Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2019	Feb. 21, 2020	Jun. 28, 2019
Cover page.
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
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	2019
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-3234977
Entity Address, Address Line One	1000 Abernathy Road NE
Entity Address, Address Line Two	Building 400, Suite 1700
Entity Address, City or Town	Atlanta,
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30328
City Area Code	(770)
Local Phone Number	391-8200
Title of 12(b) Security	Common stock, $0.01 par value
Trading Symbol	VRTV
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filer	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 252,985,175
Entity Common Stock, Shares Outstanding		16,149,748
Documents Incorporated by Reference	Portions of the Company's Proxy Statement for the 2020 Annual Meeting of Shareholders are incorporated by reference into Part III of this Form 10-K.

Consolidated Statements of Operations - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Statement [Abstract]
Net sales (including sales to related party of $23.4, $28.0 and $32.2, respectively)	$ 7,659.4	$ 8,696.2	$ 8,364.7
Cost of products sold (including purchases from related party of $85.2, $146.5 and $181.6, respectively) (exclusive of depreciation and amortization shown separately below)	6,206.2	7,155.7	6,846.6
Distribution expenses	509.2	550.5	516.9
Selling and administrative expenses	823.3	867.6	875.7
Depreciation and amortization	53.5	53.5	54.2
Integration and acquisition expenses	17.5	31.8	36.5
Restructuring charges, net	28.8	21.3	16.7
Operating income (loss)	20.9	15.8	18.1
Interest expense, net	38.1	42.3	31.2
Other (income) expense, net	11.6	(16.3)	(11.2)
Income (loss) before income taxes	(28.8)	(10.2)	(1.9)
Income tax expense (benefit)	0.7	5.5	11.4
Net income (loss)	$ (29.5)	$ (15.7)	$ (13.3)
Earnings (loss) per share:
Basic and diluted earnings (loss) per share (usd per share)	$ (1.84)	$ (0.99)	$ (0.85)
Weighted-average shares outstanding:
Weighted-average number of shares outstanding - basic and diluted (in shares)	16,060,000.00	15,820,000	15,700,000

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Statement [Abstract]
Related party sales	$ 23.4	$ 28.0	$ 32.2
Related party cost of products sold	$ 85.2	$ 146.5	$ 181.6

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (29.5)	$ (15.7)	$ (13.3)
Other comprehensive income (loss):
Foreign currency translation adjustments	3.7	(6.8)	5.7
Change in fair value of cash flow hedge, net of $0.0, $0.2 and $0.0 tax, respectively	0.0	0.5	0.0
Pension liability adjustments, net of $1.3, $0.0 and $(0.6) tax, respectively	3.9	(0.1)	(0.2)
Other comprehensive income (loss)	7.6	(6.4)	5.5
Total comprehensive income (loss)	$ (21.9)	$ (22.1)	$ (7.8)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Change in fair value of cash flow hedge, tax	$ 0.0	$ 0.2	$ 0.0
Pension liability adjustment, tax	$ 1.3	$ 0.0	$ (0.6)

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Current assets:
Cash	$ 38.0	$ 64.3
Accounts receivable, less allowances of $43.8 and $62.0, respectively	910.8	1,181.4
Related party receivable	2.8	3.2
Inventories	552.9	688.2
Other current assets	126.1	147.2
Total current assets	1,630.6	2,084.3
Property and equipment (net of accumulated depreciation and amortization of $342.6 and $320.7, respectively)	216.9	206.7
Goodwill	99.6	99.6
Other intangibles, net	52.2	57.2
Deferred income tax assets	57.0	56.5
Other non-current assets	454.8	25.4
Total assets	2,511.1	2,529.7
Current liabilities:
Accounts payable	476.9	641.9
Related party payable	4.3	9.3
Accrued payroll and benefits	53.9	56.5
Other accrued liabilities	183.8	134.7
Current portion of debt	12.6	6.7
Financing obligations, current portion	0.0	0.6
Total current liabilities	731.5	849.7
Long-term debt, net of current portion	742.4	963.6
Financing obligations, net of current portion	0.0	23.6
Defined benefit pension obligations	15.7	21.1
Other non-current liabilities	485.3	128.6
Total liabilities	1,974.9	1,986.6
Commitments and contingencies (Note 16)
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 - 16.4 million and 16.2 million, respectively; shares outstanding - 16.1 million and 15.9 million, respectively	0.2	0.2
Additional paid-in capital	618.0	605.7
Accumulated (deficit) earnings	(35.3)	(8.5)
Accumulated other comprehensive loss	(33.1)	(40.7)
Treasury stock at cost - 0.3 million shares in 2019 and 2018	(13.6)	(13.6)
Total shareholders' equity	536.2	543.1
Total liabilities and shareholders' equity	$ 2,511.1	$ 2,529.7

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Assets
Allowance for doubtful accounts	$ 43.8	$ 62.0
Depreciation and amortization	$ 342.6	$ 320.7
Shareholders' equity:
Preferred stock par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000.0	10,000,000.0
Preferred stock, shares issued (in shares)	0	0
Common stock par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000.0	100,000,000.0
Common stock, shares issued (in shares)	16,400,000	16,200,000
Common stock shares outstanding (in shares)	16,100,000	15,900,000
Treasury stock at cost (in shares)	300,000	300,000

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating activities
Net income (loss)	$ (29.5)	$ (15.7)	$ (13.3)
Depreciation and amortization	53.5	53.5	54.2
Amortization of deferred financing fees	2.6	2.6	2.6
Net losses (gains) on dispositions of property and equipment	0.6	(18.5)	(25.7)
Goodwill and long-lived asset impairment charges	0.0	0.4	8.4
Provision for allowance for doubtful accounts	14.9	27.1	15.9
Deferred income tax (benefit) provision	(2.7)	2.0	1.9
Stock-based compensation	14.6	18.1	15.7
Other non-cash items, net	11.9	(8.3)	(8.8)
Changes in operating assets and liabilities
Accounts receivable and related party receivable	252.3	(43.9)	(101.9)
Inventories	139.7	26.4	30.1
Other current assets	37.1	(23.2)	(8.4)
Accounts payable and related party payable	(199.7)	(15.9)	48.3
Accrued payroll and benefits	(2.9)	(16.6)	(11.3)
Other accrued liabilities	(22.4)	17.2	13.6
Other	11.0	9.8	15.3
Net cash provided by (used for) operating activities	281.0	15.0	36.6
Investing activities
Property and equipment additions	(34.1)	(45.4)	(32.5)
Proceeds from asset sales	0.5	23.7	51.1
Cash paid for purchase of business, net of cash acquired	0.0	0.0	(144.8)
Net cash provided by (used for) investing activities	(33.6)	(21.7)	(126.2)
Financing activities
Change in book overdrafts	26.2	(16.2)	(40.5)
Borrowings of long-term debt	6,746.5	5,805.3	4,898.8
Repayments of long-term debt	(7,007.0)	(5,767.3)	(4,731.5)
Payments under right-of-use finance leases and capital leases, respectively	(9.1)
Payments under right-of-use finance leases and capital leases, respectively		(6.7)	(2.7)
Payments under financing obligations (including obligations to related party of $0.0, $8.6 and $15.0, respectively)	0.0	(9.3)	(16.4)
Payments under Tax Receivable Agreement	(7.8)	(9.9)	(8.5)
Payments under other contingent consideration	(20.0)	(2.5)	0.0
Other	(2.7)	(2.1)	0.0
Net cash provided by (used for) financing activities	(273.9)	(8.7)	99.2
Effect of exchange rate changes on cash	0.2	(0.6)	1.1
Net change in cash	(26.3)	(16.0)	10.7
Cash at beginning of period	64.3	80.3	69.6
Cash at end of period	38.0	64.3	80.3
Supplemental cash flow information
Cash paid for income taxes, net of refunds	4.8	2.4	3.7
Cash paid for interest	34.7	38.9	27.6
Non-cash investing and financing activities
Non-cash additions to property and equipment for right-of-use finance leases and capital leases, respectively	22.3	31.5	17.8
Non-cash additions to other non-current assets for right-of-use operating leases	129.3	0.0	0.0
Contingent consideration for purchase of business: Earn-out	$ 0.0	$ 0.0	$ 22.2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Cash Flows [Abstract]
Repayments of related party obligation	$ 0.0	$ 8.6	$ 15.0

Consolidated Statements of Shareholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock Issued	Additional Paid-in Capital	Accumulated (Deficit) Earnings	Accumulated Other Comprehensive Loss	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2016		16.0				0.3
Beginning balance at Dec. 31, 2016	$ 541.8	$ 0.2	$ 574.5	$ 19.7	$ (39.0)	$ (13.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(13.3)			(13.3)
Other comprehensive income (loss)	5.5				5.5
Stock-based compensation	15.7		15.7
Ending balance (in shares) at Dec. 31, 2017		16.0				0.3
Ending balance at Dec. 31, 2017	549.7	$ 0.2	590.2	6.4	(33.5)	$ (13.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Tax impact of adoption of ASU 2018-02				0.8	(0.8)
Beginning balance (in shares) at Dec. 31, 2017		16.0				0.3
Beginning balance at Dec. 31, 2017	549.7	$ 0.2	590.2	6.4	(33.5)	$ (13.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(15.7)			(15.7)
Other comprehensive income (loss)	(6.4)				(6.4)
Stock-based compensation	18.1		18.1
Issuance of common stock, net of stock received for minimum tax withholdings (in shares)		0.2
Issuance of common stock, net of stock received for minimum tax withholdings	(2.6)	$ 0.0	(2.6)
Ending balance (in shares) at Dec. 31, 2018		16.2				0.3
Ending balance at Dec. 31, 2018	543.1	$ 0.2	605.7	(8.5)	(40.7)	$ (13.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Impact of adoption of new ASU	(0.8)			0.8	(0.8)
Net income (loss)	(29.5)			(29.5)
Other comprehensive income (loss)	7.6				7.6
Stock-based compensation	14.6		14.6
Issuance of common stock, net of stock received for minimum tax withholdings (in shares)		0.2
Issuance of common stock, net of stock received for minimum tax withholdings	(2.3)	$ 0.0	(2.3)
Ending balance (in shares) at Dec. 31, 2019		16.4				0.3
Ending balance at Dec. 31, 2019	$ 536.2	$ 0.2	$ 618.0	$ (35.3)	$ (33.1)	$ (13.6)

Business and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

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 on July 1, 2014 (the "Distribution Date"), following the merger (the "Merger") of International Paper Company's ("International Paper") xpedx distribution solutions business ("xpedx") and UWW Holdings, Inc. ("UWWH"), the parent company of Unisource Worldwide, Inc. ("Unisource"). On July 2, 2014, Veritiv's common stock began regular-way trading on the New York Stock Exchange under the ticker symbol "VRTV". Veritiv operates from approximately 150 distribution centers primarily throughout the United States ("U.S."), Canada and Mexico.

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and include all of the Company's subsidiaries. All significant intercompany transactions between Veritiv's businesses have been eliminated. As a result of adopting Accounting Standards Update ("ASU") 2016-02, Leases (Topic 842) on January 1, 2019, applying the additional transition approach, which is a prospective approach, the accounting for operating leases for periods prior to 2019 has not been revised and results are reported in accordance with prior U.S. GAAP. See the adoption impact in the Recently Issued Accounting Standards section of this note. As a result of adopting ASU 2017-07, Compensation-Retirement Benefits (Topic 715) on January 1, 2018, certain amounts for the year ended December 31, 2017 were reclassified to conform to the new presentation. See the adoption impact in the Notes contained in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2018.

Use of Estimates

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

Summary of Significant Accounting Policies

Revenue Recognition

The Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ("Topic 606") on January 1, 2018, using the modified retrospective approach for all contracts not completed as of the date of adoption, with no impact to the opening retained earnings.

Under Topic 606 -

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

customer is not recognized until cash is collected or management is otherwise able to establish that collectability is probable. As a normal business practice, Veritiv does not enter into contracts that require more than one year to complete or that contain significant financing components. See Note 2, Revenue Recognition, for additional information regarding revenue recognition.

Under prior revenue recognition guidance -

Revenue was recognized when persuasive evidence of an arrangement existed, the price was fixed or determinable, collectability was reasonably assured and delivery had occurred. Revenue was recognized when the customer took title and assumed the risks and rewards of ownership. When management could not conclude collectability was reasonably assured for shipments to a particular customer, revenue associated with that customer was not recognized until cash was collected or management was otherwise able to establish that collectability was reasonably assured. Sales transactions with customers were designated free on board ("f.o.b.") destination and revenue was recorded when the product was delivered to the customer's delivery site, when title and risk of loss were transferred. Certain revenues were derived from shipments arranged by the Company made directly from a manufacturer to a customer. The Company was considered to be a principal to these transactions because, among other factors, it controlled pricing to the customer, bore the credit risk of the customer defaulting on payment and was the primary obligor. Revenues from these sales were reported on a gross basis in the Consolidated Statements of Operations and amounted to $3.0 billion for the year ended December 31, 2017. Taxes collected from customers relating to product sales and remitted to governmental authorities were accounted for on a net basis. Accordingly, such taxes were excluded from both net sales and expenses.

Purchase Incentives

Veritiv enters into agreements with suppliers that entitle Veritiv to receive rebates, allowances and other discounts based on the attainment of specified purchasing levels or sales to certain customers. Purchase incentives are recorded as a reduction to inventory and recognized in cost of products sold when the sale occurs. During the year ended December 31, 2019, approximately 35% of the Company's purchases were made from ten suppliers.

Distribution Expenses

Distribution expenses consist of storage, handling and delivery costs including freight to the Company's customers' destinations. Handling and delivery costs were $346.9 million, $398.0 million and $380.7 million for the years ended December 31, 2019, 2018 and 2017, respectively.

Integration and Acquisition Expenses

Integration and acquisition expenses are expensed as incurred. Integration and acquisition expenses include internally dedicated integration management resources, retention compensation, information technology conversion costs, rebranding, professional services and other costs to integrate its businesses.

Accounts Receivable and Allowances

Accounts receivable are recognized net of allowances. The allowance for doubtful accounts reflects the best estimate of losses inherent in the Company's accounts receivable portfolio determined on the basis of historical experience, specific allowances for known troubled accounts and other available evidence. The other allowances balance is inclusive of returns, discounts and any other items affecting the realization of these assets. Accounts receivable are written-off when management determines they are uncollectible.

The components of the accounts receivable allowances were as follows:


	As of December 31,
(in millions)	2019		2018
Allowance for doubtful accounts	$	30.4	$	49.1
Other allowances	13.4		12.9
Total accounts receivable allowances	$	43.8	$	62.0

Below is a rollforward of the Company's accounts receivable allowances for the years ended December 31, 2019, 2018 and 2017:


	Year Ended December 31,
(in millions)	2019		2018		2017
Balance at January 1,	$	62.0	$	44.0	$	34.5
Add / (Deduct):
Provision for bad debt expense	13.8		26.5		15.9
Net write-offs and recoveries	(29.5)		(6.3)		(7.7)
Other adjustments⁽¹⁾	(2.5)		(2.2)		1.3

Balance at December 31,	$	43.8	$	62.0	$	44.0

⁽¹⁾Other adjustments represent amounts reserved for returns and discounts, foreign currency translation adjustments and reserves for certain customer

accounts where revenue is not recognized because collectability is not probable, and may include accounts receivable allowances recorded in connection

with acquisitions.

Inventories

The Company's inventories are primarily comprised of finished goods and predominantly valued at cost as determined by the last-in first-out ("LIFO") method. Such valuations are not in excess of market. Elements of cost in inventories include the purchase price invoiced by a supplier, plus inbound freight and related costs and reduced by estimated volume-based discounts and early pay discounts available from certain suppliers. Approximately 81% and 85% of inventories were valued using the LIFO method as of December 31, 2019 and 2018, respectively. If the first-in, first-out method had been used, total inventory balances would be increased by approximately $93.8 million and $98.7 million at December 31, 2019 and 2018, respectively.

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

Veritiv maintains some of its inventory on a consignment basis in which the inventory is physically located at the customer's premises or a third-party warehouse. Veritiv had $30.7 million and $56.8 million of consigned inventory as of December 31, 2019 and 2018, respectively, valued on a LIFO basis, net of reserves.

Property and Equipment, Net

Property and equipment are stated at cost, less accumulated depreciation and software amortization. Expenditures for replacements and major improvements are capitalized, whereas repair and maintenance costs that do not improve service potential or extend economic life are expensed as incurred. The Company capitalizes certain computer software and development costs incurred in connection with developing or obtaining software for internal use. Costs related to the development of internal use software, other than those incurred during the application development stage, are expensed as incurred.

The components of property and equipment, net were as follows:


(in millions)	As of December 31,
			2019			2018
Land, buildings and improvements	$	96.4		$	107.4
Machinery and equipment	167.9			159.7
Finance and capital leases, including assets related to financing obligations in the prior year, respectively	99.5			75.3
Internal use software	178.5			166.6
Construction-in-progress	17.2			18.4
Less: Accumulated depreciation and software amortization	(342.6)			(320.7)
Property and equipment, net	$	216.9		$	206.7

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

Depreciation and amortization for property and equipment, other than land, finance leases and CIP, is based upon the following estimated useful lives:


Buildings			40 years
Leasehold improvements			1 to 20 years
Machinery and equipment			3 to 15 years

Internal use software			3 to 5 years

Additional property and equipment information is as follows:


	Year Ended December 31,
(in millions)	2019		2018		2017
Depreciation expense ⁽¹⁾	$	33.5	$	33.2	$	33.5
Amortization expense - internal use software	15.0		13.4		16.5
Depreciation and amortization expense related to property and equipment	$	48.5	$	46.6	$	50.0

⁽¹⁾ Includes depreciation expense for finance leases, capital leases and assets related to financing obligations (including financing obligations with related party).
	As of December 31,
(in millions)	2019		2018
Accumulated depreciation on finance and capital leases, including assets related to financing obligations in the prior year, respectively	$	22.9	$	16.3
Unamortized internal use software costs, including amounts recorded in CIP	$	32.6	$	32.9

Upon retirement or other disposal of property and equipment, the cost and related amount of accumulated depreciation or accumulated amortization are eliminated from the asset and accumulated depreciation or accumulated amortization accounts, respectively. The difference, if any, between the net asset value and the proceeds is included in net income.

Leases

The Company adopted ASU 2016-02, Leases (Topic 842) and its related interpretations ("Topic 842") on January 1, 2019, applying the additional transition approach available under ASU 2018-11, Leases, whereby the new lease standard is

applied at the adoption date recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Upon adoption, the Company recorded (i) operating lease obligations and related ROU assets of approximately $428 million and (ii) an increase to retained earnings of approximately $2.7 million, primarily driven by the derecognition of the unamortized deferred gain from the 2017 sale of the Austin, Texas property.

Under Topic 842 -

The Company determines if an arrangement is a lease at lease inception and reviews lease arrangements for finance or operating lease classification at their commencement date. Operating leases are reported as part of other non-current assets, other accrued liabilities and other non-current liabilities on the Consolidated Balance Sheets. Finance leases are reported as part of property and equipment, net and debt obligations on the Consolidated Balance Sheets. The Company does not include leases with a term of twelve months or less on the Consolidated Balance Sheets. In order to value the 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 ("CPI")). The exercise of any lease renewal or asset purchase option is at the Company's sole discretion. The lease term for all of the Company's leases includes the noncancelable period of the lease and any periods covered by renewal options that the Company is reasonably certain to exercise. Certain leases include rent escalations pre-set in the agreements, which are factored into the lease payment stream. Similar to a variable lease payment, certain delivery equipment leases include a provision for an amount the Company may be required to pay at the end of the lease for any residual value deficiency incurred by the lessor upon resale of the underlying asset. The Company uses the implicit rate of interest when it is available; however, as most of the Company's leases do not provide an implicit rate of interest, the Company uses its incremental borrowing rate based on information available at the lease commencement date in determining the discounted value of the lease payments. Lease expense and depreciation expense are recognized on a straight-line basis over the lease term, or for a finance lease, over the shorter of the life of the underlying asset or the lease term.

Under prior lease accounting guidance -

The Company reviewed lease arrangements for capital or operating classification at lease inception. The term for all types of leases began on the date the Company became legally obligated for the rent payments or took possession of the asset, whichever was earlier. Assets subject to an operating lease and the related lease obligation were not recorded on the Company's balance sheet. The carrying value of the related equipment associated with capital leases was included within property and equipment, net and debt obligations on the Consolidated Balance Sheets. Certain capital leases included annual rate increases based on the CPI, which was included in the calculation of the initial lease obligation. The Company used the lower of the implicit rate of interest (if available) and its incremental borrowing rate in determining the discounted value of the lease payments for capital leases. Lease expense and depreciation expense were recognized on a straight-line basis over the lease term, or for a capital lease, over the shorter of the life of the underlying asset or the lease term.

See Note 3, Leases, for additional information related to the Company's leases.

Goodwill and Other Intangible Assets, Net

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

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

See Note 6, Goodwill and Other Intangible Assets, for additional information related to the Company's goodwill and other intangible assets.

Impairment of Long-Lived Assets

Long-lived assets, including finite lived intangible assets, are tested for impairment whenever events or changes in circumstances indicate their carrying value may not be recoverable. The Company assesses the recoverability of long-lived assets based on the undiscounted future cash flow the assets are expected to generate and recognizes an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. When an impairment is identified, the Company reduces the carrying amount of the asset to its estimated fair value based on a discounted cash flow approach or, when available and appropriate, to comparable market values.

Employee Benefit Plans

The Company sponsors and/or contributes to defined contribution plans, defined benefit pension plans and MEPPs in the U.S. Except for certain union employees who continue to accrue benefits under the U.S. defined benefit pension plan in accordance with their collective bargaining agreements, as discussed below, the defined benefit pension plans are frozen. In addition, the Company and its subsidiaries have various pension plans and other forms of retirement arrangements outside the U.S. See Note 10, Employee Benefit Plans, for additional information related to these plans and arrangements.

The determination of defined benefit pension and postretirement plan obligations and their associated costs requires the use of actuarial computations to estimate participant plan benefits to which the employees will be entitled. The Company's significant assumptions in this regard include discount rates, rate of future compensation increases, expected long-term rates of return on plan assets, mortality rates, and other factors. Each assumption is developed using relevant company experience in conjunction with market-related data in the U.S. and Canada. All actuarial assumptions are reviewed annually with third-party consultants and adjusted, as necessary.

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

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

Stock-Based Compensation

The Company measures and records compensation expense for all stock-based awards based on the grant date fair values over the vesting period of the awards. Forfeitures are recognized when they occur. See Note 15, Equity-Based Incentive Plans, for additional information.

Income Taxes

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

The Tax Act was signed into law on December 22, 2017 and makes broad and complex changes to the U.S. tax code. Veritiv recognized provisional estimates of the impact of the Tax Act in the year ended December 31, 2017 and as of the year ended December 31, 2018, the Company recorded additional tax expense. Although the Company considers these items complete, the determination of the Tax Act's income tax effects may change following future legislation or further interpretation of the Tax Act based on the publication of U.S. Treasury regulations and guidance from the Internal Revenue Service ("IRS") and state tax authorities. Additionally, the Company has concluded the applicable accounting policy election associated with Global Intangible Low Tax Income ("GILTI") will be treated as a period cost. See Note 8, Income Taxes, for additional details regarding the Tax Act.

Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Significant judgment is required in evaluating the need for and amount of valuation allowances against deferred tax assets. The realization of these assets is dependent on generating sufficient future taxable income.

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

Fair Value Measurements

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


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

See Note 11, Fair Value Measurements, for further detail.

Foreign Currency

The assets and liabilities of the foreign subsidiaries are translated from their respective local currencies to the U.S. dollars at the appropriate spot rates as of the balance sheet date. Changes in the carrying values of these assets and liabilities attributable to fluctuations in spot rates are recognized in foreign currency translation adjustment, a component of accumulated other comprehensive loss ("AOCL"). See Note 14, Shareholders' Equity, for the impacts of foreign currency translation adjustments on AOCL. The revenues and expenses of the foreign subsidiaries are translated using the monthly average exchange rates during the year. The gains or losses from foreign currency transactions are included in other (income) expense, net in the Consolidated Statements of Operations.

Treasury Stock

Common stock purchased for treasury is recorded at cost. Costs incurred by the Company that are associated with the acquisition of treasury stock are treated in a manner similar to stock issue costs and are added to the cost of the treasury stock.

Accounting for Derivative Instruments

The Company holds one interest rate cap agreement which is subject to ASC 815, Derivatives and Hedging. For those instruments that are designated and qualify as hedging instruments, a company must designate the instrument, based upon the exposure being hedged, as a cash flow hedge, a fair value hedge or a hedge of a net investment in a foreign operation. A cash flow hedge refers to hedging the exposure to variability in expected future cash flows attributable to a particular risk. For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is reported as a component of AOCL until reclassified into earnings in the same period the hedged transaction affects earnings. The gain or loss on the ineffective portion, if any, is immediately recognized in earnings. The Company does not hold or issue derivative financial instruments for trading or speculative purposes.

Recently Issued Accounting Standards

Effective January 1, 2019, the Company adopted ASU 2016-02, Leases (Topic 842) and its related interpretations. The standard requires lessees to recognize ROU assets and liabilities for leases with a lease term greater than twelve months on their balance sheet. The pattern and classification of expense recognition in a lessee's statement of operations will remain similar to prior accounting guidance. The new standard also eliminates the prior guidance related to real estate specific provisions. The guidance allows an entity to elect to adopt the standard using either a modified retrospective approach, applying the standard to leases that existed at the beginning of the earliest period presented and those entered into thereafter with restated comparative period financial statements, or an additional transition approach (under ASU 2018-11), which allows an entity to initially apply the new lease standard at the adoption date (January 1, 2019, for the Company) and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, an entity's reporting for the comparative periods presented in the financial statements in which it adopts the new lease standard, will not be restated and will continue to be in accordance with prior U.S. GAAP (Topic 840, Leases). The Company adopted this ASU applying the additional transition approach. The standard permits entities to elect a package of practical expedients which must be applied consistently to all leases that commenced prior to the effective date. If the package of practical expedients is elected, entities do not need to reassess: (i) whether expired or existing contracts contain leases; (ii) lease classification for any expired or existing leases; and (iii) initial direct costs for any existing leases. The Company elected to apply the package of practical expedients to all leases that commenced prior to the date of adoption. The guidance also allows entities to make certain policy elections under the new standard, including: (i) the use of hindsight to determine lease term and when assessing existing right of use assets for impairment; (ii) a policy to not record short-term leases on the balance sheet; and (iii) a policy to not separate lease and non-lease components. The Company made a policy election to exclude short-term leases from the Consolidated Balance Sheet and to separate lease and non-lease components for most lease categories. The Company made a policy election to not use hindsight to determine lease term and when assessing existing ROU assets for impairment. Upon adoption, the Company recorded (i) operating lease obligations and related ROU assets of approximately $428 million and (ii) an increase to retained earnings of approximately $2.7 million, primarily driven by the derecognition of the unamortized deferred gain from the 2017 sale of the Austin, Texas property. The Company's debt covenants and bank capital requirements were not impacted by the adoption of this ASU. See Note 3, Leases, for additional information regarding the Company's leases.

Other Recently Adopted Accounting Standards

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 guidance requires application on a modified retrospective basis. Other application requirements exist for specific assets impacted by a more-than-insignificant credit deterioration since origination. The ASU is effective January 1, 2020. The Company adopted this ASU on January 1, 2020. The adoption did not materially impact the Consolidated Financial Statements.

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 ASU is effective January 1, 2020. 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 ASU is effective January 1, 2020. The Company adopted this ASU on January 1, 2020 on a prospective basis. The Company does not expect the adoption of this standard to have a material impact on its Consolidated Financial Statements and related disclosures.

ASU 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20) - The standard modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement benefit plans. The guidance removes disclosures that are no longer considered cost beneficial, clarifies the specific requirements of disclosures and adds disclosure requirements identified as relevant. The guidance requires application on a retrospective basis to all periods presented. The standard is effective December 31, 2020; early adoption is permitted. The Company adopted this ASU on December 31, 2019. The adoption did not materially impact its financial statement 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 is currently evaluating the impact this ASU will have on its Consolidated Financial Statements and related disclosures.

Revenue Recognition

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

Revenue Recognition

2. REVENUE RECOGNITION

The Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ("Topic 606") on January 1, 2018, using the modified retrospective approach for all contracts not completed as of the date of adoption, with no impact to the opening retained earnings. Results for periods beginning after January 1, 2018 are presented following the guidance of Topic 606, while prior period amounts are not adjusted and continue to be reported following the Company's historical accounting under the accounting standards in effect for those periods. The Company elected to adopt certain practical expedients outlined in Topic 606. As such, Veritiv does not include sales tax in the transaction price and does recognize revenue in the amount to which it has a right to invoice the customer as it believes that amount corresponds directly with the value provided to the customer. Additionally, Veritiv utilized certain exceptions allowed under Topic 606, including: (i) not assessing whether promised goods or services are performance obligations if they are immaterial in the context of the contract with the customer and (ii) not disclosing the value of unsatisfied performance obligations for contracts with an original estimated length of time to convert of one year or less.

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 allowances for bad debt are recognized. As a normal business practice, Veritiv does not enter into contracts that require more than one year to complete or that contain significant financing components.

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

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

A customer contract liability will arise when Veritiv has received payment for goods and services, but has not yet transferred the items to a customer and satisfied its performance obligations. Veritiv records a customer contract liability for performance obligations outstanding related to payments received in advance for customer deposits on equipment sales and 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 most bill-and-hold arrangements initially cover a 90-day period, but can be renewed by the customer.

As of December 31, 2019 and 2018, the Company recognized estimated inventory returns of approximately $2.0 million and $2.5 million, respectively, which are included in inventories on the Consolidated Balance Sheets. Additionally, the Company recognized customer contract liabilities related to its customer deposits for equipment sales and payments received for bill-and-hold arrangements, which are included in accounts payable on the Consolidated Balance Sheets. See the table below for a summary of the changes to the customer contract liabilities for the years ended December 31, 2019 and 2018:


	Customer Contract Liabilities
(in millions)	2019		2018
Balance at January 1,	$	17.7	$	20.5
Payments received	46.1		55.0
Revenue recognized from beginning balance	(17.7)		(20.5)
Revenue recognized from current year receipts	(34.4)		(37.3)
Balance at December 31,	$	11.7	$	17.7

Revenue Composition

Veritiv's revenues are primarily derived from purchase orders and rate agreements associated with (i) the delivery of standard listed products with observable standalone sale prices or (ii) transportation and warehousing services. Revenue generally consists of a single performance obligation to transfer a promised good or service and is short-term in nature. Revenues are recognized when control of the promised goods or services is transferred to Veritiv's customers and in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods and services. Sales transactions with customers are designated f.o.b. 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 in the Consolidated Statements of Operations. Revenues from these sales amounted to $2.6 billion and $3.1 billion for the years ended December 31, 2019 and 2018, respectively. Comparably, under the previous revenue recognition standards, revenue from these sales amounted to $3.0 billion for the year ended December 31, 2017.

The Company has determined that certain services provided to customers represent activities necessary to obtain or fulfill the contract and deliver the end product to the customer's designated location. These costs have been evaluated and do not meet the criteria for recognition as capitalizable costs. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from both net sales and expenses.

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 as shown in the segment results. 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 89%, 9% and 1%, 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 17, Segment Information, for the disaggregation of revenue and other information related to the Company's reportable segments and Corporate & Other.

