is recognized as a reduction of gross sales and related cost of products sold. The estimated inventory returns value is recognized as part of inventories, while the estimated customer refund liability is recognized as part of other accrued liabilities on the Consolidated Balance Sheets.

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. 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.

As of December 31, 2020 and 2019, the Company recognized estimated inventory returns of approximately $1.5 million and $2.0 million, respectively, which are included in inventories on the Consolidated Balance Sheets. Additionally, the Company recognized customer contract liabilities related to its customer deposits for equipment sales and payments received for other sale arrangements requiring prepayment, which are included in accounts payable on the Consolidated Balance Sheets.
See the table below for a summary of the changes to the customer contract liabilities for the years ended December 31, 2020 and 2019:
Customer Contract Liabilities
(in millions)20202019
Balance at January 1,$11.7 $17.7 
    Payments received53.2 46.1 
    Revenue recognized from beginning balance(11.6)(17.7)
    Revenue recognized from current year receipts(41.1)(34.4)
Balance at December 31,$12.2 $11.7 

Revenue Composition

Veritiv's revenues are primarily derived from purchase orders and rate agreements associated with (i) the delivery of standard listed products with observable standalone sale prices or (ii) transportation and warehousing services. Revenue generally consists of a single performance obligation to transfer a promised good or service and is short-term in nature. Revenues are recognized when control of the promised goods or services is transferred to Veritiv's customers and in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods and services. Sales transactions with customers are designated free on board destination and revenue is recorded at the point in time when the product is delivered to the customer's designated location or when the customer has otherwise obtained the benefit of the goods, when title and risk of loss are transferred. Revenues from Veritiv's transportation services are recognized upon completion of the related delivery services and revenues from warehousing services are recognized over time as the storage services are provided. 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.

Certain revenues are derived from shipments which are made directly from a manufacturer to a Veritiv customer. The Company is considered to be a principal to these transactions because, among other factors, it maintains control of the goods after they leave the supplier and before they are received at the customer's location, in most cases it selects the supplier and sets the price to the customer, and it bears the risk of the customer defaulting on payment or rejecting the goods. Revenues from these sales are reported on a gross basis on the Consolidated Statements of Operations and have historically represented approximately 35% of Veritiv's total net sales.

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 Company is able to serve a wide variety of customers, from large national companies to small local customers, through its distribution network. Historically, the Company's ten largest customers have generated approximately 10% of its consolidated annual net sales. Veritiv's principal markets are concentrated primarily across North America with net sales in the U.S., Canada and Mexico of approximately 87%, 10% and 2%, respectively.

The following is a brief description of the Company's four reportable segments, organized by major product category:

•Packaging – The Packaging segment provides custom and standard packaging solutions for customers based in North America and in key global markets. This segment services customers with a full spectrum of packaging product materials within the fiber-based, flexible and rigid categories. The business is strategically focused on higher growth industry sectors including manufacturing, food processing and service, fulfillment and internet retail, as well as niche 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 such as towels, tissues, commercial cleaning chemicals, personal protective equipment and safety supplies, wipers, can liners, soaps and sanitizers, dispensers, sanitary maintenance supplies and equipment, hazard supplies, and shampoos and amenities primarily in North America. Additionally, the Company offers total cost of ownership solutions with re-merchandising, budgeting and compliance reporting, and inventory management.
•Print – The Print segment sells and distributes commercial printing, writing, copying, digital, specialty products, graphics consumables and graphics equipment primarily in North America. This segment also includes customized paper conversion services of commercial printing paper for distribution to document centers and form printers. Veritiv's broad geographic platform of operations coupled with the breadth of paper and graphics products, including exclusive private brand offerings, provides a foundation to service national, regional and local customers across North America.

•Publishing – The Publishing segment sells and distributes coated and uncoated commercial printing papers to publishers, retailers, converters, printers and specialty businesses for use in magazines, catalogs, books, directories, gaming, couponing, retail inserts and direct mail primarily in the U.S. This segment also provides print management, procurement and supply chain management solutions to simplify paper and print procurement processes for its customers.

The Company's consolidated financial results also include a "Corporate & Other" category which includes certain assets and costs not primarily attributable to any of the reportable segments. Corporate & Other also includes the Veritiv logistics solutions business which provides transportation and warehousing solutions.

See Note 16, Segment and Other Information, for the disaggregation of revenue and other information related to the Company's reportable segments and Corporate & Other.
v3.20.4
Leases
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Leases
3. LEASES

The Company leases certain property and equipment used for operations to limit its exposure to risks related to ownership. The major leased asset categories include: real estate, delivery equipment, material handling equipment and computer and office equipment. As of December 31, 2020, the Company operated from 125 distribution centers of which approximately 117 were leased. These facilities are strategically located throughout the U.S., Canada and Mexico in order to efficiently serve the customer base in the surrounding areas while also facilitating expedited delivery services for special orders. The Company also leases various office spaces for corporate and sales functions.

The Company's leased asset categories generally carry the following lease terms:
Real estate leases3to10years
Delivery equipment leases3to8years
Other non-real estate leases3to5years

The Company determines if an arrangement is a lease at lease inception and reviews lease arrangements for finance or operating lease classification at their commencement date. The Company does not include short-term leases on the balance sheets and does not separate lease and non-lease components for its delivery equipment leases. In order to value the ROU assets and related liabilities, the Company makes certain estimates and assumptions related to establishing the lease term, discount rates and variable lease payments (e.g., rent escalations tied to changes in the Consumer Price Index). The exercise of any lease renewal or asset purchase option is at the Company's sole discretion. The lease term for all of the Company's leases includes the noncancelable period of the lease and any periods covered by renewal options that the Company is reasonably certain to exercise. Certain leases include rent escalations pre-set in the agreements, which are factored into the lease payment stream. Similar to a variable lease payment, certain delivery equipment leases include a provision for an amount the Company may be required to pay at the end of the lease for any residual value deficiency incurred by the lessor upon resale of the underlying asset. The Company uses the implicit rate of interest when it is available; however, as most of the Company's leases do not provide an implicit rate of interest, the Company uses its incremental borrowing rate based on information available at the lease commencement date in determining the discounted value of the lease payments. Lease expense and depreciation expense are recognized on a straight-line basis over the lease term, or for a finance lease, over the shorter of the life of the underlying asset or the lease term.

The Company’s decisions to cease operations in certain warehouse facilities and retail locations leads to different accounting treatment depending upon whether the leased properties are considered abandoned versus properties that the Company has the intent and ability to sublease. Abandoned ROU assets are assessed for impairment based on estimates of undiscounted operating cash flows until the anticipated cease-use date and any remaining lease expense is accelerated
through the anticipated cease-use date. Leases for which the Company has the intent and ability to sublease are assessed for impairment and any remaining ROU assets are amortized over the shorter of the remaining useful lives of the assets or lease term. The intent and practical ability to sublease and estimates of future cash flows attributable to the sublease are assessed considering the terms of the lease agreement, certain market conditions, remaining lease terms and the time required to sublease the facility and other factors.

The components of lease expense were as follows:
(in millions)Year Ended December 31,
Lease ClassificationFinancial Statement Classification20202019
Short-term lease expense(1)
Operating expenses$2.3 $7.1 
Operating lease expense(2)
Operating expenses$111.8 $113.9 
Finance lease expense:
Amortization of right-of-use assets
Depreciation and amortization$14.7 $10.8 
Interest expense
Interest expense, net3.0 2.3 
Total finance lease expense
$17.7 $13.1 
Total Lease Cost
$131.8 $134.1 
(1) Short-term lease expense is comprised of expenses related to leases with a term of twelve months or less, which includes expenses related to month-to
month leases.
(2) Sublease income and variable lease expense are not included in the above table as the amounts were not significant for the years ended December 31, 2020 and 2019 .

Supplemental balance sheets and other information were as follows:
(in millions, except weighted-average data)As of December 31,
Lease ClassificationFinancial Statement Classification20202019
Operating Leases:
Operating lease right-of-use assetsOther non-current assets$351.7 $429.2 
Operating lease obligations - currentOther accrued liabilities$81.9 $90.5 
Operating lease obligations - non-currentOther non-current liabilities307.4 376.6 
Total operating lease obligations
$389.3 $467.1 
Weighted-average remaining lease term in years6.16.6
Weighted-average discount rate4.7 %4.6 %
Finance Leases:
Finance lease right-of-use assetsProperty and equipment$76.6 $76.6 
Finance lease obligations - currentCurrent portion of debt$13.4 $11.5 
Finance lease obligations - non-currentLong-term debt, net of current portion68.9 69.2 
Total finance lease obligations
$82.3 $80.7 
Weighted-average remaining lease term in years7.17.8
Weighted-average discount rate3.7 %3.4 %
Cash paid for amounts included in the measurement of lease liabilities was as follows:
(in millions)Year Ended December 31,
Lease ClassificationFinancial Statement Classification20202019
Operating Leases:
Operating cash flows from operating leases
Operating activities$111.1 $109.5 
Finance Leases:
Operating cash flows from finance leases
Operating activities$3.0 $2.3 
Financing cash flows from finance leases
Financing activities13.0 9.1 

Lease Commitments

Future minimum lease payments at December 31, 2020 were as follows:
(in millions)Finance Leases
Operating Leases(1)
2021$16.0 $98.3 
202215.5 83.4 
202313.2 63.1 
202411.4 53.0 
202510.6 42.4 
Thereafter27.7 111.4 
Total future minimum lease payments94.4 451.6 
   Amount representing interest(12.1)(62.3)
Total future minimum lease payments, net of interest$82.3 $389.3 
(1) Future sublease income of $1.8 million is excluded from the operating leases amount in the table above.

Total future minimum lease payments at December 31, 2020 for finance and operating leases, including the amount representing interest, are comprised of $467.8 million for real estate leases and $78.2 million for non-real estate leases.

At December 31, 2020, the Company had committed to additional future obligations of approximately $10.2 million for a real estate operating lease that has not yet commenced and therefore is not included in the table above. This lease is expected to commence within the next three months with a lease term of three years.

Operating Leases - prior to the adoption of Topic 842

The Company recorded rent expense of $118.1 million for the year ended December 31, 2018.

Other Lease Transactions

In connection with Bain Capital Fund VII, L.P.'s acquisition of its 60% interest in UWWH on November 27, 2002, Unisource transferred 40 of its U.S. distribution facilities (the "Properties") to Georgia-Pacific who then sold 38 of the Properties to an unrelated third party (the "Purchaser/Landlord"). Contemporaneously with the sale, Georgia-Pacific entered into lease agreements with the Purchaser/Landlord with respect to the individual 38 Properties and concurrently entered into sublease agreements with Unisource, which expired in June 2018. As a result of certain forms of continuing involvement, these transactions did not qualify for sale-leaseback accounting. Accordingly, the leases were classified as financing transactions. As of June 30, 2018, the financing obligations for all of the related party financed Properties were either terminated early or had expired in accordance with their terms. Through formal termination or natural expiration of these agreements, the involvement of Georgia-Pacific ceased and the leases no longer qualified as failed sale-leaseback financing obligations. Of the original 38 financing obligations to related party Properties, 27 were settled by the return of the Properties to the landlord. See Note 4, Restructuring, Integration and Acquisition Charges, for additional information regarding the related party failed-sale leaseback agreements.
In May 2017, the Company entered into a purchase and sale agreement under which Veritiv agreed to sell its Austin, Texas facility to an unrelated third party. Upon the closing of the sale, Veritiv entered into a lease of the facility for an initial period of ten years with two optional five-year renewal terms. The sale-leaseback transaction did not provide for any continuing involvement by the Company other than a normal lease for use of the property during the lease term. The transaction resulted in net cash proceeds of $9.1 million and a related deferred gain of $5.4 million. Prior to 2019, the Company recognized a portion of the gain on a straight-line basis over the initial ten-year lease period as a reduction to selling and administrative expenses on the Consolidated Statements of Operations. Upon the Company's adoption of ASU 2016-02 on January 1, 2019, it recognized an increase to retained earnings of $2.7 million, primarily driven by the derecognition of the unamortized gain from the sale of this property.
Leases
3. LEASES

The Company leases certain property and equipment used for operations to limit its exposure to risks related to ownership. The major leased asset categories include: real estate, delivery equipment, material handling equipment and computer and office equipment. As of December 31, 2020, the Company operated from 125 distribution centers of which approximately 117 were leased. These facilities are strategically located throughout the U.S., Canada and Mexico in order to efficiently serve the customer base in the surrounding areas while also facilitating expedited delivery services for special orders. The Company also leases various office spaces for corporate and sales functions.

The Company's leased asset categories generally carry the following lease terms:
Real estate leases3to10years
Delivery equipment leases3to8years
Other non-real estate leases3to5years

The Company determines if an arrangement is a lease at lease inception and reviews lease arrangements for finance or operating lease classification at their commencement date. The Company does not include short-term leases on the balance sheets and does not separate lease and non-lease components for its delivery equipment leases. In order to value the ROU assets and related liabilities, the Company makes certain estimates and assumptions related to establishing the lease term, discount rates and variable lease payments (e.g., rent escalations tied to changes in the Consumer Price Index). The exercise of any lease renewal or asset purchase option is at the Company's sole discretion. The lease term for all of the Company's leases includes the noncancelable period of the lease and any periods covered by renewal options that the Company is reasonably certain to exercise. Certain leases include rent escalations pre-set in the agreements, which are factored into the lease payment stream. Similar to a variable lease payment, certain delivery equipment leases include a provision for an amount the Company may be required to pay at the end of the lease for any residual value deficiency incurred by the lessor upon resale of the underlying asset. The Company uses the implicit rate of interest when it is available; however, as most of the Company's leases do not provide an implicit rate of interest, the Company uses its incremental borrowing rate based on information available at the lease commencement date in determining the discounted value of the lease payments. Lease expense and depreciation expense are recognized on a straight-line basis over the lease term, or for a finance lease, over the shorter of the life of the underlying asset or the lease term.

The Company’s decisions to cease operations in certain warehouse facilities and retail locations leads to different accounting treatment depending upon whether the leased properties are considered abandoned versus properties that the Company has the intent and ability to sublease. Abandoned ROU assets are assessed for impairment based on estimates of undiscounted operating cash flows until the anticipated cease-use date and any remaining lease expense is accelerated
through the anticipated cease-use date. Leases for which the Company has the intent and ability to sublease are assessed for impairment and any remaining ROU assets are amortized over the shorter of the remaining useful lives of the assets or lease term. The intent and practical ability to sublease and estimates of future cash flows attributable to the sublease are assessed considering the terms of the lease agreement, certain market conditions, remaining lease terms and the time required to sublease the facility and other factors.

The components of lease expense were as follows:
(in millions)Year Ended December 31,
Lease ClassificationFinancial Statement Classification20202019
Short-term lease expense(1)
Operating expenses$2.3 $7.1 
Operating lease expense(2)
Operating expenses$111.8 $113.9 
Finance lease expense:
Amortization of right-of-use assets
Depreciation and amortization$14.7 $10.8 
Interest expense
Interest expense, net3.0 2.3 
Total finance lease expense
$17.7 $13.1 
Total Lease Cost
$131.8 $134.1 
(1) Short-term lease expense is comprised of expenses related to leases with a term of twelve months or less, which includes expenses related to month-to
month leases.
(2) Sublease income and variable lease expense are not included in the above table as the amounts were not significant for the years ended December 31, 2020 and 2019 .

Supplemental balance sheets and other information were as follows:
(in millions, except weighted-average data)As of December 31,
Lease ClassificationFinancial Statement Classification20202019
Operating Leases:
Operating lease right-of-use assetsOther non-current assets$351.7 $429.2 
Operating lease obligations - currentOther accrued liabilities$81.9 $90.5 
Operating lease obligations - non-currentOther non-current liabilities307.4 376.6 
Total operating lease obligations
$389.3 $467.1 
Weighted-average remaining lease term in years6.16.6
Weighted-average discount rate4.7 %4.6 %
Finance Leases:
Finance lease right-of-use assetsProperty and equipment$76.6 $76.6 
Finance lease obligations - currentCurrent portion of debt$13.4 $11.5 
Finance lease obligations - non-currentLong-term debt, net of current portion68.9 69.2 
Total finance lease obligations
$82.3 $80.7 
Weighted-average remaining lease term in years7.17.8
Weighted-average discount rate3.7 %3.4 %
Cash paid for amounts included in the measurement of lease liabilities was as follows:
(in millions)Year Ended December 31,
Lease ClassificationFinancial Statement Classification20202019
Operating Leases:
Operating cash flows from operating leases
Operating activities$111.1 $109.5 
Finance Leases:
Operating cash flows from finance leases
Operating activities$3.0 $2.3 
Financing cash flows from finance leases
Financing activities13.0 9.1 

Lease Commitments

Future minimum lease payments at December 31, 2020 were as follows:
(in millions)Finance Leases
Operating Leases(1)
2021$16.0 $98.3 
202215.5 83.4 
202313.2 63.1 
202411.4 53.0 
202510.6 42.4 
Thereafter27.7 111.4 
Total future minimum lease payments94.4 451.6 
   Amount representing interest(12.1)(62.3)
Total future minimum lease payments, net of interest$82.3 $389.3 
(1) Future sublease income of $1.8 million is excluded from the operating leases amount in the table above.

Total future minimum lease payments at December 31, 2020 for finance and operating leases, including the amount representing interest, are comprised of $467.8 million for real estate leases and $78.2 million for non-real estate leases.

At December 31, 2020, the Company had committed to additional future obligations of approximately $10.2 million for a real estate operating lease that has not yet commenced and therefore is not included in the table above. This lease is expected to commence within the next three months with a lease term of three years.

Operating Leases - prior to the adoption of Topic 842

The Company recorded rent expense of $118.1 million for the year ended December 31, 2018.

Other Lease Transactions

In connection with Bain Capital Fund VII, L.P.'s acquisition of its 60% interest in UWWH on November 27, 2002, Unisource transferred 40 of its U.S. distribution facilities (the "Properties") to Georgia-Pacific who then sold 38 of the Properties to an unrelated third party (the "Purchaser/Landlord"). Contemporaneously with the sale, Georgia-Pacific entered into lease agreements with the Purchaser/Landlord with respect to the individual 38 Properties and concurrently entered into sublease agreements with Unisource, which expired in June 2018. As a result of certain forms of continuing involvement, these transactions did not qualify for sale-leaseback accounting. Accordingly, the leases were classified as financing transactions. As of June 30, 2018, the financing obligations for all of the related party financed Properties were either terminated early or had expired in accordance with their terms. Through formal termination or natural expiration of these agreements, the involvement of Georgia-Pacific ceased and the leases no longer qualified as failed sale-leaseback financing obligations. Of the original 38 financing obligations to related party Properties, 27 were settled by the return of the Properties to the landlord. See Note 4, Restructuring, Integration and Acquisition Charges, for additional information regarding the related party failed-sale leaseback agreements.
In May 2017, the Company entered into a purchase and sale agreement under which Veritiv agreed to sell its Austin, Texas facility to an unrelated third party. Upon the closing of the sale, Veritiv entered into a lease of the facility for an initial period of ten years with two optional five-year renewal terms. The sale-leaseback transaction did not provide for any continuing involvement by the Company other than a normal lease for use of the property during the lease term. The transaction resulted in net cash proceeds of $9.1 million and a related deferred gain of $5.4 million. Prior to 2019, the Company recognized a portion of the gain on a straight-line basis over the initial ten-year lease period as a reduction to selling and administrative expenses on the Consolidated Statements of Operations. Upon the Company's adoption of ASU 2016-02 on January 1, 2019, it recognized an increase to retained earnings of $2.7 million, primarily driven by the derecognition of the unamortized gain from the sale of this property.
Leases
3. LEASES

The Company leases certain property and equipment used for operations to limit its exposure to risks related to ownership. The major leased asset categories include: real estate, delivery equipment, material handling equipment and computer and office equipment. As of December 31, 2020, the Company operated from 125 distribution centers of which approximately 117 were leased. These facilities are strategically located throughout the U.S., Canada and Mexico in order to efficiently serve the customer base in the surrounding areas while also facilitating expedited delivery services for special orders. The Company also leases various office spaces for corporate and sales functions.

The Company's leased asset categories generally carry the following lease terms:
Real estate leases3to10years
Delivery equipment leases3to8years
Other non-real estate leases3to5years

The Company determines if an arrangement is a lease at lease inception and reviews lease arrangements for finance or operating lease classification at their commencement date. The Company does not include short-term leases on the balance sheets and does not separate lease and non-lease components for its delivery equipment leases. In order to value the ROU assets and related liabilities, the Company makes certain estimates and assumptions related to establishing the lease term, discount rates and variable lease payments (e.g., rent escalations tied to changes in the Consumer Price Index). The exercise of any lease renewal or asset purchase option is at the Company's sole discretion. The lease term for all of the Company's leases includes the noncancelable period of the lease and any periods covered by renewal options that the Company is reasonably certain to exercise. Certain leases include rent escalations pre-set in the agreements, which are factored into the lease payment stream. Similar to a variable lease payment, certain delivery equipment leases include a provision for an amount the Company may be required to pay at the end of the lease for any residual value deficiency incurred by the lessor upon resale of the underlying asset. The Company uses the implicit rate of interest when it is available; however, as most of the Company's leases do not provide an implicit rate of interest, the Company uses its incremental borrowing rate based on information available at the lease commencement date in determining the discounted value of the lease payments. Lease expense and depreciation expense are recognized on a straight-line basis over the lease term, or for a finance lease, over the shorter of the life of the underlying asset or the lease term.

The Company’s decisions to cease operations in certain warehouse facilities and retail locations leads to different accounting treatment depending upon whether the leased properties are considered abandoned versus properties that the Company has the intent and ability to sublease. Abandoned ROU assets are assessed for impairment based on estimates of undiscounted operating cash flows until the anticipated cease-use date and any remaining lease expense is accelerated
through the anticipated cease-use date. Leases for which the Company has the intent and ability to sublease are assessed for impairment and any remaining ROU assets are amortized over the shorter of the remaining useful lives of the assets or lease term. The intent and practical ability to sublease and estimates of future cash flows attributable to the sublease are assessed considering the terms of the lease agreement, certain market conditions, remaining lease terms and the time required to sublease the facility and other factors.

The components of lease expense were as follows:
(in millions)Year Ended December 31,
Lease ClassificationFinancial Statement Classification20202019
Short-term lease expense(1)
Operating expenses$2.3 $7.1 
Operating lease expense(2)
Operating expenses$111.8 $113.9 
Finance lease expense:
Amortization of right-of-use assets
Depreciation and amortization$14.7 $10.8 
Interest expense
Interest expense, net3.0 2.3 
Total finance lease expense
$17.7 $13.1 
Total Lease Cost
$131.8 $134.1 
(1) Short-term lease expense is comprised of expenses related to leases with a term of twelve months or less, which includes expenses related to month-to
month leases.
(2) Sublease income and variable lease expense are not included in the above table as the amounts were not significant for the years ended December 31, 2020 and 2019 .

Supplemental balance sheets and other information were as follows:
(in millions, except weighted-average data)As of December 31,
Lease ClassificationFinancial Statement Classification20202019
Operating Leases:
Operating lease right-of-use assetsOther non-current assets$351.7 $429.2 
Operating lease obligations - currentOther accrued liabilities$81.9 $90.5 
Operating lease obligations - non-currentOther non-current liabilities307.4 376.6 
Total operating lease obligations
$389.3 $467.1 
Weighted-average remaining lease term in years6.16.6
Weighted-average discount rate4.7 %4.6 %
Finance Leases:
Finance lease right-of-use assetsProperty and equipment$76.6 $76.6 
Finance lease obligations - currentCurrent portion of debt$13.4 $11.5 
Finance lease obligations - non-currentLong-term debt, net of current portion68.9 69.2 
Total finance lease obligations
$82.3 $80.7 
Weighted-average remaining lease term in years7.17.8
Weighted-average discount rate3.7 %3.4 %
Cash paid for amounts included in the measurement of lease liabilities was as follows:
(in millions)Year Ended December 31,
Lease ClassificationFinancial Statement Classification20202019
Operating Leases:
Operating cash flows from operating leases
Operating activities$111.1 $109.5 
Finance Leases:
Operating cash flows from finance leases
Operating activities$3.0 $2.3 
Financing cash flows from finance leases
Financing activities13.0 9.1 

Lease Commitments

Future minimum lease payments at December 31, 2020 were as follows:
(in millions)Finance Leases
Operating Leases(1)
2021$16.0 $98.3 
202215.5 83.4 
202313.2 63.1 
202411.4 53.0 
202510.6 42.4 
Thereafter27.7 111.4 
Total future minimum lease payments94.4 451.6 
   Amount representing interest(12.1)(62.3)
Total future minimum lease payments, net of interest$82.3 $389.3 
(1) Future sublease income of $1.8 million is excluded from the operating leases amount in the table above.

Total future minimum lease payments at December 31, 2020 for finance and operating leases, including the amount representing interest, are comprised of $467.8 million for real estate leases and $78.2 million for non-real estate leases.

At December 31, 2020, the Company had committed to additional future obligations of approximately $10.2 million for a real estate operating lease that has not yet commenced and therefore is not included in the table above. This lease is expected to commence within the next three months with a lease term of three years.

Operating Leases - prior to the adoption of Topic 842

The Company recorded rent expense of $118.1 million for the year ended December 31, 2018.

Other Lease Transactions

In connection with Bain Capital Fund VII, L.P.'s acquisition of its 60% interest in UWWH on November 27, 2002, Unisource transferred 40 of its U.S. distribution facilities (the "Properties") to Georgia-Pacific who then sold 38 of the Properties to an unrelated third party (the "Purchaser/Landlord"). Contemporaneously with the sale, Georgia-Pacific entered into lease agreements with the Purchaser/Landlord with respect to the individual 38 Properties and concurrently entered into sublease agreements with Unisource, which expired in June 2018. As a result of certain forms of continuing involvement, these transactions did not qualify for sale-leaseback accounting. Accordingly, the leases were classified as financing transactions. As of June 30, 2018, the financing obligations for all of the related party financed Properties were either terminated early or had expired in accordance with their terms. Through formal termination or natural expiration of these agreements, the involvement of Georgia-Pacific ceased and the leases no longer qualified as failed sale-leaseback financing obligations. Of the original 38 financing obligations to related party Properties, 27 were settled by the return of the Properties to the landlord. See Note 4, Restructuring, Integration and Acquisition Charges, for additional information regarding the related party failed-sale leaseback agreements.
In May 2017, the Company entered into a purchase and sale agreement under which Veritiv agreed to sell its Austin, Texas facility to an unrelated third party. Upon the closing of the sale, Veritiv entered into a lease of the facility for an initial period of ten years with two optional five-year renewal terms. The sale-leaseback transaction did not provide for any continuing involvement by the Company other than a normal lease for use of the property during the lease term. The transaction resulted in net cash proceeds of $9.1 million and a related deferred gain of $5.4 million. Prior to 2019, the Company recognized a portion of the gain on a straight-line basis over the initial ten-year lease period as a reduction to selling and administrative expenses on the Consolidated Statements of Operations. Upon the Company's adoption of ASU 2016-02 on January 1, 2019, it recognized an increase to retained earnings of $2.7 million, primarily driven by the derecognition of the unamortized gain from the sale of this property.
v3.20.4
Restructuring, Integration and Acquisition Charges
 12 Months Ended
Dec. 31, 2020
Restructuring and Related Activities [Abstract]  
Restructuring, Integration and Acquisition Charges
4. RESTRUCTURING, INTEGRATION AND ACQUISITION CHARGES

2020 Restructuring Plan

During the second quarter of 2020, the Company initiated a restructuring plan in response to the impact of the COVID-19 pandemic on its business operations and the ongoing secular changes in its Print and Publishing segments. During the fourth quarter of 2020, the Company expanded the initial plan to further align its cost structure with ongoing business needs as the Company executes on its stated corporate strategy. The initial and expansion activities are collectively referred to as the "2020 Restructuring Plan."

The 2020 Restructuring Plan will result in (i) the reduction of the Company's U.S. salaried workforce by approximately 15% across all business segments and corporate functions, (ii) the closure of certain warehouse facilities and retail stores, (iii) adjustments to various compensation plans, (iv) repositioning of inventory to expand the Company's service radius and (v) other actions.

The Company estimates it will now incur total restructuring charges of between $77 million and $101 million in connection with the 2020 Restructuring Plan. These costs will consist of approximately (i) $52 million to $54 million in employee termination and other one-time compensation costs, (ii) $11 million to $29 million in real estate exit costs, (iii) $10 million in inventory related costs and (iv) $4 million to $8 million in other exit costs. In addition, the Company expects to incur approximately $4 million of inventory related costs to be reported in cost of products sold. The Company expects to substantially complete the 2020 Restructuring Plan by the end of 2021. Initial charges were incurred and recorded in June 2020.

Other direct costs reported in the table below include facility closing costs and other incidental costs associated with the development, communication, administration and implementation of these initiatives.

The following is a summary of the Company's 2020 Restructuring Plan liability activity for the year ended December 31, 2020 (costs incurred exclude any non-cash portion of restructuring gains or losses on asset disposals):
(in millions)Severance and Related CostsOther Direct CostsTotal
Balance at December 31, 2019$— $— $— 
Costs incurred38.7 12.4 51.1 
Payments(23.3)(5.5)(28.8)
Balance at December 31, 2020$15.4 $6.9 $22.3 

In addition to the costs incurred and payments shown in the table above, during the fourth quarter of 2020 the Company prepaid $8.1 million of Other Direct Costs, of which $1.1 million was expensed during the quarter and $7.0 million remained as a component of other current assets on the Consolidated Balance Sheet as of December 31, 2020. The Company is expected to make another payment of approximately $8.1 million during the fourth quarter of 2021, of which approximately $4.1 million will represent a prepayment.

Merger of xpedx and Unisource

As of December 31, 2019, the integration and restructuring plans related to the Merger were complete and no further costs or charges are expected.
Integration and Acquisition Expenses

During the years ended December 31, 2019 and 2018, Veritiv incurred costs and charges related primarily to: internally dedicated integration management resources, retention compensation, information technology conversion costs, professional services and other costs to integrate its businesses. The following table summarizes the components of integration and acquisition expenses:
Year Ended December 31,
(in millions)20192018
Integration management$10.4 $17.3 
Retention compensation1.0 0.5 
Information technology conversion costs3.4 8.1 
Legal, consulting and other professional fees— 0.3 
Other1.9 3.5 
AAC integration and acquisition0.8 2.1 
     Total integration and acquisition expenses$17.5 $31.8 

Veritiv Restructuring Plan: Merger Related

As part of the Merger, the Company executed a multi-year restructuring program of its North American operations intended to integrate the legacy xpedx and Unisource operations, generate cost savings and capture synergies across the combined company. The restructuring plan included initiatives to: (i) consolidate warehouse facilities in overlapping markets, (ii) improve efficiency of the delivery network, (iii) consolidate customer service centers, (iv) reorganize the field sales and operations functions and (v) restructure the corporate general and administrative functions. As part of its restructuring efforts, the Company evaluated its operations outside of North America to identify additional cost saving opportunities.

Costs related to exiting a branded re-distribution business were included in restructuring charges, net, on the Consolidated Statements of Operations and totaled $10.8 million for the year ended December 31, 2019, of which $5.4 million was recognized during the fourth quarter of 2019. For the years ended December 31, 2019 and 2018, the Company recognized a net loss of $0.4 million, and a net gain of $15.0 million, respectively, related to the sale or exit of certain facilities. During the fourth quarter of 2018, three properties were sold as part of the Company's restructuring efforts. The Company recognized a gain on the sale of these assets of approximately $12.9 million. See additional information at Note 10, Fair Value Measurements.

On June 30, 2018, the related party failed sale-leaseback agreements, originally entered into with Georgia-Pacific, expired in accordance with their terms. The agreements contained provisions that required Veritiv to incur costs during the lease term related to general repairs and maintenance. Certain termination and repair costs were incurred at or near the end of the agreements' expirations. Costs related to the properties that were exited as part of the restructuring plan were classified within restructuring charges, net, on the Consolidated Statements of Operations, and totaled $11.2 million for the year ended December 31, 2018. See Note 3, Leases, for additional information related to the related party failed-sale leaseback agreements.

