VERITIV CORP, 10-Q filed on 11/5/2020
Quarterly Report
v3.20.2
Cover Page - shares
 9 Months Ended
Sep. 30, 2020
Oct. 30, 2020
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 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 Q3  
Amendment Flag false  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 46-3234977  
Entity Address, Address Line One 1000 Abernathy Road NE  
Entity Address, Address Line Two Building 400, Suite 1700  
Entity Address, City or Town Atlanta,  
Entity Address, State or Province GA  
Entity Address, Postal Zip Code 30328  
City Area Code 770  
Local Phone Number 391-8200  
Title of 12(b) Security Common stock, $0.01 par value  
Trading Symbol VRTV  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   15,893,575
v3.20.2
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Income Statement [Abstract]        
Net sales (including sales to related party of $4.8, $5.7, $16.5 and $17.3, respectively) $ 1,591.2 $ 1,924.5 $ 4,703.3 $ 5,824.2
Cost of products sold (including purchases from related party of $15.0, $20.0, $47.0 and $66.2, respectively) (exclusive of depreciation and amortization shown separately below) 1,262.4 1,550.8 3,728.8 4,726.5
Distribution expenses 100.6 124.9 323.9 387.3
Selling and administrative expenses 177.4 204.3 545.4 631.6
Depreciation and amortization 15.0 13.3 43.1 39.5
Integration expenses 0.0 4.5 0.0 13.3
Restructuring charges, net 7.9 7.6 40.4 16.9
Operating income (loss) 27.9 19.1 21.7 9.1
Interest expense, net 5.5 8.9 19.7 30.5
Other (income) expense, net 1.4 (2.5) 0.0 11.3
Income (loss) before income taxes 21.0 12.7 2.0 (32.7)
Income tax expense (benefit) (0.1) 7.6 (0.2) 0.2
Net income (loss) $ 21.1 $ 5.1 $ 2.2 $ (32.9)
Earnings (loss) per share:        
Basic earnings (loss) per share (in dollars per share) $ 1.33 $ 0.32 $ 0.14 $ (2.05)
Diluted earnings (loss) per share (in dollars per share) $ 1.30 $ 0.31 $ 0.14 $ (2.05)
Weighted-average shares outstanding:        
Basic (in shares) 15,890 16,100 15,990 16,040
Diluted (in shares) 16,210 16,240 16,180 16,040
v3.20.2
Condensed Consolidated Statements of Operations (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Income Statement [Abstract]        
Sales to related party $ 4.8 $ 5.7 $ 16.5 $ 17.3
Purchases from related party $ 15.0 $ 20.0 $ 47.0 $ 66.2
v3.20.2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 21.1 $ 5.1 $ 2.2 $ (32.9)
Other comprehensive income (loss):        
Foreign currency translation adjustments 3.8 (2.2) (6.0) 1.5
Change in fair value of cash flow hedge, net of tax [1] 0.0 (0.3) 0.0 0.0
Pension liability adjustments, net of tax [1] 0.1 0.0 0.1 0.1
Other comprehensive income (loss) 3.9 (2.5) (5.9) 1.6
Total comprehensive income (loss) $ 25.0 $ 2.6 $ (3.7) $ (31.3)
[1] Amounts shown are net of tax impacts, which were not significant for the periods presented.
v3.20.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 112.5 $ 38.0
Accounts receivable, less allowances of $43.7 and $43.8, respectively 840.1 910.8
Related party receivable 2.4 2.8
Inventories 484.5 552.9
Other current assets 116.1 126.1
Total current assets 1,555.6 1,630.6
Property and equipment (net of accumulated depreciation and amortization of $366.9 and $342.6, respectively) 202.2 216.9
Goodwill 99.6 99.6
Other intangibles, net 48.6 52.2
Deferred income tax assets 57.2 57.0
Other non-current assets 396.4 454.8
Total assets 2,359.6 2,511.1
Current liabilities:    
Accounts payable 496.9 476.9
Related party payable 4.0 4.3
Accrued payroll and benefits 66.2 53.9
Other accrued liabilities 184.3 183.8
Current portion of debt 14.9 12.6
Total current liabilities 766.3 731.5
Long-term debt, net of current portion 591.0 742.4
Defined benefit pension obligations 14.1 15.7
Other non-current liabilities 445.4 485.3
Total liabilities 1,816.8 1,974.9
Commitments and contingencies (Note 12)
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 632.1 618.0
Accumulated (deficit) earnings (33.4) (35.3)
Accumulated other comprehensive loss (39.0) (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 542.8 536.2
Total liabilities and shareholders' equity $ 2,359.6 $ 2,511.1
v3.20.2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Assets    
Accounts receivable, allowances $ 43.7 $ 43.8
Property and equipment, accumulated depreciation and amortization $ 366.9 $ 342.6
Shareholders' equity:    
Preferred stock, par value (in dollars 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 (in dollars 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, shares (in shares) 700,000 300,000
v3.20.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating activities    
Net income (loss) $ 2.2 $ (32.9)
Depreciation and amortization 43.1 39.5
Amortization and write-off of deferred financing fees 1.8 1.9
Net losses (gains) on dispositions of property and equipment (8.1) (0.1)
Provision for expected credit losses and doubtful accounts, respectively 11.2 13.8
Deferred income tax provision (benefit) (0.6) (2.9)
Stock-based compensation 14.9 12.4
Other non-cash items, net 8.4 9.9
Changes in operating assets and liabilities    
Accounts receivable and related party receivable 58.1 193.1
Inventories 65.3 87.8
Other current assets 0.6 29.7
Accounts payable and related party payable 52.8 (84.8)
Accrued payroll and benefits 12.6 (5.9)
Other accrued liabilities 1.6 (0.4)
Other 16.8 9.4
Net cash provided by (used for) operating activities 280.7 270.5
Investing activities    
Property and equipment additions (19.8) (22.2)
Proceeds from asset sales 12.0 0.3
Net cash provided by (used for) investing activities (7.8) (21.9)
Financing activities    
Change in book overdrafts (30.1) 31.4
Borrowings of long-term debt 4,100.6 5,038.3
Repayments of long-term debt (4,252.0) (5,306.1)
Payments under right-of-use finance leases (9.5) (6.8)
Deferred financing fees (3.4) 0.0
Purchase of treasury stock (3.5) 0.0
Payments under Tax Receivable Agreement (0.3) (7.8)
Other (0.3) (2.4)
Net cash provided by (used for) financing activities (198.5) (253.4)
Effect of exchange rate changes on cash 0.1 (0.2)
Net change in cash and cash equivalents 74.5 (5.0)
Cash and cash equivalents at beginning of period 38.0 64.3
Cash and cash equivalents at end of period 112.5 59.3
Supplemental cash flow information    
Cash paid for income taxes, net of refunds 2.8 3.1
Cash paid for interest 17.2 28.1
Non-cash investing and financing activities    
Non-cash additions to property and equipment for right-of-use finance leases 13.4 9.8
Non-cash additions to other non-current assets for right-of-use operating leases $ 18.3 $ 107.7
v3.20.2
Condensed Consolidated Statements of Shareholders' Equity - USD ($)
shares in Millions, $ in Millions
Total
Cumulative Effect, Period of Adoption, Adjustment
Common Stock Issued
Additional Paid-in Capital
Accumulated (Deficit) Earnings
Accumulated (Deficit) Earnings
Cumulative Effect, Period of Adoption, Adjustment
AOCL
 [1]
Treasury Stock
Beginning balance (in shares) at Dec. 31, 2018     16.2         0.3
Beginning balance at Dec. 31, 2018 $ 543.1 $ 2.7 $ 0.2 $ 605.7 $ (8.5) $ 2.7 $ (40.7) $ (13.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) (26.7)       (26.7)      
Other comprehensive income (loss) 2.5           2.5  
Stock-based compensation 4.7     4.7        
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 (2.7)   $ 0.0 (2.7)        
Ending balance (in shares) at Mar. 31, 2019     16.4         0.3
Ending balance at Mar. 31, 2019 $ 523.6   $ 0.2 607.7 (32.5)   (38.2) $ (13.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Accounting Standards Update [Extensible List] us-gaap:AccountingStandardsUpdate201602Member              
Beginning balance (in shares) at Dec. 31, 2018     16.2         0.3
Beginning balance at Dec. 31, 2018 $ 543.1 2.7 $ 0.2 605.7 (8.5) 2.7 (40.7) $ (13.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) (32.9)              
Other comprehensive income (loss) 1.6              
Ending balance (in shares) at Sep. 30, 2019     16.4         0.3
Ending balance at Sep. 30, 2019 524.6   $ 0.2 615.8 (38.7)   (39.1) $ (13.6)
Beginning balance (in shares) at Mar. 31, 2019     16.4         0.3
Beginning balance at Mar. 31, 2019 523.6   $ 0.2 607.7 (32.5)   (38.2) $ (13.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) (11.3)       (11.3)      
Other comprehensive income (loss) 1.6           1.6  
Stock-based compensation 4.3     4.3        
Issuance of common stock, net of stock received for minimum tax withholdings (in shares)     0.0          
Issuance of common stock, net of stock received for minimum tax withholdings 0.5   $ 0.0 0.5        
Ending balance (in shares) at Jun. 30, 2019     16.4         0.3
Ending balance at Jun. 30, 2019 518.7   $ 0.2 612.5 (43.8)   (36.6) $ (13.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) 5.1       5.1      
Other comprehensive income (loss) (2.5)           (2.5)  
Stock-based compensation 3.4     3.4        
Issuance of common stock, net of stock received for minimum tax withholdings (in shares)     0.0          
Issuance of common stock, net of stock received for minimum tax withholdings (0.1)   $ 0.0 (0.1)        
Ending balance (in shares) at Sep. 30, 2019     16.4         0.3
Ending balance at Sep. 30, 2019 524.6   $ 0.2 615.8 (38.7)   (39.1) $ (13.6)
Beginning balance (in shares) at Dec. 31, 2019     16.4         0.3
Beginning balance at Dec. 31, 2019 536.2 (0.3) $ 0.2 618.0 (35.3) (0.3) (33.1) $ (13.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) (0.4)       (0.4)      
Other comprehensive income (loss) (14.0)           (14.0)  
Stock-based compensation 9.4     9.4        
Issuance of common stock, net of stock received for minimum tax withholdings (in shares)     0.1          
Issuance of common stock, net of stock received for minimum tax withholdings (0.6)   $ 0.0 (0.6)        
Treasury stock (in shares)               (0.4)
Treasury stock (3.5)             $ (3.5)
Ending balance (in shares) at Mar. 31, 2020     16.5         0.7
Ending balance at Mar. 31, 2020 $ 526.8   $ 0.2 626.8 (36.0)   (47.1) $ (17.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Accounting Standards Update [Extensible List] us-gaap:AccountingStandardsUpdate201613Member              
Beginning balance (in shares) at Dec. 31, 2019     16.4         0.3
Beginning balance at Dec. 31, 2019 $ 536.2 $ (0.3) $ 0.2 618.0 (35.3) $ (0.3) (33.1) $ (13.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) 2.2              
Other comprehensive income (loss) (5.9)              
Ending balance (in shares) at Sep. 30, 2020     16.6         0.7
Ending balance at Sep. 30, 2020 $ 542.8   $ 0.2 632.1 (33.4)   (39.0) $ (17.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Accounting Standards Update [Extensible List] us-gaap:AccountingStandardsUpdate201613Member              
Beginning balance (in shares) at Mar. 31, 2020     16.5         0.7
Beginning balance at Mar. 31, 2020 $ 526.8   $ 0.2 626.8 (36.0)   (47.1) $ (17.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) (18.5)       (18.5)      
Other comprehensive income (loss) 4.2           4.2  
Stock-based compensation 0.7     0.7        
Issuance of common stock, net of stock received for minimum tax withholdings (in shares)     0.1          
Issuance of common stock, net of stock received for minimum tax withholdings (0.2)   $ 0.0 (0.2)        
Ending balance (in shares) at Jun. 30, 2020     16.6         0.7
Ending balance at Jun. 30, 2020 513.0   $ 0.2 627.3 (54.5)   (42.9) $ (17.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) 21.1       21.1      
Other comprehensive income (loss) 3.9           3.9  
Stock-based compensation 4.8     4.8        
Issuance of common stock, net of stock received for minimum tax withholdings (in shares)     0.0          
Issuance of common stock, net of stock received for minimum tax withholdings 0.0   $ 0.0 0.0        
Ending balance (in shares) at Sep. 30, 2020     16.6         0.7
Ending balance at Sep. 30, 2020 $ 542.8   $ 0.2 $ 632.1 $ (33.4)   $ (39.0) $ (17.1)
[1] Accumulated other comprehensive loss.
v3.20.2
Business and Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 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 distributor of packaging, facility solutions, print and publishing products and services. Additionally, Veritiv provides logistics and supply chain management solutions to its customers. Veritiv was established in 2014, following the merger (the "Merger") of International Paper Company's xpedx distribution solutions business ("xpedx") and UWW Holdings, Inc. ("UWWH"), the parent company of Unisource Worldwide, Inc. ("Unisource"). Veritiv operates from approximately 140 distribution centers primarily throughout the United States ("U.S."), Canada and Mexico.

Basis of Presentation and Principles of Consolidation

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for a complete set of annual audited financial statements. The accompanying unaudited financial information should be read in conjunction with the Consolidated Financial Statements and Notes contained in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") for the year ended December 31, 2019. In the opinion of management, all adjustments, including normal recurring accruals and other adjustments, considered necessary for a fair presentation of the interim financial information have been included. The operating results for the interim periods are not necessarily indicative of results for the full year, particularly in light of the novel coronavirus ("COVID-19") pandemic and its effects on the domestic and global economies. These financial statements include all of the Company's subsidiaries. All significant intercompany transactions between Veritiv's businesses have been eliminated.

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 September 30, 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.