Leases

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases

3. LEASES

The Company adopted Topic 842 and its related interpretations on January 1, 2019, applying the additional transition approach, available under ASU 2018-11, Leases, whereby the new lease standard is applied at the adoption date recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, the reporting for the comparative periods presented in the financial statements in which the new lease standard is adopted will continue to be reported in accordance with Topic 840, Leases. The Company elected the package of practical expedients permitted under the transition guidance within the new standard, which, among other things, allowed for the carry-forward of historical lease classification. The Company did not elect the hindsight practical expedient in determining lease terms for existing leases and when assessing existing ROU assets for impairment. The Company does not expect the new accounting standard to have a material effect on future financial results as the adoption did not change the lease classifications of its historical operating leases. The Company's accounting for finance leases, previously reported as capital leases and financing obligations, remained unchanged except for the Company's one non-related party failed sale-leaseback. The Company determined that upon transition to Topic 842, the previously reported failed sale-leaseback financing obligation would be reported as a finance lease, and its land operating lease would now be combined with its building finance lease and reported together as one finance lease. Finance leases are reported as part of property and equipment, net and debt obligations on the Consolidated Balance Sheets. The Company elected the practical expedients permitted under Topic 842 and made accounting policy elections to (i) not include short-term leases on the balance sheets and (ii) not separate lease and non-lease components for its delivery equipment leases. The Company determines if an arrangement is a lease at lease inception and reviews lease arrangements for finance or operating lease classification at their commencement date. The Company leases certain property and equipment used for operations to limit exposure to risks related to ownership. The major leased asset categories include: real estate, delivery equipment, material handling equipment and computer and office equipment.

As of December 31, 2019, the Company operated from approximately 150 distribution centers of which approximately 140 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 to seven years. Delivery equipment leases generally carry lease terms of three to eight years and other non-real estate leases generally carry lease terms of three to five years. 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 CPI). The exercise of any lease renewal or asset purchase option is at the Company's sole discretion. The lease term for all of the Company's leases includes the noncancelable period of the lease and any periods covered by renewal options that the Company is reasonably certain to exercise. Certain leases include rent escalations pre-set in the agreements, which are factored into the lease payment stream. Similar to a variable lease payment, certain delivery equipment leases include a provision for an amount the Company may be required to pay at the end of the lease for any residual value deficiency incurred by the lessor upon resale of the underlying asset. The Company uses the implicit rate of interest when it is available; however, as most of the Company's leases do not provide an implicit rate of interest, the Company uses its incremental borrowing rate based on information available at the lease commencement date in determining the discounted value of the lease payments. Lease expense and depreciation expense are recognized on a straight-line basis over the lease term, or for a finance lease, over the shorter of the life of the underlying asset or the lease term.

The components of lease expense were as follows:


(in millions)		Year Ended December 31, 2019
Lease Classification	Financial Statement Classification
Short-term lease expense⁽¹⁾	Operating expenses	$	7.1

Operating lease expense⁽²⁾	Operating expenses	$	113.9




Finance lease expense:
Amortization of right-of-use assets	Depreciation and amortization	$	10.8
Interest expense	Interest expense, net	2.3
Total finance lease expense		$	13.1

Total Lease Cost		$	134.1

⁽¹⁾ Short-term lease expense is comprised of expenses related to leases with a term of twelve months or less, which includes expenses related to month-to

month leases.

⁽²⁾ Sublease income and variable lease expense are not included in the above table as the amounts were immaterial for the year ended December 31, 2019.

Supplemental balance sheet and other information were as follows:


(in millions, except weighted-average data)		December 31, 2019
Lease Classification	Financial Statement Classification
Operating Leases:
Operating lease right-of-use assets	Other non-current assets	$	429.2

Operating lease obligations - current	Other accrued liabilities	$	90.5
Operating lease obligations - non-current	Other non-current liabilities	376.6
Total operating lease obligations		$	467.1

Weighted-average remaining lease term in years		6.6
Weighted-average discount rate		4.6		%

Finance Leases:
Finance lease right-of-use assets	Property and equipment	$	76.6

Finance lease obligations - current	Current portion of debt	$	11.5
Finance lease obligations - non-current	Long-term debt, net of current portion	69.2
Total finance lease obligations		$	80.7

Weighted-average remaining lease term in years		7.8
Weighted-average discount rate		3.4		%

Cash paid for amounts included in the measurement of lease liabilities was as follows:

(in millions)

Year Ended December 31, 2019

Lease Classification

Financial Statement Classification

Operating Leases:

Operating cash flows from operating leases

Operating activities

$

109.5

Finance Leases:

Operating cash flows from finance leases

Operating activities

$

2.3

Financing cash flows from finance leases

Financing activities

9.1

Lease Commitments

Future minimum lease payments at December 31, 2019 were as follows:



(in millions)	Finance Leases		Operating Leases⁽¹⁾
2020	$	14.3	$	110.1
2021	13.9		95.2
2022	13.4		79.8
2023	11.0		58.8
2024	9.2		49.1
Thereafter	31.3		154.6
Total future minimum lease payments	93.1		547.6
Amount representing interest	(12.4)		(80.5)
Total future minimum lease payments, net of interest	$	80.7	$	467.1

⁽¹⁾Future sublease income is not included in the above table as the amount is immaterial.

Total future minimum lease payments at December 31, 2019 for finance and operating leases, including the amount representing interest, are comprised of $553.4 million for real estate leases and $87.3 million for non-real estate leases.

At December 31, 2019, the Company had committed to additional future obligations of approximately $0.8 million for one operating lease of real estate that has not yet commenced and therefore is not included in the table above. This lease is expected to commence in February 2020 and has a lease term of five years.

Future minimum lease payments at December 31, 2018 were as follows:


	Financing Obligation and Equipment Capital Leases		Operating Leases
(in millions)					Lease Obligations			Sublease Income			Total
2019	$	9.3	$	108.3		$	(0.3)		$	108.0
2020	9.0		98.3			(0.1)			98.2
2021	8.3		82.2			—			82.2
2022	7.9		69.3			—			69.3
2023	6.8		49.4			—			49.4
Thereafter	23.0		173.4			—			173.4
Total future minimum lease payments	64.3		580.9			(0.4)			580.5
Amount representing interest	(11.6)		—			—			—
Total future minimum lease payments, net of interest	$	52.7	$	580.9		$	(0.4)		$	580.5

Operating Leases - prior to the adoption of Topic 842

Certain properties and equipment are leased under cancelable and non-cancelable agreements. The Company recorded rent expense of $118.1 million and $106.3 million for the years ended December 31, 2018 and 2017, respectively.

Other Lease Transactions

In connection with Bain Capital Fund VII, L.P.'s acquisition of its 60% interest in UWWH on November 27, 2002, Unisource transferred 40 of its U.S. warehouse and distribution facilities (the "Properties") to Georgia-Pacific who then sold 38 of the Properties to an unrelated third party (the "Purchaser/Landlord"). Contemporaneously with the sale, Georgia-Pacific entered into lease agreements with the Purchaser/Landlord with respect to the individual 38 Properties and concurrently entered into sublease agreements with Unisource, which expired in June 2018. As a result of certain forms of continuing involvement, these transactions did not qualify for sale-leaseback accounting. Accordingly, the leases were classified as financing transactions. As of June 30, 2018, the financing obligations for all of the related party financed Properties were either terminated early or had expired in accordance with their terms. Through formal termination or natural expiration of these agreements, the involvement of Georgia-Pacific (the related party) ceased and the leases no longer qualified as failed sale-leaseback financing obligations. Of the original 38 financing obligations to related party Properties, 27 were settled by the return of the Properties to the landlord. The Company currently leases one property that is directly owned by Georgia-Pacific and has classified it as an operating lease in accordance with the accounting guidance. See Note 5, Integration, Acquisition and Restructuring Charges, for additional information regarding the related party failed-sale leaseback agreements.

In May 2017, the Company entered into a purchase and sale agreement under which Veritiv agreed to sell its Austin, Texas facility to an unrelated third party. Upon the closing of the sale, Veritiv entered into a lease of the facility for an initial period of ten years with two optional five-year renewal terms. The sale-leaseback transaction did not provide for any continuing involvement by the Company other than a normal lease for use of the property during the lease term. The transaction resulted in net cash proceeds of $9.1 million and a related deferred gain of $5.4 million. Prior to 2019, the Company recognized a portion of the gain on a straight-line basis over the initial ten-year lease period as a reduction to selling and administrative expenses in the Consolidated Statements of Operations. Upon the Company's adoption of ASU 2016-02 on January 1, 2019, it recognized an increase to retained earnings of $2.7 million, primarily driven by the derecognition of the unamortized gain from the sale of this property.

Leases

3. LEASES

The Company adopted Topic 842 and its related interpretations on January 1, 2019, applying the additional transition approach, available under ASU 2018-11, Leases, whereby the new lease standard is applied at the adoption date recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, the reporting for the comparative periods presented in the financial statements in which the new lease standard is adopted will continue to be reported in accordance with Topic 840, Leases. The Company elected the package of practical expedients permitted under the transition guidance within the new standard, which, among other things, allowed for the carry-forward of historical lease classification. The Company did not elect the hindsight practical expedient in determining lease terms for existing leases and when assessing existing ROU assets for impairment. The Company does not expect the new accounting standard to have a material effect on future financial results as the adoption did not change the lease classifications of its historical operating leases. The Company's accounting for finance leases, previously reported as capital leases and financing obligations, remained unchanged except for the Company's one non-related party failed sale-leaseback. The Company determined that upon transition to Topic 842, the previously reported failed sale-leaseback financing obligation would be reported as a finance lease, and its land operating lease would now be combined with its building finance lease and reported together as one finance lease. Finance leases are reported as part of property and equipment, net and debt obligations on the Consolidated Balance Sheets. The Company elected the practical expedients permitted under Topic 842 and made accounting policy elections to (i) not include short-term leases on the balance sheets and (ii) not separate lease and non-lease components for its delivery equipment leases. The Company determines if an arrangement is a lease at lease inception and reviews lease arrangements for finance or operating lease classification at their commencement date. The Company leases certain property and equipment used for operations to limit exposure to risks related to ownership. The major leased asset categories include: real estate, delivery equipment, material handling equipment and computer and office equipment.

As of December 31, 2019, the Company operated from approximately 150 distribution centers of which approximately 140 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 to seven years. Delivery equipment leases generally carry lease terms of three to eight years and other non-real estate leases generally carry lease terms of three to five years. 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 CPI). The exercise of any lease renewal or asset purchase option is at the Company's sole discretion. The lease term for all of the Company's leases includes the noncancelable period of the lease and any periods covered by renewal options that the Company is reasonably certain to exercise. Certain leases include rent escalations pre-set in the agreements, which are factored into the lease payment stream. Similar to a variable lease payment, certain delivery equipment leases include a provision for an amount the Company may be required to pay at the end of the lease for any residual value deficiency incurred by the lessor upon resale of the underlying asset. The Company uses the implicit rate of interest when it is available; however, as most of the Company's leases do not provide an implicit rate of interest, the Company uses its incremental borrowing rate based on information available at the lease commencement date in determining the discounted value of the lease payments. Lease expense and depreciation expense are recognized on a straight-line basis over the lease term, or for a finance lease, over the shorter of the life of the underlying asset or the lease term.

The components of lease expense were as follows:


(in millions)		Year Ended December 31, 2019
Lease Classification	Financial Statement Classification
Short-term lease expense⁽¹⁾	Operating expenses	$	7.1

Operating lease expense⁽²⁾	Operating expenses	$	113.9




Finance lease expense:
Amortization of right-of-use assets	Depreciation and amortization	$	10.8
Interest expense	Interest expense, net	2.3
Total finance lease expense		$	13.1

Total Lease Cost		$	134.1

⁽¹⁾ Short-term lease expense is comprised of expenses related to leases with a term of twelve months or less, which includes expenses related to month-to

month leases.

⁽²⁾ Sublease income and variable lease expense are not included in the above table as the amounts were immaterial for the year ended December 31, 2019.

Supplemental balance sheet and other information were as follows:


(in millions, except weighted-average data)		December 31, 2019
Lease Classification	Financial Statement Classification
Operating Leases:
Operating lease right-of-use assets	Other non-current assets	$	429.2

Operating lease obligations - current	Other accrued liabilities	$	90.5
Operating lease obligations - non-current	Other non-current liabilities	376.6
Total operating lease obligations		$	467.1

Weighted-average remaining lease term in years		6.6
Weighted-average discount rate		4.6		%

Finance Leases:
Finance lease right-of-use assets	Property and equipment	$	76.6

Finance lease obligations - current	Current portion of debt	$	11.5
Finance lease obligations - non-current	Long-term debt, net of current portion	69.2
Total finance lease obligations		$	80.7

Weighted-average remaining lease term in years		7.8
Weighted-average discount rate		3.4		%

Cash paid for amounts included in the measurement of lease liabilities was as follows:

(in millions)

Year Ended December 31, 2019

Lease Classification

Financial Statement Classification

Operating Leases:

Operating cash flows from operating leases

Operating activities

$

109.5

Finance Leases:

Operating cash flows from finance leases

Operating activities

$

2.3

Financing cash flows from finance leases

Financing activities

9.1

Lease Commitments

Future minimum lease payments at December 31, 2019 were as follows:



(in millions)	Finance Leases		Operating Leases⁽¹⁾
2020	$	14.3	$	110.1
2021	13.9		95.2
2022	13.4		79.8
2023	11.0		58.8
2024	9.2		49.1
Thereafter	31.3		154.6
Total future minimum lease payments	93.1		547.6
Amount representing interest	(12.4)		(80.5)
Total future minimum lease payments, net of interest	$	80.7	$	467.1

⁽¹⁾Future sublease income is not included in the above table as the amount is immaterial.

Total future minimum lease payments at December 31, 2019 for finance and operating leases, including the amount representing interest, are comprised of $553.4 million for real estate leases and $87.3 million for non-real estate leases.

At December 31, 2019, the Company had committed to additional future obligations of approximately $0.8 million for one operating lease of real estate that has not yet commenced and therefore is not included in the table above. This lease is expected to commence in February 2020 and has a lease term of five years.

Future minimum lease payments at December 31, 2018 were as follows:


	Financing Obligation and Equipment Capital Leases		Operating Leases
(in millions)					Lease Obligations			Sublease Income			Total
2019	$	9.3	$	108.3		$	(0.3)		$	108.0
2020	9.0		98.3			(0.1)			98.2
2021	8.3		82.2			—			82.2
2022	7.9		69.3			—			69.3
2023	6.8		49.4			—			49.4
Thereafter	23.0		173.4			—			173.4
Total future minimum lease payments	64.3		580.9			(0.4)			580.5
Amount representing interest	(11.6)		—			—			—
Total future minimum lease payments, net of interest	$	52.7	$	580.9		$	(0.4)		$	580.5

Operating Leases - prior to the adoption of Topic 842

Certain properties and equipment are leased under cancelable and non-cancelable agreements. The Company recorded rent expense of $118.1 million and $106.3 million for the years ended December 31, 2018 and 2017, respectively.

Other Lease Transactions

In connection with Bain Capital Fund VII, L.P.'s acquisition of its 60% interest in UWWH on November 27, 2002, Unisource transferred 40 of its U.S. warehouse and distribution facilities (the "Properties") to Georgia-Pacific who then sold 38 of the Properties to an unrelated third party (the "Purchaser/Landlord"). Contemporaneously with the sale, Georgia-Pacific entered into lease agreements with the Purchaser/Landlord with respect to the individual 38 Properties and concurrently entered into sublease agreements with Unisource, which expired in June 2018. As a result of certain forms of continuing involvement, these transactions did not qualify for sale-leaseback accounting. Accordingly, the leases were classified as financing transactions. As of June 30, 2018, the financing obligations for all of the related party financed Properties were either terminated early or had expired in accordance with their terms. Through formal termination or natural expiration of these agreements, the involvement of Georgia-Pacific (the related party) ceased and the leases no longer qualified as failed sale-leaseback financing obligations. Of the original 38 financing obligations to related party Properties, 27 were settled by the return of the Properties to the landlord. The Company currently leases one property that is directly owned by Georgia-Pacific and has classified it as an operating lease in accordance with the accounting guidance. See Note 5, Integration, Acquisition and Restructuring Charges, for additional information regarding the related party failed-sale leaseback agreements.

In May 2017, the Company entered into a purchase and sale agreement under which Veritiv agreed to sell its Austin, Texas facility to an unrelated third party. Upon the closing of the sale, Veritiv entered into a lease of the facility for an initial period of ten years with two optional five-year renewal terms. The sale-leaseback transaction did not provide for any continuing involvement by the Company other than a normal lease for use of the property during the lease term. The transaction resulted in net cash proceeds of $9.1 million and a related deferred gain of $5.4 million. Prior to 2019, the Company recognized a portion of the gain on a straight-line basis over the initial ten-year lease period as a reduction to selling and administrative expenses in the Consolidated Statements of Operations. Upon the Company's adoption of ASU 2016-02 on January 1, 2019, it recognized an increase to retained earnings of $2.7 million, primarily driven by the derecognition of the unamortized gain from the sale of this property.

Leases

3. LEASES

The Company adopted Topic 842 and its related interpretations on January 1, 2019, applying the additional transition approach, available under ASU 2018-11, Leases, whereby the new lease standard is applied at the adoption date recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, the reporting for the comparative periods presented in the financial statements in which the new lease standard is adopted will continue to be reported in accordance with Topic 840, Leases. The Company elected the package of practical expedients permitted under the transition guidance within the new standard, which, among other things, allowed for the carry-forward of historical lease classification. The Company did not elect the hindsight practical expedient in determining lease terms for existing leases and when assessing existing ROU assets for impairment. The Company does not expect the new accounting standard to have a material effect on future financial results as the adoption did not change the lease classifications of its historical operating leases. The Company's accounting for finance leases, previously reported as capital leases and financing obligations, remained unchanged except for the Company's one non-related party failed sale-leaseback. The Company determined that upon transition to Topic 842, the previously reported failed sale-leaseback financing obligation would be reported as a finance lease, and its land operating lease would now be combined with its building finance lease and reported together as one finance lease. Finance leases are reported as part of property and equipment, net and debt obligations on the Consolidated Balance Sheets. The Company elected the practical expedients permitted under Topic 842 and made accounting policy elections to (i) not include short-term leases on the balance sheets and (ii) not separate lease and non-lease components for its delivery equipment leases. The Company determines if an arrangement is a lease at lease inception and reviews lease arrangements for finance or operating lease classification at their commencement date. The Company leases certain property and equipment used for operations to limit exposure to risks related to ownership. The major leased asset categories include: real estate, delivery equipment, material handling equipment and computer and office equipment.

As of December 31, 2019, the Company operated from approximately 150 distribution centers of which approximately 140 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 to seven years. Delivery equipment leases generally carry lease terms of three to eight years and other non-real estate leases generally carry lease terms of three to five years. 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 CPI). The exercise of any lease renewal or asset purchase option is at the Company's sole discretion. The lease term for all of the Company's leases includes the noncancelable period of the lease and any periods covered by renewal options that the Company is reasonably certain to exercise. Certain leases include rent escalations pre-set in the agreements, which are factored into the lease payment stream. Similar to a variable lease payment, certain delivery equipment leases include a provision for an amount the Company may be required to pay at the end of the lease for any residual value deficiency incurred by the lessor upon resale of the underlying asset. The Company uses the implicit rate of interest when it is available; however, as most of the Company's leases do not provide an implicit rate of interest, the Company uses its incremental borrowing rate based on information available at the lease commencement date in determining the discounted value of the lease payments. Lease expense and depreciation expense are recognized on a straight-line basis over the lease term, or for a finance lease, over the shorter of the life of the underlying asset or the lease term.

The components of lease expense were as follows:


(in millions)		Year Ended December 31, 2019
Lease Classification	Financial Statement Classification
Short-term lease expense⁽¹⁾	Operating expenses	$	7.1

Operating lease expense⁽²⁾	Operating expenses	$	113.9




Finance lease expense:
Amortization of right-of-use assets	Depreciation and amortization	$	10.8
Interest expense	Interest expense, net	2.3
Total finance lease expense		$	13.1

Total Lease Cost		$	134.1

⁽¹⁾ Short-term lease expense is comprised of expenses related to leases with a term of twelve months or less, which includes expenses related to month-to

month leases.

⁽²⁾ Sublease income and variable lease expense are not included in the above table as the amounts were immaterial for the year ended December 31, 2019.

Supplemental balance sheet and other information were as follows:


(in millions, except weighted-average data)		December 31, 2019
Lease Classification	Financial Statement Classification
Operating Leases:
Operating lease right-of-use assets	Other non-current assets	$	429.2

Operating lease obligations - current	Other accrued liabilities	$	90.5
Operating lease obligations - non-current	Other non-current liabilities	376.6
Total operating lease obligations		$	467.1

Weighted-average remaining lease term in years		6.6
Weighted-average discount rate		4.6		%

Finance Leases:
Finance lease right-of-use assets	Property and equipment	$	76.6

Finance lease obligations - current	Current portion of debt	$	11.5
Finance lease obligations - non-current	Long-term debt, net of current portion	69.2
Total finance lease obligations		$	80.7

Weighted-average remaining lease term in years		7.8
Weighted-average discount rate		3.4		%

Cash paid for amounts included in the measurement of lease liabilities was as follows:

(in millions)

Year Ended December 31, 2019

Lease Classification

Financial Statement Classification

Operating Leases:

Operating cash flows from operating leases

Operating activities

$

109.5

Finance Leases:

Operating cash flows from finance leases

Operating activities

$

2.3

Financing cash flows from finance leases

Financing activities

9.1

Lease Commitments

Future minimum lease payments at December 31, 2019 were as follows:



(in millions)	Finance Leases		Operating Leases⁽¹⁾
2020	$	14.3	$	110.1
2021	13.9		95.2
2022	13.4		79.8
2023	11.0		58.8
2024	9.2		49.1
Thereafter	31.3		154.6
Total future minimum lease payments	93.1		547.6
Amount representing interest	(12.4)		(80.5)
Total future minimum lease payments, net of interest	$	80.7	$	467.1

⁽¹⁾Future sublease income is not included in the above table as the amount is immaterial.

Total future minimum lease payments at December 31, 2019 for finance and operating leases, including the amount representing interest, are comprised of $553.4 million for real estate leases and $87.3 million for non-real estate leases.

At December 31, 2019, the Company had committed to additional future obligations of approximately $0.8 million for one operating lease of real estate that has not yet commenced and therefore is not included in the table above. This lease is expected to commence in February 2020 and has a lease term of five years.

Future minimum lease payments at December 31, 2018 were as follows:


	Financing Obligation and Equipment Capital Leases		Operating Leases
(in millions)					Lease Obligations			Sublease Income			Total
2019	$	9.3	$	108.3		$	(0.3)		$	108.0
2020	9.0		98.3			(0.1)			98.2
2021	8.3		82.2			—			82.2
2022	7.9		69.3			—			69.3
2023	6.8		49.4			—			49.4
Thereafter	23.0		173.4			—			173.4
Total future minimum lease payments	64.3		580.9			(0.4)			580.5
Amount representing interest	(11.6)		—			—			—
Total future minimum lease payments, net of interest	$	52.7	$	580.9		$	(0.4)		$	580.5

Operating Leases - prior to the adoption of Topic 842

Certain properties and equipment are leased under cancelable and non-cancelable agreements. The Company recorded rent expense of $118.1 million and $106.3 million for the years ended December 31, 2018 and 2017, respectively.

Other Lease Transactions

In connection with Bain Capital Fund VII, L.P.'s acquisition of its 60% interest in UWWH on November 27, 2002, Unisource transferred 40 of its U.S. warehouse and distribution facilities (the "Properties") to Georgia-Pacific who then sold 38 of the Properties to an unrelated third party (the "Purchaser/Landlord"). Contemporaneously with the sale, Georgia-Pacific entered into lease agreements with the Purchaser/Landlord with respect to the individual 38 Properties and concurrently entered into sublease agreements with Unisource, which expired in June 2018. As a result of certain forms of continuing involvement, these transactions did not qualify for sale-leaseback accounting. Accordingly, the leases were classified as financing transactions. As of June 30, 2018, the financing obligations for all of the related party financed Properties were either terminated early or had expired in accordance with their terms. Through formal termination or natural expiration of these agreements, the involvement of Georgia-Pacific (the related party) ceased and the leases no longer qualified as failed sale-leaseback financing obligations. Of the original 38 financing obligations to related party Properties, 27 were settled by the return of the Properties to the landlord. The Company currently leases one property that is directly owned by Georgia-Pacific and has classified it as an operating lease in accordance with the accounting guidance. See Note 5, Integration, Acquisition and Restructuring Charges, for additional information regarding the related party failed-sale leaseback agreements.

In May 2017, the Company entered into a purchase and sale agreement under which Veritiv agreed to sell its Austin, Texas facility to an unrelated third party. Upon the closing of the sale, Veritiv entered into a lease of the facility for an initial period of ten years with two optional five-year renewal terms. The sale-leaseback transaction did not provide for any continuing involvement by the Company other than a normal lease for use of the property during the lease term. The transaction resulted in net cash proceeds of $9.1 million and a related deferred gain of $5.4 million. Prior to 2019, the Company recognized a portion of the gain on a straight-line basis over the initial ten-year lease period as a reduction to selling and administrative expenses in the Consolidated Statements of Operations. Upon the Company's adoption of ASU 2016-02 on January 1, 2019, it recognized an increase to retained earnings of $2.7 million, primarily driven by the derecognition of the unamortized gain from the sale of this property.

2017 Acquisition

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

2017 Acquisition

4. 2017 ACQUISITION

On August 31, 2017 (the "Acquisition Date"), Veritiv completed its acquisition of 100% of the equity interests in various All American Containers entities (collectively, "AAC"), a family owned and operated distributor of rigid packaging products, including plastic, glass and metal containers, caps, closures and plastic pouches. The acquisition of AAC aligns with the Company's strategy of investing in higher growth and higher margin segments of the business. Through the acquisition, Veritiv gains expertise in rigid plastic, glass and metal packaging that complements its portfolio of packaging products and services. This acquisition also provides Veritiv with additional marketing, selling and distribution channels into the growing U.S. rigid packaging market. The rigid packaging market's primary product categories include paperboard, plastics, metals and glass.

Acquisition-related costs of approximately $0.6 million and $7.3 million were expensed as incurred and were recognized in integration and acquisition expenses on the Consolidated Statements of Operations for the years ended December 31, 2018 and 2017, respectively. These charges are included in the table in Note 5, Integration, Acquisition and Restructuring Charges, and related primarily to legal, consulting and other professional fees, retention and other costs to integrate the business. All costs associated with the acquisition of AAC, including capitalized goodwill, will be deductible for tax purposes.

The acquisition of AAC was accounted for in the Company's financial statements using the acquisition method of accounting. The total consideration to complete the acquisition was approximately $169.8 million. The purchase price was allocated to tangible and intangible assets and liabilities based upon their respective estimated fair values. The following table summarizes the components of the purchase price for AAC:

Purchase price:


	(in millions)
Cash consideration	$	112.0
Loan pay-off	34.3
Contingent consideration	22.2
Other	1.3
Total purchase price	$	169.8

The following table summarizes the allocation of the purchase price to assets acquired and liabilities assumed as of the Acquisition Date based on valuation information, estimates and assumptions available as of August 30, 2018. See Note 11, Fair Value Measurements, for additional information related to the fair value of the contingent consideration related to the earn-out.

Purchase price allocation:


	(in millions)
Cash	$	1.5
Accounts receivable	30.4
Inventories	38.5
Other current assets	5.7
Property and equipment	3.5
Goodwill	55.5
Other intangible assets	49.0
Other non-current assets	1.4
Accounts payable	(12.4)
Other current liabilities	(2.7)

Other non-current liabilities	(0.6)
Total purchase price	$	169.8

The purchase price allocated to the identifiable intangible assets acquired is as follows:


	Gross Value (in millions)		Estimated Useful Life (in years)
Customer relationships	$	46.4	14.0
Trademarks/Trade names	1.1		1.0
Non-compete agreements	1.5		1.0
Total identifiable intangible assets acquired	$	49.0

Goodwill arising from the acquisition of AAC consists largely of the expected synergies and other benefits from combining operations. The goodwill was allocated 100% to the Company's Packaging reportable segment.

Pro Forma Impact (unaudited)

The operating results of AAC are included in the Company's financial statements from September 1, 2017 through December 31, 2019 and are reported as part of the Packaging reportable segment.

The following unaudited pro forma financial information presents results as if the acquisition of AAC occurred on January 1, 2016. The historical consolidated financial information of the Company and AAC has been adjusted in the pro forma information to give effect to pro forma events that are directly attributable to the transaction and are factually supportable. The unaudited pro forma results do not reflect events that have occurred or may occur after the transaction, including the impact of any synergies expected to result from the acquisition. Accordingly, the unaudited pro forma financial

information is not necessarily indicative of the results of operations as they would have been had the transaction been effected on the assumed date, nor is it necessarily an indication of future operating results.


(Unaudited)
(in millions, except share and per share data)	Year Ended December 31, 2017
Net sales	$	8,527.6
Net loss	(7.2)

Basic loss per share	$	(0.46)


Weighted-average shares outstanding - Basic	15.70

The unaudited pro forma information reflects primarily the following pre-tax adjustments:

•Acquisition and integration expenses of $8.9 million have been eliminated.

•Pro forma net loss includes incremental amortization expense of $2.5 million.

•Pro forma net loss includes incremental interest expense of $2.0 million.

A combined U.S. federal statutory and state rate of 39.0% was used to determine the after-tax impact on net loss of the pro forma adjustments.

Integration, Acquisition and Restructuring Charges

12 Months Ended

Dec. 31, 2019

Restructuring and Related Activities [Abstract]

Integration, Acquisition and Restructuring Charges

5. INTEGRATION, ACQUISITION AND RESTRUCTURING CHARGES

Merger of xpedx and Unisource

The Company incurred net costs and charges associated with achieving cost savings and other synergies from the Merger (excluding charges relating to the complete or partial withdrawal from MEPPs and including cash proceeds from sales of assets related to consolidation) of $337.0 million from the Distribution Date through December 31, 2019. Included in the costs were $117.4 million for capital expenditures, primarily consisting of information technology infrastructure, systems integration and planning. As of December 31, 2019, the integration and restructuring plans related to the Merger are complete and no further costs or charges are expected.

Integration and Acquisition Expenses

During the years ended December 31, 2019, 2018 and 2017, Veritiv incurred costs and charges related primarily to: internally dedicated integration management resources, retention compensation, information technology conversion costs, rebranding, professional services and other costs to integrate its businesses. The following table summarizes the components of integration and acquisition expenses:


	Year Ended December 31,
(in millions)	2019		2018		2017
Integration management	$	10.4	$	17.3	$	14.5
Retention compensation	1.0		0.5		0.2
Information technology conversion costs	3.4		8.1		8.8
Rebranding	—		0.0		0.5
Legal, consulting and other professional fees	—		0.3		1.5
Other	1.9		3.5		3.0
AAC integration and acquisition	0.8		2.1		8.0
Total integration and acquisition expenses	$	17.5	$	31.8	$	36.5

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 is complete. See Note 17, Segment Information, for the impact these charges had on the Company's reportable segments.

Costs related to exiting a branded re-distribution business were included in restructuring charges, net, on the Consolidated Statements of Operations and totaled $10.8 million for the year ended December 31, 2019, of which $5.4 million was recognized during the fourth quarter of 2019.

For the years ended December 31, 2019, 2018 and 2017, the Company recognized a net loss of $0.4 million, and net gains of $15.0 million and $24.4 million, respectively, related to the sale or exit of certain facilities. During the fourth quarter of 2018, three properties were sold as part of the Company's restructuring efforts. The Company recognized a gain on the sale of these assets of approximately $12.9 million. As of December 31, 2019, the Company held for sale $10.1 million in assets related to these activities, which are included in other current assets on the Consolidated Balance Sheets.

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

Other direct costs reported in the tables below include facility closing costs, actual and estimated MEPP withdrawal charges and other incidental costs associated with the development, communication, administration and implementation of these initiatives.