Other direct costs reported in the tables below include facility closing costs, actual and estimated MEPP withdrawal charges and other incidental costs associated with the development, communication, administration and implementation of these initiatives.
The following table presents a summary of restructuring charges, net, related to restructuring initiatives that were incurred during the years ended December 31, 2019 and 2018 and the cumulative recorded amounts since the initiative began:
(in millions)Severance and Related CostsOther Direct Costs(Gain) Loss on Sale of Assets and Other (non-cash portion)Total
2019$9.1 $20.3 $(0.6)$28.8 
20183.3 22.3 (15.0)10.6 
Cumulative32.4 90.5 (38.0)84.9 

The Company's Merger related restructuring liability as of December 31, 2020 was $24.0 million of which $20.0 million was related to MEPP withdrawal obligations that will be paid-out over an approximate 20-year period. The following is a summary of the Company's restructuring liability activity for the periods presented (costs incurred exclude any non-cash portion of restructuring gains or losses on asset disposals):    
(in millions)Severance and Related CostsOther Direct CostsTotal
Balance at December 31, 2018$4.7 $25.1 $29.8 
Costs incurred9.1 20.3 29.4 
Payments(7.6)(14.8)(22.4)
Balance at December 31, 20196.2 30.6 36.8 
Payments(5.8)(6.9)(12.7)
Other non-cash items— (0.1)(0.1)
Balance at December 31, 2020$0.4 $23.6 $24.0 

The Company has recorded undiscounted charges related to the complete or partial withdrawal from various MEPPs. Charges not related to the Company's restructuring efforts are recorded as distribution expenses. Initial amounts are recorded as other non-current liabilities on the Consolidated Balance Sheets. See the table below for a summary of the net withdrawal charges for the respective years ended December 31:
Year Ended December 31,
(in millions)Restructuring charges, netDistribution expensesTotal Net Charges
2019$1.5 $6.6 $8.1 
2018(2.8)11.2 8.4 

See Note 9, Employee Benefit Plans, for additional information regarding these MEPP transactions.


Veritiv Restructuring Plan: Print Segment

To ensure that Veritiv will be appropriately positioned to respond to the secular decline in the paper industry, the Company restructured its Print segment and completed its efforts as of December 31, 2018. The restructuring plan included initiatives within the Company's Print segment to improve the sustainability of the print business, better serve its customers' needs and work more effectively with suppliers by incorporating a more customer focused, collaborative, team-selling approach as well as better aligning its support functions. As of December 31, 2019, the Company had $0.1 million of restructuring liabilities related to this plan, which was paid in 2020.
The following is a summary of the Company's Print restructuring liability activity for the year ended December 31, 2019:
(in millions)Severance and Related Costs
Balance at December 31, 2018$2.0 
Payments(1.9)
Balance at December 31, 2019$0.1 
See Note 16, Segment and Other Information, for the impact these charges had on the Company's reportable segments.
v3.20.4
Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets
5. GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

At December 31, 2020, the net goodwill balance was $99.6 million. The following table sets forth the changes in the carrying amount of goodwill during 2020 and 2019:
(in millions)PackagingFacility SolutionsPrintPublishingCorporate & OtherTotal
Balance at December 31, 2018:
   Goodwill$99.6 $59.0 $265.4 $50.5 $6.1 $480.6 
   Accumulated impairment losses— (59.0)(265.4)(50.5)(6.1)(381.0)
      Net goodwill 201899.6 — — — — 99.6 
2019 Activity:
   Goodwill acquired— — — — — — 
   Impairment of goodwill— — — — — — 
Balance at December 31, 2019:
   Goodwill99.6 59.0 265.4 50.5 6.1 480.6 
   Accumulated impairment losses— (59.0)(265.4)(50.5)(6.1)(381.0)
      Net goodwill 201999.6 — — — — 99.6 
2020 Activity:
Goodwill acquired— — — — — — 
Impairment of goodwill— — — — — — 
Balance at December 31, 2020:
Goodwill99.6 59.0 265.4 50.5 6.1 480.6 
Accumulated impairment losses— (59.0)(265.4)(50.5)(6.1)(381.0)
Net goodwill 2020$99.6 $— $— $— $— $99.6 
Other Intangible Assets

The components of the Company's other intangible assets were as follows:
December 31, 2020December 31, 2019
(in millions)Gross Carrying AmountAccumulated AmortizationNetGross Carrying AmountAccumulated AmortizationNet
Customer relationships$67.7 $20.3 $47.4 $67.7 $15.5 $52.2 
Trademarks/Trade names3.8 3.8 — 3.8 3.8 — 
Total$71.5 $24.1 $47.4 $71.5 $19.3 $52.2 

Upon retirement or full impairment of the intangible assets, the cost and related amount of accumulated amortization are eliminated from the asset and accumulated amortization accounts, respectively.

The Company recorded amortization expense of $4.8 million, $5.0 million and $6.9 million for the years ended December 31, 2020, 2019 and 2018, respectively.

The estimated aggregate amortization expense for each of the five succeeding years is as follows (in millions):
YearTotal
2021$4.8 
20224.8 
20234.8 
20244.8 
20254.8 

See Note 10, Fair Value Measurements, for additional information related to impairment assessments for goodwill and other intangible assets.
v3.20.4
Debt
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Debt
6. DEBT

The Company's debt obligations were as follows:
As of December 31,
(in millions)20202019
Asset-Based Lending Facility (the "ABL Facility")$520.2 $673.2 
Commercial card program1.3 1.1 
Finance leases82.3 80.7 
Total debt603.8 755.0 
Less: current portion of debt(14.7)(12.6)
Long-term debt, net of current portion$589.1 $742.4 

ABL Facility

On April 9, 2020, the Company amended its ABL Facility to extend the maturity date to April 9, 2025, reduced the aggregate commitments from $1.4 billion to $1.1 billion and adjusted the pricing grid for applicable interest rates. All other significant terms remained substantially the same. The ABL Facility is comprised of U.S. and Canadian sub-facilities of $1.1 billion and $150 million, respectively. The ABL Facility is available to be drawn in U.S. dollars, in the case of the U.S. sub-facility, and in U.S. dollars or Canadian dollars, in the case of the Canadian sub-facility, or in other currencies that are mutually agreeable. The ABL Facility provides for the right of the individual lenders to extend the maturity date of their respective commitments and loans upon the request of Veritiv and without the consent of any other lenders. The ABL Facility may be prepaid at Veritiv's option at any time without premium or penalty and is subject to mandatory prepayment if
the amount outstanding under the ABL Facility exceeds either the aggregate commitments with respect thereto or the current borrowing base, in an amount equal to such excess. The Company's accounts receivable and inventories in the U.S. and Canada are collateral under the ABL Facility.

The ABL Facility has a springing minimum fixed charge coverage ratio of at least 1.00 to 1.00 on a trailing four-quarter basis, which will be tested only when specified availability is less than the limits outlined under the ABL Facility. At December 31, 2020, 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.

Availability under the ABL Facility is determined based upon a monthly borrowing base calculation which includes eligible customer receivables and inventory, less outstanding borrowings, letters of credit and certain designated reserves. As of December 31, 2020, the available additional borrowing capacity under the ABL Facility was approximately $341.9 million. As of December 31, 2020, the Company held $12.1 million in outstanding letters of credit.

Under the terms of the ABL Facility, interest rates are based upon LIBOR or the prime rate plus a margin rate, or in the case of Canada, a banker's acceptance rate or base rate plus a margin rate. For the years ended December 31, 2020, 2019 and 2018, the weighted-average borrowing interest rates were 2.9%, 3.4% and 4.6%, respectively.

In conjunction with the April 9, 2020 amendment to the ABL Facility, the Company recognized a one-time charge of $0.6 million to interest expense, net, on the Consolidated Statements of Operations, for the write-off of a portion of the previously deferred financing costs associated with lenders in the ABL Facility that exited the amended ABL Facility. In addition, the Company incurred and deferred $3.4 million of new financing costs associated with this transaction, reflected in other non-current assets on the Consolidated Balance Sheet, which will be amortized to interest expense on a straight-line basis over the amended term of the ABL Facility. Interest expense, net on the Consolidated Statements of Operations included $2.1 million, $2.6 million and $2.6 million of amortization and write-off charges related to deferred financing fees for the years ended December 31, 2020, 2019 and 2018, respectively.

Finance and Capital Lease Obligations

See Note 3, Leases, for additional information regarding the Company's finance and capital leases.

Interest Rate Caps

The Company's indebtedness under the ABL Facility creates interest rate risk. The Company actively monitors this risk with the objective to reduce, where it is deemed appropriate to do so, fluctuations in earnings and cash flows associated with changes in the interest rate. In July 2015, the Company entered into an interest rate cap agreement which expired on July 1, 2019; all related impacts to the Company's consolidated financial statements for the years ended December 31, 2020, 2019 and 2018 were not significant.

Effective September 13, 2019, the Company entered into a new interest rate cap agreement with an expiration date of September 13, 2022. The interest rate cap effectively limits the floating LIBOR-based portion of the interest rate. The interest rate cap covers $350.0 million of the Company's floating-rate debt at 2.75% plus the applicable credit spread. The Company paid $0.6 million for the interest rate cap. For the years ended December 31, 2020 and 2019, the amounts reclassified from AOCL into earnings were not significant. As of December 31, 2020 and 2019, the interest rate cap had a fair value that was not significant. The interest rate cap is classified within other non-current assets on the Consolidated Balance Sheets as of December 31, 2020 and 2019. The amount expected to be reclassified from AOCL into earnings within the following 12 months is not significant. The fair value was estimated using observable market-based inputs including interest rate curves and implied volatilities (Level 2). The Company designated the new interest rate cap as a cash flow hedge of exposure to changes in cash flows due to changes in the LIBOR-based portion of the interest rate above 2.75%. The Company has determined that the interest rate cap hedging relationship is effective.

The Company is exposed to counterparty credit risk for nonperformance and, in the event of nonperformance, to market risk for changes in the interest rate. The Company attempts to manage exposure to counterparty credit risk primarily by selecting only those counterparties that meet certain credit and other financial standards. The Company believes there has not been a material change in the creditworthiness of its counterparty and believes the risk of nonperformance by such party is minimal.
    
Commercial Card Program

In May 2019, the Company entered into a commercial purchasing card agreement with a financial institution. The commercial card is used for business purpose purchasing and must be paid in-full monthly. The card currently carries a maximum credit limit of $37.5 million. At December 31, 2020 and 2019, $1.3 million and $1.1 million, respectively, was outstanding on the commercial card. The net change in the outstanding balance is classified as a financing activity on the Consolidated Statements of Cash Flows.
v3.20.4
Income Taxes
 12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Income Taxes
7. INCOME TAXES

The Company is subject to federal, state and local income taxes in the U.S., as well as income taxes in Canada, Mexico and other foreign jurisdictions. The domestic (U.S.) and foreign components of the Company's income (loss) before income taxes were as follows:
Year Ended December 31,
(in millions)202020192018
Domestic (U.S.)$30.8 $(50.5)$(16.7)
Foreign12.2 21.7 6.5 
Income (loss) before income taxes$43.0 $(28.8)$(10.2)

Income tax expense (benefit) on the Consolidated Statements of Operations consisted of the following:
Year Ended December 31,
(in millions)202020192018
Current Provision:
U.S. Federal$4.7 $0.7 $0.8 
U.S. State3.9 0.5 1.2 
Foreign2.0 2.2 1.5 
Total current income tax expense$10.6 $3.4 $3.5 
Deferred, net:
U.S. Federal$(2.6)$(4.8)$0.4 
U.S. State(0.4)0.0 0.6 
Foreign1.2 2.1 1.0 
Total deferred, net$(1.8)$(2.7)$2.0 
Provision for income tax expense$8.8 $0.7 $5.5 
Reconciliation between the federal statutory rate and the effective tax rate is as follows (see Note 8, Related Party Transactions, for additional information related to the Tax Receivable Agreement ("TRA")):
Year Ended December 31,
(in millions)202020192018
Income (loss) before income taxes$43.0$(28.8)$(10.2)
Statutory U.S. income tax rate21.0 %21.0 %21.0 %
Tax expense (benefit) using statutory U.S. income tax rate$9.0$(6.0)$(2.1)
Foreign income tax rate differential0.60.60.7
State tax (net of federal benefit)2.60.31.4
Non-deductible expenses2.32.42.7
Global Intangible Low Taxed Income(1.5)2.81.4
TRA(3.7)(0.1)(0.3)
Tax credits(1.9)(1.1)(1.0)
Impact of U.S. Tax Act (Federal and State)——1.3
Impact of CARES Act(2.4)— — 
Stock compensation vesting2.11.31.7
Change in valuation allowance - U.S. Federal (1)
——(0.1)
Change in valuation allowance - Foreign—0.3(0.4)
Foreign taxes1.60.90.6
Bad debt—(0.9)—
Other0.10.2(0.4)
Income tax provision$8.8$0.7$5.5
Effective income tax rate20.5 %(2.4)%(53.9)%
(1)Increase in Section 382 limitation resulting from recognition of 2018 built-in gains.


The Tax Act was signed into law on December 22, 2017. The Tax Act makes broad and complex changes to the U.S. tax code, including, but not limited to reducing the U.S. federal corporate tax rate from 35.0% to 21.0%, implementation of a territorial tax system and a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries that is payable over eight years. Veritiv recognized the tax effects of the Tax Act in the year ended December 31, 2017 and completed the accounting for certain income tax effects of the Tax Act during the fourth quarter of 2018 in accordance with Staff Accounting Bulletin 118. The total amount recorded related to the Tax Act includes $31.5 million in tax expense, of which $24.0 million related primarily to the remeasurement of the Company's deferred taxes to the 21.0% tax rate and $7.5 million related to the one-time transition tax. Additionally, the Company has concluded the applicable accounting policy election associated with GILTI will be treated as a period cost.

The Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") was signed into law on March 27, 2020 and makes significant economic stimulus changes and additional changes to the U.S. tax code, including, but not limited to, allowing the carryback of net operating losses ("NOLs" or "NOL") occurring in 2018, 2019, and 2020 to the prior five years and eliminating the taxable income limitation, changing the interest expense limitation, including a technical correction for qualified improvement property depreciation and providing for additional employee retention credits.

Effective January 1, 2018, Veritiv elected to early adopt ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from accumulated other comprehensive income (AOCI) which gives companies the option to reclassify to retained earnings tax effects resulting from the Tax Act related to items in AOCI that the FASB refers to as having been stranded in AOCI. As a result of adopting this standard, the Company reclassified $0.8 million from Veritiv's AOCL to retained earnings.
Deferred income tax assets and liabilities as of December 31, 2020 and 2019 were as follows:
As of December 31,
20202019
(in millions)U.S.Non-U.S.U.S.Non-U.S.
Deferred income tax assets:
Accrued compensation
$39.4 $3.6 $32.9 $2.7 
Finance leases
10.8 9.9 10.2 9.0 
    Lease obligations90.2 12.1 108.4 12.5 
Net operating losses and credit carryforwards
27.8 4.6 35.4 7.7 
Allowance for credit losses and doubtful accounts, respectively
12.3 0.2 11.4 0.1 
Other
8.3 1.0 13.7 0.6 
Gross deferred income tax assets
188.8 31.4 212.0 32.6 
Less valuation allowance
(1.3)(1.0)(2.4)(2.4)
Total deferred tax asset$187.5 $30.4 $209.6 $30.2 
Deferred income tax liabilities:
Property and equipment, net
$(26.6)$(8.8)$(25.6)$(8.1)
    Lease assets(82.9)(11.6)(101.4)(12.2)
Inventory reserve
(17.9)— (28.7)— 
Other
(10.1)— (6.8)— 
Total deferred tax liability$(137.5)$(20.4)$(162.5)$(20.3)
Net deferred income tax asset$50.0 $10.0 $47.1 $9.9 

Deferred income tax asset valuation allowance is as follows:
(in millions)U.S.Non-U.S.Total
Balance at December 31, 2018$5.1 $3.3 $8.4 
   Additions1.1 0.4 1.5 
   Subtractions(3.8)(1.2)(5.0)
   Currency translation adjustments— (0.1)(0.1)
Balance at December 31, 20192.4 2.4 4.8 
   Additions— — — 
   Subtractions(1.1)(1.6)(2.7)
   Currency translation adjustments— 0.2 0.2 
Balance at December 31, 2020$1.3 $1.0 $2.3 


The Merger resulted in a significant change in the ownership of the Company, which, pursuant to the Internal Revenue Code Section 382, imposes annual limits on the Company's ability to utilize its U.S. federal and state NOL carryforwards. The Company's NOLs will continue to be available to offset taxable income (until such NOLs are either utilized or expire) subject to the Section 382 annual limitation. If the annual limitation amount is not fully utilized in a particular tax year, then the unused portion from that particular tax year will be added to the annual limitation in subsequent years. In accordance with Notice 2003-65, the Company was in a net unrealized built-in gain position at the time of the Merger. During the year ended December 31, 2019, the Company's five-year recognition period to recognize built-in gain ended. As such, the deferred tax asset and valuation allowance representing the book basis in excess of tax basis of various assets was written-off.

The Company evaluates the realizability of the deferred tax assets, and to the extent that the Company estimates that it is more likely than not that a benefit will not be realized, the carrying amount of the deferred tax assets is reduced with a valuation allowance. This analysis is done quarterly for each jurisdiction. As a part of this evaluation, the Company assesses all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected
future taxable income, tax-planning strategies, and results of recent operations, to determine whether sufficient future taxable income will be generated to realize existing deferred tax assets. In the U.S. jurisdiction, the Company had positive but near break-even cumulative income over the preceding 12 quarters ended December 31, 2020. Thus, the analysis of whether a valuation allowance is needed required significant judgement. The Company evaluated its historical core earnings for the past three years by adjusting for certain nonrecurring items to estimate future income. On the basis of this assessment and after considering future reversals of existing taxable temporary differences, the Company concluded that its net U.S. deferred tax assets of $50.0 million will more likely than not be realized, and recorded no valuation allowance.

In general, it is the practice and intention of Veritiv to reinvest the earnings of its non-U.S. subsidiaries in those operations. As of December 31, 2020, Veritiv's tax basis exceeded its financial reporting basis in certain investments in non-U.S. subsidiaries. The Company does not believe these temporary differences will reverse in the foreseeable future and, therefore, no deferred tax asset has been recognized with respect to these basis differences. Additionally, no deferred tax liability has been recognized for income and withholding tax liabilities associated with investments in non-U.S. subsidiaries where book basis exceeds tax basis. The amount of such temporary differences totaled approximately $18.7 million as of December 31, 2020. The income and withholding tax liability associated with these temporary differences is not significant.

Veritiv applies a "more likely than not" threshold to the recognition and de-recognition of uncertain tax positions. A change in judgment related to prior years' uncertain tax positions is recognized in the period of such change.

The Company accrues interest on unrecognized tax benefits as a component of interest expense. Penalties, if incurred, are recognized as a component of income tax expense. Total gross unrecognized tax benefits as of December 31, 2020, 2019 and 2018, as well as activity within each of the years, was not material.

In the U.S., Veritiv is generally subject to examination by the IRS for fiscal years 2016 and later and certain states for fiscal years 2016 and later; however, it may be subject to IRS and state tax authority adjustments for years prior to 2016 to the extent of losses or other tax attributes carrying forward from the earlier years. Veritiv Canada remains subject to examination by the Canadian Revenue Agency and certain provinces for fiscal years 2012 and later.

As of December 31, 2020, Veritiv has federal, state and foreign income tax NOLs available to offset future taxable income of $109.0 million, $95.6 million and $18.1 million, respectively. Federal NOLs begin expiring in 2024. State and foreign NOLs will expire at various dates from 2021 through 2039, with the exception of certain foreign NOLs that do not expire, but have a full valuation allowance.
v3.20.4
Related Party Transactions
 12 Months Ended
Dec. 31, 2020
Related Party Transactions [Abstract]  
Related Party Transactions
8. RELATED PARTY TRANSACTIONS

Agreements with the UWWH Stockholder

On the Distribution Date UWW Holdings, LLC (the "UWWH Stockholder"), the sole shareholder of UWWH, received 7.84 million shares of Veritiv common stock for all outstanding shares of UWWH common stock that it held in a private placement transaction. Additionally, Veritiv and the UWWH Stockholder executed the following agreements:

•Registration Rights Agreement: The Registration Rights Agreement provides the UWWH Stockholder with certain demand and piggyback registration rights. Under this Agreement, the UWWH Stockholder is also entitled to transfer its Veritiv common stock to one or more of its affiliates or equity-holders and may exercise registration rights on behalf of such transferees if such transferees become a party to the Registration Rights Agreement. The UWWH Stockholder, on behalf of the holders of shares of Veritiv's common stock that are party to the Registration Rights Agreement, under certain circumstances and provided certain thresholds described in the Registration Rights Agreement are met, may make a written request to the Company for the registration of the offer and sale of all or part of the shares subject to such registration rights. If the Company registers the offer and sale of its common stock (other than pursuant to a demand registration or in connection with registration on Form S-4 and Form S-8 or any successor or similar forms, or relating solely to the sale of debt or convertible debt instruments) either on its behalf or on the behalf of other security holders, the holders of the registration rights under the Registration Rights Agreement are entitled to include their shares in such registration. The demand rights described commenced 180 days after the Distribution Date. Veritiv is not required to effect more than one demand registration in any 150-day period or more than two demand registrations in any 365-day period. If Veritiv believes that a registration or an offering would materially affect a significant transaction or would require it to disclose confidential information which it in good faith believes would be adverse to its interest, then Veritiv may delay a registration or filing for no more than 120 days in a 360-day period.
•Tax Receivable Agreement: The Tax Receivable Agreement set forth the terms by which Veritiv was generally obligated to pay the UWWH Stockholder an amount equal to 85% of the U.S. federal, state and Canadian income tax savings, if any, that Veritiv actually realized as a result of the utilization of Unisource's NOLs attributable to taxable periods prior to the date of the Merger. In December 2020, the Company and the UWWH Stockholder agreed to settle the TRA. The Company paid the UWWH Stockholder a total of $12.0 million in settlement of all past and future liabilities that would have been owed under the TRA and the parties agreed to a mutual release of claims under the TRA. In January 2020, 2019 and 2018, Veritiv paid $0.3 million, $8.1 million and $10.1 million, respectively, in principal and interest, to the UWWH Stockholder for the utilization of pre-merger NOLs in its 2018, 2017 and 2016 federal and state tax returns, respectively. See Note 10, Fair Value Measurements, for additional information regarding the TRA.

On November 19, 2020, the UWWH Stockholder sold 1.40 million shares of Veritiv common stock in an underwritten public offering. The Company did not sell or repurchase any shares and did not receive any of the proceeds. In conjunction with this transaction, Veritiv incurred approximately $0.2 million in transaction-related fees, which were included in selling and administrative expenses on the Consolidated Statements of Operations. On September 25, 2018, the UWWH Stockholder sold 1.50 million shares of Veritiv common stock in a block trade. The Company did not sell or repurchase any shares and did not receive any of the proceeds in this transaction. In conjunction with this transaction, Veritiv incurred approximately $0.2 million in transaction-related fees, which were included in selling and administrative expenses on the Consolidated Statements of Operations.

The UWWH Stockholder beneficially owned 8.7% of Veritiv's outstanding common stock as of December 31, 2020. The Company considers its stockholders that own more than 10.0% of its outstanding common stock to be related parties as defined within ASC 850, Related Party Disclosures. As a result of the Merger and related private placement, Georgia-Pacific, as joint owner of the UWWH Stockholder, qualified as a related party. Effective with the November 19, 2020 sale of the Company's common stock by the UWWH Stockholder, Georgia-Pacific will no longer be treated as a related party.

Transactions with Georgia-Pacific

Veritiv purchases certain inventory items from, and sells certain inventory items to, Georgia-Pacific in the normal course of business. The following table summarizes the financial impact of these related party transactions with Georgia-Pacific - the net sales and cost of product sold amounts reflect transactions through November 19, 2020:

Year Ended December 31,
(in millions)202020192018
Sales to Georgia-Pacific, reflected in net sales$19.7 $23.4 $28.0 
Purchases of inventory from Georgia-Pacific, recognized in cost of products sold55.6 85.2 146.5 
As of December 31,
(in millions)20202019
Inventories purchased from Georgia-Pacific that remained on Veritiv's balance sheets$— $11.4 
Related party payable to Georgia-Pacific— 4.3 
Related party receivable from Georgia-Pacific— 2.8 

See Note 3, Leases, for information on the Company's financing obligations to Georgia-Pacific.
v3.20.4
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Employee Benefit Plans
9. EMPLOYEE BENEFIT PLANS

Defined Contribution Plans

Veritiv sponsors qualified defined contribution plans covering its employees in the U.S. and Canada. The defined
contribution plans allow eligible employees to contribute a portion of their eligible compensation (including salary and annual incentive plan bonus) to the plans and Veritiv makes matching contributions to participant accounts on a specified percentage of employee deferrals as determined by the provisions of each plan. During the years ended December 31, 2020, 2019 and 2018 Veritiv's contributions to these plans totaled $9.3 million, $19.9 million and $20.6 million, respectively. As part of the Company's cost-saving actions taken due to the COVID-19 pandemic, the Company's matching contributions for all salaried employees not covered by collective bargaining agreements were suspended effective May 1, 2020.

Deferred Compensation Savings Plans

In conjunction with the Merger, Veritiv assumed responsibility for Unisource's legacy deferred compensation plans. In general, the payout terms varied for each employee agreement and are paid in monthly or annual installments ranging up to 15 years from the date of eligibility.

Effective January 1, 2015, the Company adopted the Veritiv Deferred Compensation Savings Plan which provides for the deferral of salaries, commissions or bonuses of eligible non-union employees and the deferral of cash and equity retainers for non-employee members of the Company's Board of Directors. Under this plan, eligible employees may elect to defer up to 85% of their base salary, commissions and annual incentive bonus. The amounts deferred are credited to notional investment accounts selected by participants. At the time a deferral election is made, participants elect to receive payout of the deferred amounts upon termination of employment or termination of Board service in the form of a lump sum or equal annual installments ranging from two to ten years. Currently, Veritiv does not make matching contributions to this plan.

The liabilities associated with these plans are summarized in the table below.
As of December 31,
(in millions)20202019
Other accrued liabilities$4.1 $3.7 
Other non-current liabilities19.7 21.1 
Total liabilities$23.8 $24.8 

Defined Benefit Plans

At December 31, 2020 and 2019, Veritiv did not maintain any active defined benefit plans for its non-union employees. Veritiv maintains a defined benefit pension plan in the U.S. for employees covered by certain collectively bargained agreements. Veritiv also assumed responsibility for Unisource's defined benefit plans, which include frozen cash balance accounts for certain former Unisource employees.

During October 2018, the Company settled its pension obligation related to participants currently in receipt of benefits (i.e., retirees) in the U.S. by purchasing a group annuity insurance contract. By purchasing an insurance contract, the Company eliminated its obligation related to paying and managing these participants and passed the full obligation to the selected insurer, which reduced Veritiv's projected benefit obligation and plan assets by approximately $21.6 million for the year ended December 31, 2018. The Company recorded a settlement loss of approximately $0.9 million related to this transaction, which was included in other (income) expense, net on the Consolidated Statement of Operations.
Benefit Obligations and Funded Status

The following table provides information about Veritiv's U.S. and Canadian defined benefit pension plans and Supplemental Executive Retirement Plans ("SERP"):
Year Ended December 31,
20202019
(in millions)U.S.CanadaU.S.Canada
Accumulated benefit obligation, end of year$68.6 $89.0 $65.4 $81.9 
Change in projected benefit obligation:
Benefit obligation, beginning of year$65.4 $87.6 $64.1 $75.3 
Service cost1.3 0.4 1.1 0.3 
Interest cost1.6 2.4 2.1 2.9 
Actuarial (gain) loss4.3 7.4 1.3 8.8 
Benefits paid(0.4)(4.6)(3.2)(3.7)
Settlements(3.6)— — — 
Foreign exchange adjustments— 2.1 — 4.0 
Projected benefit obligation, end of year$68.6 $95.3 $65.4 $87.6 
Change in plan assets:
Plan assets, beginning of year$59.2 $77.8 $52.1 $65.9 
Employer contributions0.1 0.4 — 1.0 
Investment returns8.9 6.7 11.1 11.2 
Benefits paid(0.4)(4.6)(3.2)(3.7)
Administrative expenses paid(0.8)— (0.8)— 
Settlements(3.6)— — — 
Foreign exchange adjustments— 1.7 — 3.4 
Plan assets, end of year$63.4 $82.0 $59.2 $77.8 
Underfunded status, end of year$(5.2)$(13.3)$(6.2)$(9.8)

Balance Sheet Positions
As of December 31,
20202019
(in millions)U.S.CanadaU.S.Canada
Amounts recognized on the Consolidated Balance Sheets consist of:
Other accrued liabilities$0.1 $0.2 $0.1 $0.2 
Defined benefit pension obligations 5.1 13.1 6.1 9.6 
Net liability recognized$5.2 $13.3 $6.2 $9.8 

Year Ended December 31,
20202019
(in millions)U.S.CanadaU.S.Canada
Amounts not yet reflected in net periodic benefit cost and included in AOCL consist of:
Net loss, net of tax$0.2 $8.9 $0.7 $5.5 
Net Periodic Cost

Total net periodic benefit cost (credit) associated with the defined benefit pension and SERP plans is summarized below:
Year Ended December 31,
202020192018
(in millions)U.S.CanadaU.S.CanadaU.S.Canada
Components of net periodic benefit cost (credit):
Service cost$2.1 $0.4 $1.9 $0.3 $2.0 $0.3 
Interest cost$1.6 $2.4 $2.1 $2.9 $2.5 $2.7 
Expected return on plan assets(3.9)(3.9)(3.4)(3.7)(5.2)(3.9)
Settlement loss0.0 0.1 — — 1.1 0.1 
Amortization of net loss0.0 0.2 — 0.2 — 0.3 
Total other components
$(2.3)$(1.2)$(1.3)$(0.6)$(1.6)$(0.8)
Net periodic benefit cost (credit)$(0.2)$(0.8)$0.6 $(0.3)$0.4 $(0.5)
Changes to funded status recognized in other comprehensive (income) loss:
Net loss (gain) during year, net of tax$(0.5)$3.4 $(4.7)$0.8 $2.2 $(1.4)
The components of net periodic benefit cost (credit) other than the service cost component are included in other (income) expense, net in the Company's Consolidated Statements of Operations. Amounts are generally amortized from AOCL over the expected future working lifetime of active plan participants.

Fair Value of Plan Assets

U.S. and Canada pension plan assets are primarily invested in broad-based mutual funds and pooled funds comprised of U.S. and non-U.S. equities, U.S. and non-U.S. high-quality and high-yield fixed income securities, hedge fund-of-funds and short-term interest bearing securities or deposits.

The underlying Level 1 investments of the U.S. plan assets are valued using quoted prices in active markets. The Level 2 investments are primarily valued by each fund’s third-party administrator based upon the valuation of the underlying securities and instruments and primarily by applying a valuation methodology based on observable market data as appropriate depending on the specific type of security or instrument held. The underlying investments of the Canada plan assets in equity and fixed income securities are measured at fair value using the Net Asset Value ("NAV") provided by the administrator of the fund and the Company has the ability to redeem such assets at the measurement date or within the near term without redemption restrictions. In accordance with ASU 2015-07, Fair Value Measurement (Topic 820), investments that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. The following tables present Veritiv's plan assets using the fair value hierarchy which is reconciled to the amounts presented for the total pension benefit plan assets as of December 31:

As of December 31, 2020
(in millions)TotalLevel 1Level 2Level 3
Investments – U.S.:
Equity securities
$35.2 $35.2 $— $— 
Fixed income securities
23.8 23.8 — — 
Hedge Fund-of-Funds3.8 — 3.8 — 
Cash and short-term securities
0.6 0.6 — — 
Total$63.4 $59.6 $3.8 $— 
As of December 31, 2020
(in millions)TotalLevel 1Level 2Level 3
Investments – Canada:
Cash and short-term securities
$1.1 $1.1 $— $— 
Investments measured at NAV:
   Equity securities
53.9 
   Fixed income securities
27.0 
Total$82.0 $1.1 $— $— 

As of December 31, 2019
(in millions)TotalLevel 1Level 2Level 3
Investments – U.S.:
Equity securities
$36.0 $36.0 $— $— 
Fixed income securities
23.1 23.1 — — 
Cash and short-term securities
0.1 0.1 — — 
Total$59.2 $59.2 $— $— 

As of December 31, 2019
(in millions)TotalLevel 1Level 2Level 3
Investments – Canada:
Cash and short-term securities
$0.6 $0.6 $— $— 
Investments measured at NAV:
   Equity securities
52.1 
   Fixed income securities
25.1 
Total$77.8 $0.6 $— $— 

The classification of fair value measurements within the hierarchy is based upon the lowest level of input that is significant to the measurement. Valuation methodologies used for assets and liabilities measured at fair value are as follows:

* Equity Securities: Commingled funds are valued at the net asset value of units held at year end, as determined by a pricing vendor or the fund family. Mutual funds are valued at the net asset value of shares held at year end, as determined by the closing price reported on the active market on which the individual securities are traded, or a pricing vendor or the fund family if an active market is not available. 

* Fixed Income Securities: Mutual funds are valued at the net asset value of shares held at year end, as determined by the closing price reported on the active market on which the individual securities are traded, or a pricing vendor or the fund family if an active market is not available. 

* Hedge Fund-of-Funds: These investments represent limited partnership interests in private equity and hedge funds. The partnership interests are valued by the general partners based on the underlying assets in each fund.