Use of Estimates

The preparation of unaudited financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses and certain financial statement disclosures. Estimates and assumptions are used for, but not limited to, revenue recognition, right-of-use ("ROU") asset and liability valuations, accounts and notes receivable valuations, inventory valuation, employee benefit plans, income tax contingency accruals and valuation allowances, multi-employer pension plan 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 net sales across all segments. As a result of the COVID-19 pandemic, the Company could 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, and to what extent normal economic and operating conditions can resume and be sustained. Even after the COVID-19 pandemic has subsided, the Company may experience an impact to its business as a result of any economic recession, downturn or volatility that has occurred or may occur in the future. Estimates are revised as additional information becomes available.
Accounting Pronouncements

Recently Adopted Accounting Standards

Effective January 1, 2020, the Company adopted Accounting Standards Update ("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 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.

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 industries 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 Facility Solutions segment could experience revenue declines and increases in delinquency rates attributable to changes in the travel industry and back-to-school activities. The Packaging segment’s performance could be negatively impacted by 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.

The components of the accounts receivable allowances were as follows:

(in millions)September 30, 2020December 31, 2019
Allowance for credit losses and doubtful accounts, respectively$33.0 $30.4 
Other allowances(1)
10.7 13.4 
Total accounts receivable allowances$43.7 $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 allowance for credit losses for the nine months ended September 30, 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)0.0 0.1 (0.1)(0.1)— 0.0 0.4 
Provision for expected credit losses2.1 0.0 2.6 0.3 0.3 0.0 1.3 0.2 0.1 6.9 
Write-offs charged against the allowance(1.8)0.0 (2.2)0.0 (0.1)— — — (0.1)(4.2)
Recoveries of amounts previously written off0.2 — 0.0 0.0 0.0 — 0.0 — 0.0 0.2 
Other adjustments(2)
— 0.0 (1.4)0.0 0.8 0.0 — (0.1)— (0.7)
Balance at September 30, 2020$14.8 $0.7 $10.7 $0.7 $2.0 $0.0 $2.5 $0.7 $0.9 $33.0 
(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.

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 Company adopted this ASU on January 1, 2020. The adoption did not materially impact its financial statement disclosures.

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 January 1, 2020 on a prospective basis. Capitalized amounts are reported on the Condensed Consolidated Balance Sheet as other non-current assets. The related periodic expense is reported as part of operating expenses on the Condensed Consolidated Statement of Operations and the corresponding cash flow impact is reported as part of operating activities on the Condensed Consolidated Statement of Cash Flows. 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

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 ASU is effective January 1, 2021; early adoption is permitted. The Company anticipates adopting this standard effective January 1, 2021, with no material impact to its overall financial statements.
v3.20.2
Revenue Recognition
 9 Months Ended
Sep. 30, 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 Condensed 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 its bill-and-hold arrangements. 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 bill-and-hold arrangements initially cover a 60 - 90 day period, but can be renewed by the customer.

As of September 30, 2020 and December 31, 2019, the Company recognized estimated inventory returns of approximately $1.5 million and $2.0 million, respectively, which are included in inventories on the Condensed Consolidated Balance Sheets. Additionally, the Company recognized customer contract liabilities related to its customer deposits for equipment sales and payments received for bill-and-hold arrangements, which are included in accounts payable on the Condensed Consolidated Balance Sheets.
See the table below for a summary of the changes to the customer contract liabilities for the nine months ended September 30, 2020 and 2019:

Customer Contract Liabilities
(in millions)20202019
Balance at January 1,$11.7 $17.7 
    Payments received36.5 35.2 
    Revenue recognized from beginning balance(11.4)(17.7)
    Revenue recognized from current year receipts(22.7)(22.4)
Balance at September 30,$14.1 $12.8 

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 Condensed 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 standard as well as custom and comprehensive packaging solutions for customers based in North America and in key global markets. The business is strategically focused on higher growth industries including light industrial/general manufacturing, food processing, fulfillment and internet retail, as well as niche verticals based on geographical and functional expertise. This segment also provides supply chain solutions, structural and graphic packaging design and engineering, automation, workflow and equipment services and kitting and fulfillment.

•Facility Solutions – The Facility Solutions segment sources and sells cleaning, break-room and other supplies such as towels, tissues, wipers and dispensers, can liners, commercial cleaning chemicals, soaps and sanitizers, sanitary maintenance supplies and equipment, safety and 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 13, Segment Information, for the disaggregation of revenue and other information related to the Company's reportable segments and Corporate & Other.
v3.20.2
Leases
 9 Months Ended
Sep. 30, 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 September 30, 2020, the Company operated from approximately 140 distribution centers of which approximately 130 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. Real estate leases generally carry lease terms of three years to ten years. Delivery equipment leases generally carry lease terms of three years to eight years and other non-real estate leases generally carry lease terms of three years to five years.

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 components of lease expense were as follows:
(in millions)Three Months Ended
September 30,		Nine Months Ended
September 30,
Lease ClassificationFinancial Statement Classification2020201920202019
Short-term lease expense(1)
Operating expenses$0.6 $1.7 $1.8 $5.8 
Operating lease expense(2)
Operating expenses$30.6 $29.6 $85.3 $84.3 
Finance lease expense:
Amortization of right-of-use assets
Depreciation and amortization$3.7 $2.7 $10.9 $7.6 
Interest expense
Interest expense, net0.7 0.6 2.2 1.6 
Total finance lease expense
$4.4 $3.3 $13.1 $9.2 
Total Lease Cost
$35.6 $34.6 $100.2 $99.3 
(1) Short-term lease expense is comprised of expenses related to leases with a term of twelve months or less, which includes expenses related to month-to-
month leases.
(2) Sublease income and variable lease expense are not included in the above table as the amounts were not significant for the periods presented.

Supplemental balance sheets and other information were as follows:
(in millions, except weighted-average data)September 30, 2020December 31, 2019
Lease ClassificationFinancial Statement Classification
Operating Leases:
Operating lease right-of-use assetsOther non-current assets$371.2 $429.2 
Operating lease obligations - currentOther accrued liabilities$84.3 $90.5 
Operating lease obligations - non-currentOther non-current liabilities324.8 376.6 
Total operating lease obligations
$409.1 $467.1 
Weighted-average remaining lease term in years6.26.6
Weighted-average discount rate4.7 %4.6 %
Finance Leases:
Finance lease right-of-use assetsProperty and equipment$77.8 $76.6 
Finance lease obligations - currentCurrent portion of debt$13.3 $11.5 
Finance lease obligations - non-currentLong-term debt, net of current portion70.0 69.2 
Total finance lease obligations
$83.3 $80.7 
Weighted-average remaining lease term in years7.27.8
Weighted-average discount rate3.6 %3.4 %
Cash paid for amounts included in the measurement of lease liabilities was as follows:
(in millions)Nine Months Ended September 30,
Lease ClassificationFinancial Statement Classification20202019
Operating Leases:
Operating cash flows from operating leases
Operating activities$83.7 $81.3 
Finance Leases:
Operating cash flows from finance leases
Operating activities$2.2 $1.6 
Financing cash flows from finance leases
Financing activities9.5 6.8 

Lease Commitments

Future minimum lease payments at September 30, 2020 were as follows:
(in millions)Finance Leases
Operating Leases (1)
2020 (excluding the nine months ended September 30, 2020)$4.1 $26.7 
202115.7 98.2 
202215.2 83.0 
202312.9 62.1 
202411.0 52.7 
202510.3 42.2 
Thereafter26.4 110.6 
Total future minimum lease payments95.6 475.5 
    Amount representing interest(12.3)(66.4)
Total future minimum lease payments, net of interest$83.3 $409.1 
(1) Future sublease income is not included in the above table as the amount is not significant.

Total future minimum lease payments at September 30, 2020 for finance and operating leases, including the amount representing interest, are comprised of $487.5 million for real estate leases and $83.6 million for non-real estate leases.

At September 30, 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 will commence within the next six months with a lease term of three years.
Leases
3. LEASES

The Company leases certain property and equipment used for operations to limit its exposure to risks related to ownership. The major leased asset categories include: real estate, delivery equipment, material handling equipment and computer and office equipment. As of September 30, 2020, the Company operated from approximately 140 distribution centers of which approximately 130 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. Real estate leases generally carry lease terms of three years to ten years. Delivery equipment leases generally carry lease terms of three years to eight years and other non-real estate leases generally carry lease terms of three years to five years.

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 components of lease expense were as follows:
(in millions)Three Months Ended
September 30,		Nine Months Ended
September 30,
Lease ClassificationFinancial Statement Classification2020201920202019
Short-term lease expense(1)
Operating expenses$0.6 $1.7 $1.8 $5.8 
Operating lease expense(2)
Operating expenses$30.6 $29.6 $85.3 $84.3 
Finance lease expense:
Amortization of right-of-use assets
Depreciation and amortization$3.7 $2.7 $10.9 $7.6 
Interest expense
Interest expense, net0.7 0.6 2.2 1.6 
Total finance lease expense
$4.4 $3.3 $13.1 $9.2 
Total Lease Cost
$35.6 $34.6 $100.2 $99.3 
(1) Short-term lease expense is comprised of expenses related to leases with a term of twelve months or less, which includes expenses related to month-to-
month leases.
(2) Sublease income and variable lease expense are not included in the above table as the amounts were not significant for the periods presented.

Supplemental balance sheets and other information were as follows:
(in millions, except weighted-average data)September 30, 2020December 31, 2019
Lease ClassificationFinancial Statement Classification
Operating Leases:
Operating lease right-of-use assetsOther non-current assets$371.2 $429.2 
Operating lease obligations - currentOther accrued liabilities$84.3 $90.5 
Operating lease obligations - non-currentOther non-current liabilities324.8 376.6 
Total operating lease obligations
$409.1 $467.1 
Weighted-average remaining lease term in years6.26.6
Weighted-average discount rate4.7 %4.6 %
Finance Leases:
Finance lease right-of-use assetsProperty and equipment$77.8 $76.6 
Finance lease obligations - currentCurrent portion of debt$13.3 $11.5 
Finance lease obligations - non-currentLong-term debt, net of current portion70.0 69.2 
Total finance lease obligations
$83.3 $80.7 
Weighted-average remaining lease term in years7.27.8
Weighted-average discount rate3.6 %3.4 %
Cash paid for amounts included in the measurement of lease liabilities was as follows:
(in millions)Nine Months Ended September 30,
Lease ClassificationFinancial Statement Classification20202019
Operating Leases:
Operating cash flows from operating leases
Operating activities$83.7 $81.3 
Finance Leases:
Operating cash flows from finance leases
Operating activities$2.2 $1.6 
Financing cash flows from finance leases
Financing activities9.5 6.8 

Lease Commitments

Future minimum lease payments at September 30, 2020 were as follows:
(in millions)Finance Leases
Operating Leases (1)
2020 (excluding the nine months ended September 30, 2020)$4.1 $26.7 
202115.7 98.2 
202215.2 83.0 
202312.9 62.1 
202411.0 52.7 
202510.3 42.2 
Thereafter26.4 110.6 
Total future minimum lease payments95.6 475.5 
    Amount representing interest(12.3)(66.4)
Total future minimum lease payments, net of interest$83.3 $409.1 
(1) Future sublease income is not included in the above table as the amount is not significant.

Total future minimum lease payments at September 30, 2020 for finance and operating leases, including the amount representing interest, are comprised of $487.5 million for real estate leases and $83.6 million for non-real estate leases.

At September 30, 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 will commence within the next six months with a lease term of three years.
v3.20.2
Restructuring and Integration Charges
 9 Months Ended
Sep. 30, 2020
Restructuring and Related Activities [Abstract]  
Restructuring and Integration Charges
4. RESTRUCTURING AND INTEGRATION CHARGES

2020 Restructuring Plan

The Company initiated a restructuring plan (the "2020 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. 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 and (iv) other actions.

The Company previously announced that it estimates it will incur total charges of between $75 million and $90 million in connection with the 2020 Restructuring Plan. These costs will consist of approximately (i) $43 million to $47 million in employee termination and other one-time compensation costs, (ii) $9 million to $11 million in real estate exit costs, (iii) $8 million to $14 million in inventory related costs and (iv) $15 million to $18 million in other exit costs. Based on the underlying nature of each item, these charges may be reported as restructuring charges, net, cost of products sold, distribution expenses or selling and administrative expenses on the Condensed Consolidated Statements of Operations. Company management is currently evaluating the need to expand both the scale and duration of the 2020 Restructuring Plan in response to current trends and anticipated future unfavorable impacts of the COVID-19 pandemic on its business operations. The timing and pace of
economic recovery remain highly uncertain including the long-term impacts on demand to our Print and Publishing segments. The Company expects to substantially complete the 2020 Restructuring Plan by the end of 2020, unless the plan is expanded. 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 three and nine months ended September 30, 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 March 31, 2020$— $— $— 
Costs incurred31.6 0.9 32.5 
Payments— — — 
Balance at June 30, 202031.6 0.9 32.5 
Costs incurred1.6 6.3 7.9 
Payments(14.7)(1.0)(15.7)
Balance at September 30, 2020$18.5 $6.2 $24.7 

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. As of December 31, 2019, the restructuring plan related to the Merger was complete.

Other direct costs reported in the tables below include facility closing costs, actual and estimated multi-employer pension plan ("MEPP") withdrawal charges and other incidental costs associated with the development, communication, administration and implementation of these initiatives. Costs related to exiting a branded re-distribution business were included in restructuring charges, net, on the Condensed Consolidated Statements of Operations, and totaled $5.4 million for the three and nine months ended September 30, 2019.

The following is a summary of the Company's Merger related restructuring liability activity for the three and nine months ended September 30, 2020. The majority of the remaining liability balance is related to MEPP withdrawal liabilities with payments expected to be made over an approximate 20-year period.