The following table presents a summary of restructuring charges, net, related to restructuring initiatives that were incurred during the last three fiscal years and the cumulative recorded amounts since the initiative began:


(in millions)	Severance and Related Costs		Other Direct Costs		(Gain) Loss on Sale of Assets and Other (non-cash portion)		Total
2019	$	9.1	$	20.3	$	(0.6)	$	28.8
2018	3.3		22.3		(15.0)		10.6
2017	7.5		33.6		(24.4)		16.7

Cumulative	32.4		90.5		(38.0)		84.9

The following is a summary of the Company's restructuring liability activity for the periods presented (costs incurred exclude any non-cash portion of restructuring gains or losses on asset disposals):


(in millions)	Severance and Related Costs		Other Direct Costs		Total
















Balance at December 31, 2017	$	4.4	$	25.2	$	29.6
Costs incurred	3.3		22.3		25.6
Payments	(3.0)		(22.4)		(25.4)

Balance at December 31, 2018	4.7		25.1		29.8
Costs incurred	9.1		20.3		29.4
Payments	(7.6)		(14.8)		(22.4)
Balance at December 31, 2019	$	6.2	$	30.6	$	36.8

The Company has recorded undiscounted charges related to the complete or partial withdrawal from various MEPPs. Charges not related to the Company's restructuring efforts are recorded as distribution expenses. Initial amounts are recorded as other non-current liabilities in the Consolidated Balance Sheets. See the table below for a summary of the net withdrawal charges for the respective years ended December 31:


	Year Ended December 31,
(in millions)	Restructuring charges, net		Distribution expenses		Total Net Charges
2019	$	1.5	$	6.6	$	8.1
2018	(2.8)		11.2		8.4
2017	17.4		2.1		19.5

Final charges for MEPP withdrawals are not known until the plans issue their respective determinations. As a result, these estimates may increase or decrease depending upon the final determination. As of December 31, 2019, the Company has received determination letters resulting from six complete or partial withdrawals. Of those, the liabilities for two withdrawals were settled with lump sum payments, one withdrawal was settled with payments over a nine month period, and three withdrawals are expected to occur over an approximate 20-year period. The Company has not yet received the determination letter for the partial withdrawal from the Western Pennsylvania Teamsters and Employers Pension Fund. See Note 10, Employee Benefit Plans, for additional information regarding these transactions.

Veritiv Restructuring Plan: Print Segment

To ensure that Veritiv will be appropriately positioned to respond to the secular decline in the paper industry, the Company restructured its Print segment in 2018. The restructuring plan included initiatives within the Company's Print segment to improve the sustainability of the print business, better serve its customers' needs and work more effectively with suppliers by incorporating a more customer focused, collaborative, team-selling approach as well as better aligning its support functions. The Company completed its efforts as of December 31, 2018. As of December 31, 2019, the Company had $0.1 million of restructuring liabilities related to this plan.

The following is a summary of the Company's Print restructuring liability activity for the years ended December 31, 2019 and 2018:


(in millions)	Severance and Related Costs		Other Direct Costs		Total
Balance at December 31, 2017	$	—	$	—	$	—
Costs incurred	10.0		0.7		10.7
Payments	(8.0)		(0.7)		(8.7)

Balance at December 31, 2018	2.0		0.0		2.0
Payments	(1.9)		0.0		(1.9)
Balance at December 31, 2019	$	0.1	$	0.0	$	0.1

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

6. GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

At December 31, 2019, the net goodwill balance was $99.6 million. The following table sets forth the changes in the carrying amount of goodwill during 2019 and 2018:


(in millions)	Packaging		Facility Solutions		Print		Publishing		Corporate & Other		Total



























Balance at December 31, 2017:
Goodwill	$	99.6	$	59.0	$	265.4	$	50.5	$	6.1	$	480.6
Accumulated impairment losses	—		(59.0)		(265.4)		(50.5)		(6.1)		(381.0)
Net goodwill 2017	99.6		—		—		—		—		99.6
2018 Activity:
Goodwill acquired	—		—		—		—		—		—
Impairment of goodwill	—		—		—		—		—		—
Balance at December 31, 2018:
Goodwill	99.6		59.0		265.4		50.5		6.1		480.6
Accumulated impairment losses	—		(59.0)		(265.4)		(50.5)		(6.1)		(381.0)
Net goodwill 2018	99.6		—		—		—		—		99.6
2019 Activity:
Goodwill acquired	—		—		—		—		—		—
Impairment of goodwill	—		—		—		—		—		—
Balance at December 31, 2019:
Goodwill	99.6		59.0		265.4		50.5		6.1		480.6
Accumulated impairment losses	—		(59.0)		(265.4)		(50.5)		(6.1)		(381.0)
Net goodwill 2019	$	99.6	$	—	$	—	$	—	$	—	$	99.6

During the third quarter of 2017, as part of the Company's review for possible goodwill impairment indicators, management determined that the goodwill allocated to the logistics solutions business was fully impaired. The impairment was recorded as selling and administrative expense in the Consolidated Statements of Operations. See Note 11, Fair Value Measurements, for additional information related to the impairment. There were no other goodwill impairment charges recorded during the year ended December 31, 2017. There were no goodwill impairment charges recorded during the years ended December 31, 2019 and 2018.

Other Intangible Assets

The components of the Company's other intangible assets were as follows:


	December 31, 2019										December 31, 2018
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	67.7	$	15.5	$	52.2	$	67.7	$	10.8	$	56.9
Trademarks/Trade names	3.8		3.8		—		3.8		3.5		0.3
Non-compete agreements	1.5		1.5		—		1.5		1.5		—
Total	$	73.0	$	20.8	$	52.2	$	73.0	$	15.8	$	57.2

During the third quarter of 2017, the Company recognized a $1.6 million non-restructuring asset impairment charge related to its logistics solutions business's customer relationship intangible asset, which was recorded in selling and administrative expenses. There were no intangible impairment charges recorded during the years ended December 31, 2019 and 2018. See Note 11, Fair Value Measurements, for additional information related to this impairment.

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

The Company recorded amortization expense of $5.0 million, $6.9 million and $4.2 million for the years ended December 31, 2019, 2018 and 2017, respectively.

The estimated aggregate amortization expense for each of the five succeeding years is as follows (in millions):


Year	Total
2020	$	4.8
2021	4.8
2022	4.8
2023	4.8
2024	4.8

Debt and Other Obligations

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Debt and Other Obligations

7. DEBT AND OTHER OBLIGATIONS

The Company's debt obligations were as follows:


	As of December 31,
(in millions)	2019		2018
Asset-Based Lending Facility (the "ABL Facility")	$	673.2	$	932.1
Commercial card program	1.1		—
Finance and capital leases, respectively	80.7		38.2
Total debt	755.0		970.3
Less: current portion of debt	(12.6)		(6.7)
Long-term debt, net of current portion	$	742.4	$	963.6

The Company determined that, upon transition to Topic 842, the previously reported failed sale-leaseback financing obligation would be reported as a finance lease, and its land operating lease would now be combined with its building finance lease and reported together as one finance lease, which is reported as part of the debt obligations in the table above. As the Company adopted Topic 842 using an approach whereby the prior reporting periods have not been restated to reflect the new guidance, the financing obligation value of that one previously reported failed sale-leaseback is shown below as of December 31, 2018:


(in millions)	December 31, 2018

Obligations - other financing	$	24.2

Less: current portion of financing obligations	(0.6)
Financing obligations, net of current portion	$	23.6

ABL Facility

Veritiv has a $1.4 billion asset-based lending facility. The ABL Facility is comprised of U.S. and Canadian sub-facilities of $1,250 million and $150 million, respectively. The ABL Facility is available to be drawn in U.S. dollars, in the case of the U.S. sub-facilities, and in U.S. dollars or Canadian dollars, in the case of the Canadian sub-facilities, or in other currencies that are mutually agreeable. The Company's accounts receivable and inventories in the U.S. and Canada are collateral under the ABL Facility.

The ABL Facility matures on August 11, 2021. The ABL Facility provides for the right of the individual lenders to extend the maturity date of their respective commitments and loans upon the request of Veritiv and without the consent of any other lenders. The ABL Facility may be prepaid at Veritiv's option at any time without premium or penalty and is subject to mandatory prepayment if the amount outstanding under the ABL Facility exceeds either the aggregate commitments with respect thereto or the current borrowing base, in an amount equal to such excess.

The 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 limits outlined under the ABL Facility. At December 31, 2019 the above test was not applicable and is not expected to be applicable in the next 12 months.

Availability under the ABL Facility is determined based upon a monthly borrowing base calculation which includes eligible customer receivables and inventory, less outstanding borrowings, letters of credit and certain designated reserves. As of December 31, 2019, the available additional borrowing capacity under the ABL Facility was approximately $282.1 million. As of December 31, 2019, the Company held $12.1 million in outstanding letters of credit.

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

In conjunction with the ABL Facility, the Company incurred and deferred financing fees, which are reflected in other non-current assets in the Consolidated Balance Sheets, and will be amortized to interest expense on a straight-line basis over the term of the ABL Facility. Interest expense, net in the Consolidated Statements of Operations included $2.6 million of amortization of deferred financing fees for each of the years ended December 31, 2019, 2018 and 2017.

Finance and Capital Lease Obligations

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

Interest Rate Caps

The Company's indebtedness under the ABL Facility creates interest rate risk. The Company actively monitors this risk with the objective to reduce, where it is deemed appropriate to do so, fluctuations in earnings and cash flows associated with changes in the interest rate. In July 2015, the Company entered into an interest rate cap agreement which expired on July 1, 2019; all related impacts to the Company's consolidated financial statements for the years ended December 31, 2019, 2018 and 2017 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 year ended December 31, 2019, the amount reclassified from AOCL into earnings was not significant. As of 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 Consolidated Balance Sheet as of December 31, 2019 and 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 2019 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 December 31, 2019, $1.1 million was outstanding on the commercial card and was classified as financing activity in the Consolidated Statements of Cash Flows.

Income Taxes

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

8. INCOME TAXES

The Company is subject to federal, state and local income taxes in the U.S., as well as income taxes in Canada, Mexico and other foreign jurisdictions. The domestic (U.S.) and foreign components of the Company's income (loss) before income taxes were as follows:


	Year Ended December 31,
(in millions)	2019		2018		2017
Domestic (U.S.)	$	(50.5)	$	(16.7)	$	(18.0)
Foreign	21.7		6.5		16.1
Income (loss) before income taxes	$	(28.8)	$	(10.2)	$	(1.9)

Income tax expense (benefit) in the Consolidated Statements of Operations consisted of the following:


	Year Ended December 31,
(in millions)	2019		2018		2017
Current Provision:
U.S. Federal	$	0.7	$	0.8	$	4.8
U.S. State	0.5		1.2		1.5
Foreign	2.2		1.5		3.2
Total current income tax expense	$	3.4	$	3.5	$	9.5

Deferred, net:
U.S. Federal	$	(4.8)	$	0.4	$	16.3
U.S. State	0.0		0.6		(2.7)
Foreign	2.1		1.0		(11.7)
Total deferred, net	$	(2.7)	$	2.0	$	1.9
Provision for income tax expense	$	0.7	$	5.5	$	11.4

Reconciliation between the federal statutory rate and the effective tax rate is as follows (see Note 9, Related Party Transactions, for additional information related to the Tax Receivable Agreement ("TRA")):


	Year Ended December 31,
(in millions)	2019			2018			2017
Income (loss) before income taxes	$	(28.8)		$	(10.2)		$	(1.9)
Statutory U.S. income tax rate	21.0		%	21.0		%	35.0		%
Tax expense (benefit) using statutory U.S. income tax rate	$	(6.0)		$	(2.1)		$	(0.7)
Foreign income tax rate differential	0.6			0.7			(1.4)
State tax (net of federal benefit)	0.3			1.4			(0.5)
Non-deductible expenses	2.4			2.7			2.2
Global Intangible Low Taxed Income	2.8			1.4			—
TRA ⁽¹⁾	(0.1)			(0.3)			(3.8)
Tax credits ⁽²⁾	(1.1)			(1.0)			(4.0)

Impact of U.S. Tax Act (Federal and State)	—			1.3			30.2
Stock compensation vesting	1.3			1.7			—
Change in valuation allowance - U.S. Federal ⁽³⁾	—			(0.1)			—
Change in valuation allowance - Foreign	0.3			(0.4)			(13.7)
Goodwill impairment	—			—			2.1
Foreign taxes	0.9			0.6			0.7
Bad debt	(0.9)			—			—
Other	0.2			(0.4)			0.3
Income tax provision	$	0.7		$	5.5		$	11.4
Effective income tax rate	(2.4)		%	(53.9)		%	(600.0)		%

⁽¹⁾ Includes a $4.7 million tax rate benefit for the federal tax rate change as part of the Tax Act and a $0.9 million tax rate increase for other fair value

changes in 2017.

⁽²⁾ Includes a $3.1 million benefit for credits related to foreign taxes and research and experimentation activities recognized in conjunction with the

third quarter of 2017 filing of Veritiv's 2016 U.S. federal tax return and amended 2015 and 2014 U.S. federal tax returns.

⁽³⁾ Increase in Section 382 limitation resulting from recognition of 2018 built-in gains.

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

Effective January 1, 2018, Veritiv elected to early adopt ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from accumulated other comprehensive income (AOCI) which gives companies the option to reclassify to retained earnings tax effects resulting from the Tax Act related to items in AOCI that the FASB refers to as having been stranded in AOCI. As a result of adopting this standard, the Company reclassified $0.8 million from Veritiv's AOCL to retained earnings.

Deferred income tax assets and liabilities as of December 31, 2019 and 2018 were as follows:


	As of December 31,
	2019						2018
(in millions)	U.S.		Non-U.S.		U.S.		Non-U.S.
Deferred income tax assets:
Accrued compensation	$	32.9	$	2.7	$	33.1	$	2.6
Capital leases and financing obligations	10.2		9.0		13.0		0.6

Lease obligations	108.4		12.5		—		—


Net operating losses and credit carryforwards	35.4		7.7		40.8		10.0
Allowance for doubtful accounts	11.4		0.1		14.8		0.1
Other	13.7		0.6		10.8		1.4
Gross deferred income tax assets	212.0		32.6		112.5		14.7
Less valuation allowance	(2.4)		(2.4)		(5.1)		(3.3)
Total deferred tax asset	209.6		30.2		107.4		11.4
Deferred income tax liabilities:
Property and equipment, net	(25.6)		(8.1)		(22.9)		—
Lease assets	(101.4)		(12.2)		—		—
Inventory reserve	(28.7)		—		(34.9)		—



Other	(6.8)		—		(4.5)		—
Total deferred tax liability	(162.5)		(20.3)		(62.3)		—
Net deferred income tax asset	$	47.1	$	9.9	$	45.1	$	11.4

Deferred income tax asset valuation allowance is as follows:


(in millions)	U.S.		Non-U.S.		Total
Balance at December 31, 2017	$	4.7	$	3.6	$	8.3
Additions	0.5		0.7		1.2
Subtractions	(0.1)		(0.8)		(0.9)
Currency translation adjustments	—		(0.2)		(0.2)
Balance at December 31, 2018	5.1		3.3		8.4
Additions	1.1		0.4		1.5
Subtractions	(3.8)		(1.2)		(5.0)
Currency translation adjustments	—		(0.1)		(0.1)
Balance at December 31, 2019	$	2.4	$	2.4	$	4.8

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

In general, it is the practice and intention of Veritiv to reinvest the earnings of its non-U.S. subsidiaries in those operations. As of December 31, 2019, Veritiv's tax basis exceeded its financial reporting basis in certain investments in non-U.S. subsidiaries. The Company does not believe these temporary differences will reverse in the foreseeable future and, therefore, no deferred tax asset has been recognized with respect to these basis differences. Additionally, no deferred tax liability has been recognized for income and withholding tax liabilities associated with investments in non-U.S. subsidiaries

where book basis exceeds tax basis. The amount of such temporary differences totaled approximately $31.8 million as of December 31, 2019. The income and withholding tax liability associated with these temporary differences is immaterial.

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

The Company accrues interest on unrecognized tax benefits as a component of interest expense. Penalties, if incurred, are recognized as a component of income tax expense. Total gross unrecognized tax benefits as of December 31, 2019, 2018 and 2017, as well as activity within each of the years, was not material.

In the U.S., Veritiv is generally subject to examination by the IRS for fiscal years 2016 and later and certain states for fiscal years 2015 and later; however, it may be subject to IRS and state tax authority adjustments for years prior to 2016 to the extent of losses or other tax attributes carrying forward from the earlier years. Veritiv Canada remains subject to examination by the Canadian Revenue Agency and certain provinces for fiscal years 2012 and later.

As of December 31, 2019, Veritiv has federal, state and foreign income tax NOLs available to offset future taxable income of $137.3 million, $142.2 million and $29.6 million, respectively. Federal NOLs begin expiring in 2023. State and foreign NOLs will expire at various dates from 2020 through 2039, with the exception of certain foreign NOLs that do not expire, but have a full valuation allowance.

Related Party Transactions

12 Months Ended

Dec. 31, 2019

Related Party Transactions

9. RELATED PARTY TRANSACTIONS

Agreements with the UWWH Stockholder

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

•Registration Rights Agreement: The Registration Rights Agreement provides the UWWH Stockholder with certain demand and piggyback registration rights. Under this Agreement, the UWWH Stockholder is also entitled to transfer its Veritiv common stock to one or more of its affiliates or equity-holders and may exercise registration rights on behalf of such transferees if such transferees become a party to the Registration Rights Agreement. The UWWH Stockholder, on behalf of the holders of shares of Veritiv's common stock that are party to the Registration Rights Agreement, under certain circumstances and provided certain thresholds described in the Registration Rights Agreement are met, may make a written request to the Company for the registration of the offer and sale of all or part of the shares subject to such registration rights. If the Company registers the offer and sale of its common stock (other than pursuant to a demand registration or in connection with registration on Form S-4 and Form S-8 or any successor or similar forms, or relating solely to the sale of debt or convertible debt instruments) either on its behalf or on the behalf of other security holders, the holders of the registration rights under the Registration Rights Agreement are entitled to include their shares in such registration. The demand rights described commenced 180 days after the Distribution Date. Veritiv is not required to effect more than one demand registration in any 150-day period or more than two demand registrations in any 365-day period. If Veritiv believes that a registration or an offering would materially affect a significant transaction or would require it to disclose confidential information which it in good faith believes would be adverse to its interest, then Veritiv may delay a registration or filing for no more than 120 days in a 360-day period.

•Tax Receivable Agreement: The Tax Receivable Agreement sets forth the terms by which Veritiv generally will be obligated to pay the UWWH Stockholder an amount equal to 85% of the U.S. federal, state and Canadian income tax savings that Veritiv actually realizes as a result of the utilization of Unisource's NOLs attributable to taxable periods prior to the date of the Merger. For purposes of the TRA, Veritiv's income tax savings will generally be computed by comparing Veritiv's actual aggregate U.S. federal, state and Canadian income tax liability for taxable periods (or portions thereof) beginning after the date of the Merger to the amount of Veritiv's aggregate U.S. federal, state and Canadian income tax liability for the same periods had Veritiv not been able to utilize Unisource's NOLs attributable to taxable periods prior to the date of the Merger. Veritiv will pay to the UWWH Stockholder an amount equal to 85% of such tax savings, plus interest at a rate of LIBOR plus 1.00%, computed from the earlier of the date that Veritiv files its U.S. federal income tax return for the applicable taxable year and the date that such tax return is due (without extensions) until payments are made. Under the TRA, the UWWH Stockholder will not be required to reimburse Veritiv for any payments previously made if such tax benefits are subsequently disallowed or adjusted (although future payments under

the TRA would be adjusted to the extent possible to reflect the result of such disallowance or adjustment). The TRA will be binding on and adapt to the benefit of any permitted assignees of the UWWH Stockholder and to any successors to any of the parties of the TRA to the same extent as if such permitted assignee or successor had been an original party to the TRA. In January 2020, 2019 and 2018, Veritiv paid $0.3 million, $8.1 million and $10.1 million, respectively, in principal and interest, to the UWWH Stockholder for the utilization of pre-merger NOLs in its 2018, 2017 and 2016 federal and state tax returns, respectively. As of December 31, 2017, the TRA was revalued for the Tax Act change, lowering the U.S. federal corporate tax rate from 35.0% to 21.0%. This change reduced the value of the TRA liability by $13.5 million.

On March 22, 2017, the UWWH Stockholder sold 1.80 million shares of Veritiv common stock in a block trade. The Company did not sell or repurchase any shares and did not receive any of the proceeds in this transaction. In conjunction with this transaction, Veritiv incurred approximately $0.2 million in transaction-related fees, which were included in selling and administrative expenses on the Consolidated Statements of Operations.

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

The UWWH Stockholder beneficially owned 2,783,840 shares of Veritiv's outstanding common stock as of December 31, 2019.

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 table summarizes the financial impact of these related party transactions with Georgia-Pacific:


	Year Ended December 31,
(in millions)	2019		2018		2017
Sales to Georgia-Pacific, reflected in net sales	$	23.4	$	28.0	$	32.2
Purchases of inventory from Georgia-Pacific, recognized in cost of products sold	85.2		146.5		181.6

	As of December 31,
(in millions)	2019		2018
Inventories purchased from Georgia-Pacific that remained on Veritiv's balance sheet	$	11.4	$	17.3
Related party payable to Georgia-Pacific	4.3		9.3
Related party receivable from Georgia-Pacific	2.8		3.2

See Note 3, Leases, for information on the Company's financing obligations to Georgia-Pacific.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Employee Benefit Plans

10. EMPLOYEE BENEFIT PLANS

Defined Contribution Plans

Veritiv sponsors qualified defined contribution plans covering its employees in the U.S. and Canada. The defined

contribution plans allow eligible employees to contribute a portion of their eligible compensation (including salary and annual incentive plan bonus) to the plans and Veritiv makes matching contributions to participant accounts on a specified percentage of employee deferrals as determined by the provisions of each plan. During the years ended December 31, 2019, 2018 and 2017 Veritiv's contributions to these plans totaled $19.9 million, $20.6 million and $19.4 million, respectively.

Deferred Compensation Savings Plans

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

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

The liabilities associated with these plans are summarized in the table below.


	As of December 31,
(in millions)	2019		2018
Other accrued liabilities	$	3.7	$	3.4
Other non-current liabilities	21.1		21.6
Total liabilities	$	24.8	$	25.0

Defined Benefit Plans

At December 31, 2019 and 2018, Veritiv did not maintain any active defined benefit plans for its non-union employees. Veritiv maintains a defined benefit pension plan in the U.S. for employees covered by certain collectively bargained agreements. Veritiv also assumed responsibility for Unisource's defined benefit plans, which include frozen cash balance accounts for certain former Unisource employees.

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

Benefit Obligations and Funded Status

The following table provides information about Veritiv's U.S. and Canadian defined benefit pension plans and Supplemental Executive Retirement Plans ("SERP"):


	Year Ended December 31,
	2019						2018
(in millions)	U.S.		Canada		U.S.		Canada
Accumulated benefit obligation, end of year	$	65.4	$	81.9	$	64.1	$	70.2


Change in projected benefit obligation:
Benefit obligation, beginning of year	$	64.1	$	75.3	$	91.0	$	90.0
Service cost	1.1		0.3		1.2		0.3
Interest cost	2.1		2.9		2.5		2.7
Actuarial (gain) loss	1.3		8.8		(3.7)		(6.0)
Benefits paid	(3.2)		(3.7)		(1.7)		(4.9)
Settlements	—		—		(25.2)		—
Foreign exchange adjustments	—		4.0		—		(6.8)
Projected benefit obligation, end of year	$	65.4	$	87.6	$	64.1	$	75.3

Change in plan assets:
Plan assets, beginning of year	$	52.1	$	65.9	$	81.4	$	74.9
Employer contributions	—		1.0		0.1		2.2
Investment returns	11.1		11.2		(1.5)		(0.4)
Benefits paid	(3.2)		(3.7)		(1.7)		(4.9)
Administrative expenses paid	(0.8)		—		(1.0)		—
Settlements	—		—		(25.2)		—
Foreign exchange adjustments	—		3.4		—		(5.9)
Plan assets, end of year	$	59.2	$	77.8	$	52.1	$	65.9
Underfunded status, end of year	$	(6.2)	$	(9.8)	$	(12.0)	$	(9.4)

Balance Sheet Positions


	As of December 31,
	2019						2018
(in millions)	U.S.		Canada		U.S.		Canada

Amounts recognized in the Consolidated Balance Sheets consist of:
Other accrued liabilities	$	0.1	$	0.2	$	0.1	$	0.2
Defined benefit pension obligations	6.1		9.6		11.9		9.2
Net liability recognized	$	6.2	$	9.8	$	12.0	$	9.4


	Year Ended December 31,
	2019						2018
(in millions)	U.S.		Canada		U.S.		Canada

Amounts not yet reflected in net periodic benefit cost and included in AOCL consist of:
Net loss, net of tax	$	0.7	$	5.5	$	5.4	$	4.7

Net Periodic Cost

Total net periodic benefit cost (credit) associated with the defined benefit pension and SERP plans is summarized below:


	Year Ended December 31,
	2019						2018						2017
(in millions)	U.S.		Canada		U.S.		Canada		U.S.		Canada
Components of net periodic benefit cost (credit):
Service cost	$	1.9	$	0.3	$	2.0	$	0.3	$	2.0	$	0.3

Interest cost	$	2.1	$	2.9	$	2.5	$	2.7	$	2.7	$	2.7
Expected return on plan assets	(3.4)		(3.7)		(5.2)		(3.9)		(5.1)		(3.7)

Settlement loss	—		—		1.1		0.1		—		—
Amortization of net loss	—		0.2		—		0.3		0.1		0.2
Total other components	$	(1.3)	$	(0.6)	$	(1.6)	$	(0.8)	$	(2.3)	$	(0.8)
Net periodic benefit cost (credit)	$	0.6	$	(0.3)	$	0.4	$	(0.5)	$	(0.3)	$	(0.5)


Changes to funded status recognized in other comprehensive (income) loss:
Net loss (gain) during year, net of tax	$	(4.7)	$	0.8	$	2.2	$	(1.4)	$	(2.5)	$	2.7

The components of net periodic benefit cost (credit) other than the service cost component are included in other (income) expense, net in the Company's Consolidated Statements of Operations. Amounts are generally amortized from AOCL over the expected future working lifetime of active plan participants.

Fair Value of Plan Assets

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

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


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


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


As of December 31, 2018
(in millions)	Total		Level 1		Level 2		Level 3
Investments – U.S.:
Equity securities	$	33.1	$	33.1	$	—	$	—
Fixed income securities	18.7		18.7		—		—
Cash and short-term securities	0.3		0.3		—		—
Total	$	52.1	$	52.1	$	—	$	—


As of December 31, 2018
(in millions)	Total		Level 1		Level 2		Level 3
Investments – Canada:
Cash and short-term securities	$	0.3	$	0.3	$	—	$	—
Investments measured at NAV:
Equity securities	42.2
Fixed income securities	23.4
Total	$	65.9	$	0.3	$	—	$	—

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

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

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

* Cash and Short-term Securities: Cash and cash equivalents consist of U.S. and foreign currencies. Foreign currencies are reported in U.S. dollars based on currency exchange rates readily available in active markets. Short-term securities are valued at the net asset value of units held at year end.

The weighted-average asset allocations of invested assets within Veritiv's defined benefit pension plans were as follows:


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


As of December 31, 2018					Asset Allocation Range
(in millions)	U.S.		Canada		U.S.	Canada
Equity securities	$	33.1	$	42.2	55 - 75%	50 - 70%
Fixed income securities	18.7		23.4		20 - 40%	30 - 50%
Cash and short-term securities	0.3		0.3		0 - 10%	0 - 5%
Total	$	52.1	$	65.9

Veritiv's investment objectives include maximizing long-term returns at acceptable risk levels, diversifying among asset classes, as applicable, and among investment managers as well as establishing certain risk parameters within asset classes. Investment performance is evaluated at least quarterly. Total returns are compared to the weighted-average return of a benchmark mix of investments. Individual fund investments are compared to historical three-, five- and ten-year returns achieved by funds with similar investment objectives.

Assumptions

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

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

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

The following table presents significant weighted-average assumptions used in computing the benefit obligations:


	As of December 31,
	2019						2018						2017
	U.S.		Canada		U.S.		Canada		U.S.		Canada
Discount rate	2.98	%	3.10	%	4.01	%	3.90	%	3.33	%	3.40	%
Rate of compensation increases	N/A		3.00	%	N/A		3.00	%	N/A		3.00	%

The following table presents significant weighted-average assumptions used in computing net periodic benefit cost:


	Year Ended December 31,
	2019						2018						2017
	U.S.		Canada		U.S.		Canada		U.S.		Canada
Discount rate	4.01	%	3.90	%	3.47	%	3.40	%	3.76	%	3.85	%
Rate of compensation increases	N/A		3.00	%	N/A		3.00	%	N/A		3.00	%
Expected long-term rate of return on assets	7.15	%	5.50	%	7.15	%	5.50	%	7.15	%	5.50	%
Interest crediting rate	5.00	%	N/A		5.00	%	N/A		5.00	%	N/A

Cash Flows

Veritiv expects to contribute $0.1 million and $0.5 million to its U.S. and Canadian defined benefit pension and SERP plans, respectively, during 2020. Future benefit payments under the defined benefit pension and SERP plans are estimated as follows:


(in millions)	U.S.		Canada
2020	$	8.6	$	2.9
2021	3.5		2.9
2022	3.5		3.2
2023	3.4		3.3
2024	3.6		3.5
2025 – 2029	18.9		20.1

MEPPs

Veritiv's contributions to MEPPs, excluding the payment of any withdrawal liabilities, were $2.4 million, $3.0 million and $3.5 million for the years ended December 31, 2019, 2018 and 2017, respectively. It is reasonably possible that changes to Veritiv employees covered under these plans might result in additional contribution obligations. Any such obligations would be governed by the specific agreement between Veritiv and any such plan. Veritiv's contributions did not represent more than 5% of total contributions to any MEPPs for the plan years in which Forms 5500 were available. At the date these Consolidated Financial Statements were issued, Forms 5500 were not available for the plan year ended in 2019.

The risks of participating in these MEPPs are different from a single employer plan in the following aspects:

•Assets contributed to the MEPPs by one employer may be used to provide benefits to employees of other participating employers,

•If a participating employer ceases contributing to the plan, the unfunded obligations of the plan may be inherited by the remaining participating employers, and

•If the Company stops participating in any of the MEPPs, the Company may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability.

The Company has recorded undiscounted charges related to the complete or partial withdrawal from various MEPPs. Charges not related to the Company's restructuring efforts are recorded as distribution expenses. Initial amounts are recorded as other non-current liabilities in the Consolidated Balance Sheets. See the table below for a summary of the net withdrawal charges and the year-end balance sheet liability positions for the respective years ended December 31:


	Year Ended December 31,
(in millions)	Restructuring charges, net		Distribution expenses		Total Net Charges
2019	$	1.5	$	6.6	$	8.1
2018	(2.8)		11.2		8.4
2017	17.4		2.1		19.5




	As of December 31,

(in millions)	Other accrued liabilities		Other non-current liabilities
2019	$	1.9	$	37.4
2018	0.7		32.5

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

Included in the restructuring charges, net amounts above for 2018 and 2017, is a MEPP withdrawal reduction of $2.7 million and a charge of $3.4 million, respectively, related to the Central States MEPP. During the third quarter of 2018, based on an estimate provided by the MEPP and an actuarial review change, Veritiv recognized a reduction of $2.7 million in the estimated partial withdrawal liability for the three locations which exited from the Central States MEPP in 2017 and 2016. During the fourth quarter of 2018, Veritiv negotiated a withdrawal from the Central States MEPP for its Rogers, Minnesota location and recognized an estimated complete withdrawal liability of an additional $12.0 million in distribution expenses, as it was not related to a restructuring activity. In the second quarter of 2019, Veritiv received the final determination letters for the partial and the complete withdrawals. The determinations were in the amount of $7.7 million for the partial and $12.0 million for the complete, both payable in 240 equal monthly installments beginning in April 2019. This was a reduction of $0.4 million from what had previously been recorded.