* Cash and Short-term Securities: Cash and cash equivalents consist of U.S. and foreign currencies. Foreign currencies are reported in U.S. dollars based on currency exchange rates readily available in active markets. Short-term securities are valued at the net asset value of units held at year end.
The weighted-average asset allocations of invested assets within Veritiv's defined benefit pension plans were as follows:
As of December 31, 2020Asset Allocation Range
(in millions)U.S.CanadaU.S.Canada
Equity securities
$35.2 $53.9 45%-60%50%-70%
Fixed income securities
23.8 27.0 30%-50%30%-50%
Hedge Fund-of-Funds3.8 — 0%-10%—%-—%
   Cash and short-term securities
0.6 1.1 0%-5%0%-5%
Total$63.4 $82.0 

As of December 31, 2019Asset Allocation Range
(in millions)U.S.CanadaU.S.Canada
Equity securities
$36.0 $52.1 55%-75%50%-70%
Fixed income securities
23.1 25.1 20%-40%30%-50%
Cash and short-term securities
0.1 0.6 0%-10%0%-5%
Total$59.2 $77.8 

Veritiv's investment objectives include maximizing long-term returns at acceptable risk levels, diversifying among asset classes, as applicable, and among investment managers as well as establishing certain risk parameters within asset classes. Veritiv's pension investment strategy is to reduce the effects of future volatility on the fair value of pension assets relative to pension obligations by increasing the allocation to high quality, longer-term fixed income securities and reducing the allocation to equity investments as the funded status improves. Investment performance is evaluated at least quarterly. Total returns are compared to the weighted-average return of a benchmark mix of investments. Individual fund investments are compared to historical three year, five year and ten year returns achieved by funds with similar investment objectives.

Assumptions

The determination of Veritiv's defined benefit obligations and pension expense is based on various assumptions, such as discount rates, expected long-term rates of return, rate of compensation increases, employee retirement patterns and payment selections, inflation, and mortality rates.

Veritiv's weighted-average discount rates for its U.S. plans were determined by using cash flow matching techniques whereby the rates of yield curves, developed from U.S. corporate yield curves, were applied to the benefit obligations to determine the appropriate discount rate. Veritiv's weighted-average discount rates for its Canadian plans were determined by using spot rates from yield curves, developed from high-quality bonds (rated AA or higher) by established rating agencies, matching the duration of the future expected benefit obligations.

Veritiv's weighted-average expected rate of return was developed based on several factors, including projected and historical rates of returns, investment allocations of pension plan assets and inflation expectations. Veritiv evaluates the expected rate of return assumptions on an annual basis.

The following table presents significant weighted-average assumptions used in computing the benefit obligations:
As of December 31,
202020192018
U.S.CanadaU.S.CanadaU.S.Canada
Discount rate2.15 %2.50 %2.98 %3.10 %4.01 %3.90 %
Rate of compensation increasesN/A3.00 %N/A3.00 %N/A3.00 %
The following table presents significant weighted-average assumptions used in computing net periodic benefit cost (credit):
Year Ended December 31,
202020192018
U.S.CanadaU.S.CanadaU.S.Canada
Discount rate2.98 %3.10 %4.01 %3.90 %3.47 %3.40 %
Rate of compensation increasesN/A3.00 %N/A3.00 %N/A3.00 %
Expected long-term rate of return on assets7.15 %5.25 %7.15 %5.50 %7.15 %5.50 %
Interest crediting rate2.73 %N/A5.00 %N/A5.00 %N/A

Cash Flows

Veritiv expects to contribute $0.1 million and $0.4 million to its U.S. and Canadian defined benefit pension and SERP plans, respectively, during 2021. Future benefit payments under the defined benefit pension and SERP plans are estimated as follows:
(in millions)U.S.Canada
2021$5.1 $2.9 
20224.1 3.1 
20234.0 3.3 
20243.9 3.5 
20254.0 3.7 
2026 – 203018.6 20.8 

MEPPs

Veritiv's contributions to MEPPs, excluding the payment of any withdrawal liabilities, were $2.0 million, $2.4 million and $3.0 million for the years ended December 31, 2020, 2019 and 2018, respectively. It is reasonably possible that changes to Veritiv employees covered under these plans might result in additional contribution obligations. Any such obligations would be governed by the specific agreement between Veritiv and any such plan. Veritiv's contributions did not represent more than 5% of total contributions to any MEPPs for the plan years in which Forms 5500 were available. At the date these Consolidated Financial Statements were issued, Forms 5500 were not available for the plan year ended in 2020.

The risks of participating in these MEPPs are different from a single employer plan in the following aspects:
•Assets contributed to the MEPPs by one employer may be used to provide benefits to employees of other participating employers,
•If a participating employer ceases contributing to the plan, the unfunded obligations of the plan may be inherited by the remaining participating employers, and
•If the Company stops participating in any of the MEPPs, the Company may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability.

The Company has recorded undiscounted charges related to the complete or partial withdrawal from various MEPPs. Charges not related to the Company's restructuring efforts are recorded as distribution expenses. Initial amounts are recorded as other non-current liabilities on the Consolidated Balance Sheets. See the table below for a summary of the net withdrawal charges and the year-end balance sheet liability positions for the respective years ended December 31:
Year Ended December 31,
(in millions)Restructuring charges, netDistribution expensesTotal Net Charges
2020$— $7.2 $7.2 
20191.5 6.6 8.1 
2018(2.8)11.2 8.4 
As of December 31,
(in millions)Other accrued liabilitiesOther non-current liabilities
2020$1.8 $42.7 
20191.9 37.4 

During the first quarter of 2020, Veritiv negotiated the complete withdrawal from the Western Pennsylvania Teamsters and Employers Pension Fund (the "Western Pennsylvania Fund") related to the second bargaining unit at its Warrendale, Pennsylvania location and recognized an estimated complete withdrawal liability of $7.1 million in distribution expenses, as it was not related to a restructuring activity.

During the second quarter of 2019, in the course of negotiations for a collective bargaining agreement, Veritiv negotiated a partial withdrawal from the Western Pennsylvania Fund and recognized an estimated partial withdrawal liability of $6.5 million in distribution expenses, as it was not related to a restructuring activity. Also during the second quarter of 2019, Veritiv recognized an estimated complete withdrawal liability of $1.8 million in restructuring charges, net related to the closing of its Philadelphia, Pennsylvania location for those employees who participated in the Warehouse Employees Local Union 169 and Employer's Joint Pension Trust MEPP ("Local 169 MEPP"). In the fourth quarter of 2019, Veritiv received the estimated determination letter from the Local 169 MEPP assessing a complete withdrawal liability of $1.8 million, which was equal to the amount recognized during the second quarter of 2019, and is payable in 80 quarterly installments beginning in December 2019.

Included in the restructuring charges, net amounts shown in the table above for 2018, is a MEPP withdrawal reduction of $2.7 million related to the Central States MEPP. During the third quarter of 2018, based on an estimate provided by the MEPP and an actuarial review change, Veritiv recognized a reduction of $2.7 million in the estimated partial withdrawal liability for the three locations which exited from the Central States MEPP in 2017 and 2016. During the fourth quarter of 2018, Veritiv negotiated a withdrawal from the Central States MEPP for its Rogers, Minnesota location and recognized an estimated complete withdrawal liability of an additional $12.0 million in distribution expenses, as it was not related to a restructuring activity. In the second quarter of 2019, Veritiv received the final determination letters for the partial and the complete withdrawals. The determinations were in the amount of $7.7 million for the partial and $12.0 million for the complete, both payable in 240 equal monthly installments beginning in April 2019. This was a reduction of $0.4 million from what had previously been recorded.

The Company records an estimated undiscounted charge when it becomes probable that it has incurred a withdrawal liability. Final charges for MEPP withdrawals are not known until the plans issue their respective determinations. As a result, these estimates may increase or decrease depending upon the final determination. As of December 31, 2020, the Company has received determination letters resulting from six complete or partial withdrawals. Of those, the liabilities for two withdrawals were settled with lump sum payments, one withdrawal was settled with payments over a nine month period, and three withdrawals are expected to occur over an approximate 20-year period. The Company has not yet received the determination letters for the partial and subsequent full withdrawal from the Western Pennsylvania Fund. The Company expects that payments will occur over an approximate 20-year period, which could run consecutively.

Veritiv's participation in the MEPPs for the year ended December 31, 2020, is outlined in the table below. The "EIN/Pension Plan Number" column provides the Employer Identification Number and the three-digit plan number, if applicable. The Pension Protection Act zone listed below is based on the latest information Veritiv received from the plan and is certified by the plan's actuary. Plans in the red zone are generally less than 65% funded, plans in the yellow zone are less than 80% funded and plans in the green zone are at least 80% funded. There were no changes in the status of any zones
based on the information provided to Veritiv during 2020. The "FIP/RP Status Pending/Implemented" column indicates plans for which a financial improvement plan or a rehabilitation plan is either pending or has been implemented. The last column lists the expiration date(s) of the collective-bargaining agreement(s). Contributions in the table below, for the years ended December 31, 2020, 2019 and 2018, exclude $1.9 million, $2.0 million and $3.1 million, respectively, related to payments made for accrued withdrawal liabilities.


Pension FundEIN/Pension Plan No.Pension Protection Act Zone StatusFIP/RP Status Pending/ ImplementedVeritiv's ContributionsSurcharge ImposedExpiration Date(s) of Collective Bargaining Agreement(s)
202020192018
Western Conference of Teamsters Pension Trust Fund (1)
916145047/001GreenNo$1.1 $1.3 $1.6 No9/30/2021 - 10/31/2023
Central States, Southeast & Southwest Areas Pension Fund366044243/001RedImplemented— — 0.2 YesExited during 2018
Teamsters Pension Plan of Philadelphia & Vicinity231511735/001YellowImplemented0.4 0.4 0.4 Yes7/31/2021
Western Pennsylvania Teamsters and Employers Pension Plan256029946/001RedImplemented0.1 0.2 0.3 YesPartial exit during 2019; complete exit during 2020
Contributions for individually significant plans1.6 1.9 2.5 
Contributions to other multi-employer plans0.4 0.5 0.5 
Total contributions
$2.0 $2.4 $3.0 
(1) As of December 31, 2020, there were eight collective bargaining units participating in the Western Conference of Teamsters Pension Trust. As of
December 31, 2020, none were then in negotiations.
v3.20.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Fair Value Measurements
10. FAIR VALUE MEASUREMENTS

At December 31, 2020 and 2019, 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 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. The fair value of the debt-related interest rate cap was derived from a discounted cash flow analysis based on the terms of the agreement and Level 2 data for the forward interest rate curve adjusted for the Company's credit risk. See Note 6, Debt, for additional information regarding the Company's ABL Facility and other obligations.

Goodwill and Other Intangibles

The fair value analyses used for the determination of goodwill and intangible asset impairments, as described in Note 1, Business and Summary of Significant Accounting Policies and Note 5, Goodwill and Other Intangible Assets, relied upon both Level 2 data (publicly observable data such as market interest rates, the Company's stock price, the stock prices of peer companies and the capital structures of peer companies) and Level 3 data (internal data such as the Company's operating and cash flow projections).
At December 31, 2020, the Company's Packaging reportable segment held a goodwill balance of $99.6 million. Goodwill is reviewed for impairment on a reporting unit basis annually as of October 1st or more frequently when indicators are present or changes in circumstances suggest that the carrying amount of the asset may not be recoverable. The Company performed a quantitative goodwill impairment test during the fourth quarter of 2020, which requires a determination of whether the fair value of a reporting unit is less than its carrying value. The determination of the reporting unit's fair value was based on an income approach that utilized discounted cash flows and required management to make significant assumptions and estimates related to the forecasts of future revenues, profit margins and discount rates. The principal assumptions utilized, all of which are considered Level 3 inputs under the fair value hierarchy, are subject to various risks and uncertainties. As a result of the quantitative goodwill impairment test, no goodwill impairment was indicated or recorded. The continuing impact of the COVID-19 pandemic on estimated future cash flows is uncertain and will largely depend on the outcome of future events. The Company will perform additional goodwill impairment testing when indicators are present or changes in circumstances suggest the carrying amount of the asset may not be recoverable and a triggering event has occurred.

Other Assets

At December 31, 2020 and 2019, the Company held for sale $0.4 million and $10.1 million, respectively, in assets related to its restructuring plans. These assets are included in other current assets on the Consolidated Balance Sheets at the lower of their carrying value or fair value at December 31, 2020 and 2019, respectively. During the third and fourth quarters of 2020, the Company sold two properties and recognized gains totaling approximately $8.3 million related to the exit and sale of those facilities. The gains included approximately $1.1 million related to exiting a land lease associated with a facility, which was not included in the above noted assets-held-for-sale amount at December 31, 2019. The gains on the dispositions of these properties are included in selling and administrative expenses on the Consolidated Statements of Operations.

The Company has on occasion recognized minor impairments when warranted as part of its normal review of long-lived assets. Based on the underlying nature of each item, these impairment charges may be reported as restructuring charges, net or selling and administrative expenses on the Consolidated Statements of Operations. Total long-lived asset impairments for the years ended December 31, 2020, 2019 and 2018 were $0.5 million, none and $0.4 million, respectively.

At December 31, 2020 and 2019, the pension plan assets were primarily comprised of mutual funds and pooled funds. The underlying investments of these funds were valued using either quoted prices in active markets or valued as of the most recent trade date. See Note 9, Employee Benefits Plans, for further detail.

TRA Contingent Liability

At the time of the Merger, the Company recorded a $59.4 million contingent liability associated with the TRA at fair value using a discounted cash flow model that reflected management's expectations about probability of payment. The fair value of the TRA was a Level 3 measurement which relied upon both Level 2 data (publicly observable data such as market interest rates and historical foreign exchange rates) and Level 3 data (internal data such as the Company's projected income (loss) before income taxes, taxable income and assumptions about the utilization of Unisource's NOLs, attributable to taxable periods prior to the Merger, by the Company). The contingent liability was remeasured at fair value at each reporting period-end with the change in fair value recognized in other (income) expense, net on the Consolidated Statements of Operations. In December 2020, the Company and the UWWH Stockholder agreed to settle the TRA. The Company paid the UWWH Stockholder a total of $12.0 million in settlement of all past and future liabilities that would have been owed under the TRA and the parties agreed to a mutual release of claims under the TRA. As a result of the settlement, the Company recognized a favorable fair value adjustment of $20.1 million in other (income) expense, net in the fourth quarter of 2020. See Note 8, Related Party Transactions, for additional information regarding the TRA.
The following table provides a reconciliation of the beginning and ending balance of the TRA contingent liability for the years ended December 31, 2020 and 2019:    

(in millions)TRA Contingent Liability
Balance at December 31, 2018$38.9 
   Change in fair value adjustment recorded in other (income) expense, net0.3 
   Principal payment(7.8)
Balance at December 31, 201931.4 
   Change in fair value adjustment recorded in other (income) expense, net(19.1)
   Principal payment(12.3)
Balance at December 31, 2020$— 

AAC Contingent Consideration

On August 31, 2017 (the "Acquisition Date"), Veritiv completed its acquisition of 100% of the equity interests in various AAC entities. The purchase price allocation for the acquisition of AAC included $22.2 million for the estimated fair value of contingent consideration. The maximum amount payable for the contingent consideration was $50.0 million, with up to $25.0 million payable at each of the first and second anniversaries of the Acquisition Date. The Company paid $2.5 million on December 26, 2018 and $20.0 million on December 11, 2019 for contingent consideration earned as of the first and second anniversaries of the Acquisition Date, respectively. During the first quarter of 2020, the Company recognized an additional charge of $1.0 million and on March 19, 2020, the Company paid $3.5 million to the sellers of AAC in full satisfaction of the contingent liability. This matter is now resolved and there will be no future adjustments to the AAC contingent liability.

The following table provides a reconciliation of the beginning and ending balance of the AAC contingent liability for the years ended December 31, 2020 and 2019:
    
(in millions)AAC Contingent Liability
Balance at December 31, 2018$9.4 
   Change in fair value adjustment recorded in other (income) expense, net13.1 
   Contingent liability payment(20.0)
Balance at December 31, 20192.5 
   Change in fair value adjustment recorded in other (income) expense, net1.0 
   Contingent liability payment(3.5)
Balance at December 31, 2020$— 
v3.20.4
Supplementary Financial Statement Information
 12 Months Ended
Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Supplementary Financial Statement Information
11. SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION
Other Current Assets

The components of other current assets as of December 31 were as follows:
(in millions)20202019
Rebates receivable$44.5 $51.1 
Prepaid expenses46.9 32.9 
Value Added Tax receivable11.1 13.7 
Vendor Deposits5.3 5.7 
Other11.7 22.7 
Other current assets$119.5 $126.1 
Other Non-Current Assets

The components of other non-current assets as of December 31 were as follows:
(in millions)20202019
Operating lease right-of-use assets$351.7 $429.2 
Deferred financing costs5.4 4.1 
Investments in real estate joint ventures7.3 7.1 
Other13.9 14.4 
Other non-current assets$378.3 $454.8 

Accrued Payroll and Benefits

The components of accrued payroll and benefits as of December 31 were as follows:
(in millions)20202019
Accrued incentive plans$43.9 $24.7 
Accrued commissions17.1 17.0 
Accrued payroll and related taxes16.6 8.8 
Other3.0 3.4 
Accrued payroll and benefits$80.6 $53.9 

Other Accrued Liabilities

The components of other accrued liabilities as of December 31 were as follows:
(in millions)20202019
Operating lease obligations - current$81.9 $90.5 
Accrued customer incentives20.0 21.1 
Accrued freight7.8 9.0 
Accrued taxes18.8 9.0 
AAC contingent liability— 2.5 
TRA contingent liability— 0.3 
Escheat audit accrual— 0.4 
Accrued professional fees1.6 3.4 
Other52.1 47.6 
Other accrued liabilities$182.2 $183.8 

Other Non-Current Liabilities

The components of other non-current liabilities as of December 31 were as follows:
(in millions)20202019
Operating lease obligations - non-current$307.4 $376.6 
MEPP withdrawals42.7 37.4 
TRA contingent liability— 31.1 
Deferred compensation19.7 21.1 
Other25.4 19.1 
Other non-current liabilities$395.2 $485.3 
v3.20.4
Earnings (Loss) Per Share
 12 Months Ended
Dec. 31, 2020
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share
12. EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share for Veritiv common stock is calculated by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the respective periods. Diluted earnings per share is similarly calculated, except that the denominator is increased to include the number of additional common shares that would have been outstanding during those periods if the dilutive potential common shares had been issued, using the treasury stock method, except where the inclusion of such common shares would have an antidilutive impact. See Note 14, Long-Term Incentive Compensation Plans, for additional information regarding shares issued under incentive plans.

A summary of the numerators and denominators used in the basic and diluted earnings (loss) per share calculations is as follows:
Year Ended December 31,
(in millions, except per share data)202020192018
Numerator:
Net income (loss)$34.2 $(29.5)$(15.7)
Denominator:
Weighted-average shares outstanding – basic15.96 16.06 15.82 
Weighted-average shares outstanding – diluted16.48 16.06 15.82 
Earnings (loss) per share:
Basic earnings (loss) per share
$2.14 $(1.84)$(0.99)
Diluted earnings (loss) per share
$2.08 $(1.84)$(0.99)
Antidilutive stock-based awards excluded from computation of diluted earnings per share
0.28 1.17 1.32 
Performance stock-based awards excluded from computation of diluted earnings per share because performance conditions had not been met
0.08 0.33 0.26 

In accordance with the Company's 2014 Omnibus Incentive Plan, as amended and restated as of March 8, 2017, shares of the Company's common stock were issued to plan participants whose Restricted Stock Units ("RSUs") and/or Performance Condition Share Units ("PSUs") vested during those periods. The net share issuance is included on the Consolidated Statements of Shareholders' Equity for the years ended December 31, 2020, 2019 and 2018.

See the table below for information related to these transactions:

Year Ended December 31,
(in millions)202020192018
Shares issued0.3 0.3 0.3 
Shares recovered for minimum tax withholding(0.1)(0.1)(0.1)
Net shares issued0.2 0.2 0.2 
v3.20.4
Shareholders' Equity
 12 Months Ended
Dec. 31, 2020
Equity [Abstract]  
Shareholders' Equity
13. SHAREHOLDERS' EQUITY

Common Stock

Shares Outstanding: On November 19, 2020, the UWWH Stockholder sold 1.40 million shares of Veritiv common stock in an underwritten public offering. On September 25, 2018, the same stockholder sold 1.50 million shares of Veritiv common stock in a block trade. The Company did not sell or repurchase any shares and did not receive any of the proceeds in either of these transactions.
Dividends: Each holder of common stock shall be entitled to participate equally in all dividends payable with respect to the common stock.

Voting Rights: The holders of the Company's common stock are entitled to vote only in the circumstances set forth in Veritiv's Amended and Restated Certificate of Incorporation. Each holder of common stock shall be entitled to one vote for each share of common stock held of record by such holder upon all matters to be voted on by the holders of the common stock.

Other Rights: Each holder of common stock shall be entitled to share equally, subject to any rights and preferences of the preferred stock (as fixed by resolutions, if any, of the Board of Directors), in the assets of the Company available for distribution, in the event of any voluntary or involuntary liquidation, dissolution or winding up of the affairs of Veritiv, or upon any distribution of the assets of the Company.

Preferred Stock

Subject to the provisions of the Amended and Restated Certificate of Incorporation, the Board of Directors of Veritiv is authorized to provide for the issuance of up to 10.0 million shares of preferred stock in one or more series. The Board of Directors may fix the number of shares constituting any series and determine the designation of the series, the dividend rates, rights of priority of dividend payment, the voting powers (if any) of the shares of the series, and the preferences and relative participating, optional and other rights, if any, and any qualifications, limitations or restrictions, applicable to the shares of such series. No preferred stock was issued and outstanding as of December 31, 2020.

Treasury Stock

On March 16, 2020, Veritiv announced that its Board of Directors authorized a $25 million share repurchase program (the "2020 Share Repurchase Program"). Under this program the Company may purchase shares of its common stock through open market transactions, privately negotiated transactions, forward, derivative, or accelerated repurchase transactions, tender offers or otherwise, in accordance with all applicable securities laws and regulations. During the first quarter of 2020, the Company repurchased 383,972 shares of its common stock at a cost of $3.5 million under its 2020 Share Repurchase Program, which has been suspended since March 27, 2020.

Accumulated Other Comprehensive Loss (AOCL)

Comprehensive income (loss) is reported on the Consolidated Statements of Comprehensive Income (Loss) and consists of net income (loss) and other gains and losses affecting shareholders' equity that, under U.S. GAAP, are excluded from net income (loss).

The following table provides the components of AOCL at December 31, 2020 and 2019 (amounts are shown net of their related income tax effect, if any):

(in millions)Foreign currency translation adjustmentsRetirement liabilitiesInterest rate capAOCL
Balance at December 31, 2018$(30.3)$(10.1)$(0.3)$(40.7)
     Unrealized net gains (losses) arising during the period4.7 5.2 (0.4)9.5 
     Amounts reclassified from AOCL(1.0)(1.3)0.4 (1.9)
Net current period other comprehensive income (loss)3.7 3.9 0.0 7.6 
Balance at December 31, 2019(26.6)(6.2)(0.3)(33.1)
     Unrealized net gains (losses) arising during the period2.1 (3.9)(0.1)(1.9)
     Amounts reclassified from AOCL0.3 1.0 0.2 1.5 
Net current period other comprehensive income (loss)2.4 (2.9)0.1 (0.4)
Balance at December 31, 2020$(24.2)$(9.1)$(0.2)$(33.5)
v3.20.4
Long-Term Incentive Compensation Plans
 12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
Long-Term Incentive Compensation Plans
14. LONG-TERM INCENTIVE COMPENSATION PLANS

Veritiv Omnibus Incentive Plan

The 2014 Plan provides for the grant of stock, Deferred Share Units ("DSUs"), RSUs, PSUs, Market Condition Performance Share Units ("MCPSUs") and cash-based Performance-Based Units ("PBUs"), among other awards. A total of 3.08 million shares of Veritiv common stock may be issued under the 2014 Plan subject to certain adjustment provisions. As of December 31, 2020, there were approximately 1.00 million shares available to be granted to any employee, director or consultant of Veritiv or a subsidiary of Veritiv. Grants are made at the discretion of the Compensation and Leadership Development Committee of the Company's Board of Directors. Effective for awards with grant dates beginning January 1, 2020, the Compensation and Leadership Development Committee approved cash-based grants in lieu of equity-based PSU and MCPSU grants.

Stock

The Company made grants of common stock in 2020, 2019 and 2018 to its non-employee directors. The stock grants were fully vested and non-forfeitable as of the grant dates. The non-employee directors were eligible to defer receipt of the awards under the Veritiv Deferred Compensation Savings Plan, a nonqualified plan. The Company recognized $1.0 million, $1.0 million and $1.1 million in expense related to these grants for the years ended December 31, 2020, 2019 and 2018, respectively.

Deferred Share Units

The Company granted DSUs in 2014, 2015 and 2016 to its non-employee directors. Each DSU is the economical equivalent of one share of Veritiv's common stock. The DSUs were fully vested and non-forfeitable as of the grant date and are payable following the individual's separation of service as a Veritiv director. The DSUs granted in 2014 and 2015 are payable in cash and the DSUs granted in 2016 are settled in stock. The cash-settled DSUs are classified as a non-current liability and are remeasured at each reporting date, with a corresponding adjustment to compensation expense. At December 31, 2020 there were approximately 34,600 DSUs outstanding with a fair value of $1.0 million. At December 31, 2019, there were approximately 51,900 DSUs outstanding with a fair value of $1.4 million. All selling and administrative expenses related to these grants in the Company's Statements of Operations for the years ended December 31, 2020, 2019 and 2018 were not significant.

Restricted Stock Units

RSUs are awarded to key employees annually. RSUs granted prior to 2020 typically cliff vest at the end of three years, subject to continued service. RSUs granted in 2020 vest over four years, with 25% vesting on each of the first, second, third and fourth anniversaries of the grant date, subject to continued service. The fair value of the RSU awards is based typically on either the closing price of Veritiv common stock on the grant date or the closing price on the trading date immediately prior to the grant date if the grant date is not a trading date. Compensation expense for RSUs granted prior to 2020 is recognized ratably from the grant date to the vesting date. Compensation expense for RSUs granted in 2020 is recognized ratably over the requisite service period for the entire award, which is four years. The total fair value of RSUs that vested during 2020, 2019 and 2018 was $4.3 million, $3.8 million and $3.2 million, respectively.
A summary of activity related to non-vested RSUs is presented below:
(units in thousands)Number of RSUsWeighted-Average Grant Date Fair Value Per Share
Non-vested at December 31, 2017249 $45.43 
Granted
228 $29.69 
Vested
(65)$50.03 
Forfeited
(14)$39.01 
Non-vested at December 31, 2018398 $35.88 
Granted
160 $24.70 
Vested
(102)$37.53 
Forfeited
(87)$29.96 
Non-vested at December 31, 2019369 $32.00 
Granted
352 $18.59 
Vested
(99)$43.48 
Forfeited
(66)$22.69 
Non-vested at December 31, 2020556 $22.59 

Performance Share Units

PSUs granted prior to 2020 were awarded to key employees annually and cliff vest at the end of three years, subject to continued service and the attainment of performance conditions. The PSU award represents the contingent right to receive a number of shares equal to a portion, all or a multiple (not to exceed 200%) of the target number of PSUs. The PSUs are divided into three tranches, and each tranche is earned based on the achievement of an annual Adjusted EBITDA target which is set at the beginning of each of the three years in the vesting period. The Company defines Adjusted EBITDA as earnings before interest, income taxes, depreciation and amortization, restructuring charges, net, integration and acquisition expenses and other similar charges including any severance costs, costs associated with warehouse and office openings or closings, consolidation, and relocation and other business optimization expenses, stock-based compensation expense, changes in the LIFO reserve, non-restructuring asset impairment charges, non-restructuring severance charges, non-restructuring pension charges, net, fair value adjustments related to contingent liabilities assumed in mergers and acquisitions and certain other adjustments. Compensation expense for each tranche is recognized ratably from the date the fair value is measured to the vesting date for the number of awards expected to vest. The total fair value of PSUs that vested during 2020, 2019 and 2018 was $3.6 million, $6.7 million and $5.8 million, respectively. Cash-based PBUs were granted in 2020 in lieu of equity-based PSUs.
A summary of activity related to non-vested PSUs is presented below:
(units in thousands)Number of PSUsWeighted-Average Grant Date Fair Value Per Share
Non-vested at December 31, 2017454 $40.87 
Granted
323 $24.62 (1)
Shares gained based on actual performance
7 $24.62 
Vested
(122)$47.37 
Forfeited
(35)$34.57 
Non-vested at December 31, 2018627 $32.59 
Granted
392 $21.39 (2)
Shares lost based on actual performance
(112)$21.39 
Vested
(174)$38.36 
Forfeited
(88)$25.30 
Non-vested at December 31, 2019645 $25.10 
Shares gained based on actual performance
183 $19.67 (3)
Vested
(102)$35.70 
Forfeited
(139)$28.26 
Non-vested at December 31, 2020587 $23.06 
(1) Represents weighted-average grant date fair value for the 2018, 2019 and 2020 tranches.
(2) Represents weighted-average grant date fair value for the 2019 and 2020 tranches.
(3) Represents weighted-average grant date fair value for the 2020 tranches.


Market Condition Performance Share Units

MCPSUs granted prior to 2020 were awarded to key employees annually and cliff vest at the end of three years, subject to continued service and the attainment of performance conditions. The MCPSU award represents the contingent right to receive a number of shares equal to a portion, all or a multiple (not to exceed 200%) of the target number of MCPSUs. The MCPSUs are divided into three tranches and each tranche is earned based on the achievement of a total shareholder return ("TSR") target relative to the TSR of an applicable peer group over the one-, two- and three-year cumulative periods in the vesting period. The weighted-average grant date fair value of the MCPSUs is determined using a Monte Carlo simulation model. Assumptions used in the 2019 and 2018 models included an expected volatility rate of 53.6% and 45.5%, respectively, and a risk-free interest rate of 2.5% and 2.0%, respectively; no MCPSUs were granted in 2020. The expected volatility rate is based on the historical volatility over the most recent period equal to the vesting period. The risk-free interest rate is based on the yield on U.S. Treasury securities matching the vesting period. Compensation expense is recognized ratably from the grant date to the vesting date. The total fair value of MCPSUs that vested during 2019 and 2018 was $2.7 million and $1.4 million, respectively. None of the 2017 MCPSUs vested in 2020, due to the cumulative TSR performance resulting in a 0% of target final payout. Cash-based PBUs were granted in 2020 in lieu of equity-based MCPSUs.
A summary of activity related to non-vested MCPSUs is presented below:
(units in thousands)Number of MCPSUsWeighted-Average Grant Date Fair Value Per Share
Non-vested at December 31, 2017193 $56.23 
Granted
194 $37.76 
Shares lost based on actual performance
(35)$37.76 
Vested
(23)$62.53 
Forfeited/cancelled
(21)$49.66 
Non-vested at December 31, 2018308 $46.74 
Granted
235 $31.41 
Shares lost based on actual performance
(153)$31.41 
Vested
(64)$42.12 
Forfeited/cancelled
(52)$40.93 
Non-vested at December 31, 2019274 $40.81 
Shares lost based on actual performance
(110)$34.35 
Vested
— $— 
Forfeited/cancelled
(144)$58.89 
Non-vested at December 31, 202020 $34.35 

Performance-Based Units (cash-based)

In 2020, PBUs valued at $1.00 per unit and payable in cash, were awarded to key employees and cliff vest at the end of three years, subject to continued service and the attainment of performance conditions. The PBUs represent the contingent right to receive a cash payment of performance units equal to a portion, all or a multiple (not to exceed 200%) of the target value. Fifty percent of the PBUs vest based on the achievement of Packaging Gross Profit Dollar Growth targets, which were set at the beginning of 2020. Packaging Gross Profit Dollar Growth is defined as: net sales for the Packaging reportable segment less the cost of product sold, excluding the impact of LIFO inventory accounting and certain other adjustments. The remaining 50% of the PBUs vest based on the achievement of Return on Invested Capital targets, which were set at the beginning of 2020. Return on Invested Capital is defined as: (Net Operating Profit) divided by (the sum of net working capital and property and equipment). Net Operating Profit is defined as: (Adjusted EBITDA less depreciation and amortization) times (1 minus the standard tax rate). The standard tax rate used in 2020 was 26%. The maximum PBU payout based on the achievement of Packaging Gross Profit Dollar Growth and Return on Invested Capital targets is 180% of the target values. The PBUs are then subject to an adjustment of 20 percentage points (increase or decrease) based on the Company’s TSR relative to the TSR of an applicable peer group. The maximum total payout that can be earned, including the 20% relative TSR modifier, is 200% of the target value. The PBUs are classified as a non-current liability and are remeasured at each reporting date. Compensation expense is recognized ratably from the grant date to the vesting date for the number of awards expected to vest.