(in millions)Severance and Related CostsOther Direct CostsTotal
Balance at December 31, 2019$6.2 $30.6 $36.8 
Payments(2.7)(3.8)(6.5)
Balance at March 31, 20203.5 26.8 30.3 
Payments(1.6)(1.1)(2.7)
Balance at June 30, 20201.9 25.7 27.6 
Payments(1.0)(1.0)(2.0)
Other non-cash items— (0.1)(0.1)
Balance at September 30, 2020$0.9 $24.6 $25.5 
The following is a summary of the Company's Merger related restructuring liability activity for the three and nine months ended September 30, 2019 (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 incurred1.3 1.3 2.6 
Payments(1.0)(3.1)(4.1)
Balance at March 31, 20195.0 23.3 28.3 
Costs incurred3.2 3.7 6.9 
Payments(1.3)(2.2)(3.5)
Balance at June 30, 20196.9 24.8 31.7 
Costs incurred2.3 5.2 7.5 
Payments(1.5)(3.5)(5.0)
Balance at September 30, 2019$7.7 $26.5 $34.2 

See Note 13, Segment Information, for the impact that charges from these restructuring plans had on the Company's reportable segments.

Integration Expenses - Merger Related
As of December 31, 2019, the integration plan related to the Merger was complete. During the three and nine months ended September 30, 2019, Veritiv incurred costs and charges for the integration of the xpedx and Unisource businesses, which primarily related to: internally dedicated integration management resources, retention compensation, information technology conversion costs and other costs to integrate its businesses.

The following table summarizes the components of these integration expenses:

Three Months Ended September 30,Nine Months Ended September 30,
(in millions)20192019
Integration management$2.7 $8.1 
Retention compensation0.1 0.0 
Information technology conversion costs1.1 2.9 
Other0.4 1.6 
All American Containers ("AAC") integration0.2 0.7 
Total integration expenses$4.5 $13.3 
v3.20.2
Debt
 9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Debt
5. DEBT

The Company's debt obligations were as follows:

(in millions)September 30, 2020December 31, 2019
Asset-Based Lending Facility (the "ABL Facility")$521.0 $673.2 
Commercial card program1.6 1.1 
Finance leases83.3 80.7 
Total debt605.9 755.0 
Less: current portion of debt(14.9)(12.6)
Long-term debt, net of current portion$591.0 $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 consistent. The Company recognized a one-time charge of $0.6 million to interest expense, net, on the Condensed Consolidated Statement of Operations, for the write-off of a portion of the previously deferred financing costs associated with lenders in the ABL Facility that exited the amended ABL Facility. In addition, the Company incurred and deferred $3.4 million of new financing costs associated with this transaction, reflected in other non-current assets on the Condensed Consolidated Balance Sheet, which will be amortized to interest expense on a straight-line basis over the amended term of the ABL Facility.

Availability under the ABL Facility is determined based upon a monthly borrowing base calculation which includes eligible customer receivables and inventory, less outstanding borrowings, letters of credit and certain designated reserves. As of September 30, 2020, the available additional borrowing capacity under the ABL Facility was approximately $358.9 million. As of September 30, 2020, the Company held $12.1 million in outstanding letters of credit.

The ABL Facility has a springing minimum fixed charge coverage ratio of at least 1.00 to 1.00 on a trailing four-quarter basis, which will be tested only when specified availability is less than the limits outlined under the ABL Facility. At September 30, 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.

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 three and nine months ended September 30, 2019 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 three and nine months ended September 30, 2020, the amount reclassified from AOCL into earnings was not significant. As of September 30, 2020 and December 31, 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 Condensed Consolidated Balance Sheets as of September 30, 2020 and December 31, 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 been no 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 September 30, 2020 and December 31, 2019, $1.6 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 Condensed Consolidated Statements of Cash Flows.
v3.20.2
Income Taxes
 9 Months Ended
Sep. 30, 2020
Income Tax Disclosure [Abstract]  
Income Taxes
6. INCOME TAXES

The Company calculated the expense (benefit) for income taxes during the three and nine months ended September 30, 2020, by applying an estimate of the annual effective tax rate ("AETR") for the full fiscal year to "ordinary" income or loss (pre-tax income or loss excluding unusual or infrequently occurring discrete items) for the reporting periods.

The following table presents the expense (benefit) for income taxes and the effective tax rates for the three and nine months ended September 30, 2020 and 2019:

Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2020201920202019
Income (loss) before income taxes$21.0 $12.7 $2.0 $(32.7)
Income tax expense (benefit)(0.1)7.6 (0.2)0.2 
Effective tax rate(0.5)%59.8 %(10.0)%(0.6)%

The difference between the Company's effective tax rates for the three and nine months ended September 30, 2020 and 2019, and the U.S. statutory tax rate of 21.0% primarily relates to state income taxes (net of federal income tax benefit), tax expense for stock compensation vesting, Global Intangible Low-Taxed Income ("GILTI"), non-deductible expenses and the Company's pre-tax book income (loss) by jurisdiction. Veritiv recognized the tax effect of the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") through the six months ended June 30, 2020, and recorded an estimated $0.9 million benefit, primarily related to the carryback of net operating loss ("NOL" or "NOLs") generated in 2019 to prior years in which the U.S. statutory tax rate was 35%. During the three months ended September 30, 2020, Veritiv refined the estimated carryback and recorded an estimated $1.5 million benefit, for a year-to-date net benefit related to the CARES Act of $2.4 million. In addition, Veritiv recognized the tax effect of legislation passed during the three months ended September 30, 2020, including, but not limited to, elections available under GILTI and interest expense disallowance, recording an estimated $2.2 million benefit.

The CARES Act was signed into law on March 27, 2020 and makes significant economic stimulus changes and additional changes to the U.S. tax code, including, but not limited to, allowing the carryback of NOLs occurring in 2018, 2019, and 2020 to the prior five years and eliminating the taxable income limitation, changes interest expense limitation, includes a technical correction for qualified improvement property depreciation and provides additional employee retention credits.
v3.20.2
Related Party Transactions
 9 Months Ended
Sep. 30, 2020
Related Party Transactions [Abstract]  
Related Party Transactions
7. RELATED PARTY TRANSACTIONS

Agreements with the UWWH Stockholder

In January 2020 and 2019, in connection with the Tax Receivable Agreement ("TRA") executed at the time of the Merger, Veritiv paid $0.3 million and $8.1 million, respectively, in principal and interest to UWW Holdings, LLC (the "UWWH Stockholder"), one of Veritiv's existing stockholders and the former sole stockholder of UWWH, for the utilization of pre-merger NOLs in its 2018 and 2017 federal and state tax returns, respectively. See Note 9, Fair Value Measurements, for additional information regarding the TRA.
Transactions with Georgia-Pacific

Veritiv purchases certain inventory items from, and sells certain inventory items to, Georgia-Pacific in the normal course of business. As a result of the Merger and related private placement, Georgia-Pacific, as joint owner of the UWWH Stockholder, is a related party.

The following tables summarize the financial impact of these related party transactions with Georgia-Pacific:

Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2020201920202019
Sales to Georgia-Pacific, reflected in net sales$4.8 $5.7 $16.5 $17.3 
Purchases of inventory from Georgia-Pacific, recognized in cost of products sold
15.0 20.0 47.0 66.2 

(in millions)September 30, 2020December 31, 2019
Inventories purchased from Georgia-Pacific that remained on Veritiv's balance sheets
$9.5 $11.4 
Related party payable to Georgia-Pacific4.0 4.3 
Related party receivable from Georgia-Pacific2.4 2.8 
v3.20.2
Defined Benefit Plans
 9 Months Ended
Sep. 30, 2020
Retirement Benefits [Abstract]  
Defined Benefit Plans 8. DEFINED BENEFIT PLANS
Veritiv does not maintain any active defined benefit plans for its non-union employees. Veritiv maintains a defined benefit pension plan in the U.S. for employees covered by certain collectively bargained agreements. Veritiv also assumed responsibility for Unisource's defined benefit plans, which include frozen cash balance accounts for certain former Unisource employees. The components of net periodic benefit cost (credit) other than the service cost component are included in other (income) expense, net on the Condensed Consolidated Statements of Operations. Amounts are generally amortized from AOCL over the expected future working lifetime of active plan participants.

Total net periodic benefit cost (credit) associated with these plans is summarized below:
Three Months Ended September 30, 2020Three Months Ended September 30, 2019
(in millions)U.S.CanadaU.S.Canada
Components of net periodic benefit cost (credit):
Service cost
$0.5 $0.1 $0.5 $0.0 
Interest cost
$0.4 $0.6 $0.5 $0.7 
Expected return on plan assets
(1.0)(1.0)(0.9)(0.8)
Amortization of net loss
0.0 0.0 (0.1)0.1 
 Total other components
$(0.6)$(0.4)$(0.5)$0.0 
Net periodic benefit cost (credit)$(0.1)$(0.3)$0.0 $0.0 
Nine Months Ended September 30, 2020Nine Months Ended September 30, 2019
(in millions)U.S.CanadaU.S.Canada
Components of net periodic benefit cost (credit):
Service cost
$1.6 $0.3 $1.4 $0.2 
Interest cost
$1.2 $1.8 $1.6 $2.2 
Expected return on plan assets
(3.0)(2.9)(2.6)(2.7)
Amortization of net loss
0.0 0.1 0.0 0.1 
 Total other components
$(1.8)$(1.0)$(1.0)$(0.4)
Net periodic benefit cost (credit)$(0.2)$(0.7)$0.4 $(0.2)
v3.20.2
Fair Value Measurements
 9 Months Ended
Sep. 30, 2020
Fair Value Disclosures [Abstract]  
Fair Value Measurements
9. FAIR VALUE MEASUREMENTS

At September 30, 2020 and December 31, 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.

At September 30, 2020 and December 31, 2019, the Company held for sale $6.5 million and $10.1 million, respectively, in assets related to its restructuring plans. These assets are included in other current assets on the Condensed Consolidated Balance Sheets at the lower of their carrying value or fair value at September 30, 2020 and December 31, 2019, respectively. During the third quarter of 2020, the Company sold one property and recognized a gain of approximately $8.5 million related to the exit and sale of this facility. The gain included approximately $1.1 million related to exiting the land lease associated with the facility, which was not included in the above noted assets-held-for-sale amount. The gain on the disposition of this property is included in selling and administrative expenses on the Condensed Consolidated Statements of Operations.

At September 30, 2020 and December 31, 2019, 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 1 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 considered the unfavorable economic impacts of the COVID-19 pandemic on its expected future operating cash flows as of June 30, 2020 and concluded that a triggering event had occurred. As a result, the Company performed a quantitative goodwill impairment test during the second quarter of 2020 and concluded that goodwill was not impaired. A quantitative goodwill impairment test requires a determination of whether the fair value of a reporting unit is less than its carrying value. The determination of the Packaging 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. 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 performed a qualitative analysis as of September 30, 2020 and concluded that there was no triggering event during the third quarter of 2020.

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 5, Debt, for additional information regarding the Company's ABL Facility and other obligations.
The Company's liabilities disclosed at fair value at September 30, 2020 were as follows:

(in millions)TotalLevel 1Level 2Level 3
ABL Facility$521.0 $521.0 
TRA contingent liability32.1 32.1 


The Company's liabilities disclosed at fair value at December 31, 2019 were as follows:

(in millions)TotalLevel 1Level 2Level 3
ABL Facility$673.2 $673.2 
TRA contingent liability31.4 31.4 
AAC contingent consideration2.5 2.5 

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 is 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 inputs to the fair value measurement of the contingent liability are reassessed on a quarterly basis. The amount payable under the TRA is contingent on the Company generating a certain level of taxable income prior to the expiration of the NOL carryforwards. Moreover, future trading of Company stock may result in additional ownership changes as defined under Section 382 of the Internal Revenue Code, further limiting the use of Unisource's NOLs and the amount ultimately payable under the TRA. The contingent liability is remeasured at fair value at each reporting period-end with the change in fair value recognized in other (income) expense, net on the Condensed Consolidated Statements of Operations. At September 30, 2020, the Company remeasured the contingent liability using a discount rate of 3.4% (Moody's daily long-term corporate BAA bond yield). There have been no transfers between the fair value measurement levels for the three and nine months ended September 30, 2020. The Company recognizes transfers between the fair value measurement levels at the end of the reporting period. See Note 7, 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 three and nine months ended September 30, 2020:    

(in millions)TRA Contingent Liability
Balance at December 31, 2019$31.4 
Change in fair value adjustment recorded in other (income) expense, net(0.7)
Principal payment(0.3)
Balance at March 31, 202030.4 
Change in fair value adjustment recorded in other (income) expense, net(0.3)
Balance at June 30, 202030.1 
Change in fair value adjustment recorded in other (income) expense, net2.0 
Balance at September 30, 2020$32.1 
The following table provides a reconciliation of the beginning and ending balance of the TRA contingent liability for the three and nine months ended September 30, 2019:    

(in millions)TRA Contingent Liability
Balance at December 31, 2018$38.9 
Change in fair value adjustment recorded in other (income) expense, net0.9 
Principal payment(7.8)
Balance at March 31, 201932.0 
Change in fair value adjustment recorded in other (income) expense, net0.6 
Balance at June 30, 201932.6 
Change in fair value adjustment recorded in other (income) expense, net0.3 
Balance at September 30, 2019$32.9 

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 year ended December 31, 2019:

(in millions)AAC Contingent Liability
Balance at December 31, 2018$9.4 
Change in fair value adjustment recorded in other (income) expense, net5.4 
Balance at March 31, 201914.8 
Change in fair value adjustment recorded in other (income) expense, net7.7 
Balance at June 30, 201922.5 
Change in fair value adjustment recorded in other (income) expense, net(2.5)
Balance at September 30, 201920.0 
Change in fair value adjustment recorded in other (income) expense, net2.5 
Contingent liability payment(20.0)
Balance at December 31, 2019$2.5 
v3.20.2
Earnings (Loss) Per Share
 9 Months Ended
Sep. 30, 2020
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share
10. EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share for Veritiv common stock is calculated by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the respective periods. Diluted earnings per share is similarly calculated, except that the denominator is increased to include the number of additional common shares that would have been outstanding during those periods if the dilutive potential common shares had been issued, using the treasury stock method, except where the inclusion of such common shares would have an antidilutive impact.
A summary of the numerators and denominators used in the basic and diluted earnings (loss) per share calculations is as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions, except per share data)2020201920202019
Numerator:
Net income (loss)$21.1 $5.1 $2.2 $(32.9)
Denominator:
Weighted-average shares outstanding – basic
15.89 16.10 15.99 16.04 
Dilutive effect of stock-based awards
0.32 0.14 0.19 — 
Weighted-average shares outstanding – diluted
16.21 16.24 16.18 16.04 
Earnings (loss) per share:
Basic earnings (loss) per share$1.33 $0.32 $0.14 $(2.05)
Diluted earnings (loss) per share$1.30 $0.31 $0.14 $(2.05)
Antidilutive stock-based awards excluded from computation of diluted earnings per share ("EPS")
0.46 0.64 0.80 1.05 
Performance stock-based awards excluded from computation of diluted EPS because performance conditions had not been met
0.21 0.61 0.21 0.61 

In accordance with the Company's 2014 Omnibus Incentive Plan, as amended and restated as of March 8, 2017, shares of the Company's common stock were issued to plan participants whose Restricted Stock Units and/or Performance Condition Share Units vested during those periods. The net share issuance is included on the Condensed Consolidated Statements of Shareholders' Equity for the three and nine months ended September 30, 2020 and 2019. For additional information related to these plans refer to the Company's Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2019.