Included in the restructuring charges, net amount above for 2017, are MEPP withdrawal charges of $13.6 million related to the New England Teamsters and Trucking Industry Pension Fund (the "NE Fund"), a MEPP. During the second quarter of 2017, the Company was presented with a Demand for Payment of Withdrawal Liability from the NE Fund attributable to the closure of the Company's Wilmington, Massachusetts facility in the amount of $10.9 million, payable in 240 equal monthly installments beginning in August 2017. Also as part of this same consolidation, the Company's Windsor and Middletown, Connecticut facilities were closed and relocated to Enfield, Connecticut. Employees at both the Windsor and Middletown locations were covered by separate collective bargaining agreements. Employees at the Middletown location subject to that agreement also participate in the NE Fund. The Company entered into a new collective bargaining agreement for the Enfield, Connecticut facility to replace the legacy Windsor and Middletown, Connecticut agreements. The new agreement ended participation in the NE Fund. As a result, in December 2017, the Company received another Demand for Payment of Withdrawal Liability from the NE Fund attributable to that negotiated exit in the amount of $2.7 million, payable in 240 equal monthly installments beginning in February 2018.

See Note 5, Integration, Acquisition and Restructuring Charges, for additional information regarding these transactions. The Company records an estimated undiscounted charge when it becomes probable that it has incurred a withdrawal liability. Final charges for MEPP withdrawals are not known until the plans issue their respective determinations. As a result, these estimates may increase or decrease depending upon the final determination. As of December 31, 2019, the Company has received determination letters resulting from six complete or partial withdrawals. Of those, the liabilities for

two withdrawals were settled with lump sum payments, one withdrawal was settled with payments over a nine month period, and three withdrawals are expected to occur over an approximate 20-year period. The Company has not yet received the determination letter for the partial withdrawal from the Western Pennsylvania Fund.

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


Pension Fund	EIN/Pension Plan No.	Pension Protection Act Zone Status	FIP/RP Status Pending/ Implemented	Veritiv's Contributions								Surcharge Imposed	Expiration Date(s) of Collective Bargaining Agreement(s)
								2019		2018	2017
Western Conference of Teamsters Pension Trust Fund ⁽¹⁾	916145047/001	Green	No	$	1.3	$	1.6	$	1.6	No	10/31/2019 - 5/31/2022
Central States, Southeast & Southwest Areas Pension Fund	366044243/001	Red	Implemented	—		0.2		0.2		Yes	Exited during 2018
Teamsters Pension Plan of Philadelphia & Vicinity	231511735/001	Yellow	Implemented	0.4		0.4		0.4		Yes	7/31/2021

New England Teamsters & Trucking Industry Pension	046372430/001	Red	Implemented	—		—		0.4		Yes	Exited during 2017
Western Pennsylvania Teamsters and Employers Pension Plan	256029946/001	Red	Implemented	0.2		0.3		0.3		Yes	Partial exit during 2019; 3/31/2020
Contributions for individually significant plans				1.9		2.5		2.9
Contributions to other multi-employer plans				0.5		0.5		0.6




Total contributions				$	2.4	$	3.0	$	3.5

⁽¹⁾ As of December 31, 2019, there were ten collective bargaining units participating in the Western Conference of Teamsters Pension Trust. As of

December 31, 2019, two were then in negotiations.

Fair Value Measurements

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

11. FAIR VALUE MEASUREMENTS

At December 31, 2019 and 2018, the carrying amounts of cash, 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.

Debt and Other Obligations

Borrowings under the ABL Facility are at variable market interest rates, and accordingly, the carrying amount approximates fair value. The fair value of the debt-related interest rate cap was derived from a discounted cash flow analysis based on the terms of the agreement and Level 2 data for the forward interest rate curve adjusted for the Company's credit risk. See Note 7, Debt and Other Obligations, for additional information regarding the Company's ABL Facility and other obligations.

Goodwill and Other Intangibles

The fair value analysis for the goodwill and intangible asset impairments described in Note 6, Goodwill and Other Intangible Assets and Note 1, Business and Summary of Significant Accounting Policies relied upon both Level 2 data (publicly observable data such as market interest rates, the Company's stock price, the stock prices of peer companies and the capital structures of peer companies) and Level 3 data (internal data such as the Company's operating and cash flow projections).

During the third quarter of 2017, the Company reviewed its intangible assets for possible impairment indicators, and management determined that the carrying values of the goodwill and customer relationship intangible assets allocated to the logistics solutions business were fully impaired. The impairments were determined after a review of the business's forecasted revenues and estimated cash flows (Level 3 data). The impairment charges were primarily a result of lower forecasted sales growth due to changes in the Company's growth strategy and margin compression due to increased competition. The fair value of these assets was derived using discounted cash flow analyses based on Level 3 inputs. As a result, the Company recorded $7.7 million in non-restructuring impairment charges related to its logistics solutions business's goodwill and customer relationship intangible assets, included in selling and administrative expenses, on the Consolidated Statements of Operations.

The Company has on occasion recognized other minor impairments when warranted as part of its normal review of long-lived assets and these impairments are included in selling and administrative expenses on the Consolidated Statements of Operations. Total goodwill and long-lived asset impairments for the years ended December 31, 2019, 2018 and 2017 were none, $0.4 million and $8.4 million, respectively.

Pension Plan Assets

At December 31, 2019 and 2018, the pension plan assets were primarily comprised of mutual funds and pooled funds. The underlying investments of these funds were valued using either quoted prices in active markets or valued as of the most recent trade date. See Note 10, Employee Benefits Plans, for further detail.

TRA Contingent Liability

At the time of the Merger, the Company recorded a $59.4 million contingent liability associated with the TRA at fair value using a discounted cash flow model that reflected management's expectations about probability of payment. The fair value of the TRA is a Level 3 measurement which relied upon both Level 2 data (publicly observable data such as market interest rates) and Level 3 data (internal data such as the Company's projected revenues, taxable income and assumptions about the utilization of Unisource's NOLs, attributable to taxable periods prior to the Merger, by the Company). 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 Consolidated Statements of Operations. At December 31, 2019, the Company remeasured the contingent liability using a discount rate of 3.9% (Moody's daily long-term corporate BAA bond yield). There have been no transfers between the fair value measurement levels for the years ended December 31, 2019 and 2018. The Company recognizes transfers between the fair value measurement levels at the end of the reporting period. See Note 9, Related Party Transactions, for further discussion of the TRA.

The following table provides a reconciliation of the beginning and ending balance of the TRA contingent liability for the years ended December 31, 2019 and 2018:


(in millions)	TRA Contingent Liability
Balance at December 31, 2017	$	50.0
Change in fair value adjustment recorded in other (income) expense, net	(1.2)
Principal payment	(9.9)
Balance at December 31, 2018	38.9
Change in fair value adjustment recorded in other (income) expense, net	0.3
Principal payment	(7.8)
Balance at December 31, 2019	$	31.4

AAC Contingent Consideration

The purchase price allocation for the acquisition of AAC, described in Note 4, 2017 Acquisition, 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. The Company and the sellers of AAC have tentatively agreed to an additional $3.0 million payable with respect to the contingent consideration earned at the second anniversary of the Acquisition Date; however, the Company and the sellers are continuing discussions regarding certain additional amounts payable in connection with taxes related to the contingent consideration. Resolution of these discussions may result in 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, 2017	$	24.2
Change in fair value adjustment recorded in other (income) expense, net	(12.3)
Contingent liability payment	(2.5)
Balance at December 31, 2018	9.4
Change in fair value adjustment recorded in other (income) expense, net	13.1
Contingent liability payment	(20.0)
Balance at December 31, 2019	$	2.5

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Supplementary Financial Statement Information

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplementary Financial Statement Information

12. SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION

Other Current Assets

The components of other current assets as of December 31 were as follows:




(in millions)	2019		2018
Rebates receivable	$	51.1	$	78.0
Prepaid expenses	32.9		32.0
Value Added Tax receivable	13.7		18.1
Vendor Deposits	5.7		10.9
Other	22.7		8.2
Other current assets	$	126.1	$	147.2

Other Non-Current Assets

The components of other non-current assets as of December 31 were as follows:




(in millions)	2019		2018
Operating lease right-of-use assets	$	429.2	$	—
Deferred financing costs	4.1		6.7
Investments in real estate joint ventures	7.1		6.7

Other	14.4		12.0
Other non-current assets	$	454.8	$	25.4

Accrued Payroll and Benefits

The components of accrued payroll and benefits as of December 31 were as follows:




(in millions)	2019		2018
Accrued incentive plans	$	24.7	$	23.6
Accrued commissions	17.0		20.6
Accrued payroll and related taxes	8.8		9.2
Other	3.4		3.1
Accrued payroll and benefits	$	53.9	$	56.5

Other Accrued Liabilities

The components of other accrued liabilities as of December 31 were as follows:




(in millions)	2019		2018
Operating lease obligations - current	$	90.5	$	—
Accrued customer incentives	21.1		25.1
Accrued freight	9.0		16.4
Accrued taxes	9.0		9.9
AAC contingent liability	2.5		9.4
TRA contingent liability	0.3		7.9
Escheat audit accrual	0.4		10.0
Accrued professional fees	3.4		6.6
Other	47.6		49.4
Other accrued liabilities	$	183.8	$	134.7

Other Non-Current Liabilities

The components of other non-current liabilities as of December 31 were as follows:




(in millions)	2019		2018
Operating lease obligations - non-current	$	376.6	$	—
MEPP withdrawals	37.4		32.5
TRA contingent liability	31.1		31.0
Deferred compensation	21.1		21.6
Straight-line rent	—		19.5

Other	19.1		24.0
Other non-current liabilities	$	485.3	$	128.6

Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

13. EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share for Veritiv common stock is calculated by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the respective periods. Diluted earnings per share is similarly calculated, except that the denominator is increased to include the number of additional common shares that would have been outstanding during those periods if the dilutive potential common shares had been issued, using the treasury stock method, except where the inclusion of such common shares would have an antidilutive impact. See Note 15, Equity-Based Incentive Plans, for additional information.

A summary of the numerators and denominators used in the basic and diluted earnings (loss) per share calculations is as follows:


	Year Ended December 31,
(in millions, except per share data)	2019		2018		2017

Numerator:


Net income (loss)	$	(29.5)	$	(15.7)	$	(13.3)

Denominator:
Weighted-average number of shares outstanding – basic and diluted	16.06		15.82		15.70


Earnings (loss) per share:



Basic and diluted earnings (loss) per share	$	(1.84)	$	(0.99)	$	(0.85)






Antidilutive stock-based awards excluded from computation of diluted earnings per share	1.17		1.32		0.80
Performance stock-based awards excluded from computation of diluted earnings per share because performance conditions had not been met	0.33		0.26		0.30

In accordance with the Company's 2014 Omnibus Incentive Plan, as amended and restated as of March 8, 2017, shares of the Company's common stock were issued to plan participants whose Restricted Stock Units ("RSUs") and/or Performance Condition Share Units ("PSUs") vested during those periods, see the table below for information related to these transactions:


	Year Ended December 31,
(in millions)	2019	2018
Shares issued	0.3	0.3
Shares recovered for minimum tax withholding	(0.1)	(0.1)
Net shares issued	0.2	0.2

The net share issuance is included on the Consolidated Statements of Shareholders' Equity for the years ended December 31, 2019 and 2018.

Shareholders' Equity

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Shareholders' Equity

14. SHAREHOLDERS' EQUITY

Common Stock

Shares Outstanding: On November 23, 2016, the UWWH Stockholder sold 1.76 million shares of Veritiv common stock in an underwritten public offering. The Company did not sell any shares and did not receive any of the proceeds in this transaction. See the "Treasury Stock" section of this footnote for additional information on this transaction. On March 22, 2017, and September 25, 2018, the UWWH Stockholder sold 1.80 million and 1.50 million shares of Veritiv common stock in a block trade, respectively. The Company did not sell or repurchase any shares and did not receive any of the proceeds in the 2017 and 2018 transactions.

Dividends: Each holder of common stock shall be entitled to participate equally in all dividends payable with respect to the common stock.

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

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

Preferred Stock

Subject to the provisions of the Amended and Restated Certificate of Incorporation, the Board of Directors of Veritiv is authorized to provide for the issuance of up to 10.0 million shares of preferred stock in one or more series. The Board of Directors may fix the number of shares constituting any series and determine the designation of the series, the dividend rates, rights of priority of dividend payment, the voting powers (if any) of the shares of the series, and the preferences and relative participating, optional and other rights, if any, and any qualifications, limitations or restrictions, applicable to the shares of such series. No preferred stock was issued and outstanding as of December 31, 2019.

Treasury Stock

In conjunction with the November 2016 UWWH Stockholder offering, Veritiv repurchased 0.31 million of the offered shares. The Company may repurchase shares in the future, however, there is currently no share repurchase authorization plan approved by the Company's Board of Directors.

Accumulated Other Comprehensive Loss (AOCL)

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

AOCL consisted of the following:


(in millions)	Foreign currency translation adjustments		Retirement liabilities		Interest rate cap		AOCL
Balance at December 31, 2017	$	(23.5)	$	(9.3)	$	(0.7)	$	(33.5)

Unrealized net gains (losses) arising during the period	(6.8)		(0.2)		0.0		(7.0)
Amounts reclassified from AOCL	—		0.1		0.5		0.6
Net current period other comprehensive income (loss)	(6.8)		(0.1)		0.5		(6.4)
Adjustment for adoption of ASU 2018-02	—		(0.7)		(0.1)		(0.8)
Balance at December 31, 2018	(30.3)		(10.1)		(0.3)		(40.7)

Unrealized net gains (losses) arising during the period	4.7		5.2		(0.4)		9.5
Amounts reclassified from AOCL	(1.0)		(1.3)		0.4		(1.9)
Net current period other comprehensive income (loss)	3.7		3.9		0.0		7.6
Balance at December 31, 2019	$	(26.6)	$	(6.2)	$	(0.3)	$	(33.1)

Equity-Based Incentive Plans

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Equity-Based Incentive Plans

15. EQUITY-BASED INCENTIVE PLANS

Veritiv Omnibus Incentive Plan

The 2014 Plan provides for the grant of stock, Deferred Share Units ("DSUs"), RSUs, PSUs, and Market Condition Performance Share Units ("MCPSUs"), among other awards. A total of 3.08 million shares of Veritiv common stock may be issued under the 2014 Plan subject to certain adjustment provisions. As of December 31, 2019, there were approximately 1.00 million shares available to be granted to any employee, director or consultant of Veritiv or a subsidiary of Veritiv. Grants are made at the discretion of the Compensation and Leadership Development Committee of the Company's Board of Directors.

Stock

The Company made grants of common stock in 2019, 2018 and 2017 to its non-employee directors. The stock grants were fully vested and non-forfeitable as of the grant dates. The non-employee directors were eligible to defer receipt of the awards under the Veritiv Deferred Compensation Savings Plan, a nonqualified plan. The Company recognized $1.0 million, $1.1 million and $1.1 million in expense related to these grants for the years ended December 31, 2019, 2018 and 2017, respectively.

Deferred Share Units

The Company granted DSUs in 2014, 2015 and 2016 to its non-employee directors. Each DSU is the economical equivalent of one share of Veritiv's common stock. The DSUs were fully vested and non-forfeitable as of the grant date and are payable following the individual's separation of service as a Veritiv director. The DSUs granted in 2014 and 2015 are payable in cash and the DSUs granted in 2016 are settled in stock. The cash-settled DSUs are classified as a non-current liability and are remeasured at each reporting date, with a corresponding adjustment to compensation expense. At December 31, 2019 there were approximately 51,900 DSUs outstanding with a fair value of $1.4 million. At December 31, 2018, there were approximately 51,900 DSUs outstanding with a fair value of $1.6 million. The Company recognized impacts of $(0.2) million, $(0.1) million and $(0.8) million in selling and administrative expenses related to these grants for the years ended December 31, 2019, 2018 and 2017, respectively.

Restricted Stock Units

RSUs are awarded to key employees and typically cliff vest at the end of three years, subject to continued service. The fair value of the RSU awards is based typically on either the closing price of Veritiv common stock on the date of grant or the closing price on the trading date immediately prior to the date of grant if the grant date is not a trading date. Compensation expense for the RSUs is recognized ratably from the grant date to the vesting date. The total fair value of

RSUs that vested during 2019 and 2018 was $3.8 million and $3.2 million, respectively. There were no vested RSUs in 2017.

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


(units in thousands)	Number of RSUs	Weighted-Average Grant Date Fair Value Per Share
Non-vested at December 31, 2016	146	$	42.05
Granted	111	$	49.86
Vested	—	$	—
Forfeited	(8)	$	44.21
Non-vested at December 31, 2017	249	$	45.43
Granted	228	$	29.69
Vested	(65)	$	50.03
Forfeited	(14)	$	39.01
Non-vested at December 31, 2018	398	$	35.88
Granted	160	$	24.70
Vested	(102)	$	37.53
Forfeited	(87)	$	29.96
Non-vested at December 31, 2019	369	$	32.00

Performance Share Units

PSUs are awarded to key employees annually and cliff vest at the end of three years, subject to continued service and the attainment of performance conditions. The PSU award represents the contingent right to receive a number of shares equal to a portion, all or a multiple (not to exceed 200%) of the target number of PSUs. The PSUs are divided into three tranches, and each tranche is earned based on the achievement of an annual Adjusted EBITDA target which is set at the beginning of each of the three years in the vesting period. The Company defines Adjusted EBITDA as earnings before interest, income taxes, depreciation and amortization, restructuring charges, net, integration and acquisition expenses and other similar charges including any severance costs, costs associated with warehouse and office openings or closings, consolidation, and relocation and other business optimization expenses, stock-based compensation expense, changes in the LIFO reserve, non-restructuring asset impairment charges, non-restructuring severance charges, non-restructuring pension charges, net, fair value adjustments related to contingent liabilities assumed in mergers and acquisitions and certain other adjustments. Compensation expense for each tranche is recognized ratably from the date the fair value is measured to the vesting date for the number of awards expected to vest. The total fair value of PSUs that vested during 2019 and 2018 was $6.7 million and $5.8 million, respectively. There were no vested PSUs in 2017.

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


(units in thousands)	Number of PSUs	Weighted-Average Grant Date Fair Value Per Share
Non-vested at December 31, 2016	355	$	42.14
Granted	166	$	35.81	(1)
Shares lost based on actual performance	(45)	$	35.81
Vested	—	$	—
Forfeited	(22)	$	40.78
Non-vested at December 31, 2017	454	$	40.87
Granted	323	$	26.39	(2)
Shares gained based on actual performance	7	$	26.39
Vested	(122)	$	47.37
Forfeited	(35)	$	34.57
Non-vested at December 31, 2018	627	$	32.59
Granted	392	$	24.82	(3)
Shares lost based on actual performance	(112)	$	24.82
Vested	(174)	$	38.36
Forfeited	(88)	$	25.30
Non-vested at December 31, 2019	645	$	25.10

⁽¹⁾ Represents weighted-average grant date fair value for the 2017, 2018 and 2019 tranches.

⁽²⁾ Represents weighted-average grant date fair value for the 2018 and 2019 tranches.

⁽³⁾ Represents weighted-average grant date fair value for the 2019 tranche.

Market Condition Performance Share Units

MCPSUs are awarded to key employees annually and cliff vest at the end of three years, subject to continued service and the attainment of performance conditions. The MCPSU award represents the contingent right to receive a number of shares equal to a portion, all or a multiple (not to exceed 200%) of the target number of MCPSUs. The MCPSUs are divided into three tranches and each tranche is earned based on the achievement of a total shareholder return ("TSR") target relative to the TSR of an applicable peer group over the one-, two- and three-year cumulative periods in the vesting period. The weighted-average grant date fair value of the MCPSUs is determined using a Monte Carlo simulation model. Assumptions used in the 2019, 2018 and 2017 models included an expected volatility rate of 53.6%, 45.5% and 25.0%, respectively, and a risk-free interest rate of 2.5%, 2.0% and 1.1%, respectively. The expected volatility rate is based on the historical volatility over the most recent period equal to the vesting period. The risk-free interest rate is based on the yield on U.S. Treasury securities matching the vesting period. Compensation expense is recognized ratably from the grant date to the vesting date. The total fair value of MCPSUs that vested during 2019 and 2018 was $2.7 million and $1.4 million, respectively. There were no vested MCPSUs in 2017.

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


(units in thousands)	Number of MCPSUs	Weighted-Average Grant Date Fair Value Per Share
Non-vested at December 31, 2016	208	$	48.23
Granted	100	$	71.63
Shares lost based on actual performance	(103)	$	71.63
Vested	—	$	—
Forfeited/cancelled	(12)	$	55.65
Non-vested at December 31, 2017	193	$	56.23
Granted	194	$	37.76
Shares lost based on actual performance	(35)	$	37.76
Vested	(23)	$	62.53
Forfeited/cancelled	(21)	$	49.66
Non-vested at December 31, 2018	308	$	46.74
Granted	235	$	31.41
Shares lost based on actual performance	(153)	$	31.41
Vested	(64)	$	42.12
Forfeited/cancelled	(52)	$	40.93
Non-vested at December 31, 2019	274	$	40.81

For the years ended December 31, 2019, 2018 and 2017, the Company recognized $14.6 million, $18.1 million and $15.7 million, respectively, in expense related to the aforementioned equity-based awards. The income tax benefit recognized in 2019, 2018 and 2017 related to stock-based compensation expense was $3.8 million, $4.7 million and $5.7 million, respectively. As of December 31, 2019, total unrecognized stock-based compensation expense was $21.4 million and is expected to be recognized over a weighted-average period of approximately 2.0 years. Unrecognized compensation expense for the 2020 and 2021 tranches of the PSU awards is estimated based on the Company's closing stock price at December 31, 2019. Dividends are not paid or accrued on unvested stock units. The grant date fair values are not reduced for dividends as none are expected to be paid during the vesting period.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	16. 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 cash flow, results of operations or financial condition. Escheat Audit In 2013, Unisource was notified by the State of Delaware that it intended to examine the books and records of Unisource to determine compliance with Delaware escheat laws. Since that date, seven other states joined with Delaware in the audit process, which is conducted by an outside firm on behalf of the states. During the fourth quarter of 2017, the Company filed an election to convert the Delaware portion of the audit into a review under the State of Delaware's Voluntary Disclosure Agreement Program. In December 2019, the Company and the State of Delaware signed a Voluntary Disclosure Agreement, pursuant to which the Company paid approximately $12.7 million to the State of Delaware in full satisfaction of the Delaware portion of the audit. Additionally during the fourth quarter of 2019, the Company paid approximately $0.6 million to other participating states and claimants as settlement of certain of their claims. As of December 31, 2019 and 2018, the Company recognized an estimated liability of approximately $0.4 million and $10.0 million, respectively, based upon the information available at that time related to the remaining unsettled claims. The Company currently expects to resolve the remaining claims in the first half of 2020. The Company believes that it has established sufficient reserves with respect to the remaining claims, and that the resolution of those claims will not have a material adverse impact on its cash flow, results of operations or financial condition. International Paper Potential Earn-Out International Paper had a potential earn-out payment of up to $100.0 million that would have become due in 2020 if Veritiv's aggregate EBITDA for fiscal years 2017, 2018 and 2019 had exceeded an agreed-upon target of $759.0 million, subject to certain adjustments and would have been reflected by Veritiv as a reduction to equity at the time of payment. Based on actual results for 2017, 2018 and 2019, Veritiv did not meet the agreed-upon target value and thus will not be required to make the earn-out payment in 2020.

Segment Information

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Segment Information

17. SEGMENT INFORMATION

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


(in millions)	Packaging		Facility Solutions		Print		Publishing		Total Reportable Segments		Corporate & Other		Total
Year Ended December 31, 2019
Net sales	$	3,446.3	$	1,181.8	$	2,104.6	$	798.0	$	7,530.7	$	128.7	$	7,659.4
Adjusted EBITDA	243.5		33.1		43.1		21.4		341.1		(185.2)
Depreciation and amortization	18.9		7.0		8.4		0.5		34.8		18.7		53.5
Restructuring charges, net	10.3		14.7		7.2		(9.1)		23.1		5.7		28.8
Year Ended December 31, 2018
Net sales	3,547.1		1,311.7		2,676.7		1,019.2		8,554.7		141.5		8,696.2
Adjusted EBITDA	246.7		29.0		64.0		24.6		364.3		(178.9)
Depreciation and amortization	19.2		6.8		8.8		0.8		35.6		17.9		53.5
Restructuring charges, net	4.7		3.4		12.1		0.7		20.9		0.4		21.3
Year Ended December 31, 2017
Net sales	3,157.8		1,309.7		2,793.7		958.0		8,219.2		145.5		8,364.7
Adjusted EBITDA	238.0		35.5		60.8		26.4		360.7		(184.3)
Depreciation and amortization	15.9		6.0		10.4		1.5		33.8		20.4		54.2
Restructuring charges, net	6.1		2.3		8.0		0.0		16.4		0.3		16.7

The table below presents a reconciliation of income (loss) before income taxes as reflected in the Consolidated Statements of Operations to Adjusted EBITDA for the reportable segments:


	Year Ended December 31,
(in millions)	2019		2018		2017
Income (loss) before income taxes	$	(28.8)	$	(10.2)	$	(1.9)
Interest expense, net	38.1		42.3		31.2
Depreciation and amortization	53.5		53.5		54.2
Restructuring charges, net	28.8		21.3		16.7
Stock-based compensation	14.6		18.1		15.7
LIFO reserve (decrease) increase	(3.7)		19.9		7.1
Non-restructuring asset impairment charges	—		0.4		8.4
Non-restructuring severance charges	8.4		4.9		3.5
Non-restructuring pension charges, net	6.6		11.3		2.2
Integration and acquisition expenses	17.5		31.8		36.5
Fair value adjustment on TRA contingent liability	0.3		(1.2)		(9.4)
Fair value adjustment on contingent consideration liability	13.1		(12.3)		2.0
Escheat audit contingent liability	3.7		2.5		7.5
Other	3.8		3.1		2.7
Adjustment for Corporate & Other	185.2		178.9		184.3
Adjusted EBITDA for reportable segments	$	341.1	$	364.3	$	360.7

The table below summarizes total assets as of December 31, 2019 and 2018:


(in millions)	2019		2018
Packaging	$	1,290.2	$	1,183.1
Facility Solutions	324.4		345.5
Print	610.3		684.5
Publishing	123.9		196.3
Corporate & Other	162.3		120.3
Total assets	$	2,511.1	$	2,529.7

The following table presents net sales, property and equipment, net and operating lease ROU assets by geographic area:


	Net Sales										Property and Equipment, Net				Operating Lease ROU Assets
	Year Ended December 31,										As of December 31,				As of December 31,
(in millions)	2019		2018		2017		2019		2018		2019		2018
U.S.	$	6,779.6	$	7,800.9	$	7,510.9	$	174.3	$	171.6	$	383.4	$	—
Canada	699.4		712.7		682.0		39.1		32.1		34.9		—
Rest of world	180.4		182.6		171.8		3.5		3.0		10.9		—
Total	$	7,659.4	$	8,696.2	$	8,364.7	$	216.9	$	206.7	$	429.2	$	—

No single customer accounted for more than 5% of net sales for the years ended December 31, 2019, 2018 and 2017. During the year ended December 31, 2019, approximately 35% of our purchases were made from ten suppliers.

Quarterly Data (Unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Quarterly Data (Unaudited)

18. QUARTERLY DATA (UNAUDITED)

The unaudited quarterly results of operations for 2019 and 2018 are summarized below:


	2019
	Three Months Ended
(in millions, except per share data)	March 31		June 30		September 30		December 31
Net sales	$	1,941.5	$	1,958.2	$	1,924.5	$	1,835.2
Cost of products sold	1,591.4		1,584.3		1,550.8		1,479.7


Net income (loss)	(26.7)		(11.3)		5.1		3.4

Weighted-average number of shares outstanding – basic	15.94		16.09		16.10		16.10
Weighted-average number of shares outstanding – diluted	15.94		16.09		16.24		16.40

Earnings (loss) per share ⁽¹⁾:



Basic earnings (loss) per share	$	(1.68)	$	(0.70)	$	0.32	$	0.21




Diluted earnings (loss) per share	$	(1.68)	$	(0.70)	$	0.31	$	0.21
⁽¹⁾ See Note 1 3 , Earning (Loss) Per Share, for discussion about the shares of common stock utilized in the computation of basic and diluted earnings per share for the year ended December 31, 2019.

	2018
	Three Months Ended
(in millions, except per share data)	March 31		June 30		September 30		December 31
Net sales	$	2,101.0	$	2,171.9	$	2,192.5	$	2,230.8
Cost of products sold	1,729.5		1,788.5		1,805.8		1,831.9


Net income (loss)	(15.8)		(10.6)		1.4		9.3

Weighted-average number of shares outstanding – basic	15.76		15.84		15.85		15.85
Weighted-average number of shares outstanding – diluted	15.76		15.84		16.47		16.46

Earnings (loss) per share ⁽¹⁾:



Basic earnings (loss) per share	$	(1.00)	$	(0.67)	$	0.09	$	0.59
Diluted earnings (loss) per share	$	(1.00)	$	(0.67)	$	0.09	$	0.57

⁽¹⁾ See Note 13, Earnings (Loss) Per Share, for discussion about the shares of common stock utilized in the computation of basic and diluted earnings per share for the year ended December 31, 2018.

See the table below for the quarterly breakdown of integration and acquisition expenses and restructuring charges, net:


	2019
(in millions)	Three Months Ended
	March 31		June 30		September 30		December 31
Integration and acquisition expenses	$	4.3	$	4.5	$	4.5	$	4.2
Restructuring charges, net	2.4		6.9		7.6		11.9

	2018
(in millions)	Three Months Ended
	March 31		June 30		September 30		December 31
Integration and acquisition expenses	$	8.3	$	8.4	$	7.9	$	7.2
Restructuring charges, net	11.9		11.4		5.4		(7.4)

Business and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of PresentationThe accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and include all of the Company's subsidiaries. All significant intercompany transactions between Veritiv's businesses have been eliminated. As a result of adopting Accounting Standards Update ("ASU") 2016-02, Leases (Topic 842) on January 1, 2019, applying the additional transition approach, which is a prospective approach, the accounting for operating leases for periods prior to 2019 has not been revised and results are reported in accordance with prior U.S. GAAP. See the adoption impact in the Recently Issued Accounting Standards section of this note. As a result of adopting ASU 2017-07, Compensation-Retirement Benefits (Topic 715) on January 1, 2018, certain amounts for the year ended December 31, 2017 were reclassified to conform to the new presentation. See the adoption impact in the Notes contained in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2018.

Use of Estimates

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

Revenue Recognition

The Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ("Topic 606") on January 1, 2018, using the modified retrospective approach for all contracts not completed as of the date of adoption, with no impact to the opening retained earnings.

Under Topic 606 -

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

customer is not recognized until cash is collected or management is otherwise able to establish that collectability is probable. As a normal business practice, Veritiv does not enter into contracts that require more than one year to complete or that contain significant financing components. See Note 2, Revenue Recognition, for additional information regarding revenue recognition.

Under prior revenue recognition guidance -

Revenue was recognized when persuasive evidence of an arrangement existed, the price was fixed or determinable, collectability was reasonably assured and delivery had occurred. Revenue was recognized when the customer took title and assumed the risks and rewards of ownership. When management could not conclude collectability was reasonably assured for shipments to a particular customer, revenue associated with that customer was not recognized until cash was collected or management was otherwise able to establish that collectability was reasonably assured. Sales transactions with customers were designated free on board ("f.o.b.") destination and revenue was recorded when the product was delivered to the customer's delivery site, when title and risk of loss were transferred. Certain revenues were derived from shipments arranged by the Company made directly from a manufacturer to a customer. The Company was considered to be a principal to these transactions because, among other factors, it controlled pricing to the customer, bore the credit risk of the customer defaulting on payment and was the primary obligor. Revenues from these sales were reported on a gross basis in the Consolidated Statements of Operations and amounted to $3.0 billion for the year ended December 31, 2017. Taxes collected from customers relating to product sales and remitted to governmental authorities were accounted for on a net basis. Accordingly, such taxes were excluded from both net sales and expenses.