A summary of activity related to non-vested PBUs is presented below:

(units in thousands)Number of PBUsGrant Date Fair Value Per Share
Non-vested at December 31, 2019— $— 
Granted11,863 $1.00 
PBUs gained based on actual performance 1,056 $1.00 
Vested— $— 
Forfeited/cancelled(1,306)$1.00 
Non-vested at December 31, 202011,613 $1.00 
    
For the years ended December 31, 2020, 2019 and 2018, the Company recognized $17.7 million, $14.6 million and $18.1 million, respectively, in expense related to the aforementioned stock-based long-term incentive awards. For the year ended December 31, 2020, the Company recognized $6.5 million in expense related to the aforementioned cash-based long-term incentive awards. The income tax benefit recognized in 2020, 2019 and 2018 related to the stock-based long-term incentive compensation expense was $4.6 million, $3.8 million and $4.7 million, respectively. The income tax benefit recognized in 2020 related to the cash-based long-term incentive compensation expense was $1.7 million. As of December 31, 2020, total unrecognized long-term incentive compensation expense was $16.1 million and is expected to be recognized over a weighted-average period of approximately 2.0 years. Unrecognized compensation expense for the 2021 tranche of the PSU awards is estimated based on the Company's closing stock price at December 31, 2020. Dividends are not paid or accrued on unvested stock units. The grant date fair values are not reduced for dividends as none are expected to be paid during the vesting period.
v3.20.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
15. COMMITMENTS AND CONTINGENCIES

Legal Proceedings

From time to time, the Company is involved in various lawsuits, claims and regulatory and administrative proceedings arising out of its business relating to general commercial and contractual matters, governmental regulations, intellectual property rights, labor and employment matters, tax and other actions.

Although the ultimate outcome of any legal proceeding or investigation cannot be predicted with certainty, based on present information, including the Company's assessment of the merits of the particular claim, the Company does not expect that any asserted or unasserted legal claims or proceedings, individually or in the aggregate, will have a material adverse effect on its results of operations, financial condition or cash flows.

Western Pennsylvania Teamsters and Employers Pension Fund

During the second quarter of 2019, in the course of negotiations for a collective bargaining agreement, Veritiv negotiated a partial withdrawal from the Western Pennsylvania Teamsters and Employers Pension Fund (the "Western Pennsylvania Fund"), a MEPP related to its Warrendale, Pennsylvania location, and recognized an estimated partial withdrawal liability of $6.5 million, which was unchanged as of December 31, 2020. The withdrawal charge was recorded in distribution expenses as it was not related to a restructuring activity.

During the first quarter of 2020, Veritiv negotiated the complete withdrawal from the Western Pennsylvania Fund related to the second bargaining unit at its Warrendale, Pennsylvania location and recognized an estimated complete withdrawal liability of $7.1 million, which was unchanged as of December 31, 2020. The withdrawal charge was recorded in distribution expenses as it was not related to a restructuring activity.

The Company records an estimated undiscounted charge when it becomes probable that it has incurred a withdrawal liability. Final charges for MEPP withdrawals are not known until the plans issue their respective determinations. As a result, these estimates may increase or decrease depending upon the final determinations. As of December 31, 2020, the Company has not yet received the determination letters for the partial and subsequent full withdrawal from the Western Pennsylvania Fund. The Company expects that payments will occur over an approximate 20-year period, which could run consecutively.
v3.20.4
Segment and Other Information
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Segment and Other Information
16. SEGMENT AND OTHER INFORMATION

The following tables present net sales, Adjusted EBITDA (earnings before interest, income taxes, depreciation and amortization, restructuring charges, net, integration and acquisition expenses and other similar charges including any severance costs, costs associated with warehouse and office openings or closings, consolidation, and relocation and other business optimization expenses, stock-based compensation expense, changes in the LIFO reserve, non-restructuring asset impairment charges, non-restructuring severance charges, non-restructuring pension charges, net, fair value adjustments related to contingent liabilities assumed in mergers and acquisitions and certain other adjustments), which is the metric management uses to assess operating performance of the segments, and certain other measures for each of the reportable segments and Corporate & Other for the periods presented:

(in millions)PackagingFacility SolutionsPrintPublishingTotal Reportable SegmentsCorporate & OtherTotal
Year Ended December 31, 2020
Net sales$3,316.7 $922.3 $1,458.2 $543.5 $6,240.7 $104.9 $6,345.6 
Adjusted EBITDA300.0 41.6 33.7 12.8 388.1 (200.5)
Depreciation and amortization22.5 7.9 7.6 0.2 38.2 19.5 57.7 
Restructuring charges, net16.0 5.1 23.8 0.0 44.9 7.3 52.2 
Year Ended December 31, 2019
Net sales3,446.3 1,181.8 2,104.6 798.0 7,530.7 128.7 7,659.4 
Adjusted EBITDA243.5 33.1 43.1 21.4 341.1 (185.2)
Depreciation and amortization18.9 7.0 8.4 0.5 34.8 18.7 53.5 
Restructuring charges, net10.3 14.7 7.2 (9.1)23.1 5.7 28.8 
Year Ended December 31, 2018
Net sales3,547.1 1,311.7 2,676.7 1,019.2 8,554.7 141.5 8,696.2 
Adjusted EBITDA246.7 29.0 64.0 24.6 364.3 (178.9)
Depreciation and amortization19.2 6.8 8.8 0.8 35.6 17.9 53.5 
Restructuring charges, net4.7 3.4 12.1 0.7 20.9 0.4 21.3 
The table below presents a reconciliation of net income (loss) as reflected on the Consolidated Statements of Operations to Adjusted EBITDA for the reportable segments:
Year Ended December 31,
(in millions)202020192018
Net income (loss)$34.2 $(29.5)$(15.7)
Interest expense, net25.1 38.1 42.3 
Income tax expense (benefit)8.8 0.7 5.5 
Depreciation and amortization57.7 53.5 53.5 
Restructuring charges, net52.2 28.8 21.3 
Facility closure charges, including (gain) loss from asset disposition(3.7)— — 
Stock-based compensation17.7 14.6 18.1 
LIFO reserve (decrease) increase(1.5)(3.7)19.9 
Non-restructuring asset impairment charges— — 0.4 
Non-restructuring severance charges4.1 8.4 4.9 
Non-restructuring pension charges, net7.2 6.6 11.3 
Integration and acquisition expenses— 17.5 31.8 
Fair value adjustment on TRA contingent liability(19.1)0.3 (1.2)
Fair value adjustment on contingent consideration liability1.0 13.1 (12.3)
Escheat audit contingent liability(0.2)3.7 2.5 
Other4.1 3.8 3.1 
Adjustment for Corporate & Other200.5 185.2 178.9 
Adjusted EBITDA for reportable segments$388.1 $341.1 $364.3 

The table below summarizes total assets as of December 31, 2020 and 2019:
(in millions)20202019
Packaging$1,332.9$1,290.2
Facility Solutions314.7324.4
Print424.2610.3
Publishing104.7123.9
Corporate & Other158.5162.3
Total assets $2,335.0$2,511.1

The following table presents net sales as well as property and equipment and operating lease ROU assets, which are shown net of accumulated depreciation and or accumulated amortization, by geographic area:
Net SalesProperty and EquipmentOperating Lease ROU Assets
Year Ended December 31,As of December 31,As of December 31,
(in millions)2020201920182020201920202019
U.S.$5,521.8 $6,779.6 $7,800.9 $149.4 $174.3 $311.8 $383.4 
Canada650.9 699.4 712.7 42.3 39.1 30.6 34.9 
Rest of world172.9 180.4 182.6 3.0 3.5 9.3 10.9 
Total$6,345.6 $7,659.4 $8,696.2 $194.7 $216.9 $351.7 $429.2 
No single customer accounted for more than 5% of net sales for the years ended December 31, 2020, 2019 and 2018. During the year ended December 31, 2020, approximately 30% of our purchases were made from ten suppliers.
v3.20.4
Quarterly Data (Unaudited)
 12 Months Ended
Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Data (Unaudited)
17. QUARTERLY DATA (UNAUDITED)

The unaudited quarterly results of operations for 2020 and 2019 are summarized below:
2020
Three Months Ended
(in millions, except per share data)March 31June 30September 30December 31
Net sales$1,707.3 $1,404.8 $1,591.2 $1,642.3 
Cost of products sold1,359.6 1,106.8 1,262.4 1,311.4 
Net income (loss)(0.4)(18.5)21.1 32.0 
Weighted-average shares outstanding – basic
16.1615.9115.8915.89
Weighted-average shares outstanding – diluted
16.1615.9116.2116.80
Earnings (loss) per share (1):
Basic earnings (loss) per share
$(0.02)$(1.16)$1.33 $2.01 
Diluted earnings (loss) per share
$(0.02)$(1.16)$1.30 $1.90 
(1) See Note 12, Earning (Loss) Per Share, for discussion about the shares of common stock utilized in the computation of basic and diluted earnings (loss) per share for the year ended December 31, 2020.
2019
Three Months Ended
(in millions, except per share data)March 31June 30September 30December 31
Net sales$1,941.5 $1,958.2 $1,924.5 $1,835.2 
Cost of products sold1,591.4 1,584.3 1,550.8 1,479.7 
Net income (loss)(26.7)(11.3)5.1 3.4 
Weighted-average shares outstanding – basic
15.9416.0916.1016.10
Weighted-average shares outstanding – diluted
15.9416.0916.2416.40
Earnings (loss) per share (1):
Basic earnings (loss) per share
$(1.68)$(0.70)$0.32 $0.21 
Diluted earnings (loss) per share
$(1.68)$(0.70)$0.31 $0.21 
(1) See Note 12, Earnings (Loss) Per Share, for discussion about the shares of common stock utilized in the computation of basic and diluted earnings (loss) per share for the year ended December 31, 2019.

See the table below for the quarterly breakdown of restructuring charges, net and integration expenses:
2020
Three Months Ended
(in millions)March 31June 30September 30December 31
Restructuring charges, net$— $32.5 $7.9 $11.8 
2019
Three Months Ended
(in millions)March 31June 30September 30December 31
Restructuring charges, net$2.4 $6.9 $7.6 $11.9 
Integration expenses4.3 4.5 4.5 4.2 
v3.20.4
Subsequent Events
 12 Months Ended
Dec. 31, 2020
Subsequent Events [Abstract]  
Subsequent Events
18. SUBSEQUENT EVENT

On March 3, 2021, Veritiv announced that its Board of Directors authorized a $50 million share repurchase program. Under this program the Company may purchase shares of its common stock through open market transactions, privately negotiated transactions, forward, derivative, or accelerated repurchase transactions, tender offers or otherwise, in accordance with all applicable securities laws and regulations. This authorization replaces the $25 million share repurchase authorization previously approved by the Board of Directors in March 2020 and may be suspended, terminated, increased or decreased by the Board at any time.
v3.20.4
Business and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and include all of the Company's subsidiaries. All significant intercompany transactions between Veritiv's businesses have been eliminated. As a result of adopting Accounting Standards Update ("ASU") 2016-13, Financial Instruments-Credit Losses (Topic 326) on January 1, 2020, using the required modified retrospective basis, the accounting for credit losses for periods prior to 2020 has not been revised and results are reported in accordance with prior U.S. GAAP. See the adoption impact in the Recently Issued Accounting Standards section of this note. As a result of adopting ASU 2016-02, Leases (Topic 842) on January 1, 2019, applying the additional transition approach, which is a prospective approach, the accounting for operating leases for periods prior to 2019 has not been revised and results are reported in accordance with prior U.S. GAAP.
Use of Estimates
Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses and certain financial statement disclosures. Estimates and assumptions are used for, but not limited to, revenue recognition, right-of-use ("ROU") asset and liability valuations, accounts and notes receivable valuations, inventory valuation, employee benefit plans, income tax contingency accruals and valuation allowances, multi-employer pension plan ("MEPP") withdrawal liabilities, contingency accruals and goodwill and other intangible asset valuations. Although these estimates are based on management's knowledge of current events and actions it may undertake in the future, actual results may ultimately differ from these estimates and assumptions.

Primarily beginning in April 2020, unfavorable impacts from the COVID-19 pandemic have had a negative impact on the Company's financial results, including decreased sales activity across all segments. As a result of the COVID-19 pandemic, the Company could continue to experience impacts including, but not limited to, charges from potential adjustments of the carrying amount of accounts and notes receivables and inventory, asset impairment charges, including goodwill, and deferred tax valuation allowances. The extent to which the COVID-19 pandemic impacts the Company's business, results of operations, access to sources of liquidity and financial condition will depend on future developments. These developments, which are highly uncertain and cannot be predicted, include, but are not limited to, the duration, spread and severity of the COVID-19 pandemic, the effects of the COVID-19 pandemic on the Company's employees, customers, suppliers and vendors and the remedial actions and stimulus measures adopted by local and federal governments, the availability, adoption and effectiveness of a vaccine and to what extent normal economic and operating conditions can resume and be sustained. Even after the COVID-19 pandemic has subsided, the Company may experience an impact to its business as a result of any economic recession, downturn, or volatility that has occurred or may occur in the future. Estimates are revised as additional information becomes available.
Revenue Recognition
Revenue Recognition

Veritiv applies the five step model to assess its contracts with customers. The Company's revenue is reported as net sales and is measured as the determinable transaction price, net of any variable consideration (e.g., sales incentives and rights to return product) and any taxes collected from customers and remitted to governmental authorities. When the Company enters into a sales arrangement with a customer, it believes it is probable that it will collect substantially all of the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer. When management cannot conclude collectability is probable for shipments to a particular customer, revenue associated with that customer is not recognized until cash is collected or management is otherwise able to establish that collectability is probable. As a normal business practice, Veritiv does not enter into contracts that require more than one year to complete or that contain significant financing components. See Note 2, Revenue Recognition, for additional information regarding the Company's revenue recognition practices.
Purchase Incentives
Purchase Incentives

Veritiv enters into agreements with suppliers that entitle Veritiv to receive rebates, allowances and other discounts based on the attainment of specified purchasing levels or sales to certain customers. Purchase incentives are recorded as a reduction to inventory and recognized in cost of products sold when the sale occurs. During the year ended December 31, 2020, approximately 30% of the Company's purchases were made from ten suppliers.
Distribution Expenses Distribution ExpensesDistribution expenses consist of storage, handling and delivery costs including freight to the Company's customers' destinations.
Acquisition and Integration Expenses Integration and Acquisition ExpensesIntegration and acquisition expenses are expensed as incurred. Integration and acquisition expenses include internally dedicated integration management resources, retention compensation, information technology conversion costs, professional services and other costs to integrate its businesses. See Note 4, Restructuring, Integration and Acquisition Charges, for additional information regarding the Company's integration and acquisition activities.
Cash and Cash Equivalents Cash and Cash EquivalentsThe Company considers all highly liquid, unrestricted investments with original maturities to the Company of three months or less to be cash equivalents, including investments in money market funds with no restrictions on withdrawals.
Trade Accounts Receivable, Notes Receivable and Related Allowances
Trade Accounts Receivable, Notes Receivable and Related Allowances

The Company adopted ASU 2016-13, Financial Instruments-Credit Losses (Topic 326) on January 1, 2020, using the required modified retrospective approach. Accordingly, prior periods have not been adjusted to conform to the new guidance. Upon adoption, the Company recorded a $0.3 million decrease to retained earnings as the cumulative effect adjustment from applying the standard.

Under Topic 326

The Company performs an assessment of its financial assets which consist primarily of accounts receivable and identifies pools (i.e., groups of similar assets within the accounts receivable portfolio) based on the Company’s internal risk ratings, geographical locations and historical loss information. The Company’s pools are classified by reportable segment, risk level and the geographical location of the Company’s customers. The risk characteristics of each segment are determined by the impact of economic and structural fluctuations that are specific to the industry sectors served by the Company, competition from other suppliers and the nature of the products and services provided to the Company’s
customers. The Print and Publishing segments are faced with industry-wide decreases in demand for products and services due to the increasing use of e-commerce and other on-line product substitutions. The risk characteristics of the Facility Solutions segment include revenue declines and delinquency rates attributable to changes in the travel industry and back-to-school activities. The risk characteristics of the Packaging segment include changes in customer buying habits and product preferences. The Company considered the Packaging and Facility Solutions segments to be a single pool as they share similar risk characteristics.

The Company’s allowance for credit losses reflects the best estimate of expected losses to the Company's accounts receivable portfolio determined on the basis of historical experience, current conditions, reasonable and supportable forecasts and specific allowances for known troubled accounts. In developing the allowance for credit losses, the Company utilizes internal risk ratings that are determined based on a number of factors including a periodic evaluation of each customer’s financial condition where possible. In addition to leveraging the internally developed risk ratings and historical experience, the expected credit loss estimates are developed using quantitative analyses, where meaningful, and qualitative analyses to forecast the impact that external factors and economic indicators may have on the amount that the Company expects to collect.

Under prior guidance
Accounts receivable are recognized net of allowances. The allowance for doubtful accounts reflects the best estimate of losses inherent in the Company's accounts receivable portfolio determined on the basis of historical experience, specific allowances for known troubled accounts and other available evidence.
Inventories
Inventories

The Company's inventories are primarily comprised of finished goods and predominantly valued at cost as determined by the last-in first-out ("LIFO") method. Such valuations are not in excess of market. Elements of cost in inventories include the purchase price invoiced by a supplier, plus inbound freight and related costs and reduced by estimated volume-based discounts and early pay discounts available from certain suppliers. Approximately 76% and 81% of inventories were valued using the LIFO method as of December 31, 2020 and 2019, respectively. If the first-in, first-out method had been used, total inventory balances would be increased by approximately $93.2 million and $93.8 million at December 31, 2020 and 2019, respectively.

The Company reduces the value of obsolete inventory based on the difference between the LIFO cost of the inventory and the estimated market value using assumptions of future demand and market conditions. To estimate the net realizable value, the Company considers factors such as the age of the inventory, the nature of the products, the quantity of items on-hand relative to sales trends, current market prices and trends in pricing, its ability to use excess supply in another channel, historical write-offs and expected residual values or other recoveries.
Veritiv maintains some of its inventory on a consignment basis in which the inventory is physically located at the customer's premises or a third-party distribution center.
Property and Equipment
Property and Equipment

Property and equipment are stated at cost, less accumulated depreciation and amortization. Expenditures for replacements and major improvements are capitalized, whereas repair and maintenance costs that do not improve service potential or extend economic life are expensed as incurred. The Company capitalizes certain computer software and development costs incurred in connection with developing or obtaining software for internal use. Costs related to the development of internal use software, other than those incurred during the application development stage, are expensed as incurred.
Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Land is not depreciated, and construction-in-progress ("CIP") is not depreciated until ready for service. Leased property and leasehold improvements are amortized on a straight-line basis over the lease term or useful life of the asset, whichever is less. Upon retirement or other disposal of property and equipment, the cost and related amount of accumulated depreciation or accumulated amortization are eliminated from the asset and accumulated depreciation or accumulated amortization accounts, respectively. The difference, if any, between the net asset value and the proceeds is included in net income (loss) on the Consolidated Statements of Operations.
Leases
Leases

The Company determines if an arrangement is a lease at lease inception and reviews lease arrangements for finance or operating lease classification at their commencement date. Operating leases are reported as part of other non-current assets, other accrued liabilities and other non-current liabilities on the Consolidated Balance Sheets. Finance leases are reported as part of property and equipment and debt obligations on the Consolidated Balance Sheets. The Company does not include leases with a term of twelve months or less on the Consolidated Balance Sheets. In order to value the assets and related liabilities, the Company makes certain estimates and assumptions related to establishing the lease term, discount rates and variable lease payments (e.g., rent escalations tied to changes in the Consumer Price Index ("CPI")). The exercise of any lease renewal or asset purchase option is at the Company's sole discretion. The lease term for all of the Company's leases includes the noncancelable period of the lease and any periods covered by renewal options that the Company is reasonably certain to exercise. Certain leases include rent escalations pre-set in the agreements, which are factored into the lease payment stream. Similar to a variable lease payment, certain delivery equipment leases include a provision for an amount the Company may be required to pay at the end of the lease for any residual value deficiency incurred by the lessor upon resale of the underlying asset. The Company uses the implicit rate of interest when it is available; however, as most of the Company's leases do not provide an implicit rate of interest, the Company uses its incremental borrowing rate based on information available at the lease commencement date in determining the discounted value of the lease payments. Lease expense and depreciation expense are recognized on a straight-line basis over the lease term, or for a finance lease, over the shorter of the life of the underlying asset or the lease term. The Company’s decisions to cease operations in certain warehouse facilities and retail locations leads to different accounting treatment depending upon whether the leased properties are considered abandoned versus properties that the Company has the intent and ability to sublease. See Note 3, Leases, for additional information related to the Company's leases.
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets

Goodwill relating to a single business reporting unit is included as an asset of the applicable segment. Goodwill arising from major acquisitions that involve multiple reportable segments is allocated to the reporting units based on the relative fair value of the reporting unit. Goodwill is reviewed by Veritiv for impairment on a reporting unit basis annually on October 1st or more frequently if indicators are present or changes in circumstances suggest that impairment may exist. The testing of goodwill for possible impairment is performed by completing a Step 0 test or electing to by-pass the Step 0 test and comparing the fair value of a reporting unit with its carrying value, including goodwill. The Step 0 test utilizes qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. Qualitative factors include: macroeconomic conditions; industry and market considerations; overall financial performance and cost factors to determine whether a reporting unit is at risk for goodwill impairment. In the event a reporting unit fails the Step 0 goodwill impairment test, it is necessary to move forward with a comparison of the fair value of the reporting unit with its carrying value, including goodwill. If the fair value exceeds the carrying value, goodwill is not considered to be impaired. If the fair value of a reporting unit is below the carrying value, a goodwill impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit's fair value; however, any loss recognized will not exceed the total amount of goodwill allocated to the reporting unit.
Intangible assets acquired in a business combination are recorded at fair value. The Company's intangible assets may include customer relationships, trademarks and trade names and non-compete agreements. Intangible assets with finite useful lives are subsequently amortized using the straight-line method over the estimated useful lives of the assets. See the Impairment of Long-Lived Assets section below for the accounting policy related to the periodic review of long-lived intangible assets for impairment.
Impairment or Long-Lived Assets
Impairment of Long-Lived Assets

Long-lived assets, including finite lived intangible assets, are tested for impairment whenever events or changes in circumstances indicate their carrying value may not be recoverable. The Company assesses the recoverability of long-lived assets based on the undiscounted future cash flow the assets are expected to generate and recognizes an impairment loss when the estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. When an impairment is identified, the Company
reduces the carrying amount of the asset to its estimated fair value based on a discounted cash flow approach or, when available and appropriate, to comparable market values. The calculation of lease impairment charges requires significant judgments and estimates, including estimated sublease rentals, discount rates and future cash flows based on the Company's experience and knowledge of the market in which the property is located, previous efforts to dispose of similar assets and an assessment of current market conditions.
Employee Benefit Plans
Employee Benefit Plans

The Company sponsors and/or contributes to defined contribution plans, defined benefit pension plans and MEPPs in the U.S. Except for certain union employees who continue to accrue benefits under the U.S. defined benefit pension plan in accordance with their collective bargaining agreements, as discussed below, the defined benefit pension plans are frozen. In addition, the Company and its subsidiaries have various pension plans and other forms of retirement arrangements outside the U.S. See Note 9, Employee Benefit Plans, for additional information related to these plans and arrangements.
      
The determination of defined benefit pension and postretirement plan obligations and their associated costs requires the use of actuarial computations to estimate participant plan benefits to which the employees will be entitled. The Company's significant assumptions in this regard include discount rates, rate of future compensation increases, expected long-term rates of return on plan assets, mortality rates and other factors. Each assumption is developed using relevant company experience in conjunction with market-related data in the U.S. and Canada. All actuarial assumptions are reviewed annually with third-party consultants and adjusted as necessary.

For the recognition of net periodic postretirement cost, the calculation of the expected long-term rate of return on plan assets is derived using the fair value of plan assets at the measurement date. Actual results that differ from the Company's assumptions are accumulated and amortized on a straight-line basis only to the extent they exceed 10% of the higher of the fair value of plan assets or the projected benefit obligation, over the estimated remaining service period of active participants. The fair value of plan assets is determined based on market prices or estimated fair value at the measurement date.

The Company also makes contributions to MEPPs for its union employees covered by such plans. For these plans, the Company recognizes a liability only for any required contributions to the plans or surcharges imposed by the plans that are accrued and unpaid at the balance sheet date. The Company does not record an asset or liability to recognize the funded status of the plans. The Company records an estimated undiscounted charge when it becomes probable that it has incurred a withdrawal liability, as the final amount and timing is not assured. When a final determination of the withdrawal liability is received from the plan, the estimated charge is adjusted to the final amount determined by the plan.
Share-based Compensation The Company measures and records compensation expense for all long-term incentive compensation awards based on the grant date fair values over the vesting periods of the awards. Forfeitures are recognized when they occur.
Income Taxes
Income Taxes

Veritiv's income tax expense, deferred tax assets and liabilities, and liabilities for unrecognized tax benefits reflect management's best assessment of estimated current and future taxes to be paid.  Veritiv records its global tax provision based on the respective tax rules and regulations for the jurisdictions in which it operates.  Where treatment of a position is uncertain, liabilities are recorded based upon an evaluation of the more likely than not outcome considering technical merits of the position.  Changes to recorded liabilities are made only when an identifiable event occurs that alters the likely outcome, such as settlement with the relevant tax authority or the expiration of statutes of limitation for the subject tax year.  Significant judgments and estimates are required in determining the consolidated income tax expense.

The Tax Cuts and Jobs Act of 2017 (the "Tax Act") was signed into law on December 22, 2017 and makes broad and complex changes to the U.S. tax code. Veritiv recognized provisional estimates of the impact of the Tax Act in the year ended December 31, 2017 and as of the year ended December 31, 2018, the Company recorded additional tax expense. Although the Company considers these items complete, the determination of the Tax Act's income tax effects may change following future legislation or further interpretation of the Tax Act based on the publication of U.S. Treasury regulations and
guidance from the Internal Revenue Service ("IRS") and state tax authorities.  Additionally, the Company has concluded the applicable accounting policy election associated with Global Intangible Low Tax Income ("GILTI") will be treated as a period cost.  See Note 7, Income Taxes, for additional details regarding the Tax Act.
               
Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized.  Significant judgment is required in evaluating the need for and amount of valuation allowances against deferred tax assets.  The realization of these assets is dependent on generating sufficient future taxable income.

While Veritiv believes that these judgments and estimates are appropriate and reasonable under the circumstances, actual resolution of these matters may differ from recorded estimated amounts.
Fair Value Measurements
Fair Value Measurements

Fair value is the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy is used in selecting inputs, with the highest priority given to Level 1, as these are the most transparent or reliable.

Level 1 –Quoted market prices in active markets for identical assets or liabilities.
Level 2 –Observable market-based inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3 –Unobservable inputs for the asset or liability reflecting the reporting entity's own assumptions or external inputs from inactive markets.
Foreign Currency
Foreign Currency

The assets and liabilities of the foreign subsidiaries are translated from their respective local currencies to the U.S. dollars at the appropriate spot rates as of the balance sheet date. Changes in the carrying values of these assets and liabilities attributable to fluctuations in spot rates are recognized in foreign currency translation adjustment, a component of accumulated other comprehensive loss ("AOCL"). See Note 13, Shareholders' Equity, for the impacts of foreign currency translation adjustments on AOCL. The revenues and expenses of the foreign subsidiaries are translated using the monthly average exchange rates during the year. The gains or losses from foreign currency transactions are included in other (income) expense, net on the Consolidated Statements of Operations.
Treasury Stock
Treasury Stock

Common stock purchased for treasury is recorded at cost. Costs incurred by the Company that are associated with the acquisition of treasury stock are treated in a manner similar to stock issue costs and are added to the cost of the treasury stock. See Note 13, Shareholders' Equity, for additional information regarding the Company's treasury stock transactions.
Accounting for Derivative Instruments
Accounting for Derivative Instruments

The Company holds one interest rate cap agreement which is subject to Accounting Standards Codification ("ASC") 815, Derivatives and Hedging. For those instruments that are designated and qualify as hedging instruments, a company must designate the instrument, based upon the exposure being hedged, as a cash flow hedge, a fair value hedge or a hedge of a net investment in a foreign operation. A cash flow hedge refers to hedging the exposure to variability in expected future cash flows attributable to a particular risk. For derivative instruments that are designated and qualify as a cash flow hedge, the gains and losses resulting from changes in the fair value of the derivative instrument are reported as a component of AOCL in the Company's Consolidated Balance Sheets and in the Consolidated Statements of Comprehensive Income (Loss), until reclassified into the same Consolidated Statements of Operations line item in the same period the hedged transaction affects earnings. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. See Note 6, Debt and Note 13, Shareholders' Equity, for additional information regarding the Company's derivative instrument.
Recently Issued Accounting Standards
Recently Issued Accounting Standards

Recently Adopted Accounting Standards

Effective January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments-Credit Losses (Topic 326). The standard replaces the previously required incurred loss impairment methodology with guidance that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to be considered in making credit loss estimates. The amendments in this update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The standard requires application on a modified retrospective basis; accordingly, prior periods have not been adjusted to conform to the new guidance. Upon adoption, the Company recorded a $0.3 million decrease to retained earnings as the cumulative effect adjustment from applying the standard.

Effective January 1, 2020, the Company adopted ASU 2018-13, Fair Value Measurement (Topic 820). The standard modifies the disclosure requirements on fair value measurements by removing certain disclosure requirements related to the fair value hierarchy, modifying existing disclosure requirements related to measurement uncertainty and adding new disclosure requirements. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted-average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The adoption did not materially impact the Company's financial statement disclosures.

Effective January 1, 2020, the Company adopted ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40). The standard aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The amendments in this update also require companies to expense capitalized implementation costs over the term of the hosting arrangement, including periods covered by renewal options that are reasonably certain to be exercised. The amendments also stipulate presentation requirements for the Statement of Operations, Balance Sheet and Statement of Cash Flows. The amendments in this update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The amendments in this update should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company adopted this ASU on a prospective basis. Capitalized amounts are reported on the Consolidated Balance Sheet as other non-current assets, pursuant to the standard which requires presentation in the same line item that a prepayment of the fees for the associated hosting arrangement would be presented. The related periodic expense is reported as part of operating expenses on the Consolidated Statement of Operations and the corresponding cash flow impact is reported as part of operating activities on the Consolidated Statement of Cash Flows. The adoption did not materially impact the Consolidated Financial Statements. The Company does not expect the adoption of this standard to have a material impact on its future consolidated financial statements and related disclosures.