See the table below for information related to these transactions. Shares issued and recovered during the third quarter of 2020 and 2019 were not significant.

(in millions)20202019
Three months ended March 31,
Shares issued0.2 0.3 
Shares recovered for minimum tax withholding(0.1)(0.1)
Net shares issued0.1 0.2 
Three months ended June 30,
     Shares issued0.1 0.0 
     Shares recovered for minimum tax withholding0.0 0.0 
     Net shares issued0.1 0.0 
v3.20.2
Accumulated Other Comprehensive Loss ("AOCL")
 9 Months Ended
Sep. 30, 2020
Equity [Abstract]  
Accumulated Other Comprehensive Loss ("AOCL")
11. ACCUMULATED OTHER COMPREHENSIVE LOSS ("AOCL")

Comprehensive income (loss) is reported on the Condensed Consolidated Statements of Comprehensive Income (Loss) and consists of net income (loss) and other gains and losses affecting shareholders' equity that, under U.S. GAAP, are excluded from net income (loss).
The following table provides the components of AOCL at September 30, 2020 (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, 2019$(26.6)$(6.2)$(0.3)$(33.1)
     Unrealized net gains (losses) arising during the period(14.0)0.0 0.0 (14.0)
Net current period other comprehensive income (loss)(14.0)0.0 0.0 (14.0)
Balance at March 31, 2020(40.6)(6.2)(0.3)(47.1)
     Unrealized net gains (losses) arising during the period4.2 0.0 (0.1)4.1 
     Amounts reclassified from AOCL— 0.0 0.1 0.1 
Net current period other comprehensive income (loss)4.2 0.0 0.0 4.2 
Balance at June 30, 2020(36.4)(6.2)(0.3)(42.9)
     Unrealized net gains (losses) arising during the period3.8 0.1 0.0 3.9 
     Amounts reclassified from AOCL— — 0.0 0.0 
Net current period other comprehensive income (loss)3.8 0.1 0.0 3.9 
Balance at September 30, 2020$(32.6)$(6.1)$(0.3)$(39.0)

The following table provides the components of AOCL at September 30, 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 period2.4 0.0 0.0 2.4 
     Amounts reclassified from AOCL— — 0.1 0.1 
Net current period other comprehensive income (loss)2.4 0.0 0.1 2.5 
Balance at March 31, 2019(27.9)(10.1)(0.2)(38.2)
     Unrealized net gains (losses) arising during the period1.3 0.1 0.0 1.4 
     Amounts reclassified from AOCL— — 0.2 0.2 
Net current period other comprehensive income (loss)1.3 0.1 0.2 1.6 
Balance at June 30, 2019(26.6)(10.0)— (36.6)
     Unrealized net gains (losses) arising during the period(2.2)— (0.3)(2.5)
Net current period other comprehensive income (loss)(2.2)— (0.3)(2.5)
Balance at September 30, 2019$(28.8)$(10.0)$(0.3)$(39.1)
v3.20.2
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
12. COMMITMENTS AND CONTINGENCIES

Legal Proceedings

From time to time, the Company is involved in various lawsuits, claims and regulatory and administrative proceedings arising out of its business relating to general commercial and contractual matters, governmental regulations, intellectual property rights, labor and employment matters, tax and other actions.
Although the ultimate outcome of any legal proceeding or investigation cannot be predicted with certainty, based on present information, including the Company's assessment of the merits of the particular claim, the Company does not expect that any asserted or unasserted legal claims or proceedings, individually or in the aggregate, will have a material adverse effect on its results of operations, financial condition or cash flows.

Western Pennsylvania Teamsters and Employers Pension Fund

During the second quarter of 2019, in the course of negotiations for a collective bargaining agreement, Veritiv negotiated a partial withdrawal from the Western Pennsylvania Teamsters and Employers Pension Fund (the "Western Pennsylvania Fund"), a MEPP related to its Warrendale, Pennsylvania location, and recognized an estimated partial withdrawal liability of $6.5 million, which was unchanged as of September 30, 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 in distribution expenses, which was unchanged as of September 30, 2020.

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. The Company has not yet received determination letters from the Western Pennsylvania Fund for either the partial or complete withdrawal. The Company expects that payments will occur over an approximate 20-year period, which could run consecutively.
v3.20.2
Segment Information
 9 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
Segment Information
13. SEGMENT INFORMATION

Veritiv's business is organized under four reportable segments: Packaging, Facility Solutions, Print, and Publishing and Print Management ("Publishing"). This segment structure is consistent with the way the Chief Operating Decision Maker, who is Veritiv's Chief Executive Officer, makes operating decisions and manages the growth and profitability of the Company's business. The Company also has a Corporate & Other category, which includes certain assets and costs not primarily attributable to any of the reportable segments, as well as the Veritiv logistics solutions business which provides transportation and warehousing solutions.

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
Three Months Ended September 30, 2020
Net sales$847.9 $231.4 $364.8 $119.4 $1,563.5 $27.7 $1,591.2 
Adjusted EBITDA85.9 13.1 8.8 3.5 111.3 (61.4)
Depreciation and amortization
5.8 2.1 2.0 0.0 9.9 5.1 15.0 
Restructuring charges, net
2.5 0.6 4.2 0.0 7.3 0.6 7.9 
Three Months Ended September 30, 2019
Net sales$871.4 $307.9 $523.0 $190.1 $1,892.4 $32.1 $1,924.5 
Adjusted EBITDA67.4 11.0 10.6 4.6 93.6 (48.6)
Depreciation and amortization
4.6 1.8 2.1 0.0 8.5 4.8 13.3 
Restructuring charges, net
5.8 6.1 4.3 (8.5)7.7 (0.1)7.6 
Nine Months Ended September 30, 2020
Net sales$2,432.0 $693.6 $1,099.2 $401.3 $4,626.1 $77.2 $4,703.3 
Adjusted EBITDA215.4 33.5 21.3 6.9 277.1 (151.2)
Depreciation and amortization
16.7 5.9 6.0 0.1 28.7 14.4 43.1 
Restructuring charges, net
10.7 3.8 20.2 0.0 34.7 5.7 40.4 
Nine Months Ended September 30, 2019
Net sales$2,598.3 $918.1 $1,605.5 $603.7 $5,725.6 $98.6 $5,824.2 
Adjusted EBITDA181.1 23.5 30.1 15.0 249.7 (141.0)
Depreciation and amortization
13.8 5.3 6.3 0.4 25.8 13.7 39.5 
Restructuring charges, net
8.5 7.3 6.2 (8.2)13.8 3.1 16.9 
The table below presents a reconciliation of net income (loss) as reflected on the Condensed Consolidated Statements of Operations to Adjusted EBITDA for the reportable segments:

Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)2020201920202019
Net income (loss)$21.1 $5.1 $2.2 $(32.9)
Interest expense, net5.5 8.9 19.7 30.5 
Income tax expense (benefit)(0.1)7.6 (0.2)0.2 
Depreciation and amortization15.0 13.3 43.1 39.5 
Restructuring charges, net7.9 7.6 40.4 16.9 
Facility closure charges, including (gain) loss from asset disposition(7.4)— (5.4)— 
Stock-based compensation4.8 3.4 14.9 12.4 
LIFO reserve (decrease) increase(0.4)(3.9)(4.6)(1.0)
Non-restructuring severance charges0.8 1.3 3.2 4.0 
Non-restructuring pension charges, net— 0.0 7.2 6.6 
Integration expenses— 4.5 — 13.3 
Fair value adjustment on TRA contingent liability2.0 0.3 1.0 1.8 
Fair value adjustment on contingent consideration liability— (2.5)1.0 10.6 
Escheat audit contingent liability— (1.0)— 6.0 
Other0.7 0.4 3.4 0.8 
Adjustment for Corporate & Other61.4 48.6 151.2 141.0 
Adjusted EBITDA for reportable segments$111.3 $93.6 $277.1 $249.7 
v3.20.2
Subsequent Event
 9 Months Ended
Sep. 30, 2020
Subsequent Events [Abstract]  
Subsequent Event
14. SUBSEQUENT EVENT

Property Sale

During October 2020, the Company sold one of its assets-held-for-sale properties for which it received approximately $6.2 million in net cash proceeds and recognized a loss on the sale of the asset of approximately $0.2 million. The cash proceeds were immediately used to pay-down a portion of the ABL Facility.
v3.20.2
Business and Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation and Principles of Consolidation Basis of Presentation and Principles of ConsolidationThe accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for a complete set of annual audited financial statements. The accompanying unaudited financial information should be read in conjunction with the Consolidated Financial Statements and Notes contained in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") for the year ended December 31, 2019. In the opinion of management, all adjustments, including normal recurring accruals and other adjustments, considered necessary for a fair presentation of the interim financial information have been included. The operating results for the interim periods are not necessarily indicative of results for the full year, particularly in light of the novel coronavirus ("COVID-19") pandemic and its effects on the domestic and global economies. These financial statements include all of the Company's subsidiaries. All significant intercompany transactions between Veritiv's businesses have been eliminated.
Cash and Cash Equivalents
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 September 30, 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.
Use of Estimates
Use of Estimates

The preparation of unaudited financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses and certain financial statement disclosures. Estimates and assumptions are used for, but not limited to, revenue recognition, right-of-use ("ROU") asset and liability valuations, accounts and notes receivable valuations, inventory valuation, employee benefit plans, income tax contingency accruals and valuation allowances, multi-employer pension plan 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 net sales across all segments. As a result of the COVID-19 pandemic, the Company could 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, and to what extent normal economic and operating conditions can resume and be sustained. Even after the COVID-19 pandemic has subsided, the Company may experience an impact to its business as a result of any economic recession, downturn or volatility that has occurred or may occur in the future. Estimates are revised as additional information becomes available.
Accounting Pronouncements and Recently Issued Not Yet Adopted and Adopted Accounting Standards
Accounting Pronouncements

Recently Adopted Accounting Standards

Effective January 1, 2020, the Company adopted Accounting Standards Update ("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 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.

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 industries 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 Facility Solutions segment could experience revenue declines and increases in delinquency rates attributable to changes in the travel industry and back-to-school activities. The Packaging segment’s performance could be negatively impacted by 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.

The components of the accounts receivable allowances were as follows:

(in millions)September 30, 2020December 31, 2019
Allowance for credit losses and doubtful accounts, respectively$33.0 $30.4 
Other allowances(1)
10.7 13.4 
Total accounts receivable allowances$43.7 $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 allowance for credit losses for the nine months ended September 30, 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)0.0 0.1 (0.1)(0.1)— 0.0 0.4 
Provision for expected credit losses2.1 0.0 2.6 0.3 0.3 0.0 1.3 0.2 0.1 6.9 
Write-offs charged against the allowance(1.8)0.0 (2.2)0.0 (0.1)— — — (0.1)(4.2)
Recoveries of amounts previously written off0.2 — 0.0 0.0 0.0 — 0.0 — 0.0 0.2 
Other adjustments(2)
— 0.0 (1.4)0.0 0.8 0.0 — (0.1)— (0.7)
Balance at September 30, 2020$14.8 $0.7 $10.7 $0.7 $2.0 $0.0 $2.5 $0.7 $0.9 $33.0 
(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.

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 Company adopted this ASU on January 1, 2020. The adoption did not materially impact its financial statement disclosures.