Purchase Incentives

Veritiv enters into agreements with suppliers that entitle Veritiv to receive rebates, allowances and other discounts based on the attainment of specified purchasing levels or sales to certain customers. Purchase incentives are recorded as a reduction to inventory and recognized in cost of products sold when the sale occurs. During the year ended December 31, 2019, approximately 35% of the Company's purchases were made from ten suppliers.

Distribution Expenses

Distribution Expenses Distribution expenses consist of storage, handling and delivery costs including freight to the Company's customers' destinations.

Acquisition and Integration Expenses

Integration and Acquisition Expenses

Integration and acquisition expenses are expensed as incurred. Integration and acquisition expenses include internally dedicated integration management resources, retention compensation, information technology conversion costs, rebranding, professional services and other costs to integrate its businesses.

Accounts Receivable and Allowances

Accounts Receivable and AllowancesAccounts receivable are recognized net of allowances. The allowance for doubtful accounts reflects the best estimate of losses inherent in the Company's accounts receivable portfolio determined on the basis of historical experience, specific allowances for known troubled accounts and other available evidence. The other allowances balance is inclusive of returns, discounts and any other items affecting the realization of these assets. Accounts receivable are written-off when management determines they are uncollectible.

Inventories

The Company's inventories are primarily comprised of finished goods and predominantly valued at cost as determined by the last-in first-out ("LIFO") method. Such valuations are not in excess of market. Elements of cost in inventories include the purchase price invoiced by a supplier, plus inbound freight and related costs and reduced by estimated volume-based discounts and early pay discounts available from certain suppliers. Approximately 81% and 85% of inventories were valued using the LIFO method as of December 31, 2019 and 2018, respectively. If the first-in, first-out method had been used, total inventory balances would be increased by approximately $93.8 million and $98.7 million at December 31, 2019 and 2018, respectively.

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

Veritiv maintains some of its inventory on a consignment basis in which the inventory is physically located at the customer's premises or a third-party warehouse.

Property and Equipment, Net

Property and equipment are stated at cost, less accumulated depreciation and software amortization. Expenditures for replacements and major improvements are capitalized, whereas repair and maintenance costs that do not improve service potential or extend economic life are expensed as incurred. The Company capitalizes certain computer software and development costs incurred in connection with developing or obtaining software for internal use. Costs related to the development of internal use software, other than those incurred during the application development stage, are expensed as incurred.

Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Land is not depreciated, and construction-in-progress ("CIP") is not depreciated until ready for service. Leased property and leasehold improvements are amortized on a straight-line basis over the lease term or useful life of the asset, whichever is less. Upon retirement or other disposal of property and equipment, the cost and related amount of accumulated depreciation or accumulated amortization are eliminated from the asset and accumulated depreciation or accumulated amortization accounts, respectively. The difference, if any, between the net asset value and the proceeds is included in net income.

Leases

The Company adopted ASU 2016-02, Leases (Topic 842) and its related interpretations ("Topic 842") on January 1, 2019, applying the additional transition approach available under ASU 2018-11, Leases, whereby the new lease standard is

applied at the adoption date recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Upon adoption, the Company recorded (i) operating lease obligations and related ROU assets of approximately $428 million and (ii) an increase to retained earnings of approximately $2.7 million, primarily driven by the derecognition of the unamortized deferred gain from the 2017 sale of the Austin, Texas property.

Under Topic 842 -

The Company determines if an arrangement is a lease at lease inception and reviews lease arrangements for finance or operating lease classification at their commencement date. Operating leases are reported as part of other non-current assets, other accrued liabilities and other non-current liabilities on the Consolidated Balance Sheets. Finance leases are reported as part of property and equipment, net and debt obligations on the Consolidated Balance Sheets. The Company does not include leases with a term of twelve months or less on the Consolidated Balance Sheets. In order to value the 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 ("CPI")). The exercise of any lease renewal or asset purchase option is at the Company's sole discretion. The lease term for all of the Company's leases includes the noncancelable period of the lease and any periods covered by renewal options that the Company is reasonably certain to exercise. Certain leases include rent escalations pre-set in the agreements, which are factored into the lease payment stream. Similar to a variable lease payment, certain delivery equipment leases include a provision for an amount the Company may be required to pay at the end of the lease for any residual value deficiency incurred by the lessor upon resale of the underlying asset. The Company uses the implicit rate of interest when it is available; however, as most of the Company's leases do not provide an implicit rate of interest, the Company uses its incremental borrowing rate based on information available at the lease commencement date in determining the discounted value of the lease payments. Lease expense and depreciation expense are recognized on a straight-line basis over the lease term, or for a finance lease, over the shorter of the life of the underlying asset or the lease term.

Under prior lease accounting guidance -

The Company reviewed lease arrangements for capital or operating classification at lease inception. The term for all types of leases began on the date the Company became legally obligated for the rent payments or took possession of the asset, whichever was earlier. Assets subject to an operating lease and the related lease obligation were not recorded on the Company's balance sheet. The carrying value of the related equipment associated with capital leases was included within property and equipment, net and debt obligations on the Consolidated Balance Sheets. Certain capital leases included annual rate increases based on the CPI, which was included in the calculation of the initial lease obligation. The Company used the lower of the implicit rate of interest (if available) and its incremental borrowing rate in determining the discounted value of the lease payments for capital leases. Lease expense and depreciation expense were recognized on a straight-line basis over the lease term, or for a capital lease, over the shorter of the life of the underlying asset or the lease term.

See Note 3, Leases, for additional information related to the Company's leases.

Goodwill and Other Intangible Assets, Net

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

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

Impairment or Long-Lived Assets

Impairment of Long-Lived Assets

Long-lived assets, including finite lived intangible assets, are tested for impairment whenever events or changes in circumstances indicate their carrying value may not be recoverable. The Company assesses the recoverability of long-lived assets based on the undiscounted future cash flow the assets are expected to generate and recognizes an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. When an impairment is identified, the Company reduces the carrying amount of the asset to its estimated fair value based on a discounted cash flow approach or, when available and appropriate, to comparable market values.

Employee Benefit Plans

The Company sponsors and/or contributes to defined contribution plans, defined benefit pension plans and MEPPs in the U.S. Except for certain union employees who continue to accrue benefits under the U.S. defined benefit pension plan in accordance with their collective bargaining agreements, as discussed below, the defined benefit pension plans are frozen. In addition, the Company and its subsidiaries have various pension plans and other forms of retirement arrangements outside the U.S. See Note 10, Employee Benefit Plans, for additional information related to these plans and arrangements.

The determination of defined benefit pension and postretirement plan obligations and their associated costs requires the use of actuarial computations to estimate participant plan benefits to which the employees will be entitled. The Company's significant assumptions in this regard include discount rates, rate of future compensation increases, expected long-term rates of return on plan assets, mortality rates, and other factors. Each assumption is developed using relevant company experience in conjunction with market-related data in the U.S. and Canada. All actuarial assumptions are reviewed annually with third-party consultants and adjusted, as necessary.

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

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

Share-based Compensation

Stock-Based CompensationThe Company measures and records compensation expense for all stock-based awards based on the grant date fair values over the vesting period of the awards. Forfeitures are recognized when they occur.

Income Taxes

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

The Tax Act was signed into law on December 22, 2017 and makes broad and complex changes to the U.S. tax code. Veritiv recognized provisional estimates of the impact of the Tax Act in the year ended December 31, 2017 and as of the year ended December 31, 2018, the Company recorded additional tax expense. Although the Company considers these items complete, the determination of the Tax Act's income tax effects may change following future legislation or further interpretation of the Tax Act based on the publication of U.S. Treasury regulations and guidance from the Internal Revenue Service ("IRS") and state tax authorities. Additionally, the Company has concluded the applicable accounting policy election associated with Global Intangible Low Tax Income ("GILTI") will be treated as a period cost. See Note 8, Income Taxes, for additional details regarding the Tax Act.

Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Significant judgment is required in evaluating the need for and amount of valuation allowances against deferred tax assets. The realization of these assets is dependent on generating sufficient future taxable income.

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

Fair Value Measurements

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


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

Foreign Currency

The assets and liabilities of the foreign subsidiaries are translated from their respective local currencies to the U.S. dollars at the appropriate spot rates as of the balance sheet date. Changes in the carrying values of these assets and liabilities attributable to fluctuations in spot rates are recognized in foreign currency translation adjustment, a component of accumulated other comprehensive loss ("AOCL"). See Note 14, Shareholders' Equity, for the impacts of foreign currency translation adjustments on AOCL. The revenues and expenses of the foreign subsidiaries are translated using the monthly average exchange rates during the year. The gains or losses from foreign currency transactions are included in other (income) expense, net in the Consolidated Statements of Operations.

Treasury Stock

Common stock purchased for treasury is recorded at cost. Costs incurred by the Company that are associated with the acquisition of treasury stock are treated in a manner similar to stock issue costs and are added to the cost of the treasury stock.

Accounting for Derivative Instruments

The Company holds one interest rate cap agreement which is subject to ASC 815, Derivatives and Hedging. For those instruments that are designated and qualify as hedging instruments, a company must designate the instrument, based upon the exposure being hedged, as a cash flow hedge, a fair value hedge or a hedge of a net investment in a foreign operation. A cash flow hedge refers to hedging the exposure to variability in expected future cash flows attributable to a particular risk. For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is reported as a component of AOCL until reclassified into earnings in the same period the hedged transaction affects earnings. The gain or loss on the ineffective portion, if any, is immediately recognized in earnings. The Company does not hold or issue derivative financial instruments for trading or speculative purposes.

Recently Issued Accounting Standards

Effective January 1, 2019, the Company adopted ASU 2016-02, Leases (Topic 842) and its related interpretations. The standard requires lessees to recognize ROU assets and liabilities for leases with a lease term greater than twelve months on their balance sheet. The pattern and classification of expense recognition in a lessee's statement of operations will remain similar to prior accounting guidance. The new standard also eliminates the prior guidance related to real estate specific provisions. The guidance allows an entity to elect to adopt the standard using either a modified retrospective approach, applying the standard to leases that existed at the beginning of the earliest period presented and those entered into thereafter with restated comparative period financial statements, or an additional transition approach (under ASU 2018-11), which allows an entity to initially apply the new lease standard at the adoption date (January 1, 2019, for the Company) and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, an entity's reporting for the comparative periods presented in the financial statements in which it adopts the new lease standard, will not be restated and will continue to be in accordance with prior U.S. GAAP (Topic 840, Leases). The Company adopted this ASU applying the additional transition approach. The standard permits entities to elect a package of practical expedients which must be applied consistently to all leases that commenced prior to the effective date. If the package of practical expedients is elected, entities do not need to reassess: (i) whether expired or existing contracts contain leases; (ii) lease classification for any expired or existing leases; and (iii) initial direct costs for any existing leases. The Company elected to apply the package of practical expedients to all leases that commenced prior to the date of adoption. The guidance also allows entities to make certain policy elections under the new standard, including: (i) the use of hindsight to determine lease term and when assessing existing right of use assets for impairment; (ii) a policy to not record short-term leases on the balance sheet; and (iii) a policy to not separate lease and non-lease components. The Company made a policy election to exclude short-term leases from the Consolidated Balance Sheet and to separate lease and non-lease components for most lease categories. The Company made a policy election to not use hindsight to determine lease term and when assessing existing ROU assets for impairment. Upon adoption, the Company recorded (i) operating lease obligations and related ROU assets of approximately $428 million and (ii) an increase to retained earnings of approximately $2.7 million, primarily driven by the derecognition of the unamortized deferred gain from the 2017 sale of the Austin, Texas property. The Company's debt covenants and bank capital requirements were not impacted by the adoption of this ASU. See Note 3, Leases, for additional information regarding the Company's leases.

Other Recently Adopted Accounting Standards

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 guidance requires application on a modified retrospective basis. Other application requirements exist for specific assets impacted by a more-than-insignificant credit deterioration since origination. The ASU is effective January 1, 2020. The Company adopted this ASU on January 1, 2020. The adoption did not materially impact the Consolidated Financial Statements.

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 ASU is effective January 1, 2020. 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 ASU is effective January 1, 2020. The Company adopted this ASU on January 1, 2020 on a prospective basis. The Company does not expect the adoption of this standard to have a material impact on its Consolidated Financial Statements and related disclosures.

ASU 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20) - The standard modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement benefit plans. The guidance removes disclosures that are no longer considered cost beneficial, clarifies the specific requirements of disclosures and adds disclosure requirements identified as relevant. The guidance requires application on a retrospective basis to all periods presented. The standard is effective December 31, 2020; early adoption is permitted. The Company adopted this ASU on December 31, 2019. The adoption did not materially impact its financial statement 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 is currently evaluating the impact this ASU will have on its Consolidated Financial Statements and related disclosures.

Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Allowance for Doubtful Accounts

The components of the accounts receivable allowances were as follows:


	As of December 31,
(in millions)	2019		2018
Allowance for doubtful accounts	$	30.4	$	49.1
Other allowances	13.4		12.9
Total accounts receivable allowances	$	43.8	$	62.0

Rollforward of Allowances for Accounts Receivable

Below is a rollforward of the Company's accounts receivable allowances for the years ended December 31, 2019, 2018 and 2017:


	Year Ended December 31,
(in millions)	2019		2018		2017
Balance at January 1,	$	62.0	$	44.0	$	34.5
Add / (Deduct):
Provision for bad debt expense	13.8		26.5		15.9
Net write-offs and recoveries	(29.5)		(6.3)		(7.7)
Other adjustments⁽¹⁾	(2.5)		(2.2)		1.3

Balance at December 31,	$	43.8	$	62.0	$	44.0

⁽¹⁾Other adjustments represent amounts reserved for returns and discounts, foreign currency translation adjustments and reserves for certain customer

accounts where revenue is not recognized because collectability is not probable, and may include accounts receivable allowances recorded in connection

with acquisitions.

Schedule of Property and Equipment, Net

The components of property and equipment, net were as follows:


(in millions)	As of December 31,
			2019			2018
Land, buildings and improvements	$	96.4		$	107.4
Machinery and equipment	167.9			159.7
Finance and capital leases, including assets related to financing obligations in the prior year, respectively	99.5			75.3
Internal use software	178.5			166.6
Construction-in-progress	17.2			18.4
Less: Accumulated depreciation and software amortization	(342.6)			(320.7)
Property and equipment, net	$	216.9		$	206.7

Depreciation and amortization for property and equipment, other than land, finance leases and CIP, is based upon the following estimated useful lives:


Buildings			40 years
Leasehold improvements			1 to 20 years
Machinery and equipment			3 to 15 years

Internal use software			3 to 5 years

Schedule of Property, Plant and Equipment, Depreciation and Amortization

Additional property and equipment information is as follows:


	Year Ended December 31,
(in millions)	2019		2018		2017
Depreciation expense ⁽¹⁾	$	33.5	$	33.2	$	33.5
Amortization expense - internal use software	15.0		13.4		16.5
Depreciation and amortization expense related to property and equipment	$	48.5	$	46.6	$	50.0

⁽¹⁾ Includes depreciation expense for finance leases, capital leases and assets related to financing obligations (including financing obligations with related party).
	As of December 31,
(in millions)	2019		2018
Accumulated depreciation on finance and capital leases, including assets related to financing obligations in the prior year, respectively	$	22.9	$	16.3
Unamortized internal use software costs, including amounts recorded in CIP	$	32.6	$	32.9

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

Schedule of Customer Contract Liabilities

See the table below for a summary of the changes to the customer contract liabilities for the years ended December 31, 2019 and 2018:


	Customer Contract Liabilities
(in millions)	2019		2018
Balance at January 1,	$	17.7	$	20.5
Payments received	46.1		55.0
Revenue recognized from beginning balance	(17.7)		(20.5)
Revenue recognized from current year receipts	(34.4)		(37.3)
Balance at December 31,	$	11.7	$	17.7

Leases (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Schedule of Components of Lease Expense and Cash Flows

The components of lease expense were as follows:


(in millions)		Year Ended December 31, 2019
Lease Classification	Financial Statement Classification
Short-term lease expense⁽¹⁾	Operating expenses	$	7.1

Operating lease expense⁽²⁾	Operating expenses	$	113.9




Finance lease expense:
Amortization of right-of-use assets	Depreciation and amortization	$	10.8
Interest expense	Interest expense, net	2.3
Total finance lease expense		$	13.1

Total Lease Cost		$	134.1

⁽¹⁾ Short-term lease expense is comprised of expenses related to leases with a term of twelve months or less, which includes expenses related to month-to

month leases.

⁽²⁾ Sublease income and variable lease expense are not included in the above table as the amounts were immaterial for the year ended December 31, 2019.

Cash paid for amounts included in the measurement of lease liabilities was as follows:

(in millions)

Year Ended December 31, 2019

Lease Classification

Financial Statement Classification

Operating Leases:

Operating cash flows from operating leases

Operating activities

$

109.5

Finance Leases:

Operating cash flows from finance leases

Operating activities

$

2.3

Financing cash flows from finance leases

Financing activities

9.1

Schedule of Supplemental Balance Sheet and Other Information

Supplemental balance sheet and other information were as follows:


(in millions, except weighted-average data)		December 31, 2019
Lease Classification	Financial Statement Classification
Operating Leases:
Operating lease right-of-use assets	Other non-current assets	$	429.2

Operating lease obligations - current	Other accrued liabilities	$	90.5
Operating lease obligations - non-current	Other non-current liabilities	376.6
Total operating lease obligations		$	467.1

Weighted-average remaining lease term in years		6.6
Weighted-average discount rate		4.6		%

Finance Leases:
Finance lease right-of-use assets	Property and equipment	$	76.6

Finance lease obligations - current	Current portion of debt	$	11.5
Finance lease obligations - non-current	Long-term debt, net of current portion	69.2
Total finance lease obligations		$	80.7

Weighted-average remaining lease term in years		7.8
Weighted-average discount rate		3.4		%

Schedule of Operating Lease Maturity

Future minimum lease payments at December 31, 2019 were as follows:



(in millions)	Finance Leases		Operating Leases⁽¹⁾
2020	$	14.3	$	110.1
2021	13.9		95.2
2022	13.4		79.8
2023	11.0		58.8
2024	9.2		49.1
Thereafter	31.3		154.6
Total future minimum lease payments	93.1		547.6
Amount representing interest	(12.4)		(80.5)
Total future minimum lease payments, net of interest	$	80.7	$	467.1

⁽¹⁾Future sublease income is not included in the above table as the amount is immaterial.

Schedule of Finance Lease Maturity

Future minimum lease payments at December 31, 2019 were as follows:



(in millions)	Finance Leases		Operating Leases⁽¹⁾
2020	$	14.3	$	110.1
2021	13.9		95.2
2022	13.4		79.8
2023	11.0		58.8
2024	9.2		49.1
Thereafter	31.3		154.6
Total future minimum lease payments	93.1		547.6
Amount representing interest	(12.4)		(80.5)
Total future minimum lease payments, net of interest	$	80.7	$	467.1

⁽¹⁾Future sublease income is not included in the above table as the amount is immaterial.

Schedule of Future Minimum Lease Payments for Capital Leases

Future minimum lease payments at December 31, 2018 were as follows:


	Financing Obligation and Equipment Capital Leases		Operating Leases
(in millions)					Lease Obligations			Sublease Income			Total
2019	$	9.3	$	108.3		$	(0.3)		$	108.0
2020	9.0		98.3			(0.1)			98.2
2021	8.3		82.2			—			82.2
2022	7.9		69.3			—			69.3
2023	6.8		49.4			—			49.4
Thereafter	23.0		173.4			—			173.4
Total future minimum lease payments	64.3		580.9			(0.4)			580.5
Amount representing interest	(11.6)		—			—			—
Total future minimum lease payments, net of interest	$	52.7	$	580.9		$	(0.4)		$	580.5

Schedule of Future Minimum Rental Payments for Operating Leases

Future minimum lease payments at December 31, 2018 were as follows:


	Financing Obligation and Equipment Capital Leases		Operating Leases
(in millions)					Lease Obligations			Sublease Income			Total
2019	$	9.3	$	108.3		$	(0.3)		$	108.0
2020	9.0		98.3			(0.1)			98.2
2021	8.3		82.2			—			82.2
2022	7.9		69.3			—			69.3
2023	6.8		49.4			—			49.4
Thereafter	23.0		173.4			—			173.4
Total future minimum lease payments	64.3		580.9			(0.4)			580.5
Amount representing interest	(11.6)		—			—			—
Total future minimum lease payments, net of interest	$	52.7	$	580.9		$	(0.4)		$	580.5

2017 Acquisition (Tables)

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

Schedule of Preliminary Purchase Price

Purchase price:


	(in millions)
Cash consideration	$	112.0
Loan pay-off	34.3
Contingent consideration	22.2
Other	1.3
Total purchase price	$	169.8

Schedule Preliminary Purchase Price Allocation

Purchase price allocation:


	(in millions)
Cash	$	1.5
Accounts receivable	30.4
Inventories	38.5
Other current assets	5.7
Property and equipment	3.5
Goodwill	55.5
Other intangible assets	49.0
Other non-current assets	1.4
Accounts payable	(12.4)
Other current liabilities	(2.7)

Other non-current liabilities	(0.6)
Total purchase price	$	169.8

Schedule of Identifiable Intangible Assets Acquired

The purchase price allocated to the identifiable intangible assets acquired is as follows:


	Gross Value (in millions)		Estimated Useful Life (in years)
Customer relationships	$	46.4	14.0
Trademarks/Trade names	1.1		1.0
Non-compete agreements	1.5		1.0
Total identifiable intangible assets acquired	$	49.0

Schedule of Pro Forma Information


(Unaudited)
(in millions, except share and per share data)	Year Ended December 31, 2017
Net sales	$	8,527.6
Net loss	(7.2)

Basic loss per share	$	(0.46)


Weighted-average shares outstanding - Basic	15.70

Integration, Acquisition and Restructuring Charges (Tables)

12 Months Ended

Dec. 31, 2019

Restructuring and Related Activities [Abstract]

Components of Merger and Integration Costs

The following table summarizes the components of integration and acquisition expenses:


	Year Ended December 31,
(in millions)	2019		2018		2017
Integration management	$	10.4	$	17.3	$	14.5
Retention compensation	1.0		0.5		0.2
Information technology conversion costs	3.4		8.1		8.8
Rebranding	—		0.0		0.5
Legal, consulting and other professional fees	—		0.3		1.5
Other	1.9		3.5		3.0
AAC integration and acquisition	0.8		2.1		8.0
Total integration and acquisition expenses	$	17.5	$	31.8	$	36.5

Restructuring and Related Costs

The following table presents a summary of restructuring charges, net, related to restructuring initiatives that were incurred during the last three fiscal years and the cumulative recorded amounts since the initiative began:


(in millions)	Severance and Related Costs		Other Direct Costs		(Gain) Loss on Sale of Assets and Other (non-cash portion)		Total
2019	$	9.1	$	20.3	$	(0.6)	$	28.8
2018	3.3		22.3		(15.0)		10.6
2017	7.5		33.6		(24.4)		16.7

Cumulative	32.4		90.5		(38.0)		84.9

See the table below for a summary of the net withdrawal charges for the respective years ended December 31:


	Year Ended December 31,
(in millions)	Restructuring charges, net		Distribution expenses		Total Net Charges
2019	$	1.5	$	6.6	$	8.1
2018	(2.8)		11.2		8.4
2017	17.4		2.1		19.5

See the table below for a summary of the net withdrawal charges and the year-end balance sheet liability positions for the respective years ended December 31:


	Year Ended December 31,
(in millions)	Restructuring charges, net		Distribution expenses		Total Net Charges
2019	$	1.5	$	6.6	$	8.1
2018	(2.8)		11.2		8.4
2017	17.4		2.1		19.5




	As of December 31,

(in millions)	Other accrued liabilities		Other non-current liabilities
2019	$	1.9	$	37.4
2018	0.7		32.5

See the table below for the quarterly breakdown of integration and acquisition expenses and restructuring charges, net:


	2019
(in millions)	Three Months Ended
	March 31		June 30		September 30		December 31
Integration and acquisition expenses	$	4.3	$	4.5	$	4.5	$	4.2
Restructuring charges, net	2.4		6.9		7.6		11.9

	2018
(in millions)	Three Months Ended
	March 31		June 30		September 30		December 31
Integration and acquisition expenses	$	8.3	$	8.4	$	7.9	$	7.2
Restructuring charges, net	11.9		11.4		5.4		(7.4)

Schedule of Restructuring Reserve

The following is a summary of the Company's restructuring liability activity for the periods presented (costs incurred exclude any non-cash portion of restructuring gains or losses on asset disposals):


(in millions)	Severance and Related Costs		Other Direct Costs		Total
















Balance at December 31, 2017	$	4.4	$	25.2	$	29.6
Costs incurred	3.3		22.3		25.6
Payments	(3.0)		(22.4)		(25.4)

Balance at December 31, 2018	4.7		25.1		29.8
Costs incurred	9.1		20.3		29.4
Payments	(7.6)		(14.8)		(22.4)
Balance at December 31, 2019	$	6.2	$	30.6	$	36.8

The following is a summary of the Company's Print restructuring liability activity for the years ended December 31, 2019 and 2018:


(in millions)	Severance and Related Costs		Other Direct Costs		Total
Balance at December 31, 2017	$	—	$	—	$	—
Costs incurred	10.0		0.7		10.7
Payments	(8.0)		(0.7)		(8.7)

Balance at December 31, 2018	2.0		0.0		2.0
Payments	(1.9)		0.0		(1.9)
Balance at December 31, 2019	$	0.1	$	0.0	$	0.1

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following table sets forth the changes in the carrying amount of goodwill during 2019 and 2018:


(in millions)	Packaging		Facility Solutions		Print		Publishing		Corporate & Other		Total



























Balance at December 31, 2017:
Goodwill	$	99.6	$	59.0	$	265.4	$	50.5	$	6.1	$	480.6
Accumulated impairment losses	—		(59.0)		(265.4)		(50.5)		(6.1)		(381.0)
Net goodwill 2017	99.6		—		—		—		—		99.6
2018 Activity:
Goodwill acquired	—		—		—		—		—		—
Impairment of goodwill	—		—		—		—		—		—
Balance at December 31, 2018:
Goodwill	99.6		59.0		265.4		50.5		6.1		480.6
Accumulated impairment losses	—		(59.0)		(265.4)		(50.5)		(6.1)		(381.0)
Net goodwill 2018	99.6		—		—		—		—		99.6
2019 Activity:
Goodwill acquired	—		—		—		—		—		—
Impairment of goodwill	—		—		—		—		—		—
Balance at December 31, 2019:
Goodwill	99.6		59.0		265.4		50.5		6.1		480.6
Accumulated impairment losses	—		(59.0)		(265.4)		(50.5)		(6.1)		(381.0)
Net goodwill 2019	$	99.6	$	—	$	—	$	—	$	—	$	99.6

Schedule of Finite-Lived Intangible Assets

The components of the Company's other intangible assets were as follows:


	December 31, 2019										December 31, 2018
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	67.7	$	15.5	$	52.2	$	67.7	$	10.8	$	56.9
Trademarks/Trade names	3.8		3.8		—		3.8		3.5		0.3
Non-compete agreements	1.5		1.5		—		1.5		1.5		—
Total	$	73.0	$	20.8	$	52.2	$	73.0	$	15.8	$	57.2

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The estimated aggregate amortization expense for each of the five succeeding years is as follows (in millions):


Year	Total
2020	$	4.8
2021	4.8
2022	4.8
2023	4.8
2024	4.8

Debt and Other Obligations (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Long-term Debt Obligations

The Company's debt obligations were as follows:


	As of December 31,
(in millions)	2019		2018
Asset-Based Lending Facility (the "ABL Facility")	$	673.2	$	932.1
Commercial card program	1.1		—
Finance and capital leases, respectively	80.7		38.2
Total debt	755.0		970.3
Less: current portion of debt	(12.6)		(6.7)
Long-term debt, net of current portion	$	742.4	$	963.6


(in millions)	December 31, 2018

Obligations - other financing	$	24.2

Less: current portion of financing obligations	(0.6)
Financing obligations, net of current portion	$	23.6

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The domestic (U.S.) and foreign components of the Company's income (loss) before income taxes were as follows:


	Year Ended December 31,
(in millions)	2019		2018		2017
Domestic (U.S.)	$	(50.5)	$	(16.7)	$	(18.0)
Foreign	21.7		6.5		16.1
Income (loss) before income taxes	$	(28.8)	$	(10.2)	$	(1.9)

Schedule of Provision for Income Tax (Benefit) Expense

Income tax expense (benefit) in the Consolidated Statements of Operations consisted of the following:


	Year Ended December 31,
(in millions)	2019		2018		2017
Current Provision:
U.S. Federal	$	0.7	$	0.8	$	4.8
U.S. State	0.5		1.2		1.5
Foreign	2.2		1.5		3.2
Total current income tax expense	$	3.4	$	3.5	$	9.5

Deferred, net:
U.S. Federal	$	(4.8)	$	0.4	$	16.3
U.S. State	0.0		0.6		(2.7)
Foreign	2.1		1.0		(11.7)
Total deferred, net	$	(2.7)	$	2.0	$	1.9
Provision for income tax expense	$	0.7	$	5.5	$	11.4

Schedule of Effective Income Tax Rate Reconciliation

Reconciliation between the federal statutory rate and the effective tax rate is as follows (see Note 9, Related Party Transactions, for additional information related to the Tax Receivable Agreement ("TRA")):


	Year Ended December 31,
(in millions)	2019			2018			2017
Income (loss) before income taxes	$	(28.8)		$	(10.2)		$	(1.9)
Statutory U.S. income tax rate	21.0		%	21.0		%	35.0		%
Tax expense (benefit) using statutory U.S. income tax rate	$	(6.0)		$	(2.1)		$	(0.7)
Foreign income tax rate differential	0.6			0.7			(1.4)
State tax (net of federal benefit)	0.3			1.4			(0.5)
Non-deductible expenses	2.4			2.7			2.2
Global Intangible Low Taxed Income	2.8			1.4			—
TRA ⁽¹⁾	(0.1)			(0.3)			(3.8)
Tax credits ⁽²⁾	(1.1)			(1.0)			(4.0)

Impact of U.S. Tax Act (Federal and State)	—			1.3			30.2
Stock compensation vesting	1.3			1.7			—
Change in valuation allowance - U.S. Federal ⁽³⁾	—			(0.1)			—
Change in valuation allowance - Foreign	0.3			(0.4)			(13.7)
Goodwill impairment	—			—			2.1
Foreign taxes	0.9			0.6			0.7
Bad debt	(0.9)			—			—
Other	0.2			(0.4)			0.3
Income tax provision	$	0.7		$	5.5		$	11.4
Effective income tax rate	(2.4)		%	(53.9)		%	(600.0)		%

⁽¹⁾ Includes a $4.7 million tax rate benefit for the federal tax rate change as part of the Tax Act and a $0.9 million tax rate increase for other fair value

changes in 2017.

⁽²⁾ Includes a $3.1 million benefit for credits related to foreign taxes and research and experimentation activities recognized in conjunction with the

third quarter of 2017 filing of Veritiv's 2016 U.S. federal tax return and amended 2015 and 2014 U.S. federal tax returns.

⁽³⁾ Increase in Section 382 limitation resulting from recognition of 2018 built-in gains.