Recently Issued Accounting Standards Not Yet Adopted

Effective January 1, 2021, the Company will adopt ASU 2019-12, Income Taxes (Topic 740). The standard removes certain exceptions for recognizing deferred taxes for investments, performing intraperiod allocation and calculating income taxes in interim periods. The update also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for goodwill and allocating taxes to members of a consolidated group. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The amendments in this update related to separate financial statements of legal entities that are not subject to tax should be applied on a retrospective basis for all periods presented. The amendments related to changes in ownership of foreign equity method investments or foreign subsidiaries should be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The amendments related to franchise taxes that are partially based on income should be applied on either a retrospective basis for all periods presented or a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. All other amendments should be applied on a prospective basis. The adoption will not have a material impact on future consolidated financial statements and related disclosures.
ASU 2020-04, Reference Rate Reform (Topic 848) - This standard provides temporary optional expedients and exceptions to accounting guidance for certain contract modifications and hedging arrangements to ease financial reporting burdens as the market transitions from the London Interbank Offered Rate ("LIBOR") and other interbank reference rates to alternative reference rates. The guidance is available for prospective application upon its issuance and can generally be applied to contract modifications and hedging relationships entered into March 12, 2020 through December 31, 2022. The Company has an interest rate cap arrangement and long-term debt as described in Note 6, Debt for which existing payments are based on LIBOR. The Company is currently evaluating the timing of adoption and the related impact on its consolidated financial statements. Currently, the Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements and related disclosures.
v3.20.4
Business and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Allowance for Doubtful Accounts
The components of the accounts receivable allowances were as follows:
As of December 31,
(in millions)20202019
Allowance for credit losses and doubtful accounts, respectively$31.4 $30.4 
Other allowances (1)
10.2 13.4 
Total accounts receivable allowances$41.6 $43.8 
(1) Includes amounts reserved for credit memos, customer discounts, customer short pays and other miscellaneous items.
Rollforward of Allowances for Accounts Receivable
Below is a rollforward of the Company's accounts receivable allowances for the years ended December 31, 2020, 2019 and 2018. Accounts receivable are written-off when management determines they are uncollectible.    
Year Ended December 31,
(in millions)202020192018
Balance at January 1,$43.8 $62.0 $44.0 
Add / (Deduct):
Provision for expected credit losses and doubtful accounts, respectively
7.3 13.8 26.5 
Net write-offs and recoveries
(6.5)(29.5)(6.3)
Other adjustments(1)
(3.0)(2.5)(2.2)
Balance at December 31,$41.6 $43.8 $62.0 
(1) Other adjustments represent amounts reserved for returns and discounts, foreign currency translation adjustments and reserves for certain customer
accounts where revenue is not recognized because collectability is not probable, and may include accounts receivable allowances recorded in connection
with acquisitions. The 2020 amount includes the impact of the Company's adoption of ASU 2016-13 on January 1, 2020.
Rollforward of Allowance for Credit Loss
Below is a rollforward of the Company’s allowance for credit losses for the year ended December 31, 2020:

Packaging and Facility SolutionsPrint - High RiskPrint - Medium/Low Risk
(in millions)U.S.CanadaU.S.CanadaU.S.Canada
Publishing(1)
Rest of world
Corporate & Other(1)
Total
Balance at December 31, 2019$13.3 $1.0 $11.9 $0.4 $0.9 $0.1 $1.3 $0.6 $0.9 $30.4 
Add / (Deduct):
Adoption impact - ASU 2016-131.0(0.3)(0.2)0.00.1(0.1)(0.1)—0.00.4
Provision for expected credit losses2.80.12.30.30.10.01.30.40.07.3
Write-offs charged against the allowance(3.0)(0.3)(2.4)0.0(0.1)—(0.9)—(0.1)(6.8)
Recoveries of amounts previously written off0.3—0.00.00.0—0.0—0.00.3
Other adjustments(2)
—0.0(1.4)0.01.20.0—0.0—(0.2)
Balance at December 31, 2020$14.4 $0.5 $10.2 $0.7 $2.2 $0.0 $1.6 $1.0 $0.8 $31.4 
(1) Publishing and Corporate & Other have only U.S. Operations.
(2) Other adjustments represent amounts reserved for foreign currency translation adjustments and reserves for certain customer accounts where revenue is not recognized because collectability is not probable, and may include accounts receivable allowances recorded in connection with acquisitions.
Schedule of Property and Equipment
The components of property and equipment were as follows:
(in millions)As of December 31,
20202019
Land, buildings and improvements$100.7 $96.4 
Machinery and equipment164.9 167.9 
Finance leases
111.8 99.5 
Internal use software188.6 178.5 
Construction-in-progress4.6 17.2 
Less: Accumulated depreciation and amortization(375.9)(342.6)
Property and equipment (net of accumulated depreciation and amortization)$194.7 $216.9 
Depreciation and amortization for property and equipment, other than land, finance leases and CIP, is based upon the following estimated useful lives:
Buildings40years
Leasehold improvements1to20years
Machinery and equipment3to15years
Internal use software3to5years
Schedule of Property, Plant and Equipment, Depreciation and Amortization
Year Ended December 31,
(in millions)202020192018
Depreciation expense (1)
$36.8 $33.5 $33.2 
Amortization expense - internal use software16.1 15.0 13.4 
Depreciation and amortization expense related to property and equipment$52.9 $48.5 $46.6 
(1) Includes depreciation expense for finance leases, capital leases and assets related to financing obligations (including financing obligations with related party).
As of December 31,
(in millions)20202019
Unamortized internal use software costs, including amounts recorded in CIP$24.6 $32.6 
v3.20.4
Revenue Recognition (Tables)
 12 Months Ended
Dec. 31, 2020
Revenue from Contract with Customer [Abstract]  
Schedule of Customer Contract Liabilities
See the table below for a summary of the changes to the customer contract liabilities for the years ended December 31, 2020 and 2019:
Customer Contract Liabilities
(in millions)20202019
Balance at January 1,$11.7 $17.7 
    Payments received53.2 46.1 
    Revenue recognized from beginning balance(11.6)(17.7)
    Revenue recognized from current year receipts(41.1)(34.4)
Balance at December 31,$12.2 $11.7 
v3.20.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Schedule of Lease Terms by Asset Category
The Company's leased asset categories generally carry the following lease terms:
Real estate leases3to10years
Delivery equipment leases3to8years
Other non-real estate leases3to5years
Schedule of Components of Lease Expense and Cash Flows
The components of lease expense were as follows:
(in millions)Year Ended December 31,
Lease ClassificationFinancial Statement Classification20202019
Short-term lease expense(1)
Operating expenses$2.3 $7.1 
Operating lease expense(2)
Operating expenses$111.8 $113.9 
Finance lease expense:
Amortization of right-of-use assets
Depreciation and amortization$14.7 $10.8 
Interest expense
Interest expense, net3.0 2.3 
Total finance lease expense
$17.7 $13.1 
Total Lease Cost
$131.8 $134.1 
(1) Short-term lease expense is comprised of expenses related to leases with a term of twelve months or less, which includes expenses related to month-to
month leases.
(2) Sublease income and variable lease expense are not included in the above table as the amounts were not significant for the years ended December 31, 2020 and 2019 .
Cash paid for amounts included in the measurement of lease liabilities was as follows:
(in millions)Year Ended December 31,
Lease ClassificationFinancial Statement Classification20202019
Operating Leases:
Operating cash flows from operating leases
Operating activities$111.1 $109.5 
Finance Leases:
Operating cash flows from finance leases
Operating activities$3.0 $2.3 
Financing cash flows from finance leases
Financing activities13.0 9.1 
Schedule of Supplemental Balance Sheet and Other Information
Supplemental balance sheets and other information were as follows:
(in millions, except weighted-average data)As of December 31,
Lease ClassificationFinancial Statement Classification20202019
Operating Leases:
Operating lease right-of-use assetsOther non-current assets$351.7 $429.2 
Operating lease obligations - currentOther accrued liabilities$81.9 $90.5 
Operating lease obligations - non-currentOther non-current liabilities307.4 376.6 
Total operating lease obligations
$389.3 $467.1 
Weighted-average remaining lease term in years6.16.6
Weighted-average discount rate4.7 %4.6 %
Finance Leases:
Finance lease right-of-use assetsProperty and equipment$76.6 $76.6 
Finance lease obligations - currentCurrent portion of debt$13.4 $11.5 
Finance lease obligations - non-currentLong-term debt, net of current portion68.9 69.2 
Total finance lease obligations
$82.3 $80.7 
Weighted-average remaining lease term in years7.17.8
Weighted-average discount rate3.7 %3.4 %
Schedule of Operating Lease Maturity
Future minimum lease payments at December 31, 2020 were as follows:
(in millions)Finance Leases
Operating Leases(1)
2021$16.0 $98.3 
202215.5 83.4 
202313.2 63.1 
202411.4 53.0 
202510.6 42.4 
Thereafter27.7 111.4 
Total future minimum lease payments94.4 451.6 
   Amount representing interest(12.1)(62.3)
Total future minimum lease payments, net of interest$82.3 $389.3 
(1) Future sublease income of $1.8 million is excluded from the operating leases amount in the table above.
Schedule of Finance Lease Maturity
Future minimum lease payments at December 31, 2020 were as follows:
(in millions)Finance Leases
Operating Leases(1)
2021$16.0 $98.3 
202215.5 83.4 
202313.2 63.1 
202411.4 53.0 
202510.6 42.4 
Thereafter27.7 111.4 
Total future minimum lease payments94.4 451.6 
   Amount representing interest(12.1)(62.3)
Total future minimum lease payments, net of interest$82.3 $389.3 
(1) Future sublease income of $1.8 million is excluded from the operating leases amount in the table above.
v3.20.4
Restructuring, Integration and Acquisition Charges (Tables)
 12 Months Ended
Dec. 31, 2020
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Reserve
The following is a summary of the Company's 2020 Restructuring Plan liability activity for the year ended December 31, 2020 (costs incurred exclude any non-cash portion of restructuring gains or losses on asset disposals):
(in millions)Severance and Related CostsOther Direct CostsTotal
Balance at December 31, 2019$— $— $— 
Costs incurred38.7 12.4 51.1 
Payments(23.3)(5.5)(28.8)
Balance at December 31, 2020$15.4 $6.9 $22.3 
The following is a summary of the Company's restructuring liability activity for the periods presented (costs incurred exclude any non-cash portion of restructuring gains or losses on asset disposals):    
(in millions)Severance and Related CostsOther Direct CostsTotal
Balance at December 31, 2018$4.7 $25.1 $29.8 
Costs incurred9.1 20.3 29.4 
Payments(7.6)(14.8)(22.4)
Balance at December 31, 20196.2 30.6 36.8 
Payments(5.8)(6.9)(12.7)
Other non-cash items— (0.1)(0.1)
Balance at December 31, 2020$0.4 $23.6 $24.0 
The following is a summary of the Company's Print restructuring liability activity for the year ended December 31, 2019:
(in millions)Severance and Related Costs
Balance at December 31, 2018$2.0 
Payments(1.9)
Balance at December 31, 2019$0.1 
Components of Merger and Integration Costs The following table summarizes the components of integration and acquisition expenses:
Year Ended December 31,
(in millions)20192018
Integration management$10.4 $17.3 
Retention compensation1.0 0.5 
Information technology conversion costs3.4 8.1 
Legal, consulting and other professional fees— 0.3 
Other1.9 3.5 
AAC integration and acquisition0.8 2.1 
     Total integration and acquisition expenses$17.5 $31.8 
Restructuring and Related Costs
The following table presents a summary of restructuring charges, net, related to restructuring initiatives that were incurred during the years ended December 31, 2019 and 2018 and the cumulative recorded amounts since the initiative began:
(in millions)Severance and Related CostsOther Direct Costs(Gain) Loss on Sale of Assets and Other (non-cash portion)Total
2019$9.1 $20.3 $(0.6)$28.8 
20183.3 22.3 (15.0)10.6 
Cumulative32.4 90.5 (38.0)84.9 
See the table below for a summary of the net withdrawal charges for the respective years ended December 31:
Year Ended December 31,
(in millions)Restructuring charges, netDistribution expensesTotal Net Charges
2019$1.5 $6.6 $8.1 
2018(2.8)11.2 8.4 
See the table below for a summary of the net withdrawal charges and the year-end balance sheet liability positions for the respective years ended December 31:
Year Ended December 31,
(in millions)Restructuring charges, netDistribution expensesTotal Net Charges
2020$— $7.2 $7.2 
20191.5 6.6 8.1 
2018(2.8)11.2 8.4 
As of December 31,
(in millions)Other accrued liabilitiesOther non-current liabilities
2020$1.8 $42.7 
20191.9 37.4 
See the table below for the quarterly breakdown of restructuring charges, net and integration expenses:
2020
Three Months Ended
(in millions)March 31June 30September 30December 31
Restructuring charges, net$— $32.5 $7.9 $11.8 
2019
Three Months Ended
(in millions)March 31June 30September 30December 31
Restructuring charges, net$2.4 $6.9 $7.6 $11.9 
Integration expenses4.3 4.5 4.5 4.2 
v3.20.4
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill The following table sets forth the changes in the carrying amount of goodwill during 2020 and 2019:
(in millions)PackagingFacility SolutionsPrintPublishingCorporate & OtherTotal
Balance at December 31, 2018:
   Goodwill$99.6 $59.0 $265.4 $50.5 $6.1 $480.6 
   Accumulated impairment losses— (59.0)(265.4)(50.5)(6.1)(381.0)
      Net goodwill 201899.6 — — — — 99.6 
2019 Activity:
   Goodwill acquired— — — — — — 
   Impairment of goodwill— — — — — — 
Balance at December 31, 2019:
   Goodwill99.6 59.0 265.4 50.5 6.1 480.6 
   Accumulated impairment losses— (59.0)(265.4)(50.5)(6.1)(381.0)
      Net goodwill 201999.6 — — — — 99.6 
2020 Activity:
Goodwill acquired— — — — — — 
Impairment of goodwill— — — — — — 
Balance at December 31, 2020:
Goodwill99.6 59.0 265.4 50.5 6.1 480.6 
Accumulated impairment losses— (59.0)(265.4)(50.5)(6.1)(381.0)
Net goodwill 2020$99.6 $— $— $— $— $99.6 
Schedule of Finite-Lived Intangible Assets
The components of the Company's other intangible assets were as follows:
December 31, 2020December 31, 2019
(in millions)Gross Carrying AmountAccumulated AmortizationNetGross Carrying AmountAccumulated AmortizationNet
Customer relationships$67.7 $20.3 $47.4 $67.7 $15.5 $52.2 
Trademarks/Trade names3.8 3.8 — 3.8 3.8 — 
Total$71.5 $24.1 $47.4 $71.5 $19.3 $52.2 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
The estimated aggregate amortization expense for each of the five succeeding years is as follows (in millions):
YearTotal
2021$4.8 
20224.8 
20234.8 
20244.8 
20254.8 
v3.20.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Obligations
The Company's debt obligations were as follows:
As of December 31,
(in millions)20202019
Asset-Based Lending Facility (the "ABL Facility")$520.2 $673.2 
Commercial card program1.3 1.1 
Finance leases82.3 80.7 
Total debt603.8 755.0 
Less: current portion of debt(14.7)(12.6)
Long-term debt, net of current portion$589.1 $742.4 
v3.20.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign The domestic (U.S.) and foreign components of the Company's income (loss) before income taxes were as follows:
Year Ended December 31,
(in millions)202020192018
Domestic (U.S.)$30.8 $(50.5)$(16.7)
Foreign12.2 21.7 6.5 
Income (loss) before income taxes$43.0 $(28.8)$(10.2)
Schedule of Provision for Income Tax (Benefit) Expense
Income tax expense (benefit) on the Consolidated Statements of Operations consisted of the following:
Year Ended December 31,
(in millions)202020192018
Current Provision:
U.S. Federal$4.7 $0.7 $0.8 
U.S. State3.9 0.5 1.2 
Foreign2.0 2.2 1.5 
Total current income tax expense$10.6 $3.4 $3.5 
Deferred, net:
U.S. Federal$(2.6)$(4.8)$0.4 
U.S. State(0.4)0.0 0.6 
Foreign1.2 2.1 1.0 
Total deferred, net$(1.8)$(2.7)$2.0 
Provision for income tax expense$8.8 $0.7 $5.5 
Schedule of Effective Income Tax Rate Reconciliation
Reconciliation between the federal statutory rate and the effective tax rate is as follows (see Note 8, Related Party Transactions, for additional information related to the Tax Receivable Agreement ("TRA")):
Year Ended December 31,
(in millions)202020192018
Income (loss) before income taxes$43.0$(28.8)$(10.2)
Statutory U.S. income tax rate21.0 %21.0 %21.0 %
Tax expense (benefit) using statutory U.S. income tax rate$9.0$(6.0)$(2.1)
Foreign income tax rate differential0.60.60.7
State tax (net of federal benefit)2.60.31.4
Non-deductible expenses2.32.42.7
Global Intangible Low Taxed Income(1.5)2.81.4
TRA(3.7)(0.1)(0.3)
Tax credits(1.9)(1.1)(1.0)
Impact of U.S. Tax Act (Federal and State)——1.3
Impact of CARES Act(2.4)— — 
Stock compensation vesting2.11.31.7
Change in valuation allowance - U.S. Federal (1)
——(0.1)
Change in valuation allowance - Foreign—0.3(0.4)
Foreign taxes1.60.90.6
Bad debt—(0.9)—
Other0.10.2(0.4)
Income tax provision$8.8$0.7$5.5
Effective income tax rate20.5 %(2.4)%(53.9)%
(1)Increase in Section 382 limitation resulting from recognition of 2018 built-in gains.
Schedule of Deferred Tax Assets and Liabilities
Deferred income tax assets and liabilities as of December 31, 2020 and 2019 were as follows:
As of December 31,
20202019
(in millions)U.S.Non-U.S.U.S.Non-U.S.
Deferred income tax assets:
Accrued compensation
$39.4 $3.6 $32.9 $2.7 
Finance leases
10.8 9.9 10.2 9.0 
    Lease obligations90.2 12.1 108.4 12.5 
Net operating losses and credit carryforwards
27.8 4.6 35.4 7.7 
Allowance for credit losses and doubtful accounts, respectively
12.3 0.2 11.4 0.1 
Other
8.3 1.0 13.7 0.6 
Gross deferred income tax assets
188.8 31.4 212.0 32.6 
Less valuation allowance
(1.3)(1.0)(2.4)(2.4)
Total deferred tax asset$187.5 $30.4 $209.6 $30.2 
Deferred income tax liabilities:
Property and equipment, net
$(26.6)$(8.8)$(25.6)$(8.1)
    Lease assets(82.9)(11.6)(101.4)(12.2)
Inventory reserve
(17.9)— (28.7)— 
Other
(10.1)— (6.8)— 
Total deferred tax liability$(137.5)$(20.4)$(162.5)$(20.3)
Net deferred income tax asset$50.0 $10.0 $47.1 $9.9 
Summary of Valuation Allowance
Deferred income tax asset valuation allowance is as follows:
(in millions)U.S.Non-U.S.Total
Balance at December 31, 2018$5.1 $3.3 $8.4 
   Additions1.1 0.4 1.5 
   Subtractions(3.8)(1.2)(5.0)
   Currency translation adjustments— (0.1)(0.1)
Balance at December 31, 20192.4 2.4 4.8 
   Additions— — — 
   Subtractions(1.1)(1.6)(2.7)
   Currency translation adjustments— 0.2 0.2 
Balance at December 31, 2020$1.3 $1.0 $2.3 
v3.20.4
Related Party Transactions (Tables)
 12 Months Ended
Dec. 31, 2020
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions The following table summarizes the financial impact of these related party transactions with Georgia-Pacific - the net sales and cost of product sold amounts reflect transactions through November 19, 2020:
Year Ended December 31,
(in millions)202020192018
Sales to Georgia-Pacific, reflected in net sales$19.7 $23.4 $28.0 
Purchases of inventory from Georgia-Pacific, recognized in cost of products sold55.6 85.2 146.5 
As of December 31,
(in millions)20202019
Inventories purchased from Georgia-Pacific that remained on Veritiv's balance sheets$— $11.4 
Related party payable to Georgia-Pacific— 4.3 
Related party receivable from Georgia-Pacific— 2.8 
v3.20.4
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Deferred Compensation Liability
The liabilities associated with these plans are summarized in the table below.
As of December 31,
(in millions)20202019
Other accrued liabilities$4.1 $3.7 
Other non-current liabilities19.7 21.1 
Total liabilities$23.8 $24.8 
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan
The following table provides information about Veritiv's U.S. and Canadian defined benefit pension plans and Supplemental Executive Retirement Plans ("SERP"):
Year Ended December 31,
20202019
(in millions)U.S.CanadaU.S.Canada
Accumulated benefit obligation, end of year$68.6 $89.0 $65.4 $81.9 
Change in projected benefit obligation:
Benefit obligation, beginning of year$65.4 $87.6 $64.1 $75.3 
Service cost1.3 0.4 1.1 0.3 
Interest cost1.6 2.4 2.1 2.9 
Actuarial (gain) loss4.3 7.4 1.3 8.8 
Benefits paid(0.4)(4.6)(3.2)(3.7)
Settlements(3.6)— — — 
Foreign exchange adjustments— 2.1 — 4.0 
Projected benefit obligation, end of year$68.6 $95.3 $65.4 $87.6 
Change in plan assets:
Plan assets, beginning of year$59.2 $77.8 $52.1 $65.9 
Employer contributions0.1 0.4 — 1.0 
Investment returns8.9 6.7 11.1 11.2 
Benefits paid(0.4)(4.6)(3.2)(3.7)
Administrative expenses paid(0.8)— (0.8)— 
Settlements(3.6)— — — 
Foreign exchange adjustments— 1.7 — 3.4 
Plan assets, end of year$63.4 $82.0 $59.2 $77.8 
Underfunded status, end of year$(5.2)$(13.3)$(6.2)$(9.8)
Schedule of Amounts Recognized in Balance Sheet
Balance Sheet Positions
As of December 31,
20202019
(in millions)U.S.CanadaU.S.Canada
Amounts recognized on the Consolidated Balance Sheets consist of:
Other accrued liabilities$0.1 $0.2 $0.1 $0.2 
Defined benefit pension obligations 5.1 13.1 6.1 9.6 
Net liability recognized$5.2 $13.3 $6.2 $9.8 

Year Ended December 31,
20202019
(in millions)U.S.CanadaU.S.Canada
Amounts not yet reflected in net periodic benefit cost and included in AOCL consist of:
Net loss, net of tax$0.2 $8.9 $0.7 $5.5 
Schedule of Net Periodic Benefit Cost Not yet Recognized
Total net periodic benefit cost (credit) associated with the defined benefit pension and SERP plans is summarized below:
Year Ended December 31,
202020192018
(in millions)U.S.CanadaU.S.CanadaU.S.Canada
Components of net periodic benefit cost (credit):
Service cost$2.1 $0.4 $1.9 $0.3 $2.0 $0.3 
Interest cost$1.6 $2.4 $2.1 $2.9 $2.5 $2.7 
Expected return on plan assets(3.9)(3.9)(3.4)(3.7)(5.2)(3.9)
Settlement loss0.0 0.1 — — 1.1 0.1 
Amortization of net loss0.0 0.2 — 0.2 — 0.3 
Total other components
$(2.3)$(1.2)$(1.3)$(0.6)$(1.6)$(0.8)
Net periodic benefit cost (credit)$(0.2)$(0.8)$0.6 $(0.3)$0.4 $(0.5)
Changes to funded status recognized in other comprehensive (income) loss:
Net loss (gain) during year, net of tax$(0.5)$3.4 $(4.7)$0.8 $2.2 $(1.4)
Schedule of Allocation of Plan Assets The following tables present Veritiv's plan assets using the fair value hierarchy which is reconciled to the amounts presented for the total pension benefit plan assets as of December 31:
As of December 31, 2020
(in millions)TotalLevel 1Level 2Level 3
Investments – U.S.:
Equity securities
$35.2 $35.2 $— $— 
Fixed income securities
23.8 23.8 — — 
Hedge Fund-of-Funds3.8 — 3.8 — 
Cash and short-term securities
0.6 0.6 — — 
Total$63.4 $59.6 $3.8 $— 
As of December 31, 2020
(in millions)TotalLevel 1Level 2Level 3
Investments – Canada:
Cash and short-term securities
$1.1 $1.1 $— $— 
Investments measured at NAV:
   Equity securities
53.9 
   Fixed income securities
27.0 
Total$82.0 $1.1 $— $— 

As of December 31, 2019
(in millions)TotalLevel 1Level 2Level 3
Investments – U.S.:
Equity securities
$36.0 $36.0 $— $— 
Fixed income securities
23.1 23.1 — — 
Cash and short-term securities
0.1 0.1 — — 
Total$59.2 $59.2 $— $— 

As of December 31, 2019
(in millions)TotalLevel 1Level 2Level 3
Investments – Canada:
Cash and short-term securities
$0.6 $0.6 $— $— 
Investments measured at NAV:
   Equity securities
52.1 
   Fixed income securities
25.1 
Total$77.8 $0.6 $— $— 
The weighted-average asset allocations of invested assets within Veritiv's defined benefit pension plans were as follows:
As of December 31, 2020Asset Allocation Range
(in millions)U.S.CanadaU.S.Canada
Equity securities
$35.2 $53.9 45%-60%50%-70%
Fixed income securities
23.8 27.0 30%-50%30%-50%
Hedge Fund-of-Funds3.8 — 0%-10%—%-—%
   Cash and short-term securities
0.6 1.1 0%-5%0%-5%
Total$63.4 $82.0 

As of December 31, 2019Asset Allocation Range
(in millions)U.S.CanadaU.S.Canada
Equity securities
$36.0 $52.1 55%-75%50%-70%
Fixed income securities
23.1 25.1 20%-40%30%-50%
Cash and short-term securities
0.1 0.6 0%-10%0%-5%
Total$59.2 $77.8 
Schedule of Assumptions Used
The following table presents significant weighted-average assumptions used in computing the benefit obligations:
As of December 31,
202020192018
U.S.CanadaU.S.CanadaU.S.Canada
Discount rate2.15 %2.50 %2.98 %3.10 %4.01 %3.90 %
Rate of compensation increasesN/A3.00 %N/A3.00 %N/A3.00 %
The following table presents significant weighted-average assumptions used in computing net periodic benefit cost (credit):
Year Ended December 31,
202020192018
U.S.CanadaU.S.CanadaU.S.Canada
Discount rate2.98 %3.10 %4.01 %3.90 %3.47 %3.40 %
Rate of compensation increasesN/A3.00 %N/A3.00 %N/A3.00 %
Expected long-term rate of return on assets7.15 %5.25 %7.15 %5.50 %7.15 %5.50 %
Interest crediting rate2.73 %N/A5.00 %N/A5.00 %N/A
Schedule of Expected Benefit Payments Future benefit payments under the defined benefit pension and SERP plans are estimated as follows:
(in millions)U.S.Canada
2021$5.1 $2.9 
20224.1 3.1 
20234.0 3.3 
20243.9 3.5 
20254.0 3.7 
2026 – 203018.6 20.8 
Restructuring and Related Costs
The following table presents a summary of restructuring charges, net, related to restructuring initiatives that were incurred during the years ended December 31, 2019 and 2018 and the cumulative recorded amounts since the initiative began:
(in millions)Severance and Related CostsOther Direct Costs(Gain) Loss on Sale of Assets and Other (non-cash portion)Total
2019$9.1 $20.3 $(0.6)$28.8 
20183.3 22.3 (15.0)10.6 
Cumulative32.4 90.5 (38.0)84.9 
See the table below for a summary of the net withdrawal charges for the respective years ended December 31:
Year Ended December 31,
(in millions)Restructuring charges, netDistribution expensesTotal Net Charges
2019$1.5 $6.6 $8.1 
2018(2.8)11.2 8.4 
See the table below for a summary of the net withdrawal charges and the year-end balance sheet liability positions for the respective years ended December 31:
Year Ended December 31,
(in millions)Restructuring charges, netDistribution expensesTotal Net Charges
2020$— $7.2 $7.2 
20191.5 6.6 8.1 
2018(2.8)11.2 8.4 
As of December 31,
(in millions)Other accrued liabilitiesOther non-current liabilities
2020$1.8 $42.7 
20191.9 37.4 
See the table below for the quarterly breakdown of restructuring charges, net and integration expenses:
2020
Three Months Ended
(in millions)March 31June 30September 30December 31
Restructuring charges, net$— $32.5 $7.9 $11.8 
2019
Three Months Ended
(in millions)March 31June 30September 30December 31
Restructuring charges, net$2.4 $6.9 $7.6 $11.9 
Integration expenses4.3 4.5 4.5 4.2 
Schedule of Multiemployer Plans Veritiv's participation in the MEPPs for the year ended December 31, 2020, is outlined in the table below. The "EIN/Pension Plan Number" column provides the Employer Identification Number and the three-digit plan number, if applicable. The Pension Protection Act zone listed below is based on the latest information Veritiv received from the plan and is certified by the plan's actuary. Plans in the red zone are generally less than 65% funded, plans in the yellow zone are less than 80% funded and plans in the green zone are at least 80% funded. There were no changes in the status of any zones
based on the information provided to Veritiv during 2020. The "FIP/RP Status Pending/Implemented" column indicates plans for which a financial improvement plan or a rehabilitation plan is either pending or has been implemented. The last column lists the expiration date(s) of the collective-bargaining agreement(s). Contributions in the table below, for the years ended December 31, 2020, 2019 and 2018, exclude $1.9 million, $2.0 million and $3.1 million, respectively, related to payments made for accrued withdrawal liabilities.


Pension FundEIN/Pension Plan No.Pension Protection Act Zone StatusFIP/RP Status Pending/ ImplementedVeritiv's ContributionsSurcharge ImposedExpiration Date(s) of Collective Bargaining Agreement(s)
202020192018
Western Conference of Teamsters Pension Trust Fund (1)
916145047/001GreenNo$1.1 $1.3 $1.6 No9/30/2021 - 10/31/2023
Central States, Southeast & Southwest Areas Pension Fund366044243/001RedImplemented— — 0.2 YesExited during 2018
Teamsters Pension Plan of Philadelphia & Vicinity231511735/001YellowImplemented0.4 0.4 0.4 Yes7/31/2021
Western Pennsylvania Teamsters and Employers Pension Plan256029946/001RedImplemented0.1 0.2 0.3 YesPartial exit during 2019; complete exit during 2020
Contributions for individually significant plans1.6 1.9 2.5 
Contributions to other multi-employer plans0.4 0.5 0.5 
Total contributions
$2.0 $2.4 $3.0 
(1) As of December 31, 2020, there were eight collective bargaining units participating in the Western Conference of Teamsters Pension Trust. As of
December 31, 2020, none were then in negotiations.
v3.20.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table provides a reconciliation of the beginning and ending balance of the TRA contingent liability for the years ended December 31, 2020 and 2019:    

(in millions)TRA Contingent Liability
Balance at December 31, 2018$38.9 
   Change in fair value adjustment recorded in other (income) expense, net0.3 
   Principal payment(7.8)
Balance at December 31, 201931.4 
   Change in fair value adjustment recorded in other (income) expense, net(19.1)
   Principal payment(12.3)
Balance at December 31, 2020$— 
Schedule of Contingent Consideration
The following table provides a reconciliation of the beginning and ending balance of the AAC contingent liability for the years ended December 31, 2020 and 2019:
    
(in millions)AAC Contingent Liability
Balance at December 31, 2018$9.4 
   Change in fair value adjustment recorded in other (income) expense, net13.1 
   Contingent liability payment(20.0)
Balance at December 31, 20192.5 
   Change in fair value adjustment recorded in other (income) expense, net1.0 
   Contingent liability payment(3.5)
Balance at December 31, 2020$— 
v3.20.4
Supplementary Financial Statement Information (Tables)
 12 Months Ended
Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Other Current Assets
The components of other current assets as of December 31 were as follows:
(in millions)20202019
Rebates receivable$44.5 $51.1 
Prepaid expenses46.9 32.9 
Value Added Tax receivable11.1 13.7 
Vendor Deposits5.3 5.7 
Other11.7 22.7 
Other current assets$119.5 $126.1 
Other Non-Current Assets
The components of other non-current assets as of December 31 were as follows:
(in millions)20202019
Operating lease right-of-use assets$351.7 $429.2 
Deferred financing costs5.4 4.1 
Investments in real estate joint ventures7.3 7.1 
Other13.9 14.4 
Other non-current assets$378.3 $454.8 
Accrued Payroll and Benefits
The components of accrued payroll and benefits as of December 31 were as follows:
(in millions)20202019
Accrued incentive plans$43.9 $24.7 
Accrued commissions17.1 17.0 
Accrued payroll and related taxes16.6 8.8 
Other3.0 3.4 
Accrued payroll and benefits$80.6 $53.9 
Other Accrued Liabilities
The components of other accrued liabilities as of December 31 were as follows:
(in millions)20202019
Operating lease obligations - current$81.9 $90.5 
Accrued customer incentives20.0 21.1 
Accrued freight7.8 9.0 
Accrued taxes18.8 9.0 
AAC contingent liability— 2.5 
TRA contingent liability— 0.3 
Escheat audit accrual— 0.4 
Accrued professional fees1.6 3.4 
Other52.1 47.6 
Other accrued liabilities$182.2 $183.8 
Other Non-Current Liabilities
The components of other non-current liabilities as of December 31 were as follows:
(in millions)20202019
Operating lease obligations - non-current$307.4 $376.6 
MEPP withdrawals42.7 37.4 
TRA contingent liability— 31.1 
Deferred compensation19.7 21.1 
Other25.4 19.1 
Other non-current liabilities$395.2 $485.3 
v3.20.4
Earnings (Loss) Per Share (Tables)
 12 Months Ended
Dec. 31, 2020
Earnings Per Share [Abstract]  
Schedule of Earnings (Loss) Per Share, Basic and Diluted
A summary of the numerators and denominators used in the basic and diluted earnings (loss) per share calculations is as follows:
Year Ended December 31,
(in millions, except per share data)202020192018
Numerator:
Net income (loss)$34.2 $(29.5)$(15.7)
Denominator:
Weighted-average shares outstanding – basic15.96 16.06 15.82 
Weighted-average shares outstanding – diluted16.48 16.06 15.82 
Earnings (loss) per share:
Basic earnings (loss) per share
$2.14 $(1.84)$(0.99)
Diluted earnings (loss) per share
$2.08 $(1.84)$(0.99)
Antidilutive stock-based awards excluded from computation of diluted earnings per share
0.28 1.17 1.32 
Performance stock-based awards excluded from computation of diluted earnings per share because performance conditions had not been met
0.08 0.33 0.26 
Summary of Incentive Plan Shares Issued
In accordance with the Company's 2014 Omnibus Incentive Plan, as amended and restated as of March 8, 2017, shares of the Company's common stock were issued to plan participants whose Restricted Stock Units ("RSUs") and/or Performance Condition Share Units ("PSUs") vested during those periods. The net share issuance is included on the Consolidated Statements of Shareholders' Equity for the years ended December 31, 2020, 2019 and 2018.