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 January 1, 2020 on a prospective basis. Capitalized amounts are reported on the Condensed Consolidated Balance Sheet as other non-current assets. The related periodic expense is reported as part of operating expenses on the Condensed Consolidated Statement of Operations and the corresponding cash flow impact is reported as part of operating activities on the Condensed Consolidated Statement of Cash Flows. 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

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 ASU is effective January 1, 2021; early adoption is permitted. The Company anticipates adopting this standard effective January 1, 2021, with no material impact to its overall financial statements.
v3.20.2
Business and Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Allowance for Credit Losses
The components of the accounts receivable allowances were as follows:

(in millions)September 30, 2020December 31, 2019
Allowance for credit losses and doubtful accounts, respectively$33.0 $30.4 
Other allowances(1)
10.7 13.4 
Total accounts receivable allowances$43.7 $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 allowance for credit losses for the nine months ended September 30, 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)0.0 0.1 (0.1)(0.1)— 0.0 0.4 
Provision for expected credit losses2.1 0.0 2.6 0.3 0.3 0.0 1.3 0.2 0.1 6.9 
Write-offs charged against the allowance(1.8)0.0 (2.2)0.0 (0.1)— — — (0.1)(4.2)
Recoveries of amounts previously written off0.2 — 0.0 0.0 0.0 — 0.0 — 0.0 0.2 
Other adjustments(2)
— 0.0 (1.4)0.0 0.8 0.0 — (0.1)— (0.7)
Balance at September 30, 2020$14.8 $0.7 $10.7 $0.7 $2.0 $0.0 $2.5 $0.7 $0.9 $33.0 
(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.
v3.20.2
Revenue Recognition (Tables)
 9 Months Ended
Sep. 30, 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 nine months ended September 30, 2020 and 2019:

Customer Contract Liabilities
(in millions)20202019
Balance at January 1,$11.7 $17.7 
    Payments received36.5 35.2 
    Revenue recognized from beginning balance(11.4)(17.7)
    Revenue recognized from current year receipts(22.7)(22.4)
Balance at September 30,$14.1 $12.8 
v3.20.2
Leases (Tables)
 9 Months Ended
Sep. 30, 2020
Leases [Abstract]  
Schedule of Components of Lease Expense and Cash Flows
The components of lease expense were as follows:
(in millions)Three Months Ended
September 30,		Nine Months Ended
September 30,
Lease ClassificationFinancial Statement Classification2020201920202019
Short-term lease expense(1)
Operating expenses$0.6 $1.7 $1.8 $5.8 
Operating lease expense(2)
Operating expenses$30.6 $29.6 $85.3 $84.3 
Finance lease expense:
Amortization of right-of-use assets
Depreciation and amortization$3.7 $2.7 $10.9 $7.6 
Interest expense
Interest expense, net0.7 0.6 2.2 1.6 
Total finance lease expense
$4.4 $3.3 $13.1 $9.2 
Total Lease Cost
$35.6 $34.6 $100.2 $99.3 
(1) Short-term lease expense is comprised of expenses related to leases with a term of twelve months or less, which includes expenses related to month-to-
month leases.
(2) Sublease income and variable lease expense are not included in the above table as the amounts were not significant for the periods presented.
Cash paid for amounts included in the measurement of lease liabilities was as follows:
(in millions)Nine Months Ended September 30,
Lease ClassificationFinancial Statement Classification20202019
Operating Leases:
Operating cash flows from operating leases
Operating activities$83.7 $81.3 
Finance Leases:
Operating cash flows from finance leases
Operating activities$2.2 $1.6 
Financing cash flows from finance leases
Financing activities9.5 6.8 
Schedule of Supplemental Balance Sheet and Other Information
Supplemental balance sheets and other information were as follows:
(in millions, except weighted-average data)September 30, 2020December 31, 2019
Lease ClassificationFinancial Statement Classification
Operating Leases:
Operating lease right-of-use assetsOther non-current assets$371.2 $429.2 
Operating lease obligations - currentOther accrued liabilities$84.3 $90.5 
Operating lease obligations - non-currentOther non-current liabilities324.8 376.6 
Total operating lease obligations
$409.1 $467.1 
Weighted-average remaining lease term in years6.26.6
Weighted-average discount rate4.7 %4.6 %
Finance Leases:
Finance lease right-of-use assetsProperty and equipment$77.8 $76.6 
Finance lease obligations - currentCurrent portion of debt$13.3 $11.5 
Finance lease obligations - non-currentLong-term debt, net of current portion70.0 69.2 
Total finance lease obligations
$83.3 $80.7 
Weighted-average remaining lease term in years7.27.8
Weighted-average discount rate3.6 %3.4 %
Schedule of Finance Lease Maturity
Future minimum lease payments at September 30, 2020 were as follows:
(in millions)Finance Leases
Operating Leases (1)
2020 (excluding the nine months ended September 30, 2020)$4.1 $26.7 
202115.7 98.2 
202215.2 83.0 
202312.9 62.1 
202411.0 52.7 
202510.3 42.2 
Thereafter26.4 110.6 
Total future minimum lease payments95.6 475.5 
    Amount representing interest(12.3)(66.4)
Total future minimum lease payments, net of interest$83.3 $409.1 
(1) Future sublease income is not included in the above table as the amount is not significant.
Schedule of Operating Lease Maturity
Future minimum lease payments at September 30, 2020 were as follows:
(in millions)Finance Leases
Operating Leases (1)
2020 (excluding the nine months ended September 30, 2020)$4.1 $26.7 
202115.7 98.2 
202215.2 83.0 
202312.9 62.1 
202411.0 52.7 
202510.3 42.2 
Thereafter26.4 110.6 
Total future minimum lease payments95.6 475.5 
    Amount representing interest(12.3)(66.4)
Total future minimum lease payments, net of interest$83.3 $409.1 
(1) Future sublease income is not included in the above table as the amount is not significant.
v3.20.2
Restructuring and Integration Charges (Tables)
 9 Months Ended
Sep. 30, 2020
Restructuring and Related Activities [Abstract]  
Summary of the Company's Restructuring Activity
The following is a summary of the Company's 2020 Restructuring Plan liability activity for the three and nine months ended September 30, 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 March 31, 2020$— $— $— 
Costs incurred31.6 0.9 32.5 
Payments— — — 
Balance at June 30, 202031.6 0.9 32.5 
Costs incurred1.6 6.3 7.9 
Payments(14.7)(1.0)(15.7)
Balance at September 30, 2020$18.5 $6.2 $24.7 
The following is a summary of the Company's Merger related restructuring liability activity for the three and nine months ended September 30, 2020. The majority of the remaining liability balance is related to MEPP withdrawal liabilities with payments expected to be made over an approximate 20-year period.

(in millions)Severance and Related CostsOther Direct CostsTotal
Balance at December 31, 2019$6.2 $30.6 $36.8 
Payments(2.7)(3.8)(6.5)
Balance at March 31, 20203.5 26.8 30.3 
Payments(1.6)(1.1)(2.7)
Balance at June 30, 20201.9 25.7 27.6 
Payments(1.0)(1.0)(2.0)
Other non-cash items— (0.1)(0.1)
Balance at September 30, 2020$0.9 $24.6 $25.5 
The following is a summary of the Company's Merger related restructuring liability activity for the three and nine months ended September 30, 2019 (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 incurred1.3 1.3 2.6 
Payments(1.0)(3.1)(4.1)
Balance at March 31, 20195.0 23.3 28.3 
Costs incurred3.2 3.7 6.9 
Payments(1.3)(2.2)(3.5)
Balance at June 30, 20196.9 24.8 31.7 
Costs incurred2.3 5.2 7.5 
Payments(1.5)(3.5)(5.0)
Balance at September 30, 2019$7.7 $26.5 $34.2 
Summary of the Components of Integration Expense The following table summarizes the components of these integration expenses:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)20192019
Integration management$2.7 $8.1 
Retention compensation0.1 0.0 
Information technology conversion costs1.1 2.9 
Other0.4 1.6 
All American Containers ("AAC") integration0.2 0.7 
Total integration expenses$4.5 $13.3 
v3.20.2
Debt (Tables)
 9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Long-term Obligations
The Company's debt obligations were as follows:

(in millions)September 30, 2020December 31, 2019
Asset-Based Lending Facility (the "ABL Facility")$521.0 $673.2 
Commercial card program1.6 1.1 
Finance leases83.3 80.7 
Total debt605.9 755.0 
Less: current portion of debt(14.9)(12.6)
Long-term debt, net of current portion$591.0 $742.4 
v3.20.2
Income Taxes (Tables)
 9 Months Ended
Sep. 30, 2020
Income Tax Disclosure [Abstract]  
Provision for Income Taxes and the Effective Tax Rates
The following table presents the expense (benefit) for income taxes and the effective tax rates for the three and nine months ended September 30, 2020 and 2019:

Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2020201920202019
Income (loss) before income taxes$21.0 $12.7 $2.0 $(32.7)
Income tax expense (benefit)(0.1)7.6 (0.2)0.2 
Effective tax rate(0.5)%59.8 %(10.0)%(0.6)%
v3.20.2
Related Party Transactions (Tables)
 9 Months Ended
Sep. 30, 2020
Related Party Transactions [Abstract]  
Summarized Financial Impact of Transactions with Related Party
The following tables summarize the financial impact of these related party transactions with Georgia-Pacific:

Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2020201920202019
Sales to Georgia-Pacific, reflected in net sales$4.8 $5.7 $16.5 $17.3 
Purchases of inventory from Georgia-Pacific, recognized in cost of products sold
15.0 20.0 47.0 66.2 

(in millions)September 30, 2020December 31, 2019
Inventories purchased from Georgia-Pacific that remained on Veritiv's balance sheets
$9.5 $11.4 
Related party payable to Georgia-Pacific4.0 4.3 
Related party receivable from Georgia-Pacific2.4 2.8 
v3.20.2
Defined Benefit Plans (Tables)
 9 Months Ended
Sep. 30, 2020
Retirement Benefits [Abstract]  
Net Periodic Benefit Costs and Credits
Total net periodic benefit cost (credit) associated with these plans is summarized below:
Three Months Ended September 30, 2020Three Months Ended September 30, 2019
(in millions)U.S.CanadaU.S.Canada
Components of net periodic benefit cost (credit):
Service cost
$0.5 $0.1 $0.5 $0.0 
Interest cost
$0.4 $0.6 $0.5 $0.7 
Expected return on plan assets
(1.0)(1.0)(0.9)(0.8)
Amortization of net loss
0.0 0.0 (0.1)0.1 
 Total other components
$(0.6)$(0.4)$(0.5)$0.0 
Net periodic benefit cost (credit)$(0.1)$(0.3)$0.0 $0.0 
Nine Months Ended September 30, 2020Nine Months Ended September 30, 2019
(in millions)U.S.CanadaU.S.Canada
Components of net periodic benefit cost (credit):
Service cost
$1.6 $0.3 $1.4 $0.2 
Interest cost
$1.2 $1.8 $1.6 $2.2 
Expected return on plan assets
(3.0)(2.9)(2.6)(2.7)
Amortization of net loss
0.0 0.1 0.0 0.1 
 Total other components
$(1.8)$(1.0)$(1.0)$(0.4)
Net periodic benefit cost (credit)$(0.2)$(0.7)$0.4 $(0.2)
v3.20.2
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2020
Fair Value Disclosures [Abstract]  
Liabilities Disclosed at Fair Value
The Company's liabilities disclosed at fair value at September 30, 2020 were as follows:

(in millions)TotalLevel 1Level 2Level 3
ABL Facility$521.0 $521.0 
TRA contingent liability32.1 32.1 


The Company's liabilities disclosed at fair value at December 31, 2019 were as follows:

(in millions)TotalLevel 1Level 2Level 3
ABL Facility$673.2 $673.2 
TRA contingent liability31.4 31.4 
AAC contingent consideration2.5 2.5 
Reconciliation of the Contingent Liability
The following table provides a reconciliation of the beginning and ending balance of the TRA contingent liability for the three and nine months ended September 30, 2020:    

(in millions)TRA Contingent Liability
Balance at December 31, 2019$31.4 
Change in fair value adjustment recorded in other (income) expense, net(0.7)
Principal payment(0.3)
Balance at March 31, 202030.4 
Change in fair value adjustment recorded in other (income) expense, net(0.3)
Balance at June 30, 202030.1 
Change in fair value adjustment recorded in other (income) expense, net2.0 
Balance at September 30, 2020$32.1 
The following table provides a reconciliation of the beginning and ending balance of the TRA contingent liability for the three and nine months ended September 30, 2019:    

(in millions)TRA Contingent Liability
Balance at December 31, 2018$38.9 
Change in fair value adjustment recorded in other (income) expense, net0.9 
Principal payment(7.8)
Balance at March 31, 201932.0 
Change in fair value adjustment recorded in other (income) expense, net0.6 
Balance at June 30, 201932.6 
Change in fair value adjustment recorded in other (income) expense, net0.3 
Balance at September 30, 2019$32.9 
Schedule of Contingent Consideration
The following table provides a reconciliation of the beginning and ending balance of the AAC contingent liability for the year ended December 31, 2019:

(in millions)AAC Contingent Liability
Balance at December 31, 2018$9.4 
Change in fair value adjustment recorded in other (income) expense, net5.4 
Balance at March 31, 201914.8 
Change in fair value adjustment recorded in other (income) expense, net7.7 
Balance at June 30, 201922.5 
Change in fair value adjustment recorded in other (income) expense, net(2.5)
Balance at September 30, 201920.0 
Change in fair value adjustment recorded in other (income) expense, net2.5 
Contingent liability payment(20.0)
Balance at December 31, 2019$2.5 
v3.20.2
Earnings (Loss) Per Share (Tables)
 9 Months Ended
Sep. 30, 2020
Earnings Per Share [Abstract]  
Summary of the Numerators and Denominators Used in the Basic and Diluted Earnings Per Share Calculation
A summary of the numerators and denominators used in the basic and diluted earnings (loss) per share calculations is as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions, except per share data)2020201920202019
Numerator:
Net income (loss)$21.1 $5.1 $2.2 $(32.9)
Denominator:
Weighted-average shares outstanding – basic
15.89 16.10 15.99 16.04 
Dilutive effect of stock-based awards
0.32 0.14 0.19 — 
Weighted-average shares outstanding – diluted
16.21 16.24 16.18 16.04 
Earnings (loss) per share:
Basic earnings (loss) per share$1.33 $0.32 $0.14 $(2.05)
Diluted earnings (loss) per share$1.30 $0.31 $0.14 $(2.05)
Antidilutive stock-based awards excluded from computation of diluted earnings per share ("EPS")
0.46 0.64 0.80 1.05 
Performance stock-based awards excluded from computation of diluted EPS because performance conditions had not been met
0.21 0.61 0.21 0.61 
Schedule of Incentive Plan Shares Issued
In accordance with the Company's 2014 Omnibus Incentive Plan, as amended and restated as of March 8, 2017, shares of the Company's common stock were issued to plan participants whose Restricted Stock Units and/or Performance Condition Share Units vested during those periods. The net share issuance is included on the Condensed Consolidated Statements of Shareholders' Equity for the three and nine months ended September 30, 2020 and 2019. For additional information related to these plans refer to the Company's Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2019.