Schedule of Deferred Tax Assets and Liabilities

Deferred income tax assets and liabilities as of December 31, 2019 and 2018 were as follows:


	As of December 31,
	2019						2018
(in millions)	U.S.		Non-U.S.		U.S.		Non-U.S.
Deferred income tax assets:
Accrued compensation	$	32.9	$	2.7	$	33.1	$	2.6
Capital leases and financing obligations	10.2		9.0		13.0		0.6

Lease obligations	108.4		12.5		—		—


Net operating losses and credit carryforwards	35.4		7.7		40.8		10.0
Allowance for doubtful accounts	11.4		0.1		14.8		0.1
Other	13.7		0.6		10.8		1.4
Gross deferred income tax assets	212.0		32.6		112.5		14.7
Less valuation allowance	(2.4)		(2.4)		(5.1)		(3.3)
Total deferred tax asset	209.6		30.2		107.4		11.4
Deferred income tax liabilities:
Property and equipment, net	(25.6)		(8.1)		(22.9)		—
Lease assets	(101.4)		(12.2)		—		—
Inventory reserve	(28.7)		—		(34.9)		—



Other	(6.8)		—		(4.5)		—
Total deferred tax liability	(162.5)		(20.3)		(62.3)		—
Net deferred income tax asset	$	47.1	$	9.9	$	45.1	$	11.4

Summary of Valuation Allowance

Deferred income tax asset valuation allowance is as follows:


(in millions)	U.S.		Non-U.S.		Total
Balance at December 31, 2017	$	4.7	$	3.6	$	8.3
Additions	0.5		0.7		1.2
Subtractions	(0.1)		(0.8)		(0.9)
Currency translation adjustments	—		(0.2)		(0.2)
Balance at December 31, 2018	5.1		3.3		8.4
Additions	1.1		0.4		1.5
Subtractions	(3.8)		(1.2)		(5.0)
Currency translation adjustments	—		(0.1)		(0.1)
Balance at December 31, 2019	$	2.4	$	2.4	$	4.8

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Related Party Transactions

The following table summarizes the financial impact of these related party transactions with Georgia-Pacific:


	Year Ended December 31,
(in millions)	2019		2018		2017
Sales to Georgia-Pacific, reflected in net sales	$	23.4	$	28.0	$	32.2
Purchases of inventory from Georgia-Pacific, recognized in cost of products sold	85.2		146.5		181.6

	As of December 31,
(in millions)	2019		2018
Inventories purchased from Georgia-Pacific that remained on Veritiv's balance sheet	$	11.4	$	17.3
Related party payable to Georgia-Pacific	4.3		9.3
Related party receivable from Georgia-Pacific	2.8		3.2

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Deferred Compensation Liability

The liabilities associated with these plans are summarized in the table below.


	As of December 31,
(in millions)	2019		2018
Other accrued liabilities	$	3.7	$	3.4
Other non-current liabilities	21.1		21.6
Total liabilities	$	24.8	$	25.0

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan

The following table provides information about Veritiv's U.S. and Canadian defined benefit pension plans and Supplemental Executive Retirement Plans ("SERP"):


	Year Ended December 31,
	2019						2018
(in millions)	U.S.		Canada		U.S.		Canada
Accumulated benefit obligation, end of year	$	65.4	$	81.9	$	64.1	$	70.2


Change in projected benefit obligation:
Benefit obligation, beginning of year	$	64.1	$	75.3	$	91.0	$	90.0
Service cost	1.1		0.3		1.2		0.3
Interest cost	2.1		2.9		2.5		2.7
Actuarial (gain) loss	1.3		8.8		(3.7)		(6.0)
Benefits paid	(3.2)		(3.7)		(1.7)		(4.9)
Settlements	—		—		(25.2)		—
Foreign exchange adjustments	—		4.0		—		(6.8)
Projected benefit obligation, end of year	$	65.4	$	87.6	$	64.1	$	75.3

Change in plan assets:
Plan assets, beginning of year	$	52.1	$	65.9	$	81.4	$	74.9
Employer contributions	—		1.0		0.1		2.2
Investment returns	11.1		11.2		(1.5)		(0.4)
Benefits paid	(3.2)		(3.7)		(1.7)		(4.9)
Administrative expenses paid	(0.8)		—		(1.0)		—
Settlements	—		—		(25.2)		—
Foreign exchange adjustments	—		3.4		—		(5.9)
Plan assets, end of year	$	59.2	$	77.8	$	52.1	$	65.9
Underfunded status, end of year	$	(6.2)	$	(9.8)	$	(12.0)	$	(9.4)

Schedule of Amounts Recognized in Balance Sheet

Balance Sheet Positions


	As of December 31,
	2019						2018
(in millions)	U.S.		Canada		U.S.		Canada

Amounts recognized in the Consolidated Balance Sheets consist of:
Other accrued liabilities	$	0.1	$	0.2	$	0.1	$	0.2
Defined benefit pension obligations	6.1		9.6		11.9		9.2
Net liability recognized	$	6.2	$	9.8	$	12.0	$	9.4


	Year Ended December 31,
	2019						2018
(in millions)	U.S.		Canada		U.S.		Canada

Amounts not yet reflected in net periodic benefit cost and included in AOCL consist of:
Net loss, net of tax	$	0.7	$	5.5	$	5.4	$	4.7

Schedule of Net Periodic Benefit Cost Not yet Recognized

Total net periodic benefit cost (credit) associated with the defined benefit pension and SERP plans is summarized below:


	Year Ended December 31,
	2019						2018						2017
(in millions)	U.S.		Canada		U.S.		Canada		U.S.		Canada
Components of net periodic benefit cost (credit):
Service cost	$	1.9	$	0.3	$	2.0	$	0.3	$	2.0	$	0.3

Interest cost	$	2.1	$	2.9	$	2.5	$	2.7	$	2.7	$	2.7
Expected return on plan assets	(3.4)		(3.7)		(5.2)		(3.9)		(5.1)		(3.7)

Settlement loss	—		—		1.1		0.1		—		—
Amortization of net loss	—		0.2		—		0.3		0.1		0.2
Total other components	$	(1.3)	$	(0.6)	$	(1.6)	$	(0.8)	$	(2.3)	$	(0.8)
Net periodic benefit cost (credit)	$	0.6	$	(0.3)	$	0.4	$	(0.5)	$	(0.3)	$	(0.5)


Changes to funded status recognized in other comprehensive (income) loss:
Net loss (gain) during year, net of tax	$	(4.7)	$	0.8	$	2.2	$	(1.4)	$	(2.5)	$	2.7

Schedule of Allocation of Plan Assets

The following tables present Veritiv's plan assets using the fair value hierarchy which is reconciled to the amounts presented for the total pension benefit plan assets as of December 31:


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


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


As of December 31, 2018
(in millions)	Total		Level 1		Level 2		Level 3
Investments – U.S.:
Equity securities	$	33.1	$	33.1	$	—	$	—
Fixed income securities	18.7		18.7		—		—
Cash and short-term securities	0.3		0.3		—		—
Total	$	52.1	$	52.1	$	—	$	—


As of December 31, 2018
(in millions)	Total		Level 1		Level 2		Level 3
Investments – Canada:
Cash and short-term securities	$	0.3	$	0.3	$	—	$	—
Investments measured at NAV:
Equity securities	42.2
Fixed income securities	23.4
Total	$	65.9	$	0.3	$	—	$	—

The weighted-average asset allocations of invested assets within Veritiv's defined benefit pension plans were as follows:


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


As of December 31, 2018					Asset Allocation Range
(in millions)	U.S.		Canada		U.S.	Canada
Equity securities	$	33.1	$	42.2	55 - 75%	50 - 70%
Fixed income securities	18.7		23.4		20 - 40%	30 - 50%
Cash and short-term securities	0.3		0.3		0 - 10%	0 - 5%
Total	$	52.1	$	65.9

Schedule of Assumptions Used

The following table presents significant weighted-average assumptions used in computing the benefit obligations:


	As of December 31,
	2019						2018						2017
	U.S.		Canada		U.S.		Canada		U.S.		Canada
Discount rate	2.98	%	3.10	%	4.01	%	3.90	%	3.33	%	3.40	%
Rate of compensation increases	N/A		3.00	%	N/A		3.00	%	N/A		3.00	%

The following table presents significant weighted-average assumptions used in computing net periodic benefit cost:


	Year Ended December 31,
	2019						2018						2017
	U.S.		Canada		U.S.		Canada		U.S.		Canada
Discount rate	4.01	%	3.90	%	3.47	%	3.40	%	3.76	%	3.85	%
Rate of compensation increases	N/A		3.00	%	N/A		3.00	%	N/A		3.00	%
Expected long-term rate of return on assets	7.15	%	5.50	%	7.15	%	5.50	%	7.15	%	5.50	%
Interest crediting rate	5.00	%	N/A		5.00	%	N/A		5.00	%	N/A

Schedule of Expected Benefit Payments

Future benefit payments under the defined benefit pension and SERP plans are estimated as follows:


(in millions)	U.S.		Canada
2020	$	8.6	$	2.9
2021	3.5		2.9
2022	3.5		3.2
2023	3.4		3.3
2024	3.6		3.5
2025 – 2029	18.9		20.1

Restructuring and Related Costs

The following table presents a summary of restructuring charges, net, related to restructuring initiatives that were incurred during the last three fiscal years and the cumulative recorded amounts since the initiative began:


(in millions)	Severance and Related Costs		Other Direct Costs		(Gain) Loss on Sale of Assets and Other (non-cash portion)		Total
2019	$	9.1	$	20.3	$	(0.6)	$	28.8
2018	3.3		22.3		(15.0)		10.6
2017	7.5		33.6		(24.4)		16.7

Cumulative	32.4		90.5		(38.0)		84.9

See the table below for a summary of the net withdrawal charges for the respective years ended December 31:


	Year Ended December 31,
(in millions)	Restructuring charges, net		Distribution expenses		Total Net Charges
2019	$	1.5	$	6.6	$	8.1
2018	(2.8)		11.2		8.4
2017	17.4		2.1		19.5

See the table below for a summary of the net withdrawal charges and the year-end balance sheet liability positions for the respective years ended December 31:


	Year Ended December 31,
(in millions)	Restructuring charges, net		Distribution expenses		Total Net Charges
2019	$	1.5	$	6.6	$	8.1
2018	(2.8)		11.2		8.4
2017	17.4		2.1		19.5




	As of December 31,

(in millions)	Other accrued liabilities		Other non-current liabilities
2019	$	1.9	$	37.4
2018	0.7		32.5

See the table below for the quarterly breakdown of integration and acquisition expenses and restructuring charges, net:


	2019
(in millions)	Three Months Ended
	March 31		June 30		September 30		December 31
Integration and acquisition expenses	$	4.3	$	4.5	$	4.5	$	4.2
Restructuring charges, net	2.4		6.9		7.6		11.9

	2018
(in millions)	Three Months Ended
	March 31		June 30		September 30		December 31
Integration and acquisition expenses	$	8.3	$	8.4	$	7.9	$	7.2
Restructuring charges, net	11.9		11.4		5.4		(7.4)

Schedule of Multiemployer Plans

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


Pension Fund	EIN/Pension Plan No.	Pension Protection Act Zone Status	FIP/RP Status Pending/ Implemented	Veritiv's Contributions								Surcharge Imposed	Expiration Date(s) of Collective Bargaining Agreement(s)
								2019		2018	2017
Western Conference of Teamsters Pension Trust Fund ⁽¹⁾	916145047/001	Green	No	$	1.3	$	1.6	$	1.6	No	10/31/2019 - 5/31/2022
Central States, Southeast & Southwest Areas Pension Fund	366044243/001	Red	Implemented	—		0.2		0.2		Yes	Exited during 2018
Teamsters Pension Plan of Philadelphia & Vicinity	231511735/001	Yellow	Implemented	0.4		0.4		0.4		Yes	7/31/2021

New England Teamsters & Trucking Industry Pension	046372430/001	Red	Implemented	—		—		0.4		Yes	Exited during 2017
Western Pennsylvania Teamsters and Employers Pension Plan	256029946/001	Red	Implemented	0.2		0.3		0.3		Yes	Partial exit during 2019; 3/31/2020
Contributions for individually significant plans				1.9		2.5		2.9
Contributions to other multi-employer plans				0.5		0.5		0.6




Total contributions				$	2.4	$	3.0	$	3.5

⁽¹⁾ As of December 31, 2019, there were ten collective bargaining units participating in the Western Conference of Teamsters Pension Trust. As of

December 31, 2019, two were then in negotiations.

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides a reconciliation of the beginning and ending balance of the TRA contingent liability for the years ended December 31, 2019 and 2018:


(in millions)	TRA Contingent Liability
Balance at December 31, 2017	$	50.0
Change in fair value adjustment recorded in other (income) expense, net	(1.2)
Principal payment	(9.9)
Balance at December 31, 2018	38.9
Change in fair value adjustment recorded in other (income) expense, net	0.3
Principal payment	(7.8)
Balance at December 31, 2019	$	31.4

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, 2017	$	24.2
Change in fair value adjustment recorded in other (income) expense, net	(12.3)
Contingent liability payment	(2.5)
Balance at December 31, 2018	9.4
Change in fair value adjustment recorded in other (income) expense, net	13.1
Contingent liability payment	(20.0)
Balance at December 31, 2019	$	2.5

Supplementary Financial Statement Information (Tables)

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Other Current Assets

The components of other current assets as of December 31 were as follows:




(in millions)	2019		2018
Rebates receivable	$	51.1	$	78.0
Prepaid expenses	32.9		32.0
Value Added Tax receivable	13.7		18.1
Vendor Deposits	5.7		10.9
Other	22.7		8.2
Other current assets	$	126.1	$	147.2

Other Non-Current Assets

The components of other non-current assets as of December 31 were as follows:




(in millions)	2019		2018
Operating lease right-of-use assets	$	429.2	$	—
Deferred financing costs	4.1		6.7
Investments in real estate joint ventures	7.1		6.7

Other	14.4		12.0
Other non-current assets	$	454.8	$	25.4

Accrued Payroll and Benefits

The components of accrued payroll and benefits as of December 31 were as follows:




(in millions)	2019		2018
Accrued incentive plans	$	24.7	$	23.6
Accrued commissions	17.0		20.6
Accrued payroll and related taxes	8.8		9.2
Other	3.4		3.1
Accrued payroll and benefits	$	53.9	$	56.5

Other Accrued Liabilities

The components of other accrued liabilities as of December 31 were as follows:




(in millions)	2019		2018
Operating lease obligations - current	$	90.5	$	—
Accrued customer incentives	21.1		25.1
Accrued freight	9.0		16.4
Accrued taxes	9.0		9.9
AAC contingent liability	2.5		9.4
TRA contingent liability	0.3		7.9
Escheat audit accrual	0.4		10.0
Accrued professional fees	3.4		6.6
Other	47.6		49.4
Other accrued liabilities	$	183.8	$	134.7

Other Non-Current Liabilities

The components of other non-current liabilities as of December 31 were as follows:




(in millions)	2019		2018
Operating lease obligations - non-current	$	376.6	$	—
MEPP withdrawals	37.4		32.5
TRA contingent liability	31.1		31.0
Deferred compensation	21.1		21.6
Straight-line rent	—		19.5

Other	19.1		24.0
Other non-current liabilities	$	485.3	$	128.6

Earnings (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Schedule of Earnings (Loss) Per Share, Basic and Diluted

A summary of the numerators and denominators used in the basic and diluted earnings (loss) per share calculations is as follows:


	Year Ended December 31,
(in millions, except per share data)	2019		2018		2017

Numerator:


Net income (loss)	$	(29.5)	$	(15.7)	$	(13.3)

Denominator:
Weighted-average number of shares outstanding – basic and diluted	16.06		15.82		15.70


Earnings (loss) per share:



Basic and diluted earnings (loss) per share	$	(1.84)	$	(0.99)	$	(0.85)






Antidilutive stock-based awards excluded from computation of diluted earnings per share	1.17		1.32		0.80
Performance stock-based awards excluded from computation of diluted earnings per share because performance conditions had not been met	0.33		0.26		0.30

Summary of Incentive Plan Shares Issued

In accordance with the Company's 2014 Omnibus Incentive Plan, as amended and restated as of March 8, 2017, shares of the Company's common stock were issued to plan participants whose Restricted Stock Units ("RSUs") and/or Performance Condition Share Units ("PSUs") vested during those periods, see the table below for information related to these transactions:


	Year Ended December 31,
(in millions)	2019	2018
Shares issued	0.3	0.3
Shares recovered for minimum tax withholding	(0.1)	(0.1)
Net shares issued	0.2	0.2

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

AOCL consisted of the following:


(in millions)	Foreign currency translation adjustments		Retirement liabilities		Interest rate cap		AOCL
Balance at December 31, 2017	$	(23.5)	$	(9.3)	$	(0.7)	$	(33.5)

Unrealized net gains (losses) arising during the period	(6.8)		(0.2)		0.0		(7.0)
Amounts reclassified from AOCL	—		0.1		0.5		0.6
Net current period other comprehensive income (loss)	(6.8)		(0.1)		0.5		(6.4)
Adjustment for adoption of ASU 2018-02	—		(0.7)		(0.1)		(0.8)
Balance at December 31, 2018	(30.3)		(10.1)		(0.3)		(40.7)

Unrealized net gains (losses) arising during the period	4.7		5.2		(0.4)		9.5
Amounts reclassified from AOCL	(1.0)		(1.3)		0.4		(1.9)
Net current period other comprehensive income (loss)	3.7		3.9		0.0		7.6
Balance at December 31, 2019	$	(26.6)	$	(6.2)	$	(0.3)	$	(33.1)

Equity-Based Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Activity of Non-Vested Restricted Stock Units

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


(units in thousands)	Number of RSUs	Weighted-Average Grant Date Fair Value Per Share
Non-vested at December 31, 2016	146	$	42.05
Granted	111	$	49.86
Vested	—	$	—
Forfeited	(8)	$	44.21
Non-vested at December 31, 2017	249	$	45.43
Granted	228	$	29.69
Vested	(65)	$	50.03
Forfeited	(14)	$	39.01
Non-vested at December 31, 2018	398	$	35.88
Granted	160	$	24.70
Vested	(102)	$	37.53
Forfeited	(87)	$	29.96
Non-vested at December 31, 2019	369	$	32.00

Performance Condition Stock Units (PCSUs)

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Activity of Non-Vested Performance Units

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


(units in thousands)	Number of PSUs	Weighted-Average Grant Date Fair Value Per Share
Non-vested at December 31, 2016	355	$	42.14
Granted	166	$	35.81	(1)
Shares lost based on actual performance	(45)	$	35.81
Vested	—	$	—
Forfeited	(22)	$	40.78
Non-vested at December 31, 2017	454	$	40.87
Granted	323	$	26.39	(2)
Shares gained based on actual performance	7	$	26.39
Vested	(122)	$	47.37
Forfeited	(35)	$	34.57
Non-vested at December 31, 2018	627	$	32.59
Granted	392	$	24.82	(3)
Shares lost based on actual performance	(112)	$	24.82
Vested	(174)	$	38.36
Forfeited	(88)	$	25.30
Non-vested at December 31, 2019	645	$	25.10

⁽¹⁾ Represents weighted-average grant date fair value for the 2017, 2018 and 2019 tranches.

⁽²⁾ Represents weighted-average grant date fair value for the 2018 and 2019 tranches.

⁽³⁾ Represents weighted-average grant date fair value for the 2019 tranche.

Market Condition Performance Stock Units (MCPSUs)

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Activity of Non-Vested Performance Units

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


(units in thousands)	Number of MCPSUs	Weighted-Average Grant Date Fair Value Per Share
Non-vested at December 31, 2016	208	$	48.23
Granted	100	$	71.63
Shares lost based on actual performance	(103)	$	71.63
Vested	—	$	—
Forfeited/cancelled	(12)	$	55.65
Non-vested at December 31, 2017	193	$	56.23
Granted	194	$	37.76
Shares lost based on actual performance	(35)	$	37.76
Vested	(23)	$	62.53
Forfeited/cancelled	(21)	$	49.66
Non-vested at December 31, 2018	308	$	46.74
Granted	235	$	31.41
Shares lost based on actual performance	(153)	$	31.41
Vested	(64)	$	42.12
Forfeited/cancelled	(52)	$	40.93
Non-vested at December 31, 2019	274	$	40.81

Segment Information (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

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


(in millions)	Packaging		Facility Solutions		Print		Publishing		Total Reportable Segments		Corporate & Other		Total
Year Ended December 31, 2019
Net sales	$	3,446.3	$	1,181.8	$	2,104.6	$	798.0	$	7,530.7	$	128.7	$	7,659.4
Adjusted EBITDA	243.5		33.1		43.1		21.4		341.1		(185.2)
Depreciation and amortization	18.9		7.0		8.4		0.5		34.8		18.7		53.5
Restructuring charges, net	10.3		14.7		7.2		(9.1)		23.1		5.7		28.8
Year Ended December 31, 2018
Net sales	3,547.1		1,311.7		2,676.7		1,019.2		8,554.7		141.5		8,696.2
Adjusted EBITDA	246.7		29.0		64.0		24.6		364.3		(178.9)
Depreciation and amortization	19.2		6.8		8.8		0.8		35.6		17.9		53.5
Restructuring charges, net	4.7		3.4		12.1		0.7		20.9		0.4		21.3
Year Ended December 31, 2017
Net sales	3,157.8		1,309.7		2,793.7		958.0		8,219.2		145.5		8,364.7
Adjusted EBITDA	238.0		35.5		60.8		26.4		360.7		(184.3)
Depreciation and amortization	15.9		6.0		10.4		1.5		33.8		20.4		54.2
Restructuring charges, net	6.1		2.3		8.0		0.0		16.4		0.3		16.7

Reconciliation of Total Adjusted EBITDA to Net Income (Loss)

The table below presents a reconciliation of income (loss) before income taxes as reflected in the Consolidated Statements of Operations to Adjusted EBITDA for the reportable segments:


	Year Ended December 31,
(in millions)	2019		2018		2017
Income (loss) before income taxes	$	(28.8)	$	(10.2)	$	(1.9)
Interest expense, net	38.1		42.3		31.2
Depreciation and amortization	53.5		53.5		54.2
Restructuring charges, net	28.8		21.3		16.7
Stock-based compensation	14.6		18.1		15.7
LIFO reserve (decrease) increase	(3.7)		19.9		7.1
Non-restructuring asset impairment charges	—		0.4		8.4
Non-restructuring severance charges	8.4		4.9		3.5
Non-restructuring pension charges, net	6.6		11.3		2.2
Integration and acquisition expenses	17.5		31.8		36.5
Fair value adjustment on TRA contingent liability	0.3		(1.2)		(9.4)
Fair value adjustment on contingent consideration liability	13.1		(12.3)		2.0
Escheat audit contingent liability	3.7		2.5		7.5
Other	3.8		3.1		2.7
Adjustment for Corporate & Other	185.2		178.9		184.3
Adjusted EBITDA for reportable segments	$	341.1	$	364.3	$	360.7

Reconciliation of Assets from Segment to Consolidated

The table below summarizes total assets as of December 31, 2019 and 2018:


(in millions)	2019		2018
Packaging	$	1,290.2	$	1,183.1
Facility Solutions	324.4		345.5
Print	610.3		684.5
Publishing	123.9		196.3
Corporate & Other	162.3		120.3
Total assets	$	2,511.1	$	2,529.7

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

The following table presents net sales, property and equipment, net and operating lease ROU assets by geographic area:


	Net Sales										Property and Equipment, Net				Operating Lease ROU Assets
	Year Ended December 31,										As of December 31,				As of December 31,
(in millions)	2019		2018		2017		2019		2018		2019		2018
U.S.	$	6,779.6	$	7,800.9	$	7,510.9	$	174.3	$	171.6	$	383.4	$	—
Canada	699.4		712.7		682.0		39.1		32.1		34.9		—
Rest of world	180.4		182.6		171.8		3.5		3.0		10.9		—
Total	$	7,659.4	$	8,696.2	$	8,364.7	$	216.9	$	206.7	$	429.2	$	—

Quarterly Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

The unaudited quarterly results of operations for 2019 and 2018 are summarized below:


	2019
	Three Months Ended
(in millions, except per share data)	March 31		June 30		September 30		December 31
Net sales	$	1,941.5	$	1,958.2	$	1,924.5	$	1,835.2
Cost of products sold	1,591.4		1,584.3		1,550.8		1,479.7


Net income (loss)	(26.7)		(11.3)		5.1		3.4

Weighted-average number of shares outstanding – basic	15.94		16.09		16.10		16.10
Weighted-average number of shares outstanding – diluted	15.94		16.09		16.24		16.40

Earnings (loss) per share ⁽¹⁾:



Basic earnings (loss) per share	$	(1.68)	$	(0.70)	$	0.32	$	0.21




Diluted earnings (loss) per share	$	(1.68)	$	(0.70)	$	0.31	$	0.21
⁽¹⁾ See Note 1 3 , Earning (Loss) Per Share, for discussion about the shares of common stock utilized in the computation of basic and diluted earnings per share for the year ended December 31, 2019.

	2018
	Three Months Ended
(in millions, except per share data)	March 31		June 30		September 30		December 31
Net sales	$	2,101.0	$	2,171.9	$	2,192.5	$	2,230.8
Cost of products sold	1,729.5		1,788.5		1,805.8		1,831.9


Net income (loss)	(15.8)		(10.6)		1.4		9.3

Weighted-average number of shares outstanding – basic	15.76		15.84		15.85		15.85
Weighted-average number of shares outstanding – diluted	15.76		15.84		16.47		16.46

Earnings (loss) per share ⁽¹⁾:



Basic earnings (loss) per share	$	(1.00)	$	(0.67)	$	0.09	$	0.59
Diluted earnings (loss) per share	$	(1.00)	$	(0.67)	$	0.09	$	0.57

⁽¹⁾ See Note 13, Earnings (Loss) Per Share, for discussion about the shares of common stock utilized in the computation of basic and diluted earnings per share for the year ended December 31, 2018.

Restructuring and Related Costs

The following table presents a summary of restructuring charges, net, related to restructuring initiatives that were incurred during the last three fiscal years and the cumulative recorded amounts since the initiative began:


(in millions)	Severance and Related Costs		Other Direct Costs		(Gain) Loss on Sale of Assets and Other (non-cash portion)		Total
2019	$	9.1	$	20.3	$	(0.6)	$	28.8
2018	3.3		22.3		(15.0)		10.6
2017	7.5		33.6		(24.4)		16.7

Cumulative	32.4		90.5		(38.0)		84.9

See the table below for a summary of the net withdrawal charges for the respective years ended December 31:


	Year Ended December 31,
(in millions)	Restructuring charges, net		Distribution expenses		Total Net Charges
2019	$	1.5	$	6.6	$	8.1
2018	(2.8)		11.2		8.4
2017	17.4		2.1		19.5

See the table below for a summary of the net withdrawal charges and the year-end balance sheet liability positions for the respective years ended December 31:


	Year Ended December 31,
(in millions)	Restructuring charges, net		Distribution expenses		Total Net Charges
2019	$	1.5	$	6.6	$	8.1
2018	(2.8)		11.2		8.4
2017	17.4		2.1		19.5




	As of December 31,

(in millions)	Other accrued liabilities		Other non-current liabilities
2019	$	1.9	$	37.4
2018	0.7		32.5

See the table below for the quarterly breakdown of integration and acquisition expenses and restructuring charges, net:


	2019
(in millions)	Three Months Ended
	March 31		June 30		September 30		December 31
Integration and acquisition expenses	$	4.3	$	4.5	$	4.5	$	4.2
Restructuring charges, net	2.4		6.9		7.6		11.9

	2018
(in millions)	Three Months Ended
	March 31		June 30		September 30		December 31
Integration and acquisition expenses	$	8.3	$	8.4	$	7.9	$	7.2
Restructuring charges, net	11.9		11.4		5.4		(7.4)

Business and Summary of Significant Accounting Policies - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($) distribution_center	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Jan. 01, 2019 USD ($)	Jan. 01, 2018 USD ($)
Business Acquisition [Line Items]
Number of distribution centers \| distribution_center	150
Manufacturer direct to customer goods, gross	$ 2,600.0	$ 3,100.0	$ 3,000.0
Handling and Delivery Costs	$ 346.9	$ 398.0	$ 380.7
Percentage of LIFO inventory	81.00%	85.00%
Excess of replacement or current costs over stated LIFO value	$ 93.8	$ 98.7
Consigned inventory	30.7	56.8
Operating lease right-of-use assets	429.2	$ 0.0
Operating lease obligations	$ 467.1
Impact of adoption of new ASU				$ 2.7	$ (0.8)
Ten Suppliers \| Supplier Concentration Risk \| Purchases
Business Acquisition [Line Items]
Concentration risk	35.00%
Accounting Standards Update 2016-02
Business Acquisition [Line Items]
Operating lease right-of-use assets				428.0
Operating lease obligations				428.0
Retained Earnings
Business Acquisition [Line Items]
Impact of adoption of new ASU				2.7	$ 0.8
Retained Earnings \| Accounting Standards Update 2016-02
Business Acquisition [Line Items]
Impact of adoption of new ASU				$ 2.7

Business and Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Allowance for doubtful accounts	$ 43.8	$ 62.0	$ 44.0	$ 34.5
Allowance for doubtful accounts
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Allowance for doubtful accounts	30.4	49.1
Other allowances
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Allowance for doubtful accounts	$ 13.4	$ 12.9

Business and Summary of Significant Accounting Policies - Receivable Allowance Rollforward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at January 1,	$ 62.0	$ 44.0	$ 34.5
Provision for bad debt expense	13.8	26.5	15.9
Net write-offs and recoveries	(29.5)	(6.3)	(7.7)
Other adjustments	(2.5)	(2.2)	1.3
Balance at December 31,	$ 43.8	$ 62.0	$ 44.0

Business and Summary of Significant Accounting Policies - Plant Property & Equipment, Net (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Less: Accumulated depreciation and software amortization	$ (342.6)	$ (320.7)
Property and equipment, net	216.9	206.7
Land, buildings and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	96.4	107.4
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	167.9	159.7
Finance and capital leases, including assets related to financing obligations in the prior year, respectively
Property, Plant and Equipment [Line Items]
Property and equipment, gross	99.5	75.3
Internal use software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	178.5	166.6
Construction-in-progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 17.2	$ 18.4

Business and Summary of Significant Accounting Policies - Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2019
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	40 years
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	1 year
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	20 years
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	15 years
Internal use software \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Internal use software \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years

Business and Summary of Significant Accounting Policies - Schedule of Property, Plant and Equipment, Depreciation and Amortization (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation expense	$ 33.5	$ 33.2	$ 33.5
Amortization expense - internal use software	15.0	13.4	16.5
Depreciation and amortization expense related to property and equipment	48.5	46.6	$ 50.0
Accumulated depreciation on finance and capital leases, including assets related to financing obligations in the prior year, respectively	22.9	16.3
Unamortized internal use software costs, including amounts recorded in CIP	$ 32.6	$ 32.9

Revenue Recognition - Remaining Performance Obligation (Details)	Dec. 31, 2019
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, estimated satisfaction period	12 months

Revenue Recognition - Narrative (Details) $ in Millions	12 Months Ended
Revenue Recognition - Narrative (Details) $ in Millions	Dec. 31, 2019 USD ($) segment	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Concentration Risk [Line Items]
Equipment sales deposits, approximate holding period	90 days
Bill and hold arrangements, initial coverage period	90 days
Manufacturer direct to customer goods, gross	$ 2,600.0	$ 3,100.0	$ 3,000.0
Number of reportable segments \| segment	4
Inventories	$ 552.9	688.2
Accounting Standards Update 2014-09 \| Difference between Revenue Guidance in Effect before and after Topic 606
Concentration Risk [Line Items]
Inventories	$ 2.0	$ 2.5
Sales Revenue, Net \| U.S. \| Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk	89.00%
Sales Revenue, Net \| U.S. \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk	10.00%
Sales Revenue, Net \| Canada \| Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk	9.00%
Sales Revenue, Net \| MEXICO \| Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk	1.00%
Revenue from Contract with Customer \| Sales Channel, Directly to Consumer
Concentration Risk [Line Items]
Concentration risk	33.33%