See the table below for information related to these transactions:

Year Ended December 31,
(in millions)202020192018
Shares issued0.3 0.3 0.3 
Shares recovered for minimum tax withholding(0.1)(0.1)(0.1)
Net shares issued0.2 0.2 0.2 
v3.20.4
Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2020
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
The following table provides the components of AOCL at December 31, 2020 and 2019 (amounts are shown net of their related income tax effect, if any):

(in millions)Foreign currency translation adjustmentsRetirement liabilitiesInterest rate capAOCL
Balance at December 31, 2018$(30.3)$(10.1)$(0.3)$(40.7)
     Unrealized net gains (losses) arising during the period4.7 5.2 (0.4)9.5 
     Amounts reclassified from AOCL(1.0)(1.3)0.4 (1.9)
Net current period other comprehensive income (loss)3.7 3.9 0.0 7.6 
Balance at December 31, 2019(26.6)(6.2)(0.3)(33.1)
     Unrealized net gains (losses) arising during the period2.1 (3.9)(0.1)(1.9)
     Amounts reclassified from AOCL0.3 1.0 0.2 1.5 
Net current period other comprehensive income (loss)2.4 (2.9)0.1 (0.4)
Balance at December 31, 2020$(24.2)$(9.1)$(0.2)$(33.5)
v3.20.4
Long-Term Incentive Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Activity of Non-Vested Restricted Stock Units
A summary of activity related to non-vested RSUs is presented below:
(units in thousands)Number of RSUsWeighted-Average Grant Date Fair Value Per Share
Non-vested at December 31, 2017249 $45.43 
Granted
228 $29.69 
Vested
(65)$50.03 
Forfeited
(14)$39.01 
Non-vested at December 31, 2018398 $35.88 
Granted
160 $24.70 
Vested
(102)$37.53 
Forfeited
(87)$29.96 
Non-vested at December 31, 2019369 $32.00 
Granted
352 $18.59 
Vested
(99)$43.48 
Forfeited
(66)$22.69 
Non-vested at December 31, 2020556 $22.59 
Performance Condition Stock Units (PCSUs)  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Activity of Non-Vested Performance Units
A summary of activity related to non-vested PSUs is presented below:
(units in thousands)Number of PSUsWeighted-Average Grant Date Fair Value Per Share
Non-vested at December 31, 2017454 $40.87 
Granted
323 $24.62 (1)
Shares gained based on actual performance
7 $24.62 
Vested
(122)$47.37 
Forfeited
(35)$34.57 
Non-vested at December 31, 2018627 $32.59 
Granted
392 $21.39 (2)
Shares lost based on actual performance
(112)$21.39 
Vested
(174)$38.36 
Forfeited
(88)$25.30 
Non-vested at December 31, 2019645 $25.10 
Shares gained based on actual performance
183 $19.67 (3)
Vested
(102)$35.70 
Forfeited
(139)$28.26 
Non-vested at December 31, 2020587 $23.06 
(1) Represents weighted-average grant date fair value for the 2018, 2019 and 2020 tranches.
(2) Represents weighted-average grant date fair value for the 2019 and 2020 tranches.
(3) Represents weighted-average grant date fair value for the 2020 tranches.
Market Condition Performance Stock Units (MCPSUs)  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Activity of Non-Vested Performance Units
A summary of activity related to non-vested MCPSUs is presented below:
(units in thousands)Number of MCPSUsWeighted-Average Grant Date Fair Value Per Share
Non-vested at December 31, 2017193 $56.23 
Granted
194 $37.76 
Shares lost based on actual performance
(35)$37.76 
Vested
(23)$62.53 
Forfeited/cancelled
(21)$49.66 
Non-vested at December 31, 2018308 $46.74 
Granted
235 $31.41 
Shares lost based on actual performance
(153)$31.41 
Vested
(64)$42.12 
Forfeited/cancelled
(52)$40.93 
Non-vested at December 31, 2019274 $40.81 
Shares lost based on actual performance
(110)$34.35 
Vested
— $— 
Forfeited/cancelled
(144)$58.89 
Non-vested at December 31, 202020 $34.35 
Cash-Based Performance Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Activity of Non-Vested Performance Units
A summary of activity related to non-vested PBUs is presented below:

(units in thousands)Number of PBUsGrant Date Fair Value Per Share
Non-vested at December 31, 2019— $— 
Granted11,863 $1.00 
PBUs gained based on actual performance 1,056 $1.00 
Vested— $— 
Forfeited/cancelled(1,306)$1.00 
Non-vested at December 31, 202011,613 $1.00 
v3.20.4
Segment and Other Information (Tables)
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following tables present net sales, Adjusted EBITDA (earnings before interest, income taxes, depreciation and amortization, restructuring charges, net, integration and acquisition expenses and other similar charges including any severance costs, costs associated with warehouse and office openings or closings, consolidation, and relocation and other business optimization expenses, stock-based compensation expense, changes in the LIFO reserve, non-restructuring asset impairment charges, non-restructuring severance charges, non-restructuring pension charges, net, fair value adjustments related to contingent liabilities assumed in mergers and acquisitions and certain other adjustments), which is the metric management uses to assess operating performance of the segments, and certain other measures for each of the reportable segments and Corporate & Other for the periods presented:

(in millions)PackagingFacility SolutionsPrintPublishingTotal Reportable SegmentsCorporate & OtherTotal
Year Ended December 31, 2020
Net sales$3,316.7 $922.3 $1,458.2 $543.5 $6,240.7 $104.9 $6,345.6 
Adjusted EBITDA300.0 41.6 33.7 12.8 388.1 (200.5)
Depreciation and amortization22.5 7.9 7.6 0.2 38.2 19.5 57.7 
Restructuring charges, net16.0 5.1 23.8 0.0 44.9 7.3 52.2 
Year Ended December 31, 2019
Net sales3,446.3 1,181.8 2,104.6 798.0 7,530.7 128.7 7,659.4 
Adjusted EBITDA243.5 33.1 43.1 21.4 341.1 (185.2)
Depreciation and amortization18.9 7.0 8.4 0.5 34.8 18.7 53.5 
Restructuring charges, net10.3 14.7 7.2 (9.1)23.1 5.7 28.8 
Year Ended December 31, 2018
Net sales3,547.1 1,311.7 2,676.7 1,019.2 8,554.7 141.5 8,696.2 
Adjusted EBITDA246.7 29.0 64.0 24.6 364.3 (178.9)
Depreciation and amortization19.2 6.8 8.8 0.8 35.6 17.9 53.5 
Restructuring charges, net4.7 3.4 12.1 0.7 20.9 0.4 21.3 
Reconciliation of Total Adjusted EBITDA to Net Income (Loss)
The table below presents a reconciliation of net income (loss) as reflected on the Consolidated Statements of Operations to Adjusted EBITDA for the reportable segments:
Year Ended December 31,
(in millions)202020192018
Net income (loss)$34.2 $(29.5)$(15.7)
Interest expense, net25.1 38.1 42.3 
Income tax expense (benefit)8.8 0.7 5.5 
Depreciation and amortization57.7 53.5 53.5 
Restructuring charges, net52.2 28.8 21.3 
Facility closure charges, including (gain) loss from asset disposition(3.7)— — 
Stock-based compensation17.7 14.6 18.1 
LIFO reserve (decrease) increase(1.5)(3.7)19.9 
Non-restructuring asset impairment charges— — 0.4 
Non-restructuring severance charges4.1 8.4 4.9 
Non-restructuring pension charges, net7.2 6.6 11.3 
Integration and acquisition expenses— 17.5 31.8 
Fair value adjustment on TRA contingent liability(19.1)0.3 (1.2)
Fair value adjustment on contingent consideration liability1.0 13.1 (12.3)
Escheat audit contingent liability(0.2)3.7 2.5 
Other4.1 3.8 3.1 
Adjustment for Corporate & Other200.5 185.2 178.9 
Adjusted EBITDA for reportable segments$388.1 $341.1 $364.3 
Reconciliation of Assets from Segment to Consolidated
The table below summarizes total assets as of December 31, 2020 and 2019:
(in millions)20202019
Packaging$1,332.9$1,290.2
Facility Solutions314.7324.4
Print424.2610.3
Publishing104.7123.9
Corporate & Other158.5162.3
Total assets $2,335.0$2,511.1
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas
The following table presents net sales as well as property and equipment and operating lease ROU assets, which are shown net of accumulated depreciation and or accumulated amortization, by geographic area:
Net SalesProperty and EquipmentOperating Lease ROU Assets
Year Ended December 31,As of December 31,As of December 31,
(in millions)2020201920182020201920202019
U.S.$5,521.8 $6,779.6 $7,800.9 $149.4 $174.3 $311.8 $383.4 
Canada650.9 699.4 712.7 42.3 39.1 30.6 34.9 
Rest of world172.9 180.4 182.6 3.0 3.5 9.3 10.9 
Total$6,345.6 $7,659.4 $8,696.2 $194.7 $216.9 $351.7 $429.2 
v3.20.4
Quarterly Data (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]  
Schedule of Quarterly Financial Information
The unaudited quarterly results of operations for 2020 and 2019 are summarized below:
2020
Three Months Ended
(in millions, except per share data)March 31June 30September 30December 31
Net sales$1,707.3 $1,404.8 $1,591.2 $1,642.3 
Cost of products sold1,359.6 1,106.8 1,262.4 1,311.4 
Net income (loss)(0.4)(18.5)21.1 32.0 
Weighted-average shares outstanding – basic
16.1615.9115.8915.89
Weighted-average shares outstanding – diluted
16.1615.9116.2116.80
Earnings (loss) per share (1):
Basic earnings (loss) per share
$(0.02)$(1.16)$1.33 $2.01 
Diluted earnings (loss) per share
$(0.02)$(1.16)$1.30 $1.90 
(1) See Note 12, Earning (Loss) Per Share, for discussion about the shares of common stock utilized in the computation of basic and diluted earnings (loss) per share for the year ended December 31, 2020.
2019
Three Months Ended
(in millions, except per share data)March 31June 30September 30December 31
Net sales$1,941.5 $1,958.2 $1,924.5 $1,835.2 
Cost of products sold1,591.4 1,584.3 1,550.8 1,479.7 
Net income (loss)(26.7)(11.3)5.1 3.4 
Weighted-average shares outstanding – basic
15.9416.0916.1016.10
Weighted-average shares outstanding – diluted
15.9416.0916.2416.40
Earnings (loss) per share (1):
Basic earnings (loss) per share
$(1.68)$(0.70)$0.32 $0.21 
Diluted earnings (loss) per share
$(1.68)$(0.70)$0.31 $0.21 
(1) See Note 12, Earnings (Loss) Per Share, for discussion about the shares of common stock utilized in the computation of basic and diluted earnings (loss) per share for the year ended December 31, 2019.
Restructuring and Related Costs
The following table presents a summary of restructuring charges, net, related to restructuring initiatives that were incurred during the years ended December 31, 2019 and 2018 and the cumulative recorded amounts since the initiative began:
(in millions)Severance and Related CostsOther Direct Costs(Gain) Loss on Sale of Assets and Other (non-cash portion)Total
2019$9.1 $20.3 $(0.6)$28.8 
20183.3 22.3 (15.0)10.6 
Cumulative32.4 90.5 (38.0)84.9 
See the table below for a summary of the net withdrawal charges for the respective years ended December 31:
Year Ended December 31,
(in millions)Restructuring charges, netDistribution expensesTotal Net Charges
2019$1.5 $6.6 $8.1 
2018(2.8)11.2 8.4 
See the table below for a summary of the net withdrawal charges and the year-end balance sheet liability positions for the respective years ended December 31:
Year Ended December 31,
(in millions)Restructuring charges, netDistribution expensesTotal Net Charges
2020$— $7.2 $7.2 
20191.5 6.6 8.1 
2018(2.8)11.2 8.4 
As of December 31,
(in millions)Other accrued liabilitiesOther non-current liabilities
2020$1.8 $42.7 
20191.9 37.4 
See the table below for the quarterly breakdown of restructuring charges, net and integration expenses:
2020
Three Months Ended
(in millions)March 31June 30September 30December 31
Restructuring charges, net$— $32.5 $7.9 $11.8 
2019
Three Months Ended
(in millions)March 31June 30September 30December 31
Restructuring charges, net$2.4 $6.9 $7.6 $11.9 
Integration expenses4.3 4.5 4.5 4.2 
v3.20.4
Business and Summary of Significant Accounting Policies - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2020
USD ($)
distribution_center
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Jan. 01, 2020
USD ($)
Dec. 31, 2017
USD ($)
Business Acquisition [Line Items]          
Number of distribution centers | distribution_center 125        
Handling and delivery costs $ 273.6 $ 346.9 $ 398.0    
Cash and cash equivalents 120.6 38.0 64.3   $ 80.3
Accumulated earnings (deficit) (1.4) (35.3)      
Notes receivable, provision for expected credit losses 5.1 1.1 $ 0.6    
Notes receivable $ 2.2 $ 6.7      
Percentage of LIFO inventory 76.00% 81.00%      
Excess of replacement or current costs over stated LIFO value $ 93.2 $ 93.8      
Consigned inventory 20.5 $ 30.7      
Money Market Funds          
Business Acquisition [Line Items]          
Cash and cash equivalents $ 75.0        
Cumulative Effect, Period of Adoption, Adjustment          
Business Acquisition [Line Items]          
Accumulated earnings (deficit)       $ (0.3)  
Ten Suppliers | Supplier Concentration Risk | Purchases          
Business Acquisition [Line Items]          
Concentration risk 30.00%        
v3.20.4
Business and Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Allowance for credit losses and doubtful accounts, respectively $ 31.4 $ 30.4    
Other allowances 10.2 13.4    
Total accounts receivable allowances $ 41.6 $ 43.8 $ 62.0 $ 44.0
v3.20.4
Business and Summary of Significant Accounting Policies - Receivable Allowance Rollforward (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Accounts Receivable, Allowance for Credit Loss [Roll Forward]      
Balance at January 1, $ 43.8 $ 62.0 $ 44.0
Provision for expected credit losses and doubtful accounts, respectively 7.3 13.8 26.5
Net write-offs and recoveries (6.5) (29.5) (6.3)
Other adjustments (3.0) (2.5) (2.2)
Balance at December 31, $ 41.6 $ 43.8 $ 62.0
v3.20.4
Business and Summary of Significant Accounting Policies - Rollforward of Credit Losses (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accounting Standards Update [Extensible List] us-gaap:AccountingStandardsUpdate201613Member us-gaap:AccountingStandardsUpdate201602Member
Loss Contingencies [Line Items]    
Balance at December 31, 2019 $ 30.4  
Provision for expected credit losses 7.3  
Write-offs charged against the allowance (6.8)  
Recoveries of amounts previously written off 0.3  
Other adjustments (0.2)  
Balance at December 31, 2020 31.4 $ 30.4
U.S. | Corporate & Other    
Loss Contingencies [Line Items]    
Balance at December 31, 2019 0.9  
Provision for expected credit losses 0.0  
Write-offs charged against the allowance (0.1)  
Recoveries of amounts previously written off 0.0  
Other adjustments 0.0  
Balance at December 31, 2020 0.8 0.9
U.S. | Packaging and Facility Solutions | Operating Segments    
Loss Contingencies [Line Items]    
Balance at December 31, 2019 13.3  
Provision for expected credit losses 2.8  
Write-offs charged against the allowance (3.0)  
Recoveries of amounts previously written off 0.3  
Other adjustments 0.0  
Balance at December 31, 2020 14.4 13.3
U.S. | Print | Operating Segments | Risk Level, High    
Loss Contingencies [Line Items]    
Balance at December 31, 2019 11.9  
Provision for expected credit losses 2.3  
Write-offs charged against the allowance (2.4)  
Recoveries of amounts previously written off 0.0  
Other adjustments (1.4)  
Balance at December 31, 2020 10.2 11.9
U.S. | Print | Operating Segments | Risk Level, Medium / Low    
Loss Contingencies [Line Items]    
Balance at December 31, 2019 0.9  
Provision for expected credit losses 0.1  
Write-offs charged against the allowance (0.1)  
Recoveries of amounts previously written off 0.0  
Other adjustments 1.2  
Balance at December 31, 2020 2.2 0.9
U.S. | Publishing | Operating Segments    
Loss Contingencies [Line Items]    
Balance at December 31, 2019 1.3  
Provision for expected credit losses 1.3  
Write-offs charged against the allowance (0.9)  
Recoveries of amounts previously written off 0.0  
Other adjustments 0.0  
Balance at December 31, 2020 1.6 1.3
Canada | Packaging and Facility Solutions | Operating Segments    
Loss Contingencies [Line Items]    
Balance at December 31, 2019 1.0  
Provision for expected credit losses 0.1  
Write-offs charged against the allowance (0.3)  
Recoveries of amounts previously written off 0.0  
Other adjustments 0.0  
Balance at December 31, 2020 0.5 1.0
Canada | Print | Operating Segments | Risk Level, High    
Loss Contingencies [Line Items]    
Balance at December 31, 2019 0.4  
Provision for expected credit losses 0.3  
Write-offs charged against the allowance 0.0  
Recoveries of amounts previously written off 0.0  
Other adjustments 0.0  
Balance at December 31, 2020 0.7 0.4
Canada | Print | Operating Segments | Risk Level, Medium / Low    
Loss Contingencies [Line Items]    
Balance at December 31, 2019 0.1  
Provision for expected credit losses 0.0  
Write-offs charged against the allowance 0.0  
Recoveries of amounts previously written off 0.0  
Other adjustments 0.0  
Balance at December 31, 2020 0.0 0.1
Rest of world | Operating Segments    
Loss Contingencies [Line Items]    
Balance at December 31, 2019 0.6  
Provision for expected credit losses 0.4  
Write-offs charged against the allowance 0.0  
Recoveries of amounts previously written off 0.0  
Other adjustments 0.0  
Balance at December 31, 2020 1.0 0.6
Cumulative Effect, Period of Adoption, Adjustment    
Loss Contingencies [Line Items]    
Balance at December 31, 2019 0.4  
Balance at December 31, 2020   0.4
Cumulative Effect, Period of Adoption, Adjustment | U.S. | Corporate & Other    
Loss Contingencies [Line Items]    
Balance at December 31, 2019 0.0  
Balance at December 31, 2020   0.0
Cumulative Effect, Period of Adoption, Adjustment | U.S. | Packaging and Facility Solutions | Operating Segments    
Loss Contingencies [Line Items]    
Balance at December 31, 2019 1.0  
Balance at December 31, 2020   1.0
Cumulative Effect, Period of Adoption, Adjustment | U.S. | Print | Operating Segments | Risk Level, High    
Loss Contingencies [Line Items]    
Balance at December 31, 2019 (0.2)  
Balance at December 31, 2020   (0.2)
Cumulative Effect, Period of Adoption, Adjustment | U.S. | Print | Operating Segments | Risk Level, Medium / Low    
Loss Contingencies [Line Items]    
Balance at December 31, 2019 0.1  
Balance at December 31, 2020   0.1
Cumulative Effect, Period of Adoption, Adjustment | U.S. | Publishing | Operating Segments    
Loss Contingencies [Line Items]    
Balance at December 31, 2019 (0.1)  
Balance at December 31, 2020   (0.1)
Cumulative Effect, Period of Adoption, Adjustment | Canada | Packaging and Facility Solutions | Operating Segments    
Loss Contingencies [Line Items]    
Balance at December 31, 2019 (0.3)  
Balance at December 31, 2020   (0.3)
Cumulative Effect, Period of Adoption, Adjustment | Canada | Print | Operating Segments | Risk Level, High    
Loss Contingencies [Line Items]    
Balance at December 31, 2019 0.0  
Balance at December 31, 2020   0.0
Cumulative Effect, Period of Adoption, Adjustment | Canada | Print | Operating Segments | Risk Level, Medium / Low    
Loss Contingencies [Line Items]    
Balance at December 31, 2019 (0.1)  
Balance at December 31, 2020   (0.1)
Cumulative Effect, Period of Adoption, Adjustment | Rest of world | Operating Segments    
Loss Contingencies [Line Items]    
Balance at December 31, 2019 $ 0.0  
Balance at December 31, 2020   $ 0.0
v3.20.4
Business and Summary of Significant Accounting Policies - Plant Property & Equipment (Details) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Property, Plant and Equipment [Line Items]    
Finance leases $ 111.8 $ 99.5
Less: Accumulated depreciation and amortization (375.9) (342.6)
Property and equipment (net of accumulated depreciation and amortization) 194.7 216.9
Land, buildings and improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 100.7 96.4
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 164.9 167.9
Internal use software    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 188.6 178.5
Construction-in-progress    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 4.6 $ 17.2
v3.20.4
Business and Summary of Significant Accounting Policies - Estimated Useful Lives (Details)
 12 Months Ended
Dec. 31, 2020
Buildings  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 40 years
Leasehold improvements | Minimum  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 1 year
Leasehold improvements | Maximum  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 20 years
Machinery and equipment | Minimum  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 3 years
Machinery and equipment | Maximum  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 15 years
Internal use software | Minimum  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 3 years
Internal use software | Maximum  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 5 years
v3.20.4
Business and Summary of Significant Accounting Policies - Schedule of Property, Plant and Equipment, Depreciation and Amortization (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Depreciation expense $ 36.8 $ 33.5 $ 33.2
Amortization expense - internal use software 16.1 15.0 13.4
Depreciation and amortization expense related to property and equipment 52.9 48.5 $ 46.6
Unamortized internal use software costs, including amounts recorded in CIP $ 24.6 $ 32.6  
v3.20.4
Revenue Recognition - Remaining Performance Obligation (Details)
Dec. 31, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Performance obligation, estimated satisfaction period 12 months
v3.20.4
Revenue Recognition - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2020
USD ($)
segment
Dec. 31, 2019
USD ($)
Concentration Risk [Line Items]    
Equipment sales deposits, approximate holding period 90 days  
Inventories $ 465.4 $ 552.9
Number of reportable segments | segment 4  
Maximum    
Concentration Risk [Line Items]    
Bill and hold arrangements, initial coverage period 90 days  
Minimum    
Concentration Risk [Line Items]    
Bill and hold arrangements, initial coverage period 60 days  
Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606    
Concentration Risk [Line Items]    
Inventories $ 1.5 $ 2.0
Revenue from Contract with Customer | Sales Channel, Directly to Consumer    
Concentration Risk [Line Items]    
Concentration risk 35.00%  
Sales Revenue, Net | U.S. | Geographic Concentration Risk    
Concentration Risk [Line Items]    
Concentration risk 87.00%  
Sales Revenue, Net | U.S. | Customer Concentration Risk | Ten Suppliers    
Concentration Risk [Line Items]    
Concentration risk 10.00%  
Sales Revenue, Net | Canada | Geographic Concentration Risk    
Concentration Risk [Line Items]    
Concentration risk 10.00%  
Sales Revenue, Net | MEXICO | Geographic Concentration Risk    
Concentration Risk [Line Items]    
Concentration risk 2.00%  
v3.20.4
Revenue Recognition - Schedule of Customer Contract Liabilities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Change in Contract with Customer, Liability [Roll Forward]      
Beginning balance $ 12.2 $ 11.7 $ 17.7
Payments received 53.2 46.1  
Revenue recognized from beginning balance (11.6) (17.7)  
Revenue recognized from current year receipts (41.1) (34.4)  
Ending balance $ 12.2 $ 11.7  
v3.20.4
Leases - Narrative (Details)
$ in Millions
 1 Months Ended 12 Months Ended
May 31, 2017
USD ($)
renewal
Dec. 31, 2020
USD ($)
distribution_center
Dec. 31, 2018
USD ($)
Dec. 31, 2019
USD ($)
Jun. 30, 2018
numberOfProperties
Dec. 31, 2017
USD ($)
Nov. 27, 2002
numberOfProperties
Lessee, Lease, Description [Line Items]              
Number of distribution centers | distribution_center   125          
Number of leased distribution centers | distribution_center   117          
Lease not yet commenced, commencement period   3 months          
Lease not yet commenced, lease term   3 years          
Operating leases, rent expense     $ 118.1        
Lease contract term 10 years            
Number of lease contract renewals | renewal 2            
Term of lease contract renewal 5 years            
Proceeds from sale leaseback transaction, net $ 9.1            
Deferred gain on sale leaseback transaction $ 5.4            
Stockholders' equity   $ 583.1 543.1 $ 536.2   $ 549.7  
Cumulative Effect, Period of Adoption, Adjustment              
Lessee, Lease, Description [Line Items]              
Stockholders' equity     2.7 (0.3)      
Accumulated Earnings (Deficit)              
Lessee, Lease, Description [Line Items]              
Stockholders' equity   (1.4) (8.5) (35.3)   $ 6.4  
Accumulated Earnings (Deficit) | Cumulative Effect, Period of Adoption, Adjustment              
Lessee, Lease, Description [Line Items]              
Stockholders' equity     $ 2.7 $ (0.3)      
Joint Owner of Principal Owner              
Lessee, Lease, Description [Line Items]              
Subleases agreements, number of properties exited | numberOfProperties         27    
Joint Owner of Principal Owner | UWW Holdings Inc              
Lessee, Lease, Description [Line Items]              
Percentage of voting interest sold             60.00%
Number of properties transferred to related party | numberOfProperties             40
Sublease agreements, number of properties | numberOfProperties             38
Real Estate              
Lessee, Lease, Description [Line Items]              
Finance and operating lease payments due   467.8          
Operating lease not yet commenced   10.2          
Non-Real Estate              
Lessee, Lease, Description [Line Items]              
Finance and operating lease payments due   $ 78.2          
v3.20.4
Leases - Schedule of Lease Terms by Asset Category (Details)
 12 Months Ended
Dec. 31, 2020
Minimum | Real Estate  
Lessee, Lease, Description [Line Items]  
Lease term 3 years
Minimum | Delivery Equipment  
Lessee, Lease, Description [Line Items]  
Lease term 3 years
Minimum | Non-Real Estate  
Lessee, Lease, Description [Line Items]  
Lease term 3 years
Maximum | Real Estate  
Lessee, Lease, Description [Line Items]  
Lease term 10 years
Maximum | Delivery Equipment  
Lessee, Lease, Description [Line Items]  
Lease term 8 years
Maximum | Non-Real Estate  
Lessee, Lease, Description [Line Items]  
Lease term 5 years
v3.20.4
Leases - Schedule of Components of Lease Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Leases [Abstract]    
Short-term lease expense $ 2.3 $ 7.1
Operating lease expense 111.8 113.9
Finance lease expense:    
Amortization of right-of-use assets 14.7 10.8
Interest expense 3.0 2.3
Total finance lease expense 17.7 13.1
Total Lease Cost $ 131.8 $ 134.1
v3.20.4
Leases - Schedule of Supplemental Balance Sheet and Other Information (Details) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Operating Leases:    
Operating lease right-of-use assets $ 351.7 $ 429.2
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] us-gaap:OtherAssetsNoncurrent us-gaap:OtherAssetsNoncurrent
Operating lease obligations - current $ 81.9 $ 90.5
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] us-gaap:OtherAccruedLiabilitiesCurrent us-gaap:OtherAccruedLiabilitiesCurrent
Operating lease obligations - non-current $ 307.4 $ 376.6
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] us-gaap:OtherLiabilitiesNoncurrent us-gaap:OtherLiabilitiesNoncurrent
Total operating lease obligations $ 389.3 $ 467.1
Weighted-average remaining lease term in years 6 years 1 month 6 days 6 years 7 months 6 days
Weighted-average discount rate 4.70% 4.60%
Finance Leases:    
Finance lease right-of-use assets $ 76.6 $ 76.6
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
Finance Lease, Liability, Current $ 13.4 $ 11.5
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] us-gaap:DebtCurrent us-gaap:DebtCurrent
Finance lease obligations - non-current $ 68.9 $ 69.2
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] us-gaap:LongTermDebtAndCapitalLeaseObligations us-gaap:LongTermDebtAndCapitalLeaseObligations
Total finance lease obligations $ 82.3 $ 80.7
Weighted-average remaining lease term in years 7 years 1 month 6 days 7 years 9 months 18 days
Weighted-average discount rate 3.70% 3.40%
v3.20.4
Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Operating cash flows from operating leases    
Operating cash flows from operating leases $ 111.1 $ 109.5
Finance Leases:    
Operating cash flows from finance leases 3.0 2.3
Financing cash flows from finance leases $ 13.0 $ 9.1
v3.20.4
Leases - Schedule of Future Minimum Operating and Finance Lease Payments (Details) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Finance Leases    
2021 $ 16.0  
2022 15.5  
2023 13.2  
2024 11.4  
2025 10.6  
Thereafter 27.7  
Total future minimum lease payments 94.4  
Amount representing interest (12.1)  
Total future minimum lease payments, net of interest 82.3 $ 80.7
Operating Leases    
2021 98.3  
2022 83.4  
2023 63.1  
2024 53.0  
2025 42.4  
Thereafter 111.4  
Total future minimum lease payments 451.6  
Amount representing interest (62.3)  
Total future minimum lease payments, net of interest 389.3 $ 467.1
Future sublease income $ (1.8)  
v3.20.4
Restructuring, Integration and Acquisition Charges - Narrative (Details)
$ in Millions
 3 Months Ended 12 Months Ended 66 Months Ended
Dec. 31, 2019
USD ($)
quarterlyInstallments
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Sep. 30, 2020
USD ($)
Jun. 30, 2020
USD ($)
Mar. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Sep. 30, 2019
USD ($)
Jun. 30, 2019
USD ($)
Mar. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
numberOfProperties
Dec. 31, 2020
USD ($)
years
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2019
USD ($)
Restructuring Cost and Reserve [Line Items]                              
Estimated percent reduction in salaried workforce     15.00%                 15.00%      
Restructuring charges, net     $ 11.8 $ 7.9 $ 32.5 $ 0.0 $ 11.9 $ 7.6 $ 6.9 $ 2.4   $ 52.2 $ 28.8 $ 21.3  
Withdrawal obligations $ 37.4   42.7       37.4         $ 42.7 37.4   $ 37.4
Multi-employer pension plans, settlement terms 80                     20      
2020 Restructuring Plan | Forecast                              
Restructuring Cost and Reserve [Line Items]                              
Prepayments made for restructuring   $ 4.1                          
Restructuring charges, net   $ 8.1                          
2020 Restructuring Plan | Minimum                              
Restructuring Cost and Reserve [Line Items]                              
Expected restructuring costs     77.0                 $ 77.0      
2020 Restructuring Plan | Maximum                              
Restructuring Cost and Reserve [Line Items]                              
Expected restructuring costs     101.0                 101.0      
2020 Restructuring Plan | Severance and Related Costs                              
Restructuring Cost and Reserve [Line Items]                              
Restructuring charges, net                       38.7      
Restructuring reserve $ 0.0   15.4       0.0         15.4 0.0   0.0
2020 Restructuring Plan | Severance and Related Costs | Minimum                              
Restructuring Cost and Reserve [Line Items]                              
Expected restructuring costs     52.0                 52.0      
2020 Restructuring Plan | Severance and Related Costs | Maximum                              
Restructuring Cost and Reserve [Line Items]                              
Expected restructuring costs     54.0                 54.0      
2020 Restructuring Plan | Real Estate Exit Costs | Minimum                              
Restructuring Cost and Reserve [Line Items]                              
Expected restructuring costs     11.0                 11.0      
2020 Restructuring Plan | Real Estate Exit Costs | Maximum                              
Restructuring Cost and Reserve [Line Items]                              
Expected restructuring costs     29.0                 29.0      
2020 Restructuring Plan | Inventory Related Costs                              
Restructuring Cost and Reserve [Line Items]                              
Expected restructuring costs     10.0                 10.0      
2020 Restructuring Plan | Inventory Related Costs | Cost of products sold                              
Restructuring Cost and Reserve [Line Items]                              
Expected restructuring costs     4.0                 4.0      
2020 Restructuring Plan | Other Direct Costs                              
Restructuring Cost and Reserve [Line Items]                              
Prepayments made for restructuring     8.1                        
Restructuring prepayments expensed during the period     1.1                        
Restructuring prepayments, remaining balance     7.0                 7.0      
Restructuring charges, net                       12.4      
Restructuring reserve 0.0   6.9       0.0         6.9 0.0   0.0
2020 Restructuring Plan | Other Direct Costs | Minimum                              
Restructuring Cost and Reserve [Line Items]                              
Expected restructuring costs     4.0                 4.0      
2020 Restructuring Plan | Other Direct Costs | Maximum                              
Restructuring Cost and Reserve [Line Items]                              
Expected restructuring costs     8.0                 8.0      
Exiting Brand Re-Distribution Business                              
Restructuring Cost and Reserve [Line Items]                              
Restructuring charges, net             5.4           10.8    
Veritiv Restructuring Plan                              
Restructuring Cost and Reserve [Line Items]                              
Gain on sale or exit of facility                     $ 12.9   (0.4) 15.0  
Number of properties disposed of | numberOfProperties                     3        
Veritiv Restructuring Plan | Severance and Related Costs                              
Restructuring Cost and Reserve [Line Items]                              
Restructuring charges, net                         9.1 3.3 32.4
Restructuring reserve 6.2   0.4       6.2       $ 4.7 0.4 6.2 4.7 6.2
Veritiv Restructuring Plan | Other Direct Costs                              
Restructuring Cost and Reserve [Line Items]                              
Restructuring charges, net                         20.3 22.3 90.5
Restructuring reserve 30.6   23.6       30.6       25.1 23.6 30.6 25.1 30.6
Veritiv Restructuring Plan | Exit of Facility                              
Restructuring Cost and Reserve [Line Items]                              
Restructuring charges, net                           11.2  
Veritiv Restructuring Plan | Total                              
Restructuring Cost and Reserve [Line Items]                              
Restructuring charges, net                         29.4    
Restructuring reserve 36.8   24.0       36.8       29.8 24.0 36.8 29.8 36.8
Withdrawal obligations     $ 20.0                 $ 20.0      
Print Segment Plan                              
Restructuring Cost and Reserve [Line Items]                              
Restructuring reserve 0.1           0.1           0.1   0.1
Print Segment Plan | Severance and Related Costs                              
Restructuring Cost and Reserve [Line Items]                              
Restructuring reserve $ 0.1           $ 0.1       $ 2.0   $ 0.1 $ 2.0 $ 0.1
v3.20.4
Restructuring, Integration and Acquisition Charges - Restructuring Liability (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended 66 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2019
Restructuring Reserve [Roll Forward]                        
Restructuring charges, net $ 11.8 $ 7.9 $ 32.5 $ 0.0 $ 11.9 $ 7.6 $ 6.9 $ 2.4 $ 52.2 $ 28.8 $ 21.3  
Print Segment Plan                        
Restructuring Reserve [Roll Forward]                        
Restructuring reserve, beginning balance       0.1         0.1      
Restructuring reserve, ending balance         0.1         0.1   $ 0.1
Severance and Related Costs | 2020 Restructuring Plan                        
Restructuring Reserve [Roll Forward]                        
Restructuring reserve, beginning balance       0.0         0.0      
Restructuring charges, net                 38.7      
Payments                 (23.3)      
Restructuring reserve, ending balance 15.4       0.0       15.4 0.0   0.0
Severance and Related Costs | Veritiv Restructuring Plan                        
Restructuring Reserve [Roll Forward]                        
Restructuring reserve, beginning balance       6.2       4.7 6.2 4.7    
Restructuring charges, net                   9.1 3.3 32.4
Payments                 (5.8) (7.6)    
Other non-cash items                 0.0      
Restructuring reserve, ending balance 0.4       6.2       0.4 6.2 4.7 6.2
Severance and Related Costs | Print Segment Plan                        
Restructuring Reserve [Roll Forward]                        
Restructuring reserve, beginning balance       0.1       2.0 0.1 2.0    
Payments                   (1.9)    
Restructuring reserve, ending balance         0.1         0.1 2.0 0.1
Other Direct Costs | 2020 Restructuring Plan                        
Restructuring Reserve [Roll Forward]                        
Restructuring reserve, beginning balance       0.0         0.0      
Restructuring charges, net                 12.4      
Payments                 (5.5)      
Restructuring reserve, ending balance 6.9       0.0       6.9 0.0   0.0
Other Direct Costs | Veritiv Restructuring Plan                        
Restructuring Reserve [Roll Forward]                        
Restructuring reserve, beginning balance       30.6       25.1 30.6 25.1    
Restructuring charges, net                   20.3 22.3 90.5
Payments                 (6.9) (14.8)    
Other non-cash items                 (0.1)      
Restructuring reserve, ending balance 23.6       30.6       23.6 30.6 25.1 30.6
Total | 2020 Restructuring Plan                        
Restructuring Reserve [Roll Forward]                        
Restructuring reserve, beginning balance       0.0         0.0      
Restructuring charges, net                 51.1      
Payments                 (28.8)      
Restructuring reserve, ending balance 22.3       0.0       22.3 0.0   0.0
Total | Veritiv Restructuring Plan                        
Restructuring Reserve [Roll Forward]                        
Restructuring charges, net                   28.8 10.6 84.9
Total | Veritiv Restructuring Plan                        
Restructuring Reserve [Roll Forward]                        
Restructuring reserve, beginning balance       $ 36.8       $ 29.8 36.8 29.8    
Restructuring charges, net                   29.4    
Payments                 (12.7) (22.4)    
Other non-cash items                 (0.1)      
Restructuring reserve, ending balance $ 24.0       $ 36.8       $ 24.0 $ 36.8 $ 29.8 $ 36.8
v3.20.4
Restructuring, Integration and Acquisition Charges - Schedule of Acquisition and Integration Expenses (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Restructuring Cost and Reserve [Line Items]      
Integration and acquisition expenses $ 0.0 $ 17.5 $ 31.8
UWW Holdings, Inc. XPEDX Merger      
Restructuring Cost and Reserve [Line Items]      
Integration management   10.4 17.3
Retention compensation   1.0 0.5
Information technology conversion costs   3.4 8.1
Legal, consulting and other professional fees   0.0 0.3
Other   1.9 3.5
All American Containers      
Restructuring Cost and Reserve [Line Items]      
Integration and acquisition expenses   $ 0.8 $ 2.1
v3.20.4
Restructuring, Integration and Acquisition Charges - Schedule of Restructuring Charges (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended 66 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2019
Restructuring Cost and Reserve [Line Items]                        
Restructuring charges, net $ 11.8 $ 7.9 $ 32.5 $ 0.0 $ 11.9 $ 7.6 $ 6.9 $ 2.4 $ 52.2 $ 28.8 $ 21.3  
Severance and Related Costs | Veritiv Restructuring Plan                        
Restructuring Cost and Reserve [Line Items]                        
Restructuring charges, net                   9.1 3.3 $ 32.4
Other Direct Costs | Veritiv Restructuring Plan                        
Restructuring Cost and Reserve [Line Items]                        
Restructuring charges, net                   20.3 22.3 90.5
(Gain) Loss on Sale of Assets and Other (non-cash portion) | Veritiv Restructuring Plan                        
Restructuring Cost and Reserve [Line Items]                        
Restructuring charges, net                   (0.6) (15.0) (38.0)
Total | Veritiv Restructuring Plan                        
Restructuring Cost and Reserve [Line Items]                        
Restructuring charges, net                   $ 28.8 $ 10.6 $ 84.9
v3.20.4
Restructuring, Integration and Acquisition Charges - Schedule of Multi-Employer Pension Plan Charges (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Restructuring Cost and Reserve [Line Items]                      
Restructuring charges, net $ 11.8 $ 7.9 $ 32.5 $ 0.0 $ 11.9 $ 7.6 $ 6.9 $ 2.4 $ 52.2 $ 28.8 $ 21.3
Distribution expenses                 273.6 346.9 398.0
Withdrawal from Multiemployer Defined Benefit Plan                      
Restructuring Cost and Reserve [Line Items]                      
Restructuring charges, net                 0.0 1.5 (2.8)
Distribution expenses       $ 7.1         7.2 6.6 11.2
Total Net Charges                 $ 7.2 $ 8.1 $ 8.4
v3.20.4
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]      
Goodwill $ 99.6 $ 99.6 $ 99.6
Amortization of intangible assets $ 4.8 $ 5.0 $ 6.9
v3.20.4
Goodwill and Other Intangible Assets - Changes in Goodwill (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Goodwill [Line Items]    
Gross goodwill beginning of period $ 480.6 $ 480.6
Accumulated impairment losses (381.0) (381.0)
Goodwill [Roll Forward]    
Net goodwill beginning of period 99.6 99.6
Goodwill acquired 0.0 0.0
Impairment of goodwill 0.0 0.0
Net goodwill end of period 99.6 99.6
Accumulated impairment losses (381.0) (381.0)
Gross goodwill end of period 480.6 480.6
Operating Segments | Packaging    
Goodwill [Line Items]    
Gross goodwill beginning of period 99.6 99.6
Accumulated impairment losses 0.0 0.0
Goodwill [Roll Forward]    
Net goodwill beginning of period 99.6 99.6
Goodwill acquired 0.0 0.0
Impairment of goodwill 0.0 0.0
Net goodwill end of period 99.6 99.6
Accumulated impairment losses 0.0 0.0
Gross goodwill end of period 99.6 99.6
Operating Segments | Facility Solutions    
Goodwill [Line Items]    
Gross goodwill beginning of period 59.0 59.0
Accumulated impairment losses (59.0) (59.0)
Goodwill [Roll Forward]    
Net goodwill beginning of period 0.0 0.0
Goodwill acquired 0.0 0.0
Impairment of goodwill 0.0 0.0
Net goodwill end of period 0.0 0.0
Accumulated impairment losses (59.0) (59.0)
Gross goodwill end of period 59.0 59.0
Operating Segments | Print    
Goodwill [Line Items]    
Gross goodwill beginning of period 265.4 265.4
Accumulated impairment losses (265.4) (265.4)
Goodwill [Roll Forward]    
Net goodwill beginning of period 0.0 0.0
Goodwill acquired 0.0 0.0
Impairment of goodwill 0.0 0.0
Net goodwill end of period 0.0 0.0
Accumulated impairment losses (265.4) (265.4)
Gross goodwill end of period 265.4 265.4
Operating Segments | Publishing    
Goodwill [Line Items]    
Gross goodwill beginning of period 50.5 50.5
Accumulated impairment losses (50.5) (50.5)
Goodwill [Roll Forward]    
Net goodwill beginning of period 0.0 0.0
Goodwill acquired 0.0 0.0
Impairment of goodwill 0.0 0.0
Net goodwill end of period 0.0 0.0
Accumulated impairment losses (50.5) (50.5)
Gross goodwill end of period 50.5 50.5
Corporate & Other    
Goodwill [Line Items]    
Gross goodwill beginning of period 6.1 6.1
Accumulated impairment losses (6.1) (6.1)
Goodwill [Roll Forward]    
Net goodwill beginning of period 0.0 0.0
Goodwill acquired 0.0 0.0
Impairment of goodwill 0.0 0.0
Net goodwill end of period 0.0 0.0
Accumulated impairment losses (6.1) (6.1)
Gross goodwill end of period $ 6.1 $ 6.1
v3.20.4
Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Finite-Lived Intangible Assets, Net [Abstract]    
Gross Carrying Amount $ 71.5 $ 71.5
Accumulated Amortization 24.1 19.3
Net 47.4 52.2
Customer relationships    
Finite-Lived Intangible Assets, Net [Abstract]    
Gross Carrying Amount 67.7 67.7
Accumulated Amortization 20.3 15.5
Net 47.4 52.2
Trademarks/Trade names    
Finite-Lived Intangible Assets, Net [Abstract]    
Gross Carrying Amount 3.8 3.8
Accumulated Amortization 3.8 3.8
Net $ 0.0 $ 0.0
v3.20.4
Goodwill and Other Intangible Assets - Future Amortization (Details)
$ in Millions
Dec. 31, 2020
USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]  
2021 $ 4.8
2022 4.8
2023 4.8
2024 4.8
2025 $ 4.8
v3.20.4
Debt - Long-Term Debt Obligations (Details) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Debt Instrument [Line Items]    
Current portion of debt $ 14.7 $ 12.6
Finance leases 82.3 80.7
Total debt 603.8 755.0
Less: current portion of debt (14.7) (12.6)
Long-term debt, net of current portion 589.1 742.4
Line of Credit | Asset-Based Lending Facility (the "ABL Facility")    
Debt Instrument [Line Items]    
Asset-Based Lending Facility (the "ABL Facility") 520.2 673.2
Commercial card program    
Debt Instrument [Line Items]    
Current portion of debt $ 1.3 $ 1.1
v3.20.4
Debt - Narrative (Details) - USD ($)
 12 Months Ended
Apr. 09, 2020
Sep. 13, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Apr. 08, 2020
Line of Credit Facility [Line Items]            
Amortization and write-off of deferred financing fees     $ 2,100,000 $ 2,600,000 $ 2,600,000  
Commercial card, maximum credit limit     37,500,000      
Commercial card program payable     $ 14,700,000 $ 12,600,000    
Interest Rate Cap            
Line of Credit Facility [Line Items]            
Derivative notional amount   $ 350,000,000.0        
Variable interest rate spread   2.75%        
Cost of interest rate cap contract   $ 600,000        
Line of Credit | Asset-Based Lending Facility (the "ABL Facility")            
Line of Credit Facility [Line Items]            
Maximum borrowing capacity $ 1,100,000,000         $ 1,400,000,000
Minimum fixed charge coverage ratio     100.00%      
Remaining borrowing capacity     $ 341,900,000      
Outstanding letters of credit     $ 12,100,000      
Weighted average interest rate     2.90% 3.40% 4.60%  
One-time charge to interest expense 600,000          
Deferred financing costs $ 3,400,000          
Line of Credit | Asset-Based Lending Facility (the "ABL Facility") | Interest Expense            
Line of Credit Facility [Line Items]            
Amortization and write-off of deferred financing fees     $ 2,100,000 $ 2,600,000 $ 2,600,000  
Line of Credit | U.S. Borrowers Line of Credit | Asset-Based Lending Facility (the "ABL Facility")            
Line of Credit Facility [Line Items]            
Maximum borrowing capacity     1,100,000,000      
Line of Credit | Canadian Borrower Line of Credit | Asset-Based Lending Facility (the "ABL Facility")            
Line of Credit Facility [Line Items]            
Maximum borrowing capacity     $ 150,000,000      
v3.20.4
Income Taxes - Domestic (United States) and Foreign components of Net Income Before Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income Tax Disclosure [Abstract]      
Domestic (U.S.) $ 30.8 $ (50.5) $ (16.7)
Foreign 12.2 21.7 6.5
Income (loss) before income taxes $ 43.0 $ (28.8) $ (10.2)
v3.20.4
Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Current Provision:      
U.S. Federal $ 4.7 $ 0.7 $ 0.8
U.S. State 3.9 0.5 1.2
Foreign 2.0 2.2 1.5
Total current income tax expense 10.6 3.4 3.5
Deferred, net:      
U.S. Federal (2.6) (4.8) 0.4
U.S. State (0.4) 0.0 0.6
Foreign 1.2 2.1 1.0
Total deferred, net (1.8) (2.7) 2.0
Provision for income tax expense $ 8.8 $ 0.7 $ 5.5
v3.20.4
Income Taxes - Reconciliation of Federal Statutory Rate and the Effective Tax Rate (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Income (loss) before income taxes $ 43.0 $ (28.8) $ (10.2)
Statutory U.S. income tax rate 21.00% 21.00% 21.00%
Tax expense (benefit) using statutory U.S. income tax rate $ 9.0 $ (6.0) $ (2.1)
Foreign income tax rate differential 0.6 0.6 0.7
State tax (net of federal benefit) 2.6 0.3 1.4
Non-deductible expenses 2.3 2.4 2.7
Global Intangible Low Taxed Income (1.5) 2.8 1.4
TRA (3.7) (0.1) (0.3)
Tax credits (1.9) (1.1) (1.0)
Impact of U.S. Tax Act (Federal and State) 0.0 0.0 1.3
Impact of CARES Act (2.4) 0.0 0.0
Stock compensation vesting 2.1 1.3 1.7
Foreign taxes 1.6 0.9 0.6
Bad debt 0.0 (0.9) 0.0
Other 0.1 0.2 (0.4)
Provision for income tax expense $ 8.8 $ 0.7 $ 5.5
Effective income tax rate 20.50% (2.40%) (53.90%)
U.S. Federal and State      
Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Change in valuation allowance $ 0.0 $ 0.0 $ (0.1)
Foreign      
Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Change in valuation allowance $ 0.0 $ 0.3 $ (0.4)
v3.20.4
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2018
Dec. 31, 2018
Dec. 31, 2020
Dec. 31, 2019
Operating Loss Carryforwards [Line Items]        
Income tax expense as result of the Tax Cuts and Jobs Act $ 31.5      
Income tax expense due to remeasurement of deferred taxes 24.0      
Income tax expense due to one time transition tax $ 7.5      
Deferred tax liability not recognized, undistributed earnings of foreign subsidiaries     $ 18.7  
Federal tax authority        
Operating Loss Carryforwards [Line Items]        
Deferred tax assets, net     50.0 $ 47.1
Operating loss carryforwards     109.0  
State tax authority        
Operating Loss Carryforwards [Line Items]        
Operating loss carryforwards     95.6  
Non-U.S.        
Operating Loss Carryforwards [Line Items]        
Deferred tax assets, net     10.0 $ 9.9
Operating loss carryforwards     $ 18.1  
Accumulated Earnings (Deficit)        
Operating Loss Carryforwards [Line Items]        
Adoption impact - Accounting Standards Update 2016-02   $ 0.8    
Accumulated Other Comprehensive Loss        
Operating Loss Carryforwards [Line Items]        
Adoption impact - Accounting Standards Update 2016-02   $ (0.8)    
v3.20.4
Income Taxes - Deferred Income Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
U.S.    
Deferred income tax assets:    
Accrued compensation $ 39.4 $ 32.9
Finance leases 10.8 10.2
Lease obligations 90.2 108.4
Net operating losses and credit carryforwards 27.8 35.4
Allowance for credit losses and doubtful accounts, respectively 12.3 11.4
Other 8.3 13.7
Gross deferred income tax assets 188.8 212.0
Less valuation allowance (1.3) (2.4)
Total deferred tax asset 187.5 209.6
Deferred income tax liabilities:    
Property and equipment, net (26.6) (25.6)
Lease assets (82.9) (101.4)
Inventory reserve (17.9) (28.7)
Other (10.1) (6.8)
Total deferred tax liability (137.5) (162.5)
Net deferred income tax asset 50.0 47.1
Non-U.S.    
Deferred income tax assets:    
Accrued compensation 3.6 2.7
Finance leases 9.9 9.0
Lease obligations 12.1 12.5
Net operating losses and credit carryforwards 4.6 7.7
Allowance for credit losses and doubtful accounts, respectively 0.2 0.1
Other 1.0 0.6
Gross deferred income tax assets 31.4 32.6
Less valuation allowance (1.0) (2.4)
Total deferred tax asset 30.4 30.2
Deferred income tax liabilities:    
Property and equipment, net (8.8) (8.1)
Lease assets (11.6) (12.2)
Inventory reserve 0.0 0.0
Other 0.0 0.0
Total deferred tax liability (20.4) (20.3)
Net deferred income tax asset $ 10.0 $ 9.9
v3.20.4
Income Taxes - Schedule of Valuation Allowance (Details) - Valuation Allowance of Deferred Tax Assets - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Valuation Allowance [Roll Forward]    
Beginning balance $ 4.8 $ 8.4
Additions 0.0 1.5
Subtractions (2.7) (5.0)
Currency translation adjustments 0.2 (0.1)
Ending balance 2.3 4.8
U.S.    
Valuation Allowance [Roll Forward]    
Beginning balance 2.4 5.1
Additions 0.0 1.1
Subtractions (1.1) (3.8)
Currency translation adjustments 0.0 0.0
Ending balance 1.3 2.4
Non-U.S.    
Valuation Allowance [Roll Forward]    
Beginning balance 2.4 3.3
Additions 0.0 0.4
Subtractions (1.6) (1.2)
Currency translation adjustments 0.2 (0.1)
Ending balance $ 1.0 $ 2.4
v3.20.4
Related Party Transactions - Narrative (Details)
shares in Thousands, $ in Millions
 1 Months Ended
Nov. 19, 2020
USD ($)
shares
Sep. 25, 2018
USD ($)
shares
Jul. 01, 2014
Demand_Registration
shares
Dec. 31, 2020
USD ($)
Jan. 31, 2020
USD ($)
Jan. 31, 2019
USD ($)
Jan. 31, 2018
USD ($)
UWW Holdings, LLC              
Related Party Transaction [Line Items]              
Registration rights agreement, period demand rights commence following distribution date     180 days        
Registration rights agreement, maximum demand registration in 150 day period | Demand_Registration     1        
Registration rights agreement, maximum demand registration in 365 day period | Demand_Registration     2        
Registration rights agreement, material transaction, period allowed to delay registration in 360 day period     120 days        
Merger utilization of operating losses, percentage of tax savings payable to affiliate     85.00%        
UWW Holdings, Inc. XPEDX Merger              
Related Party Transaction [Line Items]              
Business acquisition, equity issued (in shares) | shares     7,840        
Final settlement payment for Tax Receivable Agreement       $ 12.0      
Tax Receivable Agreement | UWW Holdings, LLC | UWW Holdings, LLC              
Related Party Transaction [Line Items]              
Final settlement payment for Tax Receivable Agreement       $ 12.0      
Payments for utilization of pre-merger NOL         $ 0.3 $ 8.1 $ 10.1
UWW Holdings, LLC              
Related Party Transaction [Line Items]              
Transaction-related costs $ 0.2 $ 0.2          
Percentage of Veritiv outstanding common stock owned       8.70%      
UWW Holdings, LLC | Public Stock Offering              
Related Party Transaction [Line Items]              
Shares sold in offering (in shares) | shares 1,400            
UWW Holdings, LLC | Block Trade              
Related Party Transaction [Line Items]              
Shares sold in offering (in shares) | shares   1,500          
v3.20.4
Related Party Transactions - Financial Impact (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Related Party Transaction [Line Items]      
Sales to Georgia-Pacific, reflected in net sales $ 19.7 $ 23.4 $ 28.0
Inventories 465.4 552.9  
Related party payable 0.0 4.3  
Related party receivable 0.0 2.8  
Georgia-Pacific      
Related Party Transaction [Line Items]      
Inventories 0.0 11.4  
Related party payable 0.0 4.3  
Related party receivable 0.0 2.8  
Georgia-Pacific | Net sales      
Related Party Transaction [Line Items]      
Sales to Georgia-Pacific, reflected in net sales 19.7 23.4 28.0