See the table below for information related to these transactions. Shares issued and recovered during the third quarter of 2020 and 2019 were not significant.

(in millions)20202019
Three months ended March 31,
Shares issued0.2 0.3 
Shares recovered for minimum tax withholding(0.1)(0.1)
Net shares issued0.1 0.2 
Three months ended June 30,
     Shares issued0.1 0.0 
     Shares recovered for minimum tax withholding0.0 0.0 
     Net shares issued0.1 0.0 
v3.20.2
Accumulated Other Comprehensive Loss ("AOCL") (Tables)
 9 Months Ended
Sep. 30, 2020
Equity [Abstract]  
Components of Accumulated Other Comprehensive Loss
The following table provides the components of AOCL at September 30, 2020 (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, 2019$(26.6)$(6.2)$(0.3)$(33.1)
     Unrealized net gains (losses) arising during the period(14.0)0.0 0.0 (14.0)
Net current period other comprehensive income (loss)(14.0)0.0 0.0 (14.0)
Balance at March 31, 2020(40.6)(6.2)(0.3)(47.1)
     Unrealized net gains (losses) arising during the period4.2 0.0 (0.1)4.1 
     Amounts reclassified from AOCL— 0.0 0.1 0.1 
Net current period other comprehensive income (loss)4.2 0.0 0.0 4.2 
Balance at June 30, 2020(36.4)(6.2)(0.3)(42.9)
     Unrealized net gains (losses) arising during the period3.8 0.1 0.0 3.9 
     Amounts reclassified from AOCL— — 0.0 0.0 
Net current period other comprehensive income (loss)3.8 0.1 0.0 3.9 
Balance at September 30, 2020$(32.6)$(6.1)$(0.3)$(39.0)

The following table provides the components of AOCL at September 30, 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 period2.4 0.0 0.0 2.4 
     Amounts reclassified from AOCL— — 0.1 0.1 
Net current period other comprehensive income (loss)2.4 0.0 0.1 2.5 
Balance at March 31, 2019(27.9)(10.1)(0.2)(38.2)
     Unrealized net gains (losses) arising during the period1.3 0.1 0.0 1.4 
     Amounts reclassified from AOCL— — 0.2 0.2 
Net current period other comprehensive income (loss)1.3 0.1 0.2 1.6 
Balance at June 30, 2019(26.6)(10.0)— (36.6)
     Unrealized net gains (losses) arising during the period(2.2)— (0.3)(2.5)
Net current period other comprehensive income (loss)(2.2)— (0.3)(2.5)
Balance at September 30, 2019$(28.8)$(10.0)$(0.3)$(39.1)
v3.20.2
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
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
Three Months Ended September 30, 2020
Net sales$847.9 $231.4 $364.8 $119.4 $1,563.5 $27.7 $1,591.2 
Adjusted EBITDA85.9 13.1 8.8 3.5 111.3 (61.4)
Depreciation and amortization
5.8 2.1 2.0 0.0 9.9 5.1 15.0 
Restructuring charges, net
2.5 0.6 4.2 0.0 7.3 0.6 7.9 
Three Months Ended September 30, 2019
Net sales$871.4 $307.9 $523.0 $190.1 $1,892.4 $32.1 $1,924.5 
Adjusted EBITDA67.4 11.0 10.6 4.6 93.6 (48.6)
Depreciation and amortization
4.6 1.8 2.1 0.0 8.5 4.8 13.3 
Restructuring charges, net
5.8 6.1 4.3 (8.5)7.7 (0.1)7.6 
Nine Months Ended September 30, 2020
Net sales$2,432.0 $693.6 $1,099.2 $401.3 $4,626.1 $77.2 $4,703.3 
Adjusted EBITDA215.4 33.5 21.3 6.9 277.1 (151.2)
Depreciation and amortization
16.7 5.9 6.0 0.1 28.7 14.4 43.1 
Restructuring charges, net
10.7 3.8 20.2 0.0 34.7 5.7 40.4 
Nine Months Ended September 30, 2019
Net sales$2,598.3 $918.1 $1,605.5 $603.7 $5,725.6 $98.6 $5,824.2 
Adjusted EBITDA181.1 23.5 30.1 15.0 249.7 (141.0)
Depreciation and amortization
13.8 5.3 6.3 0.4 25.8 13.7 39.5 
Restructuring charges, net
8.5 7.3 6.2 (8.2)13.8 3.1 16.9 
Reconciliation of Income Before Income Taxes to Total Adjusted EBITDA
The table below presents a reconciliation of net income (loss) as reflected on the Condensed Consolidated Statements of Operations to Adjusted EBITDA for the reportable segments:

Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)2020201920202019
Net income (loss)$21.1 $5.1 $2.2 $(32.9)
Interest expense, net5.5 8.9 19.7 30.5 
Income tax expense (benefit)(0.1)7.6 (0.2)0.2 
Depreciation and amortization15.0 13.3 43.1 39.5 
Restructuring charges, net7.9 7.6 40.4 16.9 
Facility closure charges, including (gain) loss from asset disposition(7.4)— (5.4)— 
Stock-based compensation4.8 3.4 14.9 12.4 
LIFO reserve (decrease) increase(0.4)(3.9)(4.6)(1.0)
Non-restructuring severance charges0.8 1.3 3.2 4.0 
Non-restructuring pension charges, net— 0.0 7.2 6.6 
Integration expenses— 4.5 — 13.3 
Fair value adjustment on TRA contingent liability2.0 0.3 1.0 1.8 
Fair value adjustment on contingent consideration liability— (2.5)1.0 10.6 
Escheat audit contingent liability— (1.0)— 6.0 
Other0.7 0.4 3.4 0.8 
Adjustment for Corporate & Other61.4 48.6 151.2 141.0 
Adjusted EBITDA for reportable segments$111.3 $93.6 $277.1 $249.7 
v3.20.2
Business and Summary of Significant Accounting Policies - Narrative (Details)
$ in Millions
Sep. 30, 2020
USD ($)
distribution_center
Jan. 01, 2020
USD ($)
Dec. 31, 2019
USD ($)
Sep. 30, 2019
USD ($)
Dec. 31, 2018
USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Number of distribution centers | distribution_center 140        
Cash and cash equivalents $ 112.5   $ 38.0 $ 59.3 $ 64.3
Retained earnings 33.4   $ 35.3    
Cumulative Effect, Period of Adoption, Adjustment          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Retained earnings   $ 0.3      
Investment in Money Market Fund          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Cash and cash equivalents $ 75.0        
v3.20.2
Business and Summary of Significant Accounting Policies - Schedule of Credit Losses (Details) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Allowance for credit losses and doubtful accounts, respectively $ 33.0 $ 30.4
Other allowances 10.7 13.4
Total accounts receivable allowances $ 43.7 $ 43.8
v3.20.2
Business and Summary of Significant Accounting Policies - Rollforward of Credit Losses (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Accounting Standards Update [Extensible List] us-gaap:AccountingStandardsUpdate201613Member us-gaap:AccountingStandardsUpdate201602Member us-gaap:AccountingStandardsUpdate201613Member
Loss Contingencies [Line Items]      
Balance at December 31, 2019 $ 30.4   $ 30.4
Provision for expected credit losses     6.9
Write-offs charged against the allowance     (4.2)
Recoveries of amounts previously written off     0.2
Other adjustments     (0.7)
Balance at September 30, 2020     33.0
U.S. | Corporate & Other      
Loss Contingencies [Line Items]      
Balance at December 31, 2019 0.9   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     0.0
Balance at September 30, 2020     0.9
U.S. | Packaging and Facility Solutions | Operating Segments      
Loss Contingencies [Line Items]      
Balance at December 31, 2019 13.3   13.3
Provision for expected credit losses     2.1
Write-offs charged against the allowance     (1.8)
Recoveries of amounts previously written off     0.2
Other adjustments     0.0
Balance at September 30, 2020     14.8
U.S. | Print | Operating Segments | Risk Level, High      
Loss Contingencies [Line Items]      
Balance at December 31, 2019 11.9   11.9
Provision for expected credit losses     2.6
Write-offs charged against the allowance     (2.2)
Recoveries of amounts previously written off     0.0
Other adjustments     (1.4)
Balance at September 30, 2020     10.7
U.S. | Print | Operating Segments | Risk Level, Medium / Low      
Loss Contingencies [Line Items]      
Balance at December 31, 2019 0.9   0.9
Provision for expected credit losses     0.3
Write-offs charged against the allowance     (0.1)
Recoveries of amounts previously written off     0.0
Other adjustments     0.8
Balance at September 30, 2020     2.0
U.S. | Publishing | Operating Segments      
Loss Contingencies [Line Items]      
Balance at December 31, 2019 1.3   1.3
Provision for expected credit losses     1.3
Write-offs charged against the allowance     0.0
Recoveries of amounts previously written off     0.0
Other adjustments     0.0
Balance at September 30, 2020     2.5
Canada | Packaging and Facility Solutions | Operating Segments      
Loss Contingencies [Line Items]      
Balance at December 31, 2019 1.0   1.0
Provision for expected credit losses     0.0
Write-offs charged against the allowance     0.0
Recoveries of amounts previously written off     0.0
Other adjustments     0.0
Balance at September 30, 2020     0.7
Canada | Print | Operating Segments | Risk Level, High      
Loss Contingencies [Line Items]      
Balance at December 31, 2019 0.4   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 September 30, 2020     0.7
Canada | Print | Operating Segments | Risk Level, Medium / Low      
Loss Contingencies [Line Items]      
Balance at December 31, 2019 0.1   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 September 30, 2020     0.0
Rest of world | Operating Segments      
Loss Contingencies [Line Items]      
Balance at December 31, 2019 0.6   0.6
Provision for expected credit losses     0.2
Write-offs charged against the allowance     0.0
Recoveries of amounts previously written off     0.0
Other adjustments     (0.1)
Balance at September 30, 2020     0.7
Cumulative Effect, Period of Adoption, Adjustment      
Loss Contingencies [Line Items]      
Balance at December 31, 2019 0.4   0.4
Cumulative Effect, Period of Adoption, Adjustment | U.S. | Corporate & Other      
Loss Contingencies [Line Items]      
Balance at December 31, 2019 0.0   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   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)   (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   0.1
Cumulative Effect, Period of Adoption, Adjustment | U.S. | Publishing | Operating Segments      
Loss Contingencies [Line Items]      
Balance at December 31, 2019 (0.1)   (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)   (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   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)   (0.1)
Cumulative Effect, Period of Adoption, Adjustment | Rest of world | Operating Segments      
Loss Contingencies [Line Items]      
Balance at December 31, 2019 $ 0.0   $ 0.0
v3.20.2
Revenue Recognition - Remaining Performance Obligation (Details)
Sep. 30, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Performance obligation satisfaction period 12 months
v3.20.2
Revenue Recognition - Narrative (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2020
USD ($)
numberOfCustomers
segment
Dec. 31, 2019
USD ($)
Concentration Risk [Line Items]    
Equipment sales deposits, approximate holding period 90 days  
Estimated inventory returns recognized $ 484.5 $ 552.9
Number of significant customers | numberOfCustomers 10  
Number of reportable segments | segment 4  
Revenue from Contract with Customer Benchmark | Sales Channel, Directly to Consumer    
Concentration Risk [Line Items]    
Principal market concentration percent 35.00%  
Revenue Benchmark | Customer Concentration Risk    
Concentration Risk [Line Items]    
Principal market concentration percent 10.00%  
Revenue Benchmark | Geographic Concentration Risk | U.S.    
Concentration Risk [Line Items]    
Principal market concentration percent 87.00%  
Revenue Benchmark | Geographic Concentration Risk | Canada    
Concentration Risk [Line Items]    
Principal market concentration percent 10.00%  
Revenue Benchmark | Geographic Concentration Risk | Mexico    
Concentration Risk [Line Items]    
Principal market concentration percent 2.00%  
Accounting Standards Update 2014-09 | Difference Between Revenue Guidance in Effect Before and After Topic 606    
Concentration Risk [Line Items]    
Estimated inventory returns recognized $ 1.5 $ 2.0
Minimum    
Concentration Risk [Line Items]    
Bill-and-hold arrangements initial coverage period 60 days  
Maximum    
Concentration Risk [Line Items]    
Bill-and-hold arrangements initial coverage period 90 days  
v3.20.2
Revenue Recognition - Schedule of Customer Contract Liabilities (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Change in Contract with Customer, Liability [Roll Forward]    
Beginning balance $ 11.7 $ 17.7
Payments received 36.5 35.2
Revenue recognized from beginning balance (11.4) (17.7)
Revenue recognized from current year receipts (22.7) (22.4)
Ending balance $ 14.1 $ 12.8
v3.20.2
Leases - Narrative (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2020
USD ($)
distribution_center
Lessee, Lease, Description [Line Items]  
Number of distribution centers | distribution_center 140
Number of leased distribution centers | distribution_center 130
Commencement period, leases not yet commenced 6 months
Average lease term 3 years
Real Estate  
Lessee, Lease, Description [Line Items]  
Finance and operating lease payments due $ 487.5
Operating lease not yet commenced $ 10.2
Real Estate | Minimum  
Lessee, Lease, Description [Line Items]  
Term of lease contract 3 years
Real Estate | Maximum  
Lessee, Lease, Description [Line Items]  
Term of lease contract 10 years
Delivery Equipment | Minimum  
Lessee, Lease, Description [Line Items]  
Term of lease contract 3 years
Delivery Equipment | Maximum  
Lessee, Lease, Description [Line Items]  
Term of lease contract 8 years
Non-Real Estate  
Lessee, Lease, Description [Line Items]  
Finance and operating lease payments due $ 83.6
Non-Real Estate | Minimum  
Lessee, Lease, Description [Line Items]  
Term of lease contract 3 years
Non-Real Estate | Maximum  
Lessee, Lease, Description [Line Items]  
Term of lease contract 5 years
v3.20.2
Leases - Schedule of Components of Lease Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Leases [Abstract]        
Short-term lease expense $ 0.6 $ 1.7 $ 1.8 $ 5.8
Operating lease expense 30.6 29.6 85.3 84.3
Finance lease expense:        
Amortization of right-of-use assets 3.7 2.7 10.9 7.6
Interest expense 0.7 0.6 2.2 1.6
Total finance lease expense 4.4 3.3 13.1 9.2
Total Lease Cost $ 35.6 $ 34.6 $ 100.2 $ 99.3
v3.20.2
Leases - Schedule of Supplemental Balance Sheet and Other Information (Details) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Operating Leases:    
Operating lease right-of-use assets $ 371.2 $ 429.2
Operating lease obligations - current 84.3 90.5
Operating lease obligations - non-current 324.8 376.6
Total operating lease obligations $ 409.1 $ 467.1
Weighted-average remaining lease term in years 6 years 2 months 12 days 6 years 7 months 6 days
Weighted-average discount rate 4.70% 4.60%
Finance Leases:    
Finance lease right-of-use assets $ 77.8 $ 76.6
Finance lease obligations - current 13.3 11.5
Finance lease obligations - non-current 70.0 69.2
Total finance lease obligations $ 83.3 $ 80.7
Weighted-average remaining lease term in years 7 years 2 months 12 days 7 years 9 months 18 days
Weighted-average discount rate 3.60% 3.40%
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] us-gaap:OtherAssetsNoncurrent us-gaap:OtherAssetsNoncurrent
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] us-gaap:OtherAccruedLiabilitiesCurrent us-gaap:OtherAccruedLiabilitiesCurrent
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] us-gaap:OtherLiabilitiesNoncurrent us-gaap:OtherLiabilitiesNoncurrent
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] us-gaap:DebtCurrent us-gaap:DebtCurrent
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] us-gaap:LongTermDebtAndCapitalLeaseObligations us-gaap:LongTermDebtAndCapitalLeaseObligations
v3.20.2
Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating cash flows from operating leases    
Operating cash flows from operating leases $ 83.7 $ 81.3
Finance Leases:    
Operating cash flows from finance leases 2.2 1.6
Financing cash flows from finance leases $ 9.5 $ 6.8
v3.20.2
Leases - Schedule of Future Minimum Operating and Finance Lease Payments (Details) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Finance Leases - Topic 842    
2020 (excluding the nine months ended September 30, 2020) $ 4.1  
2021 15.7  
2022 15.2  
2023 12.9  
2024 11.0  
2025 10.3  
Thereafter 26.4  
Total future minimum lease payments 95.6  
Amount representing interest (12.3)  
Total future minimum lease payments, net of interest 83.3 $ 80.7
Operating Leases - Topic 842    
2020 (excluding the nine months ended September 30, 2020) 26.7  
2021 98.2  
2022 83.0  
2023 62.1  
2024 52.7  
2025 42.2  
Thereafter 110.6  
Total future minimum lease payments 475.5  
Amount representing interest (66.4)  
Total future minimum lease payments, net of interest $ 409.1 $ 467.1
v3.20.2
Restructuring and Integration Charges - 2020 Restructuring Plan (Details)
$ in Millions
Sep. 30, 2020
USD ($)
Restructuring Cost and Reserve [Line Items]  
Estimated percent reduction in salaried workforce 15.00%
2020 Restructuring Plan | Minimum  
Restructuring Cost and Reserve [Line Items]  
Expected restructuring costs $ 75
2020 Restructuring Plan | Maximum  
Restructuring Cost and Reserve [Line Items]  
Expected restructuring costs 90
2020 Restructuring Plan | Severance and Related Costs | Minimum  
Restructuring Cost and Reserve [Line Items]  
Expected restructuring costs 43
2020 Restructuring Plan | Severance and Related Costs | Maximum  
Restructuring Cost and Reserve [Line Items]  
Expected restructuring costs 47
2020 Restructuring Plan | Real Estate Exit Costs | Minimum  
Restructuring Cost and Reserve [Line Items]  
Expected restructuring costs 9
2020 Restructuring Plan | Real Estate Exit Costs | Maximum  
Restructuring Cost and Reserve [Line Items]  
Expected restructuring costs 11
2020 Restructuring Plan | Inventory Related Costs | Minimum  
Restructuring Cost and Reserve [Line Items]  
Expected restructuring costs 8
2020 Restructuring Plan | Inventory Related Costs | Maximum  
Restructuring Cost and Reserve [Line Items]  
Expected restructuring costs 14
2020 Restructuring Plan | Other Direct Costs | Minimum  
Restructuring Cost and Reserve [Line Items]  
Expected restructuring costs 15
2020 Restructuring Plan | Other Direct Costs | Maximum  
Restructuring Cost and Reserve [Line Items]  
Expected restructuring costs $ 18
v3.20.2
Restructuring and Integration Charges - Schedule of Changes in Restructuring Liability - 2020 Restructuring Plan (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Jun. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Restructuring Cost and Reserve [Line Items]          
Costs incurred $ 7.9   $ 7.6 $ 40.4 $ 16.9
Severance and Related Costs | 2020 Restructuring Plan          
Restructuring Cost and Reserve [Line Items]          
Restructuring reserve, beginning balance 31.6 $ 0.0      
Costs incurred 1.6 31.6      
Payments (14.7) 0.0      
Restructuring reserve, ending balance 18.5 31.6   18.5  
Other Direct Costs | 2020 Restructuring Plan          
Restructuring Cost and Reserve [Line Items]          
Restructuring reserve, beginning balance 0.9 0.0      
Costs incurred 6.3 0.9      
Payments (1.0) 0.0      
Restructuring reserve, ending balance 6.2 0.9   6.2  
Restructuring Charges, Including Non-Cash Items | 2020 Restructuring Plan          
Restructuring Cost and Reserve [Line Items]          
Restructuring reserve, beginning balance 32.5 0.0      
Costs incurred 7.9 32.5      
Payments (15.7) 0.0      
Restructuring reserve, ending balance $ 24.7 $ 32.5   $ 24.7  
v3.20.2
Restructuring and Integration Charges - Veritiv Restructuring Plan: Merger Related (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
USD ($)
Sep. 30, 2019
USD ($)
Sep. 30, 2020
USD ($)
years
Sep. 30, 2019
USD ($)
Restructuring Cost and Reserve [Line Items]        
Restructuring charges, net $ 7.9 $ 7.6 $ 40.4 $ 16.9
Multi-employer pension plans, settlement term | years     20  
Exiting Brand Re-Distribution Business        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges, net   $ 5.4   $ 5.4
v3.20.2
Restructuring and Integration Charges - Summary of the Company's Restructuring Activity (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Sep. 30, 2020
Sep. 30, 2019
Restructuring Reserve [Roll Forward]                
Costs incurred $ 7.9     $ 7.6     $ 40.4 $ 16.9
Severance and Related Costs | Veritiv Restructuring Plan                
Restructuring Reserve [Roll Forward]                
Restructuring reserve, beginning balance 1.9 $ 3.5 $ 6.2 6.9 $ 5.0 $ 4.7 6.2 4.7
Costs incurred       2.3 3.2 1.3    
Payments (1.0) (1.6) (2.7) (1.5) (1.3) (1.0)    
Other non-cash items 0.0              
Restructuring reserve, ending balance 0.9 1.9 3.5 7.7 6.9 5.0 0.9 7.7
Other Direct Costs | Veritiv Restructuring Plan                
Restructuring Reserve [Roll Forward]                
Restructuring reserve, beginning balance 25.7 26.8 30.6 24.8 23.3 25.1 30.6 25.1
Costs incurred       5.2 3.7 1.3    
Payments (1.0) (1.1) (3.8) (3.5) (2.2) (3.1)    
Other non-cash items (0.1)              
Restructuring reserve, ending balance 24.6 25.7 26.8 26.5 24.8 23.3 24.6 26.5
Restructuring Costs, Excluding Non-Cash Items | Veritiv Restructuring Plan                
Restructuring Reserve [Roll Forward]                
Restructuring reserve, beginning balance 27.6 30.3 36.8 31.7 28.3 29.8 36.8 29.8
Costs incurred       7.5 6.9 2.6    
Payments (2.0) (2.7) (6.5) (5.0) (3.5) (4.1)    
Other non-cash items (0.1)              
Restructuring reserve, ending balance $ 25.5 $ 27.6 $ 30.3 $ 34.2 $ 31.7 $ 28.3 $ 25.5 $ 34.2
v3.20.2