Revenue Recognition - Schedule of Customer Contract Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Change in Contract with Customer, Liability [Roll Forward]
Beginning balance	$ 11.7	$ 17.7	$ 20.5
Payments received	46.1	55.0
Revenue recognized from beginning balance	(17.7)	(20.5)
Revenue recognized from current year receipts	(34.4)	(37.3)
Ending balance	$ 11.7	$ 17.7

Leases - Narrative (Details) $ in Millions	1 Months Ended	12 Months Ended
Leases - Narrative (Details) $ in Millions	May 31, 2017 USD ($) renewal	Dec. 31, 2019 USD ($) distribution_center lease Property	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Jan. 01, 2019 USD ($)	Jun. 30, 2018 Property	Jan. 01, 2018 USD ($)	Nov. 27, 2002 Property
Lessee, Lease, Description [Line Items]
Number of failed sale-leaseback leases \| lease		1
Number of finance leases reported related to failed sale leaseback transaction \| lease		1
Number of distribution centers \| distribution_center		150
Number of leased distribution centers \| distribution_center		140
Operating leases, rent expense			$ 118.1	$ 106.3
Lease contract term	10 years
Number of lease contract renewals \| renewal	2
Term of lease contract renewal	5 years
Proceeds from sale leaseback transaction, net	$ 9.1
Deferred gain on sale leaseback transaction	$ 5.4
Impact of adoption of new ASU					$ 2.7		$ (0.8)
Accumulated (Deficit) Earnings
Lessee, Lease, Description [Line Items]
Impact of adoption of new ASU					2.7		$ 0.8
Accounting Standards Update 2016-02 \| Accumulated (Deficit) Earnings
Lessee, Lease, Description [Line Items]
Impact of adoption of new ASU					$ 2.7
Joint Owner of Principal Owner
Lessee, Lease, Description [Line Items]
Subleases agreements, number of properties exited \| Property						27
Joint Owner of Principal Owner \| UWW Holdings Inc
Lessee, Lease, Description [Line Items]
Percentage of voting interest sold								60.00%
Number of properties transferred to related party \| Property								40
Sublease agreements, number of properties \| Property								38
Number of properties transferred to related party not sold \| Property		1
Real Estate
Lessee, Lease, Description [Line Items]
Finance and operating lease payments due		$ 553.4
Operating lease not yet commenced		$ 0.8
Average lease term		5 years
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		7 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		$ 87.3
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

Leases - Schedule of Components of Lease Expense (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)
Leases [Abstract]
Short-term lease expense	$ 7.1
Operating lease expense:
Operating lease cost	113.9
Finance lease expense:
Amortization of right-of-use assets	10.8
Interest expense	2.3
Total finance lease expense	13.1
Total Lease Cost	$ 134.1

Leases - Schedule of Supplemental Balance Sheet and Other Information (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Operating Leases:
Operating lease right-of-use assets	$ 429.2	$ 0.0
Operating lease obligations - current	90.5	0.0
Operating lease obligations - non-current	376.6	$ 0.0
Total operating lease obligations	$ 467.1
Weighted-average remaining lease term in years	6 years 7 months 6 days
Weighted-average discount rate	4.60%
Finance Leases:
Finance lease right-of-use assets	$ 76.6
Finance Lease, Liability, Current	11.5
Finance lease obligations - non-current	69.2
Total finance lease obligations	$ 80.7
Weighted-average remaining lease term in years	7 years 9 months 18 days
Weighted-average discount rate	3.40%

Leases - Schedule of Supplemental Cash Flow Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)
Operating cash flows from operating leases
Operating cash flows from operating leases	$ 109.5
Finance Leases:
Operating cash flows from finance leases	2.3
Financing cash flows from finance leases	$ 9.1

Leases - Schedule of Future Minimum Operating and Finance Lease Payments (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Finance Leases - Topic 842
2020	$ 14.3
2021	13.9
2022	13.4
2023	11.0
2024	9.2
Thereafter	31.3
Total future minimum lease payments	93.1
Amount representing interest	(12.4)
Total future minimum lease payments, net of interest	80.7
Operating Leases - Topic 842
2020	110.1
2021	95.2
2022	79.8
2023	58.8
2024	49.1
Thereafter	154.6
Total future minimum lease payments	547.6
Amount representing interest	(80.5)
Total future minimum lease payments, net of interest	$ 467.1
Financing Obligation and Equipment Capital Leases
2019		$ 9.3
2020		9.0
2021		8.3
2022		7.9
2023		6.8
Thereafter		23.0
Total		64.3
Amount representing interest		(11.6)
Total future minimum lease payments, net of interest		52.7
Operating Leases, Topic 840
Lease obligations - 2019		108.3
Lease obligations - 2020		98.3
Lease obligations - 2021		82.2
Lease obligations - 2022		69.3
Lease obligations - 2023		49.4
Lease obligations - thereafter		173.4
Lease obligations - total future minimum lease payments		580.9
Sublease income - 2019		(0.3)
Sublease income - 2020		(0.1)
Sublease income - 2021		0.0
Sublease income - 2022		0.0
Sublease income - 2023		0.0
Sublease income - thereafter		0.0
Sublease income - total future minimum lease payments		(0.4)
2019		108.0
2020		98.2
2021		82.2
2022		69.3
2023		49.4
Thereafter		173.4
Total future minimum lease payments, net of interest		$ 580.5

2017 Acquisition - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	Aug. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Integration and acquisition expenses		$ 17.5	$ 31.8	$ 36.5
Depreciation and amortization		53.5	53.5	54.2
Interest expense		38.1	42.3	31.2
All American Containers
Business Acquisition [Line Items]
Percent of business acquired	100.00%
Acquisition related costs			0.6	7.3
Payments to acquire business	$ 169.8
Integration and acquisition expenses		$ 0.8	$ 2.1	$ 8.0
Income tax rate used to determine after-tax impact on net income of pro forma adjustments				39.00%
Acquisition-related Costs \| All American Containers
Business Acquisition [Line Items]
Integration and acquisition expenses				$ 8.9
Depreciation and amortization				2.5
Interest expense				$ 2.0

2017 Acquisition - Schedule of Purchase Price (Details) - USD ($) $ in Millions		12 Months Ended
	Aug. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Cash consideration		$ 0.0	$ 0.0	$ 144.8
All American Containers
Business Acquisition [Line Items]
Cash consideration	$ 112.0
Loan pay-off	34.3
Contingent consideration	22.2
Other	1.3
Total purchase price	$ 169.8

2017 Acquisition - Schedule of Preliminary Purchase Price Allocation (Details) - All American Containers $ in Millions	Aug. 31, 2017 USD ($)
Business Acquisition [Line Items]
Cash	$ 1.5
Accounts receivable	30.4
Inventories	38.5
Other current assets	5.7
Property and equipment	3.5
Goodwill	55.5
Other intangible assets	49.0
Other non-current assets	1.4
Accounts payable	(12.4)
Other current liabilities	(2.7)
Other non-current liabilities	(0.6)
Total purchase price	$ 169.8

2017 Acquisition - Schedule of Intangible Assets Acquired (Details) - All American Containers $ in Millions	Aug. 31, 2017 USD ($)
Business Acquisition [Line Items]
Gross value	$ 49.0
Customer relationships
Business Acquisition [Line Items]
Gross value	$ 46.4
Estimated useful life	14 years
Trademarks/Trade names
Business Acquisition [Line Items]
Gross value	$ 1.1
Estimated useful life	1 year
Non-compete agreements
Business Acquisition [Line Items]
Gross value	$ 1.5
Estimated useful life	1 year

2017 Acquisition - Schedule of Pro Forma Information (Details) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($) $ / shares shares
Business Acquisition, Pro Forma Information [Abstract]
Net sales	$ 8,527.6
Net loss	$ (7.2)
Basic earnings (loss) per share (usd per share) \| $ / shares	$ (0.46)
Weighted average shares outstanding, basic (in shares) \| shares	15,700

Integration, Acquisition and Restructuring Charges - Narrative (Details) $ in Millions		3 Months Ended								12 Months Ended			66 Months Ended
	Dec. 31, 2019 USD ($) quarterlyInstallments years numberOfWithdrawals	Dec. 31, 2019 USD ($) numberOfWithdrawals	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($) Property	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2019 USD ($) numberOfWithdrawals	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2019 USD ($) numberOfWithdrawals
Restructuring Cost and Reserve [Line Items]
Integration and restructuring charges including capital expenditures													$ 337.0
Restructuring charges, net		$ 11.9	$ 7.6	$ 6.9	$ 2.4	$ (7.4)	$ 5.4	$ 11.4	$ 11.9	$ 28.8	$ 21.3	$ 16.7
Multi-employer plans, number of withdrawals determined \| numberOfWithdrawals	6	6								6			6
Multi-employer plans, number of distributions settled with lump-sum \| numberOfWithdrawals	2	2								2			2
Multi-employer pension plans, settlement terms \| quarterlyInstallments	80
20 Years
Restructuring Cost and Reserve [Line Items]
Multi-employer plans, number of distributions not settled \| numberOfWithdrawals	3	3								3			3
Multi-employer pension plans, settlement terms \| years	20
Nine Months
Restructuring Cost and Reserve [Line Items]
Multi-employer plans, number of distributions not settled \| numberOfWithdrawals	1	1								1			1
Maximum
Restructuring Cost and Reserve [Line Items]
Expected integration and restructuring charges, capital expenditures													$ 117.4
Veritiv Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Gain on sale or exit of facility						$ 12.9				$ (0.4)	15.0	24.4
Assets held for sale	$ 10.1	$ 10.1								10.1			10.1
Number of properties disposed of \| Property						3
Print Segment Plan
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	$ 0.1	0.1								0.1			$ 0.1
Exiting Brand Re-Distribution Business
Restructuring Cost and Reserve [Line Items]
Restructuring charges, net		$ 5.4								10.8
Exit of Facility \| Veritiv Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges, net											11.2
Withdrawal from Multiemployer Defined Benefit Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges, net										$ 1.5	$ (2.8)	$ 17.4

Integration, Acquisition and Restructuring Charges - Schedule of Acquisition and Integration Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Restructuring Cost and Reserve [Line Items]
Integration and acquisition expenses	$ 17.5	$ 31.8	$ 36.5
UWW Holdings, Inc. XPEDX Merger
Restructuring Cost and Reserve [Line Items]
Integration management	10.4	17.3	14.5
Retention compensation	1.0	0.5	0.2
Information technology conversion costs	3.4	8.1	8.8
Rebranding	0.0	0.0	0.5
Legal, consulting and other professional fees	0.0	0.3	1.5
Other	1.9	3.5	3.0
All American Containers
Restructuring Cost and Reserve [Line Items]
Integration and acquisition expenses	$ 0.8	$ 2.1	$ 8.0

Integration, Acquisition and Restructuring Charges - Schedule of Restructuring Charges (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended			66 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring charges, net	$ 11.9	$ 7.6	$ 6.9	$ 2.4	$ (7.4)	$ 5.4	$ 11.4	$ 11.9	$ 28.8	$ 21.3	$ 16.7
Severance and Related Costs \| Veritiv Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges, net									9.1	3.3	7.5	$ 32.4
Other Direct Costs \| Veritiv Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges, net									20.3	22.3	33.6	90.5
(Gain) Loss on Sale of Assets and Other (non-cash portion) \| Veritiv Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges, net									(0.6)	(15.0)	(24.4)	(38.0)
Total \| Veritiv Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges, net									$ 28.8	$ 10.6	$ 16.7	$ 84.9

Integration, Acquisition and Restructuring Charges - Restructuring Liability (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended			66 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019
Restructuring Reserve [Roll Forward]
Restructuring charges, net	$ 11.9	$ 7.6	$ 6.9	$ 2.4	$ (7.4)	$ 5.4	$ 11.4	$ 11.9	$ 28.8	$ 21.3	$ 16.7
Print Segment Plan
Restructuring Reserve [Roll Forward]
Restructuring reserve, ending balance	0.1								0.1			$ 0.1
Severance and Related Costs \| Veritiv Restructuring Plan
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance				4.7				4.4	4.7	4.4
Restructuring charges, net									9.1	3.3	7.5	32.4
Payments									(7.6)	(3.0)
Restructuring reserve, ending balance	6.2				4.7				6.2	4.7	4.4	6.2
Severance and Related Costs \| Print Segment Plan
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance				2.0				0.0	2.0	0.0
Restructuring charges, net										10.0
Payments									(1.9)	(8.0)
Restructuring reserve, ending balance	0.1				2.0				0.1	2.0	0.0	0.1
Other Direct Costs \| Veritiv Restructuring Plan
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance				25.1				25.2	25.1	25.2
Restructuring charges, net									20.3	22.3	33.6	90.5
Payments									(14.8)	(22.4)
Restructuring reserve, ending balance	30.6				25.1				30.6	25.1	25.2	30.6
Other Direct Costs \| Print Segment Plan
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance				0.0				0.0	0.0	0.0
Restructuring charges, net										0.7
Payments									0.0	(0.7)
Restructuring reserve, ending balance	0.0				0.0				0.0	0.0	0.0	0.0
Total \| Veritiv Restructuring Plan
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance				29.8				29.6	29.8	29.6
Restructuring charges, net									29.4	25.6
Payments									(22.4)	(25.4)
Restructuring reserve, ending balance	36.8				29.8				36.8	29.8	29.6	36.8
Total \| Print Segment Plan
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance				$ 2.0				$ 0.0	2.0	0.0
Restructuring charges, net										10.7
Payments									(1.9)	(8.7)
Restructuring reserve, ending balance	$ 0.1				$ 2.0				$ 0.1	$ 2.0	$ 0.0	$ 0.1

Integration, Acquisition and Restructuring Charges - Schedule of Multi-Employer Pension Plan Charges (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Restructuring Cost and Reserve [Line Items]
Restructuring charges, net	$ 11.9	$ 7.6	$ 6.9	$ 2.4	$ (7.4)	$ 5.4	$ 11.4	$ 11.9	$ 28.8	$ 21.3	$ 16.7
Distribution expenses									346.9	398.0	380.7
Withdrawal from Multiemployer Defined Benefit Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges, net									1.5	(2.8)	17.4
Distribution expenses									6.6	11.2	2.1
Total Net Charges									$ 8.1	$ 8.4	$ 19.5

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Goodwill [Line Items]
Goodwill		$ 99,600,000	$ 99,600,000	$ 99,600,000
Impairment of goodwill		0	0
Amortization of intangible assets		5,000,000.0	6,900,000	4,200,000
Customer relationships
Goodwill [Line Items]
Impairment of finite lived intangible assets	$ 1,600,000
Selling, general and administrative expenses
Goodwill [Line Items]
Impairment of goodwill		$ 0	$ 0	$ 0

Goodwill and Other Intangible Assets - Changes in Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Goodwill [Line Items]
Goodwill gross	$ 480.6	$ 480.6	$ 480.6
Accumulated impairment losses	(381.0)	(381.0)	(381.0)
Goodwill [Roll Forward]
Net goodwill beginning of period	99.6	99.6
Goodwill acquired	0.0	0.0
Impairment of goodwill	0.0	0.0
Net goodwill end of period	99.6	99.6	99.6
Operating Segments \| Packaging
Goodwill [Line Items]
Goodwill gross	99.6	99.6	99.6
Accumulated impairment losses	0.0	0.0	0.0
Goodwill [Roll Forward]
Net goodwill beginning of period	99.6	99.6
Goodwill acquired	0.0	0.0
Impairment of goodwill	0.0	0.0
Net goodwill end of period	99.6	99.6	99.6
Operating Segments \| Facility Solutions
Goodwill [Line Items]
Goodwill gross	59.0	59.0	59.0
Accumulated impairment losses	(59.0)	(59.0)	(59.0)
Goodwill [Roll Forward]
Net goodwill beginning of period	0.0	0.0
Goodwill acquired	0.0	0.0
Impairment of goodwill	0.0	0.0
Net goodwill end of period	0.0	0.0	0.0
Operating Segments \| Print
Goodwill [Line Items]
Goodwill gross	265.4	265.4	265.4
Accumulated impairment losses	(265.4)	(265.4)	(265.4)
Goodwill [Roll Forward]
Net goodwill beginning of period	0.0	0.0
Goodwill acquired	0.0	0.0
Impairment of goodwill	0.0	0.0
Net goodwill end of period	0.0	0.0	0.0
Operating Segments \| Publishing
Goodwill [Line Items]
Goodwill gross	50.5	50.5	50.5
Accumulated impairment losses	(50.5)	(50.5)	(50.5)
Goodwill [Roll Forward]
Net goodwill beginning of period	0.0	0.0
Goodwill acquired	0.0	0.0
Impairment of goodwill	0.0	0.0
Net goodwill end of period	0.0	0.0	0.0
Corporate & Other
Goodwill [Line Items]
Goodwill gross	6.1	6.1	6.1
Accumulated impairment losses	(6.1)	(6.1)	(6.1)
Goodwill [Roll Forward]
Net goodwill beginning of period	0.0	0.0
Goodwill acquired	0.0	0.0
Impairment of goodwill	0.0	0.0
Net goodwill end of period	$ 0.0	$ 0.0	$ 0.0

Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	$ 73.0	$ 73.0
Accumulated Amortization	20.8	15.8
Net	52.2	57.2
Customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	67.7	67.7
Accumulated Amortization	15.5	10.8
Net	52.2	56.9
Trademarks/Trade names
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	3.8	3.8
Accumulated Amortization	3.8	3.5
Net	0.0	0.3
Non-compete agreements
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	1.5	1.5
Accumulated Amortization	1.5	1.5
Net	$ 0.0	$ 0.0

Goodwill and Other Intangible Assets - Future Amortization (Details) $ in Millions	Dec. 31, 2019 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2020	$ 4.8
2021	4.8
2022	4.8
2023	4.8
2024	$ 4.8

Debt and Other Obligations - Long-Term Debt Obligations (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Current portion of debt	$ 12.6	$ 6.7
Finance and capital lease obligations, respectively	80.7
Finance and capital lease obligations, respectively		38.2
Total debt	755.0	970.3
Less: current portion of debt	(12.6)	(6.7)
Long-term debt, net of current portion	742.4	963.6
Line of Credit \| Asset-Backed Lending Facility
Debt Instrument [Line Items]
Asset-Based Lending Facility (the "ABL Facility")	673.2	932.1
Commercial Card Program
Debt Instrument [Line Items]
Current portion of debt	$ 1.1	$ 0.0

Debt and Other Obligations - Narrative (Details) - USD ($)		12 Months Ended
	Sep. 13, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Line of Credit Facility [Line Items]
Amortization of deferred financing fees		$ 2,600,000	$ 2,600,000	$ 2,600,000
Commercial card, maximum credit limit		37,500,000
Commercial card program payable		12,600,000	$ 6,700,000
Interest Rate Cap
Line of Credit Facility [Line Items]
Derivative notional amount	$ 350,000,000.0
Variable interest rate spread	2.75%
Cost of interest rate cap contract	$ 600,000
Line of Credit \| Asset-Backed Lending Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 1,400,000,000
Minimum fixed charge coverage ratio		100.00%
Remaining borrowing capacity		$ 282,100,000
Outstanding letters of credit		$ 12,100,000
Weighted average interest rate		3.40%	4.60%
Line of Credit \| Asset-Backed Lending Facility \| Interest Expense
Line of Credit Facility [Line Items]
Amortization of deferred financing fees		$ 2,600,000	$ 2,600,000	$ 2,600,000
Line of Credit \| U.S. Borrowers Line of Credit \| Asset-Backed Lending Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity		1,250,000,000
Line of Credit \| Canadian Borrower Line of Credit \| Asset-Backed Lending Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 150,000,000

Debt and Other Obligations - Previously Reported Failed Sale-Leaseback Obligation (Details) $ in Millions	Dec. 31, 2018 USD ($)
Debt Disclosure [Abstract]
Obligations - other financing	$ 24.2
Less: current portion of financing obligations	(0.6)
Financing obligations, net of current portion	$ 23.6

Income Taxes - Domestic (United States) and Foreign components of Net Income Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract]
Domestic (U.S.)	$ (50.5)	$ (16.7)	$ (18.0)
Foreign	21.7	6.5	16.1
Income (loss) before income taxes	$ (28.8)	$ (10.2)	$ (1.9)

Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current Provision:
U.S. Federal	$ 0.7	$ 0.8	$ 4.8
U.S. State	0.5	1.2	1.5
Foreign	2.2	1.5	3.2
Total current income tax expense	3.4	3.5	9.5
Deferred, net:
U.S. Federal	(4.8)	0.4	16.3
U.S. State	0.0	0.6	(2.7)
Foreign	2.1	1.0	(11.7)
Total deferred, net	(2.7)	2.0	1.9
Provision for income tax expense	$ 0.7	$ 5.5	$ 11.4

Income Taxes - Reconciliation of Federal Statutory Rate and the Effective Tax Rate (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income (loss) before income taxes		$ (28.8)	$ (10.2)	$ (1.9)
Statutory U.S. income tax rate		21.00%	21.00%	35.00%
Tax expense (benefit) using statutory U.S. income tax rate		$ (6.0)	$ (2.1)	$ (0.7)
Foreign income tax rate differential		0.6	0.7	(1.4)
State tax (net of federal benefit)		0.3	1.4	(0.5)
Non-deductible expenses		2.4	2.7	2.2
Tax Receivable Agreement		(0.1)	(0.3)	(3.8)
Tax credits		(1.1)	(1.0)	(4.0)
Impact of U.S. Tax Act (Federal and State)		0.0	1.3	30.2
Stock compensation vesting		1.3	1.7	0.0
Global Intangible Low Taxed Income		2.8	1.4	0.0
Goodwill impairment		0.0	0.0	2.1
Foreign taxes		0.9	0.6	0.7
Bad debt		(0.9)	0.0	0.0
Other		0.2	(0.4)	0.3
Provision for income tax expense		$ 0.7	$ 5.5	$ 11.4
Effective income tax rate		(2.40%)	(53.90%)	(600.00%)
Research Tax Credit Carryforward
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Provision for income tax expense	$ 3.1
Tax Receivable Agreement
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Tax Receivable Agreement			$ 0.9
Provisional tax expense due to Tax Cuts and Jobs Act of 2017			4.7
U.S. Federal and State
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Change in valuation allowance		$ 0.0	(0.1)	$ 0.0
Foreign
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Change in valuation allowance		$ 0.3	$ (0.4)	$ (13.7)

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2019
Operating Loss Carryforwards [Line Items]
Income tax expense as result of the Tax Cuts and Jobs Act	$ 31.5
Income tax expense due to remeasurement of deferred taxes	24.0
Income tax expense due to one time transition tax	$ 7.5
Deferred tax liability not recognized, undistributed earnings of foreign subsidiaries		$ 31.8
Federal tax authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards		137.3
State tax authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards		142.2
Non-U.S.
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards		$ 29.6

Income Taxes - Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Non-U.S.
Deferred income tax assets:
Accrued compensation	$ 2.7	$ 2.6
Capital leases and financing obligations	9.0	0.6
Lease obligations	12.5	0.0
Net operating losses and credit carryforwards	7.7	10.0
Allowance for doubtful accounts	0.1	0.1
Other	0.6	1.4
Gross deferred income tax assets	32.6	14.7
Less valuation allowance	(2.4)	(3.3)
Total deferred tax asset	30.2	11.4
Deferred income tax liabilities:
Property and equipment, net	(8.1)	0.0
Lease assets	(12.2)	0.0
Inventory reserve	0.0	0.0
Other	0.0	0.0
Total deferred tax liability	(20.3)	0.0
Net deferred income tax asset	9.9	11.4
U.S.
Deferred income tax assets:
Accrued compensation	32.9	33.1
Capital leases and financing obligations	10.2	13.0
Lease obligations	108.4	0.0
Net operating losses and credit carryforwards	35.4	40.8
Allowance for doubtful accounts	11.4	14.8
Other	13.7	10.8
Gross deferred income tax assets	212.0	112.5
Less valuation allowance	(2.4)	(5.1)
Total deferred tax asset	209.6	107.4
Deferred income tax liabilities:
Property and equipment, net	(25.6)	(22.9)
Lease assets	(101.4)	0.0
Inventory reserve	(28.7)	(34.9)
Other	(6.8)	(4.5)
Total deferred tax liability	(162.5)	(62.3)
Net deferred income tax asset	$ 47.1	$ 45.1

Income Taxes - Schedule of Valuation Allowance (Details) - Valuation Allowance of Deferred Tax Assets - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Valuation Allowance [Roll Forward]
Beginning balance	$ 8.4	$ 8.3
Additions	1.5	1.2
Subtractions	(5.0)	(0.9)
Currency translation adjustments	(0.1)	(0.2)
Ending balance	4.8	8.4
U.S.
Valuation Allowance [Roll Forward]
Beginning balance	5.1	4.7
Additions	1.1	0.5
Subtractions	(3.8)	(0.1)
Currency translation adjustments	0.0	0.0
Ending balance	2.4	5.1
Non-U.S.
Valuation Allowance [Roll Forward]
Beginning balance	3.3	3.6
Additions	0.4	0.7
Subtractions	(1.2)	(0.8)
Currency translation adjustments	(0.1)	(0.2)
Ending balance	$ 2.4	$ 3.3

Related Party Transactions - Narrative (Details) $ in Millions					1 Months Ended			12 Months Ended
	Dec. 31, 2019 shares	Sep. 25, 2018 USD ($) shares	Mar. 22, 2017 USD ($) shares	Jul. 01, 2014 Demand_Registration shares	Jan. 31, 2020 USD ($)	Jan. 31, 2019 USD ($)	Jan. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
UWW Holdings, LLC
Related Party Transaction [Line Items]
Registration rights agreement, period demand rights commence following distribution date				180 days
Registration rights agreement, maximum demand registration in 150 day period \| Demand_Registration				1
Registration rights agreement, maximum demand registration in 365 day period \| Demand_Registration				2
Registration rights agreement, material transaction, period allowed to delay registration in 360 day period				120 days
Merger utilization of operating losses, percentage of tax savings payable to affiliate				85.00%
LIBOR \| UWW Holdings, LLC
Related Party Transaction [Line Items]
Tax receivable agreement, basis spread on variable rate				1.00%
UWW Holdings, Inc. XPEDX Merger
Related Party Transaction [Line Items]
Business acquisition, equity issued (in shares) \| shares				7,840,000
Tax Receivable Agreement \| UWW Holdings, LLC \| UWW Holdings, LLC
Related Party Transaction [Line Items]
Payments for utilization of pre-merger NOL						$ 8.1	$ 10.1
Decrease in contingent consideration liability								$ 13.5
Tax Receivable Agreement \| UWW Holdings, LLC \| UWW Holdings, LLC \| Subsequent Event
Related Party Transaction [Line Items]
Payments for utilization of pre-merger NOL					$ 0.3
UWW Holdings, LLC
Related Party Transaction [Line Items]
Transaction-related costs		$ 0.2	$ 0.2
Shares of Veritiv outstanding common stock owned (in shares) \| shares	2,783,840
UWW Holdings, LLC \| Block Trade
Related Party Transaction [Line Items]
Shares sold in offering (in shares) \| shares		1,500,000	1,800,000

Related Party Transactions - Financial Impact (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Sales to Georgia-Pacific, reflected in net sales	$ 23.4	$ 28.0	$ 32.2
Inventories	552.9	688.2
Related party payable	4.3	9.3
Related party receivable	2.8	3.2
Georgia-Pacific
Related Party Transaction [Line Items]
Inventories	11.4	17.3
Related party payable	4.3	9.3
Related party receivable	2.8	3.2
Net sales \| Georgia-Pacific
Related Party Transaction [Line Items]
Sales to Georgia-Pacific, reflected in net sales	23.4	28.0	32.2
Cost of products sold \| Georgia-Pacific
Related Party Transaction [Line Items]
Purchases of inventory from Georgia-Pacific, recognized in cost of products sold	$ 85.2	$ 146.5	$ 181.6

Employee Benefit Plans - Narrative (Details) $ in Millions		1 Months Ended		3 Months Ended									12 Months Ended
Employee Benefit Plans - Narrative (Details) $ in Millions	Dec. 31, 2019 USD ($) quarterlyInstallments years numberOfWithdrawals	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($) monthlyInstallments	Dec. 31, 2019 USD ($) numberOfWithdrawals	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($) monthlyInstallments	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Jun. 30, 2017 USD ($) monthlyInstallments	Dec. 31, 2019 USD ($) numberOfWithdrawals	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Contributions													$ 19.9	$ 20.6	$ 19.4
Maximum contractual term													15 years
Deferred compensation, percentage of base salary deferred (up to)													85.00%
Decrease in projected benefit obligations														$ 21.6
Settlement gain (loss)		$ (0.9)
Multiemployer plan, percentage of employer's contributions (not more than)														5.00%	5.00%
Withdrawal obligations	$ 37.4	32.5		$ 37.4				$ 32.5					$ 37.4	$ 32.5
Multi-employer pension plans, settlement terms \| quarterlyInstallments	80
Restructuring charges, net				$ 11.9	$ 7.6	$ 6.9	$ 2.4	(7.4)	$ 5.4	$ 11.4	$ 11.9		$ 28.8	21.3	$ 16.7
Multi-employer plans, number of withdrawals determined \| numberOfWithdrawals	6			6									6
Multi-employer plans, number of distributions settled with lump-sum \| numberOfWithdrawals	2			2									2
20 Years
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Multi-employer pension plans, settlement terms \| years	20
Multi-employer plans, number of distributions not settled \| numberOfWithdrawals	3			3									3
Nine Months
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Multi-employer plans, number of distributions not settled \| numberOfWithdrawals	1			1									1
Multiemployer plans, pension
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Multiemployer plan, period contributions													$ 2.4	3.0	3.5
Multiemployer plans, pension \| US employee collective bargaining agreement
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Multiemployer plan, period contributions													2.4	3.0	3.5
Western Pennsylvania Teamsters and Employers Pension Plan \| Multiemployer plans, pension
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Multiemployer plan, period contributions													0.2	0.3	0.3
U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Decrease in projected benefit obligations													0.0	25.2
Settlement gain (loss)													0.0	(1.1)	0.0
Estimated future employer contributions	$ 0.1			$ 0.1									0.1
Canada
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Decrease in projected benefit obligations													0.0	0.0
Settlement gain (loss)													0.0	(0.1)	0.0
Estimated future employer contributions	0.5			0.5									$ 0.5
Minimum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Installment payment period													2 years
Maximum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Installment payment period													10 years
Withdrawal from Multiemployer Defined Benefit Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Withdrawal expense													$ 8.1	8.4	19.5
Restructuring charges, net													1.5	(2.8)	17.4
Payments made for accrued withdrawal liability													2.0
Withdrawal from Multiemployer Defined Benefit Plan \| Western Pennsylvania Teamsters and Employers Pension Plan \| Multiemployer plans, pension
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Withdrawal obligations						6.5
Withdrawal from Multiemployer Defined Benefit Plan \| Central States \| Multiemployer plans, pension
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Withdrawal obligations		$ 12.0	$ 3.4					$ 12.0						12.0	3.4
Reduction of withdrawal obligation						(0.4)			$ (2.7)					$ (2.7)
Withdrawal from Multiemployer Defined Benefit Plan \| Central States \| Multiemployer plans, pension \| Partial Withdrawal
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Withdrawal obligations						$ 7.7
Multi-employer pension plans, settlement terms \| monthlyInstallments						240
Withdrawal from Multiemployer Defined Benefit Plan \| Central States \| Multiemployer plans, pension \| Complete Withdrawal
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Withdrawal obligations						$ 12.0
Multi-employer pension plans, settlement terms \| monthlyInstallments						240
Withdrawal from Multiemployer Defined Benefit Plan \| NE Fund \| Multiemployer plans, pension
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Multi-employer pension plans, settlement terms \| monthlyInstallments			240									240
Restructuring charges, net															13.6
Recognized estimated liability			$ 2.7									$ 10.9			$ 2.7
Withdrawal from Multiemployer Defined Benefit Plan \| Local 169 MEPP [Member] \| Multiemployer plans, pension
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Withdrawal obligations	$ 1.8			$ 1.8		$ 1.8							$ 1.8