Georgia-Pacific | Cost of products sold      
Related Party Transaction [Line Items]      
Purchases of inventory from Georgia-Pacific, recognized in cost of products sold $ 55.6 $ 85.2 $ 146.5
v3.20.4
Employee Benefit Plans - Narrative (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2019
USD ($)
quarterlyInstallments
Dec. 31, 2020
USD ($)
numberOfWithdrawals
Sep. 30, 2020
USD ($)
Jun. 30, 2020
USD ($)
Mar. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Sep. 30, 2019
USD ($)
Jun. 30, 2019
USD ($)
monthlyInstallments
Mar. 31, 2019
USD ($)
Sep. 30, 2018
USD ($)
Dec. 31, 2020
USD ($)
years
numberOfWithdrawals
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]                          
Contributions                     $ 9.3 $ 19.9 $ 20.6
Maximum contractual term                     15 years    
Deferred compensation, percentage of base salary deferred (up to)                     85.00%    
Decrease in projected benefit obligations                         21.6
Settlement gain (loss)                         (0.9)
Multiemployer plan, period contributions                     $ 2.0 2.4 3.0
Withdrawal obligations $ 37.4 $ 42.7       $ 37.4         $ 42.7 37.4  
Multi-employer pension plans, settlement terms 80                   20    
Restructuring charges, net   $ 11.8 $ 7.9 $ 32.5 $ 0.0 11.9 $ 7.6 $ 6.9 $ 2.4   $ 52.2 28.8 21.3
Multi-employer plans, number of withdrawals determined | numberOfWithdrawals   6                 6    
Multi-employer plans, number of distributions settled with lump-sum | numberOfWithdrawals   2                 2    
20 Years                          
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]                          
Multi-employer pension plans, settlement terms | years                     20    
Multi-employer plans, number of distributions not settled | numberOfWithdrawals   3                 3    
Nine Months                          
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]                          
Multi-employer plans, number of distributions not settled | numberOfWithdrawals   1                 1    
U.S.                          
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]                          
Decrease in projected benefit obligations                     $ 3.6 0.0  
Settlement gain (loss)                     (0.0) 0.0 (1.1)
Estimated future employer contributions   $ 0.1                 0.1    
Canada                          
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]                          
Decrease in projected benefit obligations                     0.0 0.0  
Settlement gain (loss)                     (0.1) 0.0 (0.1)
Estimated future employer contributions   0.4                 $ 0.4    
Minimum                          
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]                          
Installment payment period                     2 years    
Maximum                          
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]                          
Installment payment period                     10 years    
Withdrawal from Multiemployer Defined Benefit Plan                          
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]                          
Withdrawal expense                     $ 7.2 8.1 8.4
Restructuring charges, net                     0.0 1.5 (2.8)
Payments made for accrued withdrawal liability                     1.9 2.0 3.1
Withdrawal from Multiemployer Defined Benefit Plan | Western Pennsylvania Teamsters and Employers Pension Plan | Multiemployer plans, pension                          
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]                          
Withdrawal obligations   6.5           6.5     6.5    
Withdrawal from Multiemployer Defined Benefit Plan | Western Pennsylvania Teamsters and Employers Pension Plan | Multiemployer plans, pension | Complete Withdrawal                          
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]                          
Withdrawal obligations   $ 7.1                 $ 7.1    
Withdrawal from Multiemployer Defined Benefit Plan | Central States | Multiemployer plans, pension                          
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]                          
Withdrawal obligations                         12.0
Reduction of withdrawal obligation               (0.4)   $ (2.7)     $ (2.7)
Withdrawal from Multiemployer Defined Benefit Plan | Central States | Multiemployer plans, pension | Partial Withdrawal                          
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]                          
Withdrawal obligations               $ 7.7          
Multi-employer pension plans, settlement terms | monthlyInstallments               240          
Withdrawal from Multiemployer Defined Benefit Plan | Central States | Multiemployer plans, pension | Complete Withdrawal                          
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]                          
Withdrawal obligations               $ 12.0          
Multi-employer pension plans, settlement terms | monthlyInstallments               240          
Withdrawal from Multiemployer Defined Benefit Plan | Local 169 MEPP | Multiemployer plans, pension                          
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]                          
Withdrawal obligations $ 1.8         $ 1.8   $ 1.8       $ 1.8  
v3.20.4
Employee Benefit Plans - Deferred Compensation Liability (Details) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]    
Other non-current liabilities $ 19.7 $ 21.1
Total liabilities 23.8 24.8
Other accrued liabilities    
Defined Benefit Plan Disclosure [Line Items]    
Other accrued liabilities 4.1 3.7
Other non-current liabilities    
Defined Benefit Plan Disclosure [Line Items]    
Other non-current liabilities $ 19.7 $ 21.1
v3.20.4
Employee Benefit Plans - Change Benefit Obligation and Funded Status (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Change in projected benefit obligation:      
Settlements     $ (21.6)
U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Accumulated benefit obligation, end of year $ 68.6 $ 65.4  
Change in projected benefit obligation:      
Benefit obligation, beginning of year 65.4 64.1  
Service cost 1.3 1.1  
Interest cost 1.6 2.1 2.5
Actuarial (gain) loss 4.3 1.3  
Benefits paid (0.4) (3.2)  
Settlements (3.6) 0.0  
Foreign exchange adjustments 0.0 0.0  
Projected benefit obligation, end of year 68.6 65.4 64.1
Change in plan assets:      
Plan assets, beginning of year 59.2 52.1  
Employer contributions 0.1 0.0  
Investment returns 8.9 11.1  
Benefits paid (0.4) (3.2)  
Administrative expenses paid (0.8) (0.8)  
Settlements (3.6) 0.0  
Foreign exchange adjustments 0.0 0.0  
Plan assets, end of year 63.4 59.2 52.1
Underfunded status, end of year (5.2) (6.2)  
Canada      
Defined Benefit Plan Disclosure [Line Items]      
Accumulated benefit obligation, end of year 89.0 81.9  
Change in projected benefit obligation:      
Benefit obligation, beginning of year 87.6 75.3  
Service cost 0.4 0.3  
Interest cost 2.4 2.9 2.7
Actuarial (gain) loss 7.4 8.8  
Benefits paid (4.6) (3.7)  
Settlements 0.0 0.0  
Foreign exchange adjustments 2.1 4.0  
Projected benefit obligation, end of year 95.3 87.6 75.3
Change in plan assets:      
Plan assets, beginning of year 77.8 65.9  
Employer contributions 0.4 1.0  
Investment returns 6.7 11.2  
Benefits paid (4.6) (3.7)  
Administrative expenses paid 0.0 0.0  
Settlements 0.0 0.0  
Foreign exchange adjustments 1.7 3.4  
Plan assets, end of year 82.0 77.8 $ 65.9
Underfunded status, end of year $ (13.3) $ (9.8)  
v3.20.4
Employee Benefit Plans - Balance Sheet Positions (Details) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
U.S.    
Defined Benefit Plan Disclosure [Line Items]    
Other accrued liabilities $ 0.1 $ 0.1
Defined benefit pension obligations 5.1 6.1
Net liability recognized 5.2 6.2
Net loss, net of tax 0.2 0.7
Canada    
Defined Benefit Plan Disclosure [Line Items]    
Other accrued liabilities 0.2 0.2
Defined benefit pension obligations 13.1 9.6
Net liability recognized 13.3 9.8
Net loss, net of tax $ 8.9 $ 5.5
v3.20.4
Employee Benefit Plans - Net Periodic Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]      
Settlement loss     $ 0.9
U.S.      
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]      
Service cost $ 2.1 $ 1.9 2.0
Interest cost 1.6 2.1 2.5
Expected return on plan assets (3.9) (3.4) (5.2)
Settlement loss 0.0 0.0 1.1
Amortization of net loss 0.0 0.0 0.0
Total other components (2.3) (1.3) (1.6)
Net periodic benefit cost (credit) (0.2) 0.6 0.4
Net loss (gain) during year, net of tax (0.5) (4.7) 2.2
Canada      
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]      
Service cost 0.4 0.3 0.3
Interest cost 2.4 2.9 2.7
Expected return on plan assets (3.9) (3.7) (3.9)
Settlement loss 0.1 0.0 0.1
Amortization of net loss 0.2 0.2 0.3
Total other components (1.2) (0.6) (0.8)
Net periodic benefit cost (credit) (0.8) (0.3) (0.5)
Net loss (gain) during year, net of tax $ 3.4 $ 0.8 $ (1.4)
v3.20.4
Employee Benefit Plans - Fair Value Hierarchy of Plan Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets $ 63.4 $ 59.2 $ 52.1
U.S. | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 59.6 59.2  
U.S. | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 3.8 0.0  
U.S. | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 0.0  
U.S. | Equity securities      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 35.2 36.0  
U.S. | Equity securities | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 35.2 36.0  
U.S. | Equity securities | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 0.0  
U.S. | Equity securities | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 0.0  
U.S. | Fixed income securities      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 23.8 23.1  
U.S. | Fixed income securities | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 23.8 23.1  
U.S. | Fixed income securities | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 0.0  
U.S. | Fixed income securities | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 0.0  
U.S. | Hedge Fund-of-Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 3.8    
U.S. | Hedge Fund-of-Funds | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0    
U.S. | Hedge Fund-of-Funds | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 3.8    
U.S. | Hedge Fund-of-Funds | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0    
U.S. | Cash and short-term securities      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.6 0.1  
U.S. | Cash and short-term securities | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.6 0.1  
U.S. | Cash and short-term securities | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 0.0  
U.S. | Cash and short-term securities | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 0.0  
Canada      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 82.0 77.8 $ 65.9
Canada | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 1.1 0.6  
Canada | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 0.0  
Canada | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 0.0  
Canada | Equity securities      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets $ 53.9 $ 52.1  
Defined Benefit Plan, Plan Assets, Fair Value by Hierarchy and NAV [Extensible List] us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember  
Canada | Fixed income securities      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets $ 27.0 $ 25.1  
Defined Benefit Plan, Plan Assets, Fair Value by Hierarchy and NAV [Extensible List] us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember  
Canada | Hedge Fund-of-Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets $ 0.0    
Canada | Cash and short-term securities      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 1.1 $ 0.6  
Canada | Cash and short-term securities | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 1.1 0.6  
Canada | Cash and short-term securities | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 0.0  
Canada | Cash and short-term securities | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets $ 0.0 $ 0.0  
v3.20.4
Employee Benefit Plans - Weighted-Average Asset Allocations (Details) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets $ 63.4 $ 59.2 $ 52.1
U.S. | Equity securities      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets $ 35.2 $ 36.0  
U.S. | Equity securities | Minimum      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets target allocation 45.00% 55.00%  
U.S. | Equity securities | Maximum      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets target allocation 60.00% 75.00%  
U.S. | Fixed income securities      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets $ 23.8 $ 23.1  
U.S. | Fixed income securities | Minimum      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets target allocation 30.00% 20.00%  
U.S. | Fixed income securities | Maximum      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets target allocation 50.00% 40.00%  
U.S. | Hedge Fund-of-Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets $ 3.8    
U.S. | Hedge Fund-of-Funds | Minimum      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets target allocation 0.00%    
U.S. | Hedge Fund-of-Funds | Maximum      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets target allocation 10.00%    
U.S. | Cash and short-term securities      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets $ 0.6 $ 0.1  
U.S. | Cash and short-term securities | Minimum      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets target allocation 0.00% 0.00%  
U.S. | Cash and short-term securities | Maximum      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets target allocation 5.00% 10.00%  
Canada      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets $ 82.0 $ 77.8 $ 65.9
Canada | Equity securities      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets $ 53.9 $ 52.1  
Canada | Equity securities | Minimum      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets target allocation 50.00% 50.00%  
Canada | Equity securities | Maximum      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets target allocation 70.00% 70.00%  
Canada | Fixed income securities      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets $ 27.0 $ 25.1  
Canada | Fixed income securities | Minimum      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets target allocation 30.00% 30.00%  
Canada | Fixed income securities | Maximum      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets target allocation 50.00% 50.00%  
Canada | Hedge Fund-of-Funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets $ 0.0    
Canada | Hedge Fund-of-Funds | Minimum      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets target allocation 0.00%    
Canada | Hedge Fund-of-Funds | Maximum      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets target allocation 0.00%    
Canada | Cash and short-term securities      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets $ 1.1 $ 0.6  
Canada | Cash and short-term securities | Minimum      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets target allocation 0.00% 0.00%  
Canada | Cash and short-term securities | Maximum      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets target allocation 5.00% 5.00%  
v3.20.4
Employer Benefit Plans - Significant Weighted-Average Assumptions (Details)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
U.S.      
Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]      
Discount rate 2.15% 2.98% 4.01%
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]      
Discount rate 2.98% 4.01% 3.47%
Expected long-term rate of return on assets 7.15% 7.15% 7.15%
Interest crediting rate 2.73% 5.00% 5.00%
Canada      
Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]      
Discount rate 2.50% 3.10% 3.90%
Rate of compensation increases 3.00% 3.00% 3.00%
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]      
Discount rate 3.10% 3.90% 3.40%
Rate of compensation increases 3.00% 3.00% 3.00%
Expected long-term rate of return on assets 5.25% 5.50% 5.50%
v3.20.4
Employee Benefit Plans - Expected Future Benefit Payments (Details)
$ in Millions
Dec. 31, 2020
USD ($)
U.S.  
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]  
2021 $ 5.1
2022 4.1
2023 4.0
2024 3.9
2025 4.0
2026 – 2030 18.6
Canada  
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]  
2021 2.9
2022 3.1
2023 3.3
2024 3.5
2025 3.7
2026 – 2030 $ 20.8
v3.20.4
Employee Benefit Plans - Multiemployer Plans (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2020
USD ($)
collective_bargaining_unit
Sep. 30, 2020
USD ($)
Jun. 30, 2020
USD ($)
Mar. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Sep. 30, 2019
USD ($)
Jun. 30, 2019
USD ($)
Mar. 31, 2019
USD ($)
Dec. 31, 2020
USD ($)
collective_bargaining_unit
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Multiemployer Plans [Line Items]                      
Restructuring charges, net $ 11.8 $ 7.9 $ 32.5 $ 0.0 $ 11.9 $ 7.6 $ 6.9 $ 2.4 $ 52.2 $ 28.8 $ 21.3
Distribution expenses                 273.6 346.9 398.0
Withdrawal obligations $ 42.7       37.4       42.7 37.4  
Veritiv's contributions, significant plans                 1.6 1.9 2.5
Veritiv's contributions, insignificant plans                 0.4 0.5 0.5
Total contributions                 $ 2.0 2.4 3.0
Western Conference of Teamsters Pension Trust Fund                      
Multiemployer Plans [Line Items]                      
Multiemployer Plan, Pension, Significant, Employer Identification Number                 916145047    
Multiemployer Plan, Pension, Significant, Plan Number                 001    
Multiemployer Plan, Pension, Significant, Certified Zone Status [Fixed List]                 Green    
Multiemployer Plan, Pension, Significant, Funding Improvement or Rehabilitation Plan, Implementation Status [Fixed List]                 No    
Veritiv's contributions, significant plans                 $ 1.1 1.3 1.6
Number of participating collective bargaining units | collective_bargaining_unit 8               8    
Number of participating collective bargaining units under negotiations | collective_bargaining_unit 0               0    
Multiemployer Plan, Pension, Significant, Surcharge [Fixed List]                 No    
Multiemployer Plan, Pension, Significant, Collective-Bargaining Arrangement, Expiration Date                 Oct. 31, 2023    
Central States, Southeast & Southwest Areas Pension Fund                      
Multiemployer Plans [Line Items]                      
Multiemployer Plan, Pension, Significant, Employer Identification Number                 366044243    
Multiemployer Plan, Pension, Significant, Plan Number                 001    
Multiemployer Plan, Pension, Significant, Certified Zone Status [Fixed List]                 Red    
Multiemployer Plan, Pension, Significant, Funding Improvement or Rehabilitation Plan, Implementation Status [Fixed List]                 Implemented    
Veritiv's contributions, significant plans                 $ 0.0 0.0 0.2
Multiemployer Plan, Pension, Significant, Surcharge [Fixed List]                 Yes    
Multiemployer Plan, Pension, Significant, Collective-Bargaining Arrangement, Expiration Date                 Dec. 31, 2018    
Teamsters Pension Plan of Philadelphia & Vicinity                      
Multiemployer Plans [Line Items]                      
Multiemployer Plan, Pension, Significant, Employer Identification Number                 231511735    
Multiemployer Plan, Pension, Significant, Plan Number                 001    
Multiemployer Plan, Pension, Significant, Certified Zone Status [Fixed List]                 Yellow    
Multiemployer Plan, Pension, Significant, Funding Improvement or Rehabilitation Plan, Implementation Status [Fixed List]                 Implemented    
Veritiv's contributions, significant plans                 $ 0.4 0.4 0.4
Multiemployer Plan, Pension, Significant, Surcharge [Fixed List]                 Yes    
Multiemployer Plan, Pension, Significant, Collective-Bargaining Arrangement, Expiration Date                 Jul. 31, 2021    
Western Pennsylvania Teamsters and Employers Pension Plan                      
Multiemployer Plans [Line Items]                      
Multiemployer Plan, Pension, Significant, Employer Identification Number                 256029946    
Multiemployer Plan, Pension, Significant, Plan Number                 001    
Multiemployer Plan, Pension, Significant, Certified Zone Status [Fixed List]                 Red    
Multiemployer Plan, Pension, Significant, Funding Improvement or Rehabilitation Plan, Implementation Status [Fixed List]                 Implemented    
Veritiv's contributions, significant plans                 $ 0.1 0.2 0.3
Multiemployer Plan, Pension, Significant, Surcharge [Fixed List]                 Yes    
Multiemployer Plan, Pension, Significant, Collective-Bargaining Arrangement, Expiration Date                 Dec. 31, 2020    
Other accrued liabilities                      
Multiemployer Plans [Line Items]                      
Withdrawal obligations $ 1.8       1.9       $ 1.8 1.9  
Other non-current liabilities                      
Multiemployer Plans [Line Items]                      
Withdrawal obligations $ 42.7       $ 37.4       42.7 37.4  
Withdrawal from Multiemployer Defined Benefit Plan                      
Multiemployer Plans [Line Items]                      
Restructuring charges, net                 0.0 1.5 (2.8)
Distribution expenses       $ 7.1         7.2 6.6 11.2
Total Net Charges                 $ 7.2 $ 8.1 $ 8.4
v3.20.4
Fair Value Measurements - Narrative (Details)
 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Mar. 19, 2020
USD ($)
Dec. 11, 2019
USD ($)
Dec. 26, 2018
USD ($)
Jul. 01, 2014
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2020
USD ($)
Mar. 31, 2020
USD ($)
Dec. 31, 2020
USD ($)
numberOfProperties
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Aug. 31, 2017
USD ($)
Business Acquisition [Line Items]                        
Goodwill         $ 99,600,000 $ 99,600,000   $ 99,600,000 $ 99,600,000 $ 99,600,000 $ 99,600,000  
Number of properties sold | numberOfProperties               2        
Gain (loss) on sale of properties and lease termination               $ 8,300,000        
Gain (loss) on termination of lease               1,100,000        
Long-lived asset impairment charges                 500,000 0 400,000  
UWW Holdings, Inc. XPEDX Merger                        
Business Acquisition [Line Items]                        
Fair value of contingent liability associated with the Tax Receivable Agreement       $ 59,400,000                
Final settlement payment for Tax Receivable Agreement         12,000,000.0              
Level 3 | Contingent Liability | UWW Holdings, Inc. XPEDX Merger                        
Business Acquisition [Line Items]                        
Fair value adjustment                 (19,100,000) 300,000    
Contingent liability payment                 12,300,000 7,800,000    
Earn Out Payment | All American Containers                        
Business Acquisition [Line Items]                        
Final settlement payment for Tax Receivable Agreement             $ 1,000,000.0   1,000,000.0 13,100,000 $ (12,300,000)  
Contingent liability                       $ 22,200,000
Contingent consideration range of outcomes high value                       50,000,000.0
Maximum contingent consideration paid on an annual basis                       $ 25,000,000.0
Contingent consideration payment   $ 20,000,000.0 $ 2,500,000                  
Earn Out Payment | Level 3 | All American Containers                        
Business Acquisition [Line Items]                        
Final settlement payment for Tax Receivable Agreement                 1,000,000.0      
Fair value adjustment                   13,100,000    
Contingent liability payment $ 3,500,000               3,500,000 20,000,000.0    
Tax Receivable Agreement | UWW Holdings, Inc. XPEDX Merger                        
Business Acquisition [Line Items]                        
Fair value adjustment           (20,100,000)            
Veritiv Restructuring Plan                        
Business Acquisition [Line Items]                        
Assets held for sale         $ 400,000 $ 400,000   $ 400,000 $ 400,000 $ 10,100,000    
v3.20.4
Fair Value Measurements - Contingent Liability (Details) - Contingent Liability - UWW Holdings, Inc. XPEDX Merger - Level 3 - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance $ 31.4 $ 38.9
Change in fair value adjustment recorded in other (income) expense, net (19.1) 0.3
Principal payment (12.3) (7.8)
Ending balance $ 0.0 $ 31.4
v3.20.4
Fair Value Measurements - Contingent Consideration Rollforward (Details) - Earn Out Payment - All American Containers - Level 3 - USD ($)
$ in Millions
 12 Months Ended
Mar. 19, 2020
Dec. 31, 2020
Dec. 31, 2019
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Beginning balance   $ 2.5 $ 9.4
Change in fair value adjustment recorded in other (income) expense, net     13.1
Contingent liability payment $ (3.5) (3.5) (20.0)
Ending balance   $ 0.0 $ 2.5
v3.20.4
Supplementary Financial Statement Information - Other Current Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Other Current Assets:    
Rebates receivable $ 44.5 $ 51.1
Prepaid expenses 46.9 32.9
Value Added Tax receivable 11.1 13.7
Vendor Deposits 5.3 5.7
Other 11.7 22.7
Other current assets $ 119.5 $ 126.1
v3.20.4
Supplementary Financial Statement Information - Other Non-Current Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Other Non-Current Assets:    
Operating lease right-of-use assets $ 351.7 $ 429.2
Deferred financing costs 5.4 4.1
Investments in real estate joint ventures 7.3 7.1
Other 13.9 14.4
Other non-current assets $ 378.3 $ 454.8
v3.20.4
Supplementary Financial Statement Information - Accrued Payroll and Benefits (Details) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Accrued Payroll and Benefits:    
Accrued incentive plans $ 43.9 $ 24.7
Accrued commissions 17.1 17.0
Accrued payroll and related taxes 16.6 8.8
Other 3.0 3.4
Accrued payroll and benefits $ 80.6 $ 53.9
v3.20.4
Supplementary Financial Statement Information - Other Accrued Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Other Accrued Liabilities:    
Operating lease obligations - current $ 81.9 $ 90.5
Accrued customer incentives 20.0 21.1
Accrued freight 7.8 9.0
Accrued taxes 18.8 9.0
Escheat audit accrual 0.0 0.4
Accrued professional fees 1.6 3.4
Other 52.1 47.6
Other accrued liabilities 182.2 183.8
All American Containers    
Other Accrued Liabilities:    
Contingent liability 0.0 2.5
Tax Receivable Agreement    
Other Accrued Liabilities:    
Contingent liability $ 0.0 $ 0.3
v3.20.4
Supplementary Financial Statement Information - Other Non-Current Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Other Non-Current Liabilities:    
Operating lease obligations - non-current $ 307.4 $ 376.6
MEPP withdrawals 42.7 37.4
Deferred compensation 19.7 21.1
Other 25.4 19.1
Other non-current liabilities 395.2 485.3
Tax Receivable Agreement    
Other Non-Current Liabilities:    
Contingent liability $ 0.0 $ 31.1
v3.20.4
Earnings (Loss) Per Share - Schedule of Earnings Per Share Basic and Diluted (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Numerator:                      
Net income (loss) $ 32.0 $ 21.1 $ (18.5) $ (0.4) $ 3.4 $ 5.1 $ (11.3) $ (26.7) $ 34.2 $ (29.5) $ (15.7)
Denominator:                      
Weighted-average shares outstanding - basic (in shares) 15,890 15,890 15,910 16,160 16,100 16,100 16,090 15,940 15,960 16,060 15,820
Weighted-average shares outstanding - diluted (in shares) 16,800 16,210 15,910 16,160 16,400 16,240 16,090 15,940 16,480 16,060 15,820
Earnings (loss) per share:                      
Basic earnings (loss) per share (usd per share) $ 2.01 $ 1.33 $ (1.16) $ (0.02) $ 0.21 $ 0.32 $ (0.70) $ (1.68) $ 2.14 $ (1.84) $ (0.99)
Diluted earnings (loss) per share (usd per share) $ 1.90 $ 1.30 $ (1.16) $ (0.02) $ 0.21 $ 0.31 $ (0.70) $ (1.68) $ 2.08 $ (1.84) $ (0.99)
Antidilutive stock-based awards excluded from computation of diluted earnings per share (in shares)                 280 1,170 1,320
Performance stock-based awards excluded from computation of diluted earnings per share because performance conditions have not been met (in shares)                 80 330 260
v3.20.4
Earnings (Loss) Per Share - Schedule of Incentive Plan Shares Issued (Details) - shares
shares in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Earnings Per Share [Abstract]      
Shares issued during period (in shares) 0.3 0.3 0.3
Shares recovered for minimum tax withholding (in shares) (0.1) (0.1) (0.1)
Net shares issued (in shares) 0.2 0.2 0.2
v3.20.4
Shareholders' Equity - Narrative (Details)
 3 Months Ended 12 Months Ended
Nov. 19, 2020
shares
Sep. 25, 2018
shares
Mar. 31, 2020
USD ($)
shares
Dec. 31, 2020
USD ($)
vote
shares
Mar. 16, 2020
USD ($)
Dec. 31, 2019
shares
Class of Stock [Line Items]            
Common stock votes per share owned (in votes per share) | vote       1    
Preferred stock, shares authorized (in shares)       10,000,000.0   10,000,000.0
Preferred stock, shares issued (in shares)       0   0
Share repurchase program, authorized amount | $         $ 25,000,000  
Shares repurchased (in shares)     383,972      
Shares repurchased, value | $     $ 3,500,000 $ 3,500,000    
UWW Holdings, LLC | Public Stock Offering            
Class of Stock [Line Items]            
Shares sold in offering (in shares) 1,400,000          
UWW Holdings, LLC | Block Trade            
Class of Stock [Line Items]            
Shares sold in offering (in shares)   1,500,000        
v3.20.4
Shareholders' Equity - Schedule of Other Comprehensive Income Included (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance $ 536.2 $ 543.1 $ 549.7
Unrealized net gains (losses) arising during the period (1.9) 9.5  
Amounts reclassified from AOCL 1.5 (1.9)  
Other comprehensive income (loss) (0.4) 7.6 (6.4)
Ending balance 583.1 536.2 543.1
Foreign currency translation adjustments      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (26.6) (30.3)  
Unrealized net gains (losses) arising during the period 2.1 4.7  
Amounts reclassified from AOCL 0.3 (1.0)  
Other comprehensive income (loss) 2.4 3.7  
Ending balance (24.2) (26.6) (30.3)
Retirement liabilities      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (6.2) (10.1)  
Unrealized net gains (losses) arising during the period (3.9) 5.2  
Amounts reclassified from AOCL 1.0 (1.3)  
Other comprehensive income (loss) (2.9) 3.9  
Ending balance (9.1) (6.2) (10.1)
Interest rate cap      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (0.3) (0.3)  
Unrealized net gains (losses) arising during the period (0.1) (0.4)  
Amounts reclassified from AOCL 0.2 0.4  
Other comprehensive income (loss) 0.1 0.0  
Ending balance (0.2) (0.3) (0.3)
AOCL      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (33.1) (40.7) (33.5)
Other comprehensive income (loss) (0.4) 7.6 (6.4)
Ending balance $ (33.5) $ (33.1) $ (40.7)
v3.20.4
Long-Term Incentive Compensation Plans - Narrative (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2020
USD ($)
tranche
$ / shares
shares
Dec. 31, 2019
USD ($)
shares
Dec. 31, 2018
USD ($)
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation expense $ 17.7 $ 14.6 $ 18.1
Income tax benefit related to stock-based compensation 4.6 3.8 4.7
Employee service share-based compensation, unrecognized compensation expense 16.1    
Cash-Based Performance Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation expense $ 6.5    
Share-based compensation, percent of target award (not to exceed) 200.00%    
Share-based compensation, percent of target award, financial metrics (not to exceed) 180.00%    
Adjustment based on TSR relative to applicable peer group 20.00%    
Income tax benefit related to stock-based compensation $ 1.7    
Cash-Based Performance Units | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Adjustment based on TSR relative to applicable peer group (20.00%)    
Cash-Based Performance Units | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Adjustment based on TSR relative to applicable peer group 20.00%    
Omnibus Incentive Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of shares authorized (in shares) | shares 3,080,000.00    
Number of shares available for grant (in shares) | shares 1,000,000.00    
Omnibus Incentive Plan | Non-Employee Director      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation expense $ 1.0 $ 1.0 1.1
Omnibus Incentive Plan | Deferred Share Units (DSUs) | Non-Employee Director      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Deferred compensation arrangement, number of shares issued per award 1    
Deferred compensation arrangement with individual, shares outstanding (in shares) | shares 34,600 51,900  
Deferred compensation arrangement with individual, fair value of shares outstanding $ 1.0 $ 1.4  
Omnibus Incentive Plan | Restricted Stock Units (RSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation, fair value of awards vested in period $ 4.3 $ 3.8 $ 3.2
Granted (in shares) | shares 352,000 160,000 228,000
Omnibus Incentive Plan | Restricted Stock Units (RSUs) | Period One      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation, award vesting period 3 years    
Omnibus Incentive Plan | Restricted Stock Units (RSUs) | Period Two      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation, award vesting period 4 years    
Share-based compensation, award vesting percentage 25.00%    
Omnibus Incentive Plan | Performance Condition Stock Units (PCSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation, award vesting period 3 years    
Share-based compensation, fair value of awards vested in period $ 3.6 $ 6.7 $ 5.8
Share-based compensation, percent of target award (not to exceed) 200.00%    
Share-based compensation arrangement, number of tranches | tranche 3    
Granted (in shares) | shares   392,000 323,000
Omnibus Incentive Plan | Market Condition Performance Stock Units (MCPSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation, award vesting period 3 years    
Share-based compensation, fair value of awards vested in period   $ 2.7 $ 1.4
Share-based compensation, percent of target award (not to exceed) 200.00%    
Share-based compensation arrangement, number of tranches | tranche 3    
Share-based compensation, expected volatility rate   53.60% 45.50%
Share-based compensation, risk free interest rate   2.50% 2.00%
Granted (in shares) | shares 0 235,000 194,000
Percent target award final payout 0.00%    
Employee service share-based compensation, unrecognized compensation expense, period of recognition 2 years    
Omnibus Incentive Plan | Market Condition Performance Stock Units (MCPSUs) | Period One      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation, award vesting period 1 year    
Omnibus Incentive Plan | Market Condition Performance Stock Units (MCPSUs) | Period Two      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation, award vesting period 2 years    
Omnibus Incentive Plan | Market Condition Performance Stock Units (MCPSUs) | Period Three      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation, award vesting period 3 years    
Omnibus Incentive Plan | Cash-Based Performance Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation, award vesting period 3 years    
Share-based compensation, award vesting percentage 50.00%    
Share-based compensation, percent of target award (not to exceed) 200.00%    
Granted (in shares) | shares 11,863,000    
Share price (usd per share) | $ / shares $ 1.00    
Standard tax rate utilized on award compensation 26.00%    
v3.20.4
Long-Term Incentive Compensation Plans - Activity of Non-Vested Restricted Stock Units (Details) - Omnibus Incentive Plan - Restricted Stock Units (RSUs) - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Number of Awards      
Non-vested at beginning of period (in shares) 369 398 249
Granted (in shares) 352 160 228
Vested (in shares) (99) (102) (65)
Forfeited (in shares) (66) (87) (14)
Non-vested at end of period (in shares) 556 369 398
Weighted-Average Grant Date Fair Value Per Share      
Non-vested at beginning of period (usd per share) $ 32.00 $ 35.88 $ 45.43
Granted (usd per share) 18.59 24.70 29.69
Vested (usd per share) 43.48 37.53 50.03
Forfeited (usd per share) 22.69 29.96 39.01
Non-vested at end of period (usd per share) $ 22.59 $ 32.00 $ 35.88
v3.20.4
Long-Term Incentive Compensation Plans - Activity of Non-Vested PCSUs (Details) - Omnibus Incentive Plan - Performance Condition Stock Units (PCSUs) - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Number of Awards      
Non-vested at beginning of period (in shares) 645 627 454
Granted (in shares)   392 323
Shares gained based on actual performance (in shares) 183   7
Shares lost based on actual performance (in shares)   (112)  
Vested (in shares) (102) (174) (122)
Forfeited (in shares) (139) (88) (35)
Non-vested at end of period (in shares) 587 645 627
Weighted-Average Grant Date Fair Value Per Share      
Non-vested at beginning of period (usd per share) $ 25.10 $ 32.59 $ 40.87
Granted (usd per share)   21.39 24.62
Shares gained based on actual performance (usd per share) 19.67   24.62
Shares lost based on actual performance (usd per share)   21.39  
Vested (usd per share) 35.70 38.36 47.37
Forfeited (usd per share) 28.26 25.30 34.57
Non-vested at end of period (usd per share) $ 23.06 $ 25.10 $ 32.59
v3.20.4
Long-Term Incentive Compensation Plans - Activity of Non-Vested MCPSUs (Details) - Omnibus Incentive Plan - Market Condition Performance Stock Units (MCPSUs) - $ / shares
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Number of Awards      
Non-vested at beginning of period (in shares) 274,000 308,000 193,000
Granted (in shares) 0 235,000 194,000
Shares lost based on actual performance (in shares) (110,000) (153,000) (35,000)
Vested (in shares) 0 (64,000) (23,000)
Forfeited (in shares) (144,000) (52,000) (21,000)
Non-vested at end of period (in shares) 20,000 274,000 308,000
Weighted-Average Grant Date Fair Value Per Share      
Non-vested at beginning of period (usd per share) $ 40.81 $ 46.74 $ 56.23
Granted (usd per share)   31.41 37.76
Shares lost based on actual performance (usd per share) 34.35 31.41 37.76
Vested (usd per share) 0 42.12 62.53
Forfeited (usd per share) 58.89 40.93 49.66
Non-vested at end of period (usd per share) $ 34.35 $ 40.81 $ 46.74
v3.20.4
Long-Term Incentive Compensation Plans - Activity of Non-Vested PBUs (Details) - Omnibus Incentive Plan - Cash-Based Performance Units
shares in Thousands
 12 Months Ended
Dec. 31, 2020
$ / shares
shares
Number of Awards  
Non-vested at beginning of period (in shares) | shares 0
Granted (in shares) | shares 11,863
PBUs gained based on actual performance (in shares) | shares 1,056
Vested (in shares) | shares 0
Forfeited (in shares) | shares (1,306)
Non-vested at end of period (in shares) | shares 11,613
Weighted-Average Grant Date Fair Value Per Share  
Non-vested at beginning of period (usd per share) | $ / shares $ 0
Granted (usd per share) | $ / shares 1.00
Shares gained based on actual performance (usd per share) | $ / shares 1.00
Vested (usd per share) | $ / shares 0
Forfeited (usd per share) | $ / shares 1.00
Non-vested at end of period (usd per share) | $ / shares $ 1.00
v3.20.4
Commitments and Contingencies (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2019
USD ($)
quarterlyInstallments
Dec. 31, 2020
USD ($)
years
Jun. 30, 2019
USD ($)
Loss Contingencies [Line Items]      
Withdrawal obligations $ 37.4 $ 42.7  
Multi-employer pension plans, settlement terms 80 20  
Withdrawal from Multiemployer Defined Benefit Plan | Western Pennsylvania Teamsters and Employers Pension Plan | Multiemployer plans, pension      
Loss Contingencies [Line Items]      
Withdrawal obligations   $ 6.5 $ 6.5
Withdrawal from Multiemployer Defined Benefit Plan | Western Pennsylvania Teamsters and Employers Pension Plan | Multiemployer plans, pension | Complete Withdrawal      
Loss Contingencies [Line Items]      
Withdrawal obligations   $ 7.1  
v3.20.4
Segment and Other Information - Net Sales by Reportable Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Segment Reporting Information [Line Items]                      
Net sales $ 1,642.3 $ 1,591.2 $ 1,404.8 $ 1,707.3 $ 1,835.2 $ 1,924.5 $ 1,958.2 $ 1,941.5 $ 6,345.6 $ 7,659.4 $ 8,696.2
Adjusted EBITDA for reportable segments                
Depreciation and amortization                 57.7 53.5 53.5
Restructuring charges, net $ 11.8 $ 7.9 $ 32.5 $ 0.0 $ 11.9 $ 7.6 $ 6.9 $ 2.4 52.2 28.8 21.3
Operating Segments                      
Segment Reporting Information [Line Items]                      
Net sales                 6,240.7 7,530.7 8,554.7
Adjusted EBITDA for reportable segments                 388.1 341.1 364.3
Depreciation and amortization                 38.2 34.8 35.6
Restructuring charges, net                 44.9 23.1 20.9
Operating Segments | Packaging                      
Segment Reporting Information [Line Items]                      
Net sales                 3,316.7 3,446.3 3,547.1
Adjusted EBITDA for reportable segments                 300.0 243.5 246.7
Depreciation and amortization                 22.5 18.9 19.2
Restructuring charges, net                 16.0 10.3 4.7
Operating Segments | Facility Solutions                      
Segment Reporting Information [Line Items]                      
Net sales                 922.3 1,181.8 1,311.7
Adjusted EBITDA for reportable segments                 41.6 33.1 29.0
Depreciation and amortization                 7.9 7.0 6.8
Restructuring charges, net                 5.1 14.7 3.4
Operating Segments | Print                      
Segment Reporting Information [Line Items]                      
Net sales                 1,458.2 2,104.6 2,676.7
Adjusted EBITDA for reportable segments                 33.7 43.1 64.0
Depreciation and amortization                 7.6 8.4 8.8
Restructuring charges, net                 23.8 7.2 12.1
Operating Segments | Publishing                      
Segment Reporting Information [Line Items]                      
Net sales                 543.5 798.0 1,019.2
Adjusted EBITDA for reportable segments                 12.8 21.4 24.6
Depreciation and amortization                 0.2 0.5 0.8
Restructuring charges, net                 0.0 (9.1) 0.7
Corporate & Other                      
Segment Reporting Information [Line Items]                      
Net sales                 104.9 128.7 141.5
Adjusted EBITDA for reportable segments                 (200.5) (185.2) (178.9)
Depreciation and amortization                 19.5 18.7 17.9
Restructuring charges, net                 $ 7.3 $ 5.7 $ 0.4
v3.20.4
Segment and Other Information - Operating Profit by Reportable Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Segment Reporting Information [Line Items]                      
Net income (loss) $ 32.0 $ 21.1 $ (18.5) $ (0.4) $ 3.4 $ 5.1 $ (11.3) $ (26.7) $ 34.2 $ (29.5) $ (15.7)
Interest expense, net                 25.1 38.1 42.3
Income tax expense (benefit)                 8.8 0.7 5.5
Depreciation and amortization                 57.7 53.5 53.5
Restructuring charges, net $ 11.8 $ 7.9 $ 32.5 0.0 $ 11.9 $ 7.6 $ 6.9 $ 2.4 52.2 28.8 21.3
Facility closure charges, including (gain) loss from asset disposition                 (3.7) 0.0 0.0
Stock-based compensation                 17.7 14.6 18.1
LIFO reserve (decrease) increase                 (1.5) (3.7) 19.9
Non-restructuring asset impairment charges                 0.0 0.0 0.4
Non-restructuring severance charges                 4.1 8.4 4.9
Non-restructuring pension charges, net                 7.2 6.6 11.3
Integration and acquisition expenses                 0.0 17.5 31.8
Escheat audit contingent liability                 (0.2) 3.7 2.5
Other                 4.1 3.8 3.1
Adjusted EBITDA for reportable segments                
Tax Receivable Agreement                      
Segment Reporting Information [Line Items]                      
Fair value adjustment on contingent liability                 (19.1) 0.3 (1.2)
All American Containers                      
Segment Reporting Information [Line Items]                      
Integration and acquisition expenses                   0.8 2.1
Corporate & Other                      
Segment Reporting Information [Line Items]                      
Depreciation and amortization                 19.5 18.7 17.9
Restructuring charges, net                 7.3 5.7 0.4
Adjusted EBITDA for reportable segments                 (200.5) (185.2) (178.9)
Operating Segments                      
Segment Reporting Information [Line Items]                      
Depreciation and amortization                 38.2 34.8 35.6
Restructuring charges, net                 44.9 23.1 20.9
Adjusted EBITDA for reportable segments                 388.1 341.1 364.3
Earn Out Payment | All American Containers                      
Segment Reporting Information [Line Items]                      
Fair value adjustment on contingent liability       $ 1.0         $ 1.0 $ 13.1 $ (12.3)
v3.20.4
Segment and Other Information - Assets by Reportable Segment (Details) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Segment Reporting Information [Line Items]    
Total assets $ 2,335.0 $ 2,511.1
Operating Segments | Packaging    
Segment Reporting Information [Line Items]    
Total assets 1,332.9 1,290.2
Operating Segments | Facility Solutions    
Segment Reporting Information [Line Items]    
Total assets 314.7 324.4
Operating Segments | Print    
Segment Reporting Information [Line Items]    
Total assets 424.2 610.3
Operating Segments | Publishing    
Segment Reporting Information [Line Items]    
Total assets 104.7 123.9
Corporate & Other    
Segment Reporting Information [Line Items]    
Total assets $ 158.5 $ 162.3
v3.20.4
Segment and Other Information - Sales and Property and Equipment by Geographic Area (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Net sales $ 1,642.3 $ 1,591.2 $ 1,404.8 $ 1,707.3 $ 1,835.2 $ 1,924.5 $ 1,958.2 $ 1,941.5 $ 6,345.6 $ 7,659.4 $ 8,696.2
Property and equipment, net 194.7       216.9       194.7 216.9  
Operating lease right-of-use assets 351.7       429.2       351.7 429.2  
U.S.                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Net sales                 5,521.8 6,779.6 7,800.9
Property and equipment, net 149.4       174.3       149.4 174.3  
Operating lease right-of-use assets 311.8       383.4       311.8 383.4  
Canada                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Net sales                 650.9 699.4 712.7
Property and equipment, net 42.3       39.1       42.3 39.1  
Operating lease right-of-use assets 30.6       34.9       30.6 34.9  
Rest of world                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Net sales                 172.9 180.4 $ 182.6
Property and equipment, net 3.0       3.5       3.0 3.5  
Operating lease right-of-use assets $ 9.3       $ 10.9       $ 9.3 $ 10.9  
v3.20.4
Segment and Other Information - Narrative (Details)
 12 Months Ended
Dec. 31, 2020
Purchases | Supplier Concentration Risk | Ten Suppliers  
Segment Reporting Information [Line Items]  
Concentration risk 30.00%
v3.20.4
Quarterly Data (Unaudited) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]                      
Net sales $ 1,642.3 $ 1,591.2 $ 1,404.8 $ 1,707.3 $ 1,835.2 $ 1,924.5 $ 1,958.2 $ 1,941.5 $ 6,345.6 $ 7,659.4 $ 8,696.2
Cost of products sold 1,311.4 1,262.4 1,106.8 1,359.6 1,479.7 1,550.8 1,584.3 1,591.4 5,040.2 6,206.2 7,155.7
Net income (loss) $ 32.0 $ 21.1 $ (18.5) $ (0.4) $ 3.4 $ 5.1 $ (11.3) $ (26.7) $ 34.2 $ (29.5) $ (15.7)
Earnings (loss) per share: Basic and Diluted                      
Weighted-average shares outstanding - basic (in shares) 15,890 15,890 15,910 16,160 16,100 16,100 16,090 15,940 15,960 16,060 15,820
Weighted-average shares outstanding - diluted (in shares) 16,800 16,210 15,910 16,160 16,400 16,240 16,090 15,940 16,480 16,060 15,820
Basic earnings (loss) per share (usd per share) $ 2.01 $ 1.33 $ (1.16) $ (0.02) $ 0.21 $ 0.32 $ (0.70) $ (1.68) $ 2.14 $ (1.84) $ (0.99)
Diluted earnings (loss) per share (usd per share) $ 1.90 $ 1.30 $ (1.16) $ (0.02) $ 0.21 $ 0.31 $ (0.70) $ (1.68) $ 2.08 $ (1.84) $ (0.99)
v3.20.4
Quarterly Data (Unaudited) - Merger and Integration Expenses and Restructuring Charges (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]                      
Integration and acquisition expenses         $ 4.2 $ 4.5 $ 4.5 $ 4.3      
Restructuring charges, net $ 11.8 $ 7.9 $ 32.5 $ 0.0 $ 11.9 $ 7.6 $ 6.9 $ 2.4 $ 52.2 $ 28.8 $ 21.3
v3.20.4
Subsequent Events (Details) - USD ($)
Mar. 03, 2021
Mar. 16, 2020
Subsequent Event [Line Items]    
Share repurchase program, authorized amount   $ 25,000,000
Subsequent Event    
Subsequent Event [Line Items]    
Share repurchase program, authorized amount $ 50,000,000