Restructuring and Integration Charges - Summary of the Components of Integration Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Business Acquisition [Line Items]        
Total integration expenses $ 0.0 $ 4.5 $ 0.0 $ 13.3
UWW Holdings, Inc. XPEDX Merger        
Business Acquisition [Line Items]        
Integration management   2.7   8.1
Retention compensation   0.1   0.0
Information technology conversion costs   1.1   2.9
Other   0.4   1.6
All American Containers        
Business Acquisition [Line Items]        
Total integration expenses   $ 0.2   $ 0.7
v3.20.2
Debt - Long-Term Debt Obligations (Details) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Debt Instrument [Line Items]    
Commercial card program $ 14.9 $ 12.6
Finance leases 83.3 80.7
Total debt 605.9 755.0
Less: current portion of debt (14.9) (12.6)
Long-term debt, net of current portion 591.0 742.4
Line of Credit | Asset-Based Lending Facility    
Debt Instrument [Line Items]    
Asset-Based Lending Facility (the "ABL Facility") $ 521.0 $ 673.2
v3.20.2
Debt - Narrative (Details) - USD ($)
 9 Months Ended
Sep. 13, 2019
Sep. 30, 2020
Apr. 09, 2020
Apr. 08, 2020
Dec. 31, 2019
Line of Credit Facility [Line Items]          
Commercial card, maximum credit limit   $ 37,500,000      
Commercial card program   14,900,000     $ 12,600,000
Interest Rate Cap          
Line of Credit Facility [Line Items]          
Amount covered by interest rate cap $ 350,000,000.0        
Variable interest rate spread 2.75%        
Cost of interest rate cap contract $ 600,000        
Asset-Based Lending Facility          
Line of Credit Facility [Line Items]          
Write off of deferred financing costs   $ 600,000      
Deferred financing costs incurred     $ 3,400,000    
Minimum fixed coverage ratio   100.00%      
Line of Credit | Asset-Based Lending Facility          
Line of Credit Facility [Line Items]          
Maximum borrowing capacity     $ 1,100,000,000 $ 1,400,000,000  
Remaining borrowing capacity   $ 358,900,000      
Outstanding letters of credit   12,100,000      
Commercial Card Program          
Line of Credit Facility [Line Items]          
Commercial card program   $ 1,600,000     $ 1,100,000
v3.20.2
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Jun. 30, 2020
Sep. 30, 2020
Sep. 30, 2019
Income Tax Disclosure [Abstract]          
Income (loss) before income taxes $ 21.0 $ 12.7   $ 2.0 $ (32.7)
Income tax expense (benefit) $ (0.1) $ 7.6   $ (0.2) $ 0.2
Effective tax rate (0.50%) 59.80%   (10.00%) (0.60%)
Estimated tax benefit (expense) resulting from CARES Act $ 1.5   $ 0.9 $ 2.4  
Estimated tax benefit resulting from new legislation $ 2.2        
v3.20.2
Related Party Transactions - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended
Jan. 31, 2020
Jan. 31, 2019
UWW Holdings, LLC | UWW Holdings, LLC | Tax Receivable Agreement    
Related Party Transaction [Line Items]    
Payments to UWWF for utilization of pre-merger net operating losses in federal and state tax returns $ 0.3 $ 8.1
v3.20.2
Related Party Transactions - Summarized Financial Impact of Transactions with Related Party (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
Related Party Transaction [Line Items]          
Sales to related party $ 4.8 $ 5.7 $ 16.5 $ 17.3  
Inventories 484.5   484.5   $ 552.9
Related party payable 4.0   4.0   4.3
Related party receivable 2.4   2.4   2.8
Georgia-Pacific          
Related Party Transaction [Line Items]          
Inventories 9.5   9.5   11.4
Related party payable 4.0   4.0   4.3
Related party receivable 2.4   2.4   $ 2.8
Georgia-Pacific | Sales to Georgia-Pacific, reflected in net sales          
Related Party Transaction [Line Items]          
Sales to related party 4.8 5.7 16.5 17.3  
Georgia-Pacific | Purchases of inventory from Georgia-Pacific, recognized in cost of products sold          
Related Party Transaction [Line Items]          
Purchases of inventory recognized in cost of products sold $ 15.0 $ 20.0 $ 47.0 $ 66.2  
v3.20.2
Defined Benefit Plans (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
U.S.        
Components of net periodic benefit cost (credit):        
Service cost $ 0.5 $ 0.5 $ 1.6 $ 1.4
Interest cost 0.4 0.5 1.2 1.6
Expected return on plan assets (1.0) (0.9) (3.0) (2.6)
Amortization of net loss 0.0 (0.1) 0.0 0.0
Total other components (0.6) (0.5) (1.8) (1.0)
Net periodic benefit cost (credit) (0.1) 0.0 (0.2) 0.4
Canada        
Components of net periodic benefit cost (credit):        
Service cost 0.1 0.0 0.3 0.2
Interest cost 0.6 0.7 1.8 2.2
Expected return on plan assets (1.0) (0.8) (2.9) (2.7)
Amortization of net loss 0.0 0.1 0.1 0.1
Total other components (0.4) 0.0 (1.0) (0.4)
Net periodic benefit cost (credit) $ (0.3) $ 0.0 $ (0.7) $ (0.2)
v3.20.2
Fair Value Measurements - Narrative (Details)
 3 Months Ended 9 Months Ended
Mar. 19, 2020
USD ($)
Dec. 11, 2019
USD ($)
Dec. 26, 2018
USD ($)
Jul. 01, 2014
USD ($)
Sep. 30, 2020
USD ($)
numberOfProperties
Mar. 31, 2020
USD ($)
Sep. 30, 2019
USD ($)
Sep. 30, 2020
USD ($)
Sep. 30, 2019
USD ($)
Dec. 31, 2019
USD ($)
Aug. 31, 2017
USD ($)
Business Acquisition [Line Items]                      
Number of properties sold | numberOfProperties         1            
Gain on sale of properties and lease termination         $ 8,500,000            
Gain on termination of lease         1,100,000            
Goodwill         99,600,000     $ 99,600,000   $ 99,600,000  
UWW Holdings, Inc. XPEDX Merger                      
Business Acquisition [Line Items]                      
Fair value of contingent liability associated with the tax receivable agreement       $ 59,400,000              
All American Containers                      
Business Acquisition [Line Items]                      
Percent of business acquired                     100.00%
Earn Out Payment | All American Containers                      
Business Acquisition [Line Items]                      
Contingent liability, earn-out amount                     $ 22,200,000
Contingent liability, earn-out payment high range                     50,000,000.0
Payment required after first anniversary of acquisition   $ 20,000,000.0 $ 2,500,000                
Fair value adjustments on contingent liability         $ 0 $ 1,000,000.0 $ (2,500,000) $ 1,000,000.0 $ 10,600,000    
Payment for contingent consideration $ 3,500,000                    
Earn Out Payment | All American Containers | Maximum                      
Business Acquisition [Line Items]                      
Contingent consideration annual installment payment                     $ 25,000,000.0
Measurement Input, Discount Rate | Level 3 | Contingent Liability | UWW Holdings, Inc. XPEDX Merger                      
Business Acquisition [Line Items]                      
Fair value discount rate         0.034     0.034      
Veritiv Restructuring Plan                      
Business Acquisition [Line Items]                      
Assets held for sale         $ 6,500,000     $ 6,500,000   $ 10,100,000  
v3.20.2
Fair Value Measurements - Liabilities Disclosed at Fair Value (Details) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
ABL Facility | Asset-Backed Lending Facility | Line of Credit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities disclosed at fair value $ 521.0 $ 673.2
ABL Facility | Asset-Backed Lending Facility | Line of Credit | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities disclosed at fair value 521.0 673.2
TRA contingent liability | UWW Holdings, Inc. XPEDX Merger    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities disclosed at fair value 32.1 31.4
TRA contingent liability | UWW Holdings, Inc. XPEDX Merger | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities disclosed at fair value $ 32.1 31.4
AAC contingent consideration | All American Containers    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities disclosed at fair value   2.5
AAC contingent consideration | All American Containers | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities disclosed at fair value   $ 2.5
v3.20.2
Fair Value Measurements - Contingent Consideration Rollforward (Details) - Level 3 - USD ($)
$ in Millions
 3 Months Ended
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Earn Out Payment | All American Containers              
Business Acquisition, Contingent Consideration [Line Items]              
Beginning balance     $ 2.5 $ 20.0 $ 22.5 $ 14.8 $ 9.4
Change in fair value adjustment recorded in other (income) expense, net       2.5 (2.5) 7.7 5.4
Payment       (20.0)      
Ending balance       2.5 20.0 22.5 14.8
Contingent Liability | UWW Holdings, Inc. XPEDX Merger              
Business Acquisition, Contingent Consideration [Line Items]              
Beginning balance $ 30.1 $ 30.4 31.4 32.9 32.6 32.0 38.9
Change in fair value adjustment recorded in other (income) expense, net 2.0 (0.3) (0.7)   0.3 0.6 0.9
Payment     (0.3)       (7.8)
Ending balance $ 32.1 $ 30.1 $ 30.4 $ 31.4 $ 32.9 $ 32.6 $ 32.0
v3.20.2
Earnings (Loss) Per Share - Summary of the Numerators and Denominators Used in the Basic and Diluted Earnings Per Share Calculation (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Sep. 30, 2020
Sep. 30, 2019
Numerator:                
Net income (loss) $ 21.1 $ (18.5) $ (0.4) $ 5.1 $ (11.3) $ (26.7) $ 2.2 $ (32.9)
Denominator:                
Weighted-average shares outstanding - basic (in shares) 15,890     16,100     15,990 16,040
Dilutive effect of stock-based awards (in shares) 320     140     190 0
Weighted-average shares outstanding - diluted (in shares) 16,210     16,240     16,180 16,040
Earnings (loss) per share:                
Basic earnings (loss) per share (in dollars per share) $ 1.33     $ 0.32     $ 0.14 $ (2.05)
Diluted earnings (loss) per share (in dollars per share) $ 1.30     $ 0.31     $ 0.14 $ (2.05)
Antidilutive stock-based awards excluded from computation of diluted loss per share (EPS) (in shares) 460     640     800 1,050
Performance stock-based awards excluded from computation of diluted EPS because performance conditions had not been met (in shares) 210     610     210 610
v3.20.2
Earnings (Loss) Per Share - Schedule of Shares Issued (Details) - shares
shares in Millions
 3 Months Ended
Jun. 30, 2020
Mar. 31, 2020
Jun. 30, 2019
Mar. 31, 2019
Earnings Per Share [Abstract]        
Shares issued (in shares) 0.1 0.2 0.0 0.3
Shares recovered for minimum tax withholding (in shares) (0.0) (0.1) (0.0) (0.1)
Net shares issued (in shares) 0.1 0.1 0.0 0.2
v3.20.2
Accumulated Other Comprehensive Loss ("AOCL") - Components of Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
 3 Months Ended
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance $ 513.0 $ 526.8 $ 536.2 $ 518.7 $ 523.6 $ 543.1
Unrealized net gains (losses) arising during the period 3.9 4.1 (14.0) (2.5) 1.4 2.4
Amounts reclassified from AOCL 0.0 0.1     0.2 0.1
Net current period other comprehensive income (loss) 3.9 4.2 (14.0) (2.5) 1.6 2.5
Ending balance 542.8 513.0 526.8 524.6 518.7 523.6
AOCL            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance [1] (42.9) (47.1) (33.1) (36.6) (38.2) (40.7)
Ending balance [1] (39.0) (42.9) (47.1) (39.1) (36.6) (38.2)
Foreign currency translation adjustments            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance (36.4) (40.6) (26.6) (26.6) (27.9) (30.3)
Unrealized net gains (losses) arising during the period 3.8 4.2 (14.0) (2.2) 1.3 2.4
Amounts reclassified from AOCL 0.0 0.0     0.0 0.0
Net current period other comprehensive income (loss) 3.8 4.2 (14.0) (2.2) 1.3 2.4
Ending balance (32.6) (36.4) (40.6) (28.8) (26.6) (27.9)
Retirement liabilities            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance (6.2) (6.2) (6.2) (10.0) (10.1) (10.1)
Unrealized net gains (losses) arising during the period 0.1 0.0 0.0 0.0 0.1 0.0
Amounts reclassified from AOCL 0.0 0.0     0.0 0.0
Net current period other comprehensive income (loss) 0.1 0.0 0.0 0.0 0.1 0.0
Ending balance (6.1) (6.2) (6.2) (10.0) (10.0) (10.1)
Interest rate cap            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance (0.3) (0.3) (0.3) 0.0 (0.2) (0.3)
Unrealized net gains (losses) arising during the period 0.0 (0.1) 0.0 (0.3) 0.0 0.0
Amounts reclassified from AOCL 0.0 0.1     0.2 0.1
Net current period other comprehensive income (loss) 0.0 0.0 0.0 (0.3) 0.2 0.1
Ending balance $ (0.3) $ (0.3) $ (0.3) $ (0.3) $ 0.0 $ (0.2)
[1] Accumulated other comprehensive loss.
v3.20.2
Commitments and Contingencies (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2020
Mar. 31, 2020
Jun. 30, 2019
Loss Contingencies [Line Items]      
Pension plan withdrawal liability, estimated payment period 20 years    
Withdrawal from Multiemployer Defined Benefit Plan | Western Pennsylvania Teamsters and Employers Pension Plan | Multiemployer Pension Plans      
Loss Contingencies [Line Items]      
Pension plan withdrawal liability     $ 6.5
Withdrawal from Multiemployer Defined Benefit Plan | Complete Withdrawal | Western Pennsylvania Teamsters and Employers Pension Plan | Multiemployer Pension Plans      
Loss Contingencies [Line Items]      
Pension plan withdrawal liability   $ 7.1  
v3.20.2
Segment Information - Narrative (Details)
 9 Months Ended
Sep. 30, 2020
segment
Segment Reporting [Abstract]  
Number of reportable segments 4
v3.20.2
Segment Information - Segment Reporting Information, by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Segment Reporting Information [Line Items]        
Net sales $ 1,591.2 $ 1,924.5 $ 4,703.3 $ 5,824.2
Adjusted EBITDA
Depreciation and amortization 15.0 13.3 43.1 39.5
Restructuring charges, net 7.9 7.6 40.4 16.9
Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 1,563.5 1,892.4 4,626.1 5,725.6
Adjusted EBITDA 111.3 93.6 277.1 249.7
Depreciation and amortization 9.9 8.5 28.7 25.8
Restructuring charges, net 7.3 7.7 34.7 13.8
Corporate & Other        
Segment Reporting Information [Line Items]        
Net sales 27.7 32.1 77.2 98.6
Adjusted EBITDA (61.4) (48.6) (151.2) (141.0)
Depreciation and amortization 5.1 4.8 14.4 13.7
Restructuring charges, net 0.6 (0.1) 5.7 3.1
Packaging | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 847.9 871.4 2,432.0 2,598.3
Adjusted EBITDA 85.9 67.4 215.4 181.1
Depreciation and amortization 5.8 4.6 16.7 13.8
Restructuring charges, net 2.5 5.8 10.7 8.5
Facility Solutions | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 231.4 307.9 693.6 918.1
Adjusted EBITDA 13.1 11.0 33.5 23.5
Depreciation and amortization 2.1 1.8 5.9 5.3
Restructuring charges, net 0.6 6.1 3.8 7.3
Print | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 364.8 523.0 1,099.2 1,605.5
Adjusted EBITDA 8.8 10.6 21.3 30.1
Depreciation and amortization 2.0 2.1 6.0 6.3
Restructuring charges, net 4.2 4.3 20.2 6.2
Publishing | Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 119.4 190.1 401.3 603.7
Adjusted EBITDA 3.5 4.6 6.9 15.0
Depreciation and amortization 0.0 0.0 0.1 0.4
Restructuring charges, net $ 0.0 $ (8.5) $ 0.0 $ (8.2)
v3.20.2
Segment Information - Reconciliation of Income Before Income Taxes to Total Adjusted EBITDA (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Sep. 30, 2020
Sep. 30, 2019
Segment Reporting Information [Line Items]                
Net income (loss) $ 21.1 $ (18.5) $ (0.4) $ 5.1 $ (11.3) $ (26.7) $ 2.2 $ (32.9)
Interest expense, net 5.5     8.9     19.7 30.5
Income tax expense (benefit) (0.1)     7.6     (0.2) 0.2
Depreciation and amortization 15.0     13.3     43.1 39.5
Restructuring charges, net 7.9     7.6     40.4 16.9
Facility closure charges, including (gain) loss from asset disposition (7.4)     0.0     (5.4) 0.0
Stock-based compensation 4.8     3.4     14.9 12.4
LIFO reserve (decrease) increase (0.4)     (3.9)     (4.6) (1.0)
Non-restructuring severance charges 0.8     1.3     3.2 4.0
Non-restructuring pension charges, net 0.0     0.0     7.2 6.6
Integration expenses 0.0     4.5     0.0 13.3
Escheat audit contingent liability 0.0     (1.0)     0.0 6.0
Other 0.7     0.4     3.4 0.8
Adjusted EBITDA for reportable segments        
Corporate & Other                
Segment Reporting Information [Line Items]                
Depreciation and amortization 5.1     4.8     14.4 13.7
Restructuring charges, net 0.6     (0.1)     5.7 3.1
Adjusted EBITDA for reportable segments (61.4)     (48.6)     (151.2) (141.0)
Operating Segments                
Segment Reporting Information [Line Items]                
Depreciation and amortization 9.9     8.5     28.7 25.8
Restructuring charges, net 7.3     7.7     34.7 13.8
Adjusted EBITDA for reportable segments 111.3     93.6     277.1 249.7
Tax Receivable Agreement                
Segment Reporting Information [Line Items]                
Fair value adjustments on contingent liability 2.0     0.3     1.0 1.8
All American Containers                
Segment Reporting Information [Line Items]                
Integration expenses       0.2       0.7
Earn Out Payment | All American Containers                
Segment Reporting Information [Line Items]                
Fair value adjustments on contingent liability $ 0.0   $ 1.0 $ (2.5)     $ 1.0 $ 10.6
v3.20.2
Subsequent Event (Details)
$ in Millions
 1 Months Ended 3 Months Ended
Oct. 31, 2020
USD ($)
numberOfProperties
Sep. 30, 2020
numberOfProperties
Subsequent Event [Line Items]    
Number of properties sold | numberOfProperties   1
Subsequent Event    
Subsequent Event [Line Items]    
Number of properties sold | numberOfProperties 1  
Proceeds from sale of property | $ $ 6.2  
Loss on sale of property | $ $ 0.2