Employee Benefit Plans - Deferred Compensation Liability (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Other non-current liabilities	$ 21.1	$ 21.6
Total liabilities	24.8	25.0
Other Accrued Liabilities Current
Defined Benefit Plan Disclosure [Line Items]
Other accrued liabilities	3.7	3.4
Other Non-current Liabilities
Defined Benefit Plan Disclosure [Line Items]
Other non-current liabilities	$ 21.1	$ 21.6

Employee Benefit Plans - Change Benefit Obligation and Funded Status (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Change in projected benefit obligation:
Settlements		$ (21.6)
U.S.
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation, end of year	$ 65.4	64.1
Change in projected benefit obligation:
Beginning balance	64.1	91.0
Service cost	1.1	1.2
Interest cost	2.1	2.5	$ 2.7
Actuarial (gain) loss	1.3	(3.7)
Benefits paid	(3.2)	(1.7)
Settlements	0.0	(25.2)
Foreign exchange adjustments	0.0	0.0
Ending balance	65.4	64.1	91.0
Change in plan assets:
Beginning balance	52.1	81.4
Employer contributions	0.0	0.1
Investment returns	11.1	(1.5)
Benefits paid	(3.2)	(1.7)
Administrative expenses paid	(0.8)	(1.0)
Settlements	0.0	(25.2)
Foreign exchange adjustments	0.0	0.0
Ending balance	59.2	52.1	81.4
Underfunded status, end of year	(6.2)	(12.0)
Canada
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation, end of year	81.9	70.2
Change in projected benefit obligation:
Beginning balance	75.3	90.0
Service cost	0.3	0.3
Interest cost	2.9	2.7	2.7
Actuarial (gain) loss	8.8	(6.0)
Benefits paid	(3.7)	(4.9)
Settlements	0.0	0.0
Foreign exchange adjustments	4.0	(6.8)
Ending balance	87.6	75.3	90.0
Change in plan assets:
Beginning balance	65.9	74.9
Employer contributions	1.0	2.2
Investment returns	11.2	(0.4)
Benefits paid	(3.7)	(4.9)
Administrative expenses paid	0.0	0.0
Settlements	0.0	0.0
Foreign exchange adjustments	3.4	(5.9)
Ending balance	77.8	65.9	$ 74.9
Underfunded status, end of year	$ (9.8)	$ (9.4)

Employee Benefit Plans - Balance Sheet Positions (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
U.S.
Defined Benefit Plan Disclosure [Line Items]
Other accrued liabilities	$ 0.1	$ 0.1
Defined benefit pension obligations	6.1	11.9
Net liability recognized	6.2	12.0
Net loss, net of tax	0.7	5.4
Canada
Defined Benefit Plan Disclosure [Line Items]
Other accrued liabilities	0.2	0.2
Defined benefit pension obligations	9.6	9.2
Net liability recognized	9.8	9.4
Net loss, net of tax	$ 5.5	$ 4.7

Employee Benefit Plans - Net Periodic Costs (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Settlement loss	$ 0.9
U.S.
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost		$ 1.9	$ 2.0	$ 2.0
Interest cost		2.1	2.5	2.7
Expected return on plan assets		(3.4)	(5.2)	(5.1)
Settlement loss		0.0	1.1	0.0
Amortization of net loss		0.0	0.0	0.1
Total other components		(1.3)	(1.6)	(2.3)
Net periodic benefit cost (credit)		0.6	0.4	(0.3)
Net loss (gain) during year, net of tax		(4.7)	2.2	(2.5)
Canada
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost		0.3	0.3	0.3
Interest cost		2.9	2.7	2.7
Expected return on plan assets		(3.7)	(3.9)	(3.7)
Settlement loss		0.0	0.1	0.0
Amortization of net loss		0.2	0.3	0.2
Total other components		(0.6)	(0.8)	(0.8)
Net periodic benefit cost (credit)		(0.3)	(0.5)	(0.5)
Net loss (gain) during year, net of tax		$ 0.8	$ (1.4)	$ 2.7

Employee Benefit Plans - Fair Value Hierarchy of Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 59.2	$ 52.1	$ 81.4
U.S. \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	59.2	52.1
U.S. \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
U.S. \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
U.S. \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	36.0	33.1
U.S. \| Equity securities \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	36.0	33.1
U.S. \| Equity securities \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
U.S. \| Equity securities \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
U.S. \| Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	23.1	18.7
U.S. \| Fixed income securities \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	23.1	18.7
U.S. \| Fixed income securities \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
U.S. \| Fixed income securities \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
U.S. \| Cash and short-term securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.1	0.3
U.S. \| Cash and short-term securities \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.1	0.3
U.S. \| Cash and short-term securities \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
U.S. \| Cash and short-term securities \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Canada
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	77.8	65.9	$ 74.9
Canada \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.6	0.3
Canada \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Canada \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Canada \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	52.1	42.2
Investments measured as NAV	52.1	42.2
Canada \| Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	25.1	23.4
Investments measured as NAV	25.1	23.4
Canada \| Cash and short-term securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.6	0.3
Canada \| Cash and short-term securities \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.6	0.3
Canada \| Cash and short-term securities \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Canada \| Cash and short-term securities \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 0.0	$ 0.0

Employee Benefit Plans - Weighted-Average Asset Allocations (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 59.2	$ 52.1	$ 81.4
U.S. \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	36.0	33.1
U.S. \| Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	23.1	18.7
U.S. \| Cash and short-term securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.1	0.3
Canada
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	77.8	65.9	$ 74.9
Canada \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	52.1	42.2
Canada \| Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	25.1	23.4
Canada \| Cash and short-term securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 0.6	$ 0.3
Minimum \| U.S. \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Plan assets target allocation	55.00%	55.00%
Minimum \| U.S. \| Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Plan assets target allocation	20.00%	20.00%
Minimum \| U.S. \| Cash and short-term securities
Defined Benefit Plan Disclosure [Line Items]
Plan assets target allocation	0.00%	0.00%
Minimum \| Canada \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Plan assets target allocation	50.00%	50.00%
Minimum \| Canada \| Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Plan assets target allocation	30.00%	30.00%
Minimum \| Canada \| Cash and short-term securities
Defined Benefit Plan Disclosure [Line Items]
Plan assets target allocation	0.00%	0.00%
Maximum \| U.S. \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Plan assets target allocation	75.00%	75.00%
Maximum \| U.S. \| Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Plan assets target allocation	40.00%	40.00%
Maximum \| U.S. \| Cash and short-term securities
Defined Benefit Plan Disclosure [Line Items]
Plan assets target allocation	10.00%	10.00%
Maximum \| Canada \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Plan assets target allocation	70.00%	70.00%
Maximum \| Canada \| Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Plan assets target allocation	50.00%	50.00%
Maximum \| Canada \| Cash and short-term securities
Defined Benefit Plan Disclosure [Line Items]
Plan assets target allocation	5.00%	5.00%

Employer Benefit Plans - Significant Weighted-Average Assumptions (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Canada
Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	3.10%	3.90%	3.40%
Rate of compensation increases	3.00%	3.00%	3.00%
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	3.90%	3.40%	3.85%
Rate of compensation increases	3.00%	3.00%	3.00%
Expected long-term rate of return on assets	5.50%	5.50%	5.50%
U.S.
Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	2.98%	4.01%	3.33%
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	4.01%	3.47%	3.76%
Expected long-term rate of return on assets	7.15%	7.15%	7.15%
Interest crediting rate	5.00%	5.00%	5.00%

Employee Benefit Plans - Expected Future Benefit Payments (Details) $ in Millions	Dec. 31, 2019 USD ($)
U.S.
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2021	$ 8.6
2022	3.5
2022	3.5
2024	3.4
2024	3.6
Thereafter	18.9
Canada
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2021	2.9
2022	2.9
2022	3.2
2024	3.3
2024	3.5
Thereafter	$ 20.1

Employee Benefit Plans - Multiemployer Plans (Details) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019 USD ($) collective_bargaining_unit	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2019 USD ($) collective_bargaining_unit	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Multiemployer Plans [Line Items]
Restructuring charges, net	$ 11.9	$ 7.6	$ 6.9	$ 2.4	$ (7.4)	$ 5.4	$ 11.4	$ 11.9	$ 28.8	$ 21.3	$ 16.7
Distribution expenses									346.9	398.0	380.7
Withdrawal obligations	$ 37.4				32.5				37.4	32.5
Multiemployer plans, pension
Multiemployer Plans [Line Items]
Veritiv's Contributions									2.4	3.0	3.5
Western Conference of Teamsters Pension Trust Fund \| Multiemployer plans, pension
Multiemployer Plans [Line Items]
Veritiv's Contributions									$ 1.3	1.6	1.6
Number of participating collective bargaining units \| collective_bargaining_unit	10								10
Number of participating collective bargaining units under negotiations \| collective_bargaining_unit	2								2
Central States, Southeast & Southwest Areas Pension Fund \| Multiemployer plans, pension
Multiemployer Plans [Line Items]
Veritiv's Contributions									$ 0.0	0.2	0.2
Teamsters Pension Plan of Philadelphia & Vicinity \| Multiemployer plans, pension
Multiemployer Plans [Line Items]
Veritiv's Contributions									0.4	0.4	0.4
New England Teamsters & Trucking Industry Pension \| Multiemployer plans, pension
Multiemployer Plans [Line Items]
Veritiv's Contributions									0.0	0.0	0.4
Western Pennsylvania Teamsters and Employers Pension Plan \| Multiemployer plans, pension
Multiemployer Plans [Line Items]
Veritiv's Contributions									0.2	0.3	0.3
Contributions for individually significant plans \| Multiemployer plans, pension
Multiemployer Plans [Line Items]
Veritiv's Contributions									1.9	2.5	2.9
Contributions to other multi-employer plans \| Multiemployer plans, pension
Multiemployer Plans [Line Items]
Veritiv's Contributions									0.5	0.5	0.6
Other Accrued Liabilities Current
Multiemployer Plans [Line Items]
Withdrawal obligations	$ 1.9				$ 0.7				1.9	0.7
Withdrawal from Multiemployer Defined Benefit Plan
Multiemployer Plans [Line Items]
Restructuring charges, net									1.5	(2.8)	17.4
Distribution expenses									6.6	11.2	2.1
Total Net Charges									$ 8.1	$ 8.4	$ 19.5
Withdrawal from Multiemployer Defined Benefit Plan \| Western Pennsylvania Teamsters and Employers Pension Plan \| Multiemployer plans, pension
Multiemployer Plans [Line Items]
Withdrawal obligations			$ 6.5

Fair Value Measurements - Narrative (Details) $ in Millions				3 Months Ended	12 Months Ended
Fair Value Measurements - Narrative (Details) $ in Millions	Dec. 11, 2019 USD ($)	Dec. 26, 2018 USD ($)	Jul. 01, 2014 USD ($)	Sep. 30, 2017 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Aug. 31, 2017 USD ($)
Business Acquisition [Line Items]
Goodwill and long-lived asset impairment charges					$ 0.0	$ 0.4	$ 8.4
UWW Holdings, Inc. XPEDX Merger
Business Acquisition [Line Items]
Fair value of contingent liability associated with the Tax Receivable Agreement			$ 59.4
Fair Value, Measurements, Nonrecurring
Business Acquisition [Line Items]
Goodwill and long-lived asset impairment charges				$ 7.7
Earn Out Payment \| All American Containers
Business Acquisition [Line Items]
Contingent liability								$ 22.2
Contingent consideration range of outcomes high value								50.0
Maximum contingent consideration paid on an annual basis								$ 25.0
Contingent consideration payment	$ 20.0	$ 2.5
Disputed Earn Out Payment \| All American Containers
Business Acquisition [Line Items]
Disputed contingent consideration amount					$ 3.0
Measurement Input, Discount Rate \| Level 3 \| Contingent Liability \| UWW Holdings, Inc. XPEDX Merger
Business Acquisition [Line Items]
Discount rate					0.039

Fair Value Measurements - Contingent Liability (Details) - Contingent Liability - UWW Holdings, Inc. XPEDX Merger - Level 3 - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 38.9	$ 50.0
Change in fair value adjustment recorded in other (income) expense, net	0.3	(1.2)
Principal payment	(7.8)	(9.9)
Ending balance	$ 31.4	$ 38.9

Fair Value Measurements - Contingent Consideration Rollforward (Details) - Earn Out Payment - All American Containers - Level 3 - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 9.4	$ 24.2
Change in fair value adjustment recorded in other (income) expense, net	13.1	(12.3)
Contingent liability payment	(20.0)	(2.5)
Ending balance	$ 2.5	$ 9.4

Supplementary Financial Statement Information - Other Current Assets (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Other Current Assets:
Rebates receivable	$ 51.1	$ 78.0
Prepaid expenses	32.9	32.0
Value Added Tax receivable	13.7	18.1
Vendor Deposits	5.7	10.9
Other	22.7	8.2
Other current assets	$ 126.1	$ 147.2

Supplementary Financial Statement Information - Other Non-Current Assets (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Other Non-Current Assets:
Operating lease right-of-use assets	$ 429.2	$ 0.0
Deferred financing costs	4.1	6.7
Investments in real estate joint ventures	7.1	6.7
Other	14.4	12.0
Other non-current assets	$ 454.8	$ 25.4

Supplementary Financial Statement Information - Accrued Payroll and Benefits (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Accrued Payroll and Benefits:
Accrued incentive plans	$ 24.7	$ 23.6
Accrued commissions	17.0	20.6
Accrued payroll and related taxes	8.8	9.2
Other	3.4	3.1
Accrued payroll and benefits	$ 53.9	$ 56.5

Supplementary Financial Statement Information - Other Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Other Accrued Liabilities:
Operating lease obligations - current	$ 90.5	$ 0.0
Accrued customer incentives	21.1	25.1
Accrued freight	9.0	16.4
Accrued taxes	9.0	9.9
Escheat Audit Accrual	0.4	10.0
Accrued professional fees	3.4	6.6
Other	47.6	49.4
Other accrued liabilities	183.8	134.7
All American Containers
Other Accrued Liabilities:
Contingent liability	2.5	9.4
Tax Receivable Agreement
Other Accrued Liabilities:
Contingent liability	$ 0.3	$ 7.9

Supplementary Financial Statement Information - Other Non-Current Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Other Non-Current Liabilities:
Operating lease obligations - non-current	$ 376.6	$ 0.0
MEPP withdrawals	37.4	32.5
Deferred compensation	21.1	21.6
Straight-line rent	0.0	19.5
Other	19.1	24.0
Other non-current liabilities	485.3	128.6
Tax Receivable Agreement
Other Non-Current Liabilities:
Contingent liability	$ 31.1	$ 31.0

Earnings (Loss) Per Share - Schedule of Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Numerator:
Net income (loss)	$ 3.4	$ 5.1	$ (11.3)	$ (26.7)	$ 9.3	$ 1.4	$ (10.6)	$ (15.8)	$ (29.5)	$ (15.7)	$ (13.3)
Denominator:
Weighted-average number of shares outstanding - basic and diluted (in shares)									16,060,000.00	15,820,000	15,700,000
Earnings (loss) per share:
Basic and diluted earnings (loss) per share (usd per share)									$ (1.84)	$ (0.99)	$ (0.85)
Antidilutive stock-based awards excluded from computation of diluted earnings per share (in shares)									1,170,000	1,320,000	800,000
Performance stock-based awards excluded from computation of diluted earnings per share because performance conditions have not been met (in shares)									330,000	260,000	300,000

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Earnings (Loss) Per Share - Schedule of Incentive Plan Shares Issued (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Shares issued during period (in shares)	0.3	0.3
Shares recovered for minimum tax withholding (in shares)	(0.1)	(0.1)
Net shares issued (in shares)	0.2	0.2

Shareholders' Equity - Narrative (Details)	Sep. 25, 2018 shares	Mar. 22, 2017 shares	Nov. 23, 2016 shares	Dec. 31, 2019 vote shares	Dec. 31, 2018 shares
Class of Stock [Line Items]
Common stock votes per share owned (in votes per share) \| vote				1
Preferred stock, shares authorized (in shares)				10,000,000.0	10,000,000.0
Preferred stock, shares issued (in shares)				0	0
Treasury stock (in shares)			310,000
Number of shares authorized to be repurchased (in shares)				0
UWW Holdings, LLC \| Public Stock Offering
Class of Stock [Line Items]
Shares sold in offering (in shares)			1,760,000
UWW Holdings, LLC \| Block Trade
Class of Stock [Line Items]
Shares sold in offering (in shares)	1,500,000	1,800,000

Shareholders' Equity - Schedule of Other Comprehensive Income Included (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2019	Jan. 01, 2018
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Impact of adoption of new ASU			$ 2.7	$ (0.8)
Unrealized net gains (losses) arising during the period	$ 9.5	$ (7.0)
Amounts reclassified from AOCL	(1.9)	0.6
Net current period other comprehensive income (loss)	7.6	(6.4)
Foreign currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(30.3)	(23.5)
Impact of adoption of new ASU				0.0
Unrealized net gains (losses) arising during the period	4.7	(6.8)
Amounts reclassified from AOCL	(1.0)	0.0
Net current period other comprehensive income (loss)	3.7	(6.8)
Ending balance	(26.6)	(30.3)
Retirement liabilities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(10.1)	(9.3)
Impact of adoption of new ASU				(0.7)
Unrealized net gains (losses) arising during the period	5.2	(0.2)
Amounts reclassified from AOCL	(1.3)	0.1
Net current period other comprehensive income (loss)	3.9	(0.1)
Ending balance	(6.2)	(10.1)
Interest rate cap
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(0.3)	(0.7)
Impact of adoption of new ASU				(0.1)
Unrealized net gains (losses) arising during the period	(0.4)	0.0
Amounts reclassified from AOCL	0.4	0.5
Net current period other comprehensive income (loss)	0.0	0.5
Ending balance	(0.3)	(0.3)
AOCL
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(40.7)	(33.5)
Impact of adoption of new ASU				$ (0.8)
Ending balance	$ (33.1)	$ (40.7)

Equity-Based Incentive Plans - Narrative (Details)	12 Months Ended
Equity-Based Incentive Plans - Narrative (Details)	Dec. 31, 2019 USD ($) tranche shares	Dec. 31, 2018 USD ($) shares	Dec. 31, 2017 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 14,600,000	$ 18,100,000	$ 15,700,000
Income tax benefit related to stock-based compensation	3,800,000	4,700,000	5,700,000
Employee service share-based compensation, unrecognized compensation expense	$ 21,400,000
Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares) \| shares	3,080,000.00
Number of shares available for grant (in shares) \| shares	1,000,000.00
Omnibus Incentive Plan \| Non-Employee Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1,000,000.0	$ 1,100,000	1,100,000
Omnibus Incentive Plan \| Deferred Share Units (DSUs) \| Non-Employee Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation arrangement, number of shares issued per award	1
Deferred compensation arrangement with individual, shares outstanding (in shares) \| shares	51,900	51,900
Deferred compensation arrangement with individual, fair value of shares outstanding	$ 1,400,000	$ 1,600,000
Income statement impact of deferred share units	$ (200,000)	(100,000)	(800,000)
Omnibus Incentive Plan \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period	3 years
Share-based compensation, fair value of awards vested in period	$ 3,800,000	3,200,000	0
Omnibus Incentive Plan \| Performance Condition Stock Units (PCSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period	3 years
Share-based compensation, fair value of awards vested in period	$ 6,700,000	5,800,000	0
Share-based compensation, percent of target award (no to exceed)	200.00%
Share-based compensation arrangement, number of tranches \| tranche	3
Omnibus Incentive Plan \| Market Condition Performance Stock Units (MCPSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 14,600,000	18,100,000	15,700,000
Share-based compensation, award vesting period	3 years
Share-based compensation, fair value of awards vested in period	$ 2,700,000	$ 1,400,000	$ 0
Share-based compensation, percent of target award (no to exceed)	200.00%
Share-based compensation arrangement, number of tranches \| tranche	3
Share-based compensation, expected volatility rate	5360.00%	45.50%	25.00%
Share-based compensation, risk free interest rate	2.50%	2.00%	1.10%
Employee service share-based compensation, unrecognized compensation expense, period of recognition	2 years
Omnibus Incentive Plan \| Market Condition Performance Stock Units (MCPSUs) \| Peer Group Period One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period	1 year
Omnibus Incentive Plan \| Market Condition Performance Stock Units (MCPSUs) \| Peer Group Period Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period	2 years
Omnibus Incentive Plan \| Market Condition Performance Stock Units (MCPSUs) \| Peer Group Period Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period	3 years

Equity-Based Incentive Plans - Activity of Non-Vested Restricted Stock Units (Details) - Omnibus Incentive Plan - Restricted Stock Units (RSUs) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested at beginning of period (in shares)	398	249	146
Granted (in shares)	160	228	111
Vested (in shares)	(102)	(65)	0
Forfeited (in shares)	(87)	(14)	(8)
Non-vested at end of period (in shares)	369	398	249
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Non-vested at beginning of period (usd per share)	$ 35.88	$ 45.43	$ 42.05
Granted (usd per share)	24.70	29.69	49.86
Vested (usd per share)	37.53	50.03	0
Forfeited (usd per share)	29.96	39.01	44.21
Non-vested at end of period (usd per share)	$ 32.00	$ 35.88	$ 45.43

Equity-Based Inventive Plans - Activity of Non-Vested PCSUs (Details) - Omnibus Incentive Plan - Performance Condition Stock Units (PCSUs) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested at beginning of period (in shares)	627	454	355
Granted (in shares)	392	323	166
Shares earned or lost based on actual performance (in shares)	(112)	7	(45)
Vested (in shares)	(174)	(122)	0
Forfeited (in shares)	(88)	(35)	(22)
Non-vested at end of period (in shares)	645	627	454
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Non-vested at beginning of period (usd per share)	$ 32.59	$ 40.87	$ 42.14
Granted (usd per share)	24.82	26.39	35.81
Shares earned or lost based on actual performance (usd per share)	24.82	26.39	35.81
Vested (usd per share)	38.36	47.37	0
Forfeited (usd per share)	25.30	34.57	40.78
Non-vested at end of period (usd per share)	$ 25.10	$ 32.59	$ 40.87

Equity-Based Incentive Plans - Activity of Non-Vested MCPSUs (Details) - Omnibus Incentive Plan - Market Condition Performance Stock Units (MCPSUs) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested at beginning of period (in shares)	308	193	208
Granted (in shares)	235	194	100
Shares earned or lost based on actual performance (in shares)	(153)	(35)	(103)
Vested (in shares)	(64)	(23)	0
Forfeited (in shares)	(52)	(21)	(12)
Non-vested at end of period (in shares)	274	308	193
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Non-vested at beginning of period (usd per share)	$ 46.74	$ 56.23	$ 48.23
Granted (usd per share)	31.41	37.76	71.63
Shares earned or lost based on actual performance (usd per share)	31.41	37.76	71.63
Vested (usd per share)	42.12	62.53	0
Forfeited (usd per share)	40.93	49.66	55.65
Non-vested at end of period (usd per share)	$ 40.81	$ 46.74	$ 56.23

Commitments and Contingencies - Narrative (Details) $ in Millions		1 Months Ended	3 Months Ended	84 Months Ended
	Jul. 01, 2014 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 USD ($) state	Dec. 31, 2018 USD ($)
Loss Contingencies [Line Items]
Additional states joining escheat audit \| state				7
State of Delaware
Loss Contingencies [Line Items]
Payment for unclaimed property liability		$ 12.7
Other States
Loss Contingencies [Line Items]
Payment for unclaimed property liability			$ 0.6
International Paper Shareholders
Loss Contingencies [Line Items]
Potential earnout payment	$ 100.0
Aggregate EBITDA target	$ 759.0
Escheat Audit
Loss Contingencies [Line Items]
Recognized estimated liability		$ 0.4	$ 0.4	$ 0.4	$ 10.0

Segment Information - Net Sales by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Net sales	$ 1,835.2	$ 1,924.5	$ 1,958.2	$ 1,941.5	$ 2,230.8	$ 2,192.5	$ 2,171.9	$ 2,101.0	$ 7,659.4	$ 8,696.2	$ 8,364.7
Adjusted EBITDA for reportable segments
Depreciation and amortization									53.5	53.5	54.2
Restructuring charges, net	$ 11.9	$ 7.6	$ 6.9	$ 2.4	$ (7.4)	$ 5.4	$ 11.4	$ 11.9	28.8	21.3	16.7
Operating Segments
Segment Reporting Information [Line Items]
Net sales									7,530.7	8,554.7	8,219.2
Adjusted EBITDA for reportable segments									341.1	364.3	360.7
Depreciation and amortization									34.8	35.6	33.8
Restructuring charges, net									23.1	20.9	16.4
Operating Segments \| Packaging
Segment Reporting Information [Line Items]
Net sales									3,446.3	3,547.1	3,157.8
Adjusted EBITDA for reportable segments									243.5	246.7	238.0
Depreciation and amortization									18.9	19.2	15.9
Restructuring charges, net									10.3	4.7	6.1
Operating Segments \| Facility Solutions
Segment Reporting Information [Line Items]
Net sales									1,181.8	1,311.7	1,309.7
Adjusted EBITDA for reportable segments									33.1	29.0	35.5
Depreciation and amortization									7.0	6.8	6.0
Restructuring charges, net									14.7	3.4	2.3
Operating Segments \| Print
Segment Reporting Information [Line Items]
Net sales									2,104.6	2,676.7	2,793.7
Adjusted EBITDA for reportable segments									43.1	64.0	60.8
Depreciation and amortization									8.4	8.8	10.4
Restructuring charges, net									7.2	12.1	8.0
Operating Segments \| Publishing
Segment Reporting Information [Line Items]
Net sales									798.0	1,019.2	958.0
Adjusted EBITDA for reportable segments									21.4	24.6	26.4
Depreciation and amortization									0.5	0.8	1.5
Restructuring charges, net									(9.1)	0.7	0.0
Corporate & Other
Segment Reporting Information [Line Items]
Net sales									128.7	141.5	145.5
Adjusted EBITDA for reportable segments									(185.2)	(178.9)	(184.3)
Depreciation and amortization									18.7	17.9	20.4
Restructuring charges, net									$ 5.7	$ 0.4	$ 0.3

Segment Information - Operating Profit by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Income (loss) before income taxes									$ (28.8)	$ (10.2)	$ (1.9)
Interest expense, net									38.1	42.3	31.2
Depreciation and amortization									53.5	53.5	54.2
Restructuring charges, net	$ 11.9	$ 7.6	$ 6.9	$ 2.4	$ (7.4)	$ 5.4	$ 11.4	$ 11.9	28.8	21.3	16.7
Stock-based compensation									14.6	18.1	15.7
LIFO reserve (decrease) increase									(3.7)	19.9	7.1
Non-restructuring asset impairment charges									0.0	0.4	8.4
Non-restructuring severance charges									8.4	4.9	3.5
Non-restructuring pension charges, net									6.6	11.3	2.2
Integration and acquisition expenses									17.5	31.8	36.5
Escheat audit contingent liability									3.7	2.5	7.5
Other									3.8	3.1	2.7
Adjusted EBITDA for reportable segments
Tax Receivable Agreement
Segment Reporting Information [Line Items]
Fair value adjustment on contingent liability									0.3	(1.2)	(9.4)
All American Containers
Segment Reporting Information [Line Items]
Integration and acquisition expenses									0.8	2.1	8.0
Corporate & Other
Segment Reporting Information [Line Items]
Depreciation and amortization									18.7	17.9	20.4
Restructuring charges, net									5.7	0.4	0.3
Adjusted EBITDA for reportable segments									(185.2)	(178.9)	(184.3)
Operating Segments
Segment Reporting Information [Line Items]
Depreciation and amortization									34.8	35.6	33.8
Restructuring charges, net									23.1	20.9	16.4
Adjusted EBITDA for reportable segments									341.1	364.3	360.7
Earn Out Payment \| All American Containers
Segment Reporting Information [Line Items]
Fair value adjustment on contingent liability									$ 13.1	$ (12.3)	$ 2.0

Segment Information - Assets by Reportable Segment (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Total assets	$ 2,511.1	$ 2,529.7
Operating Segments \| Packaging
Segment Reporting Information [Line Items]
Total assets	1,290.2	1,183.1
Operating Segments \| Facility Solutions
Segment Reporting Information [Line Items]
Total assets	324.4	345.5
Operating Segments \| Print
Segment Reporting Information [Line Items]
Total assets	610.3	684.5
Operating Segments \| Publishing
Segment Reporting Information [Line Items]
Total assets	123.9	196.3
Corporate & Other
Segment Reporting Information [Line Items]
Total assets	$ 162.3	$ 120.3

Segment Information - Sales and Property and Equipment by Geographic Area (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 1,835.2	$ 1,924.5	$ 1,958.2	$ 1,941.5	$ 2,230.8	$ 2,192.5	$ 2,171.9	$ 2,101.0	$ 7,659.4	$ 8,696.2	$ 8,364.7
Property and equipment, net	216.9				206.7				216.9	206.7
Operating lease right-of-use assets	429.2				0.0				429.2	0.0
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									6,779.6	7,800.9	7,510.9
Property and equipment, net	174.3				171.6				174.3	171.6
Operating lease right-of-use assets	383.4				0.0				383.4	0.0
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									699.4	712.7	682.0
Property and equipment, net	39.1				32.1				39.1	32.1
Operating lease right-of-use assets	34.9				0.0				34.9	0.0
Rest of world
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									180.4	182.6	$ 171.8
Property and equipment, net	3.5				3.0				3.5	3.0
Operating lease right-of-use assets	$ 10.9				$ 0.0				$ 10.9	$ 0.0

Segment Information - Narrative (Details)	12 Months Ended
Segment Information - Narrative (Details)	Dec. 31, 2019
Purchases \| Supplier Concentration Risk \| Ten Suppliers
Segment Reporting Information [Line Items]
Concentration risk	35.00%

Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Net sales	$ 1,835.2	$ 1,924.5	$ 1,958.2	$ 1,941.5	$ 2,230.8	$ 2,192.5	$ 2,171.9	$ 2,101.0	$ 7,659.4	$ 8,696.2	$ 8,364.7
Cost of products sold	1,479.7	1,550.8	1,584.3	1,591.4	1,831.9	1,805.8	1,788.5	1,729.5	6,206.2	7,155.7	6,846.6
Net income (loss)	$ 3.4	$ 5.1	$ (11.3)	$ (26.7)	$ 9.3	$ 1.4	$ (10.6)	$ (15.8)	$ (29.5)	$ (15.7)	$ (13.3)
Earnings (loss) per share: Basic and Diluted
Weighted average shares outstanding - basic (in shares)	16,100	16,100	16,090	15,940	15,850	15,850	15,840	15,760
Weighted average shares outstanding - diluted (in shares)	16,400	16,240	16,090	15,940	16,460	16,470	15,840	15,760
Basic earnings (loss) per share (usd per share)	$ 0.21	$ 0.32	$ (0.70)	$ (1.68)	$ 0.59	$ 0.09	$ (0.67)	$ (1.00)
Diluted earnings (loss) per share (usd per share)	$ 0.21	$ 0.31	$ (0.70)	$ (1.68)	$ 0.57	$ 0.09	$ (0.67)	$ (1.00)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Quarterly Data (Unaudited) - Merger and Integration Expenses and Restructuring Charges (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Integration and acquisition expenses	$ 4.2	$ 4.5	$ 4.5	$ 4.3	$ 7.2	$ 7.9	$ 8.4	$ 8.3
Restructuring charges, net	$ 11.9	$ 7.6	$ 6.9	$ 2.4	$ (7.4)	$ 5.4	$ 11.4	$ 11.9	$ 28.8	$ 21.3	$ 16.7