| Compensation and Retirement Disclosure [Abstract] | Period [Axis] |
|---|
2016-01-01 - 2016-12-31 |
|---|
Compensation and Retirement Disclosure [Abstract] | |
Deferred Compensation Liability | The liabilities associated with these plans are summarized in the table below. | | | | | | | | | | Deferred Compensation Liability | | | | | | | | | | (in millions) | | December 31, 2016 | | December 31, 2015 | Other accrued liabilities | | $ | 2.7 |
| | $ | 2.8 |
| Other non-current liabilities | | 21.6 |
| | 19.6 |
| Total liabilities | | $ | 24.3 |
| | $ | 22.4 |
|
|
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 and SERP plans: | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2016 |
| 2015 | (in millions) | U.S. |
| Canada |
| U.S. |
| Canada | Accumulated benefit obligation, end of year | $ | 89.7 |
| | $ | 71.9 |
| | $ | 89.0 |
| | $ | 68.2 |
|
| | | | | | | | Change in projected benefit obligation: | | | | | | | | Benefit obligation, beginning of year | $ | 89.0 |
| | $ | 76.0 |
| | $ | 93.7 |
| | $ | 89.4 |
| Service cost | 0.7 |
| | 0.3 |
| | 0.8 |
| | 0.2 |
| Interest cost | 3.4 |
| | 3.1 |
| | 3.2 |
| | 3.2 |
| Actuarial (gain) loss | — |
| | 2.2 |
| | (3.4 | ) | | 1.6 |
| Benefits paid | (3.4 | ) | | (4.8 | ) | | (5.2 | ) | | (4.0 | ) | Settlements | — |
| | — |
| | (0.1 | ) | | — |
| Foreign exchange adjustments | — |
| | 2.2 |
| | — |
| | (14.4 | ) | Projected benefit obligation, end of year | $ | 89.7 |
| | $ | 79.0 |
| | $ | 89.0 |
| | $ | 76.0 |
|
| | | | | | | | Change in plan assets: | | | | | | | | Plan assets, beginning of year | $ | 74.4 |
| | $ | 61.6 |
| | $ | 80.2 |
| | $ | 66.4 |
| Employer contributions | — |
| | 3.1 |
| | 0.1 |
| | 3.5 |
| Investment returns | 5.9 |
| | 3.1 |
| | 0.3 |
| | 6.3 |
| Benefits paid | (3.4 | ) | | (4.8 | ) | | (5.2 | ) | | (4.0 | ) | Administrative expenses paid | (1.0 | ) | | — |
| | (0.9 | ) | | — |
| Settlements | — |
| | — |
| | (0.1 | ) | | — |
| Foreign exchange adjustments | — |
| | 1.9 |
| | — |
| | (10.6 | ) | Plan assets, end of year | $ | 75.9 |
| | $ | 64.9 |
| | $ | 74.4 |
| | $ | 61.6 |
| Underfunded status, end of year | $ | (13.8 | ) | | $ | (14.1 | ) | | $ | (14.6 | ) | | $ | (14.4 | ) |
|
Schedule of Amounts Recognized in Balance Sheet | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2016 |
| 2015 | (in millions) | U.S. |
| Canada |
| U.S. |
| Canada | Amounts recognized in the Consolidated Balance Sheets consist of: | | | | | | | | Other current liabilities | $ | 0.1 |
| | $ | 0.2 |
| | $ | 0.1 |
| | $ | 0.2 |
| Defined benefit pension obligations | 13.7 |
| | 13.9 |
| | 14.5 |
| | 14.2 |
| Net liability recognized | $ | 13.8 |
| | $ | 14.1 |
| | $ | 14.6 |
| | $ | 14.4 |
|
| | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2016 |
| 2015 | (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 | $ | 5.7 |
| | $ | 3.4 |
| | $ | 6.2 |
| | $ | 1.2 |
|
|
Schedule of Net Periodic Benefit Cost Not yet Recognized | Total net periodic benefit cost associated with the defined benefit pension and SERP plans is summarized below: | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2016 |
| 2015 | | 2014 | (in millions) | U.S. | | Canada | | U.S. | | Canada | | U.S. | | Canada | Components of net periodic benefit cost (credit): | | | | | | | | | | | | Service cost | $ | 1.7 |
| | $ | 0.3 |
| | $ | 1.6 |
| | $ | 0.2 |
| | $ | 0.8 |
| | $ | 0.1 |
| Interest cost | 3.4 |
| | 3.1 |
| | 3.2 |
| | 3.2 |
| | 1.7 |
| | 1.9 |
| Expected return on plan assets | (5.0 | ) | | (3.5 | ) | | (5.2 | ) | | (3.3 | ) | | (3.1 | ) | | (1.9 | ) | Amortization of net loss | 0.1 |
| | 0.2 |
| | — |
| | — |
| | — |
| | — |
| Net periodic benefit cost (credit) | $ | 0.2 |
| | $ | 0.1 |
| | $ | (0.4 | ) | | $ | 0.1 |
| | $ | (0.6 | ) | | $ | 0.1 |
| | | | | | | | | | | | | | | | | | | | | | | | | Changes to funded status recognized in other comprehensive (income) loss: | | | | | | | | | | | | Net loss (gain) during year, net of tax | $ | (0.5 | ) | | $ | 2.2 |
| | $ | 1.0 |
| | $ | (1.0 | ) | | $ | 5.2 |
| | $ | 2.2 |
|
|
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, 2016 | | | | | | | | (in millions) | Total | | Level 1 | | Level 2 | | Level 3 | Investments – U.S.: | | | | | | | | Equity securities | $ | 50.0 |
| | $ | 50.0 |
| | $ | — |
| | $ | — |
| Fixed income securities | 25.7 |
| | 25.7 |
| | — |
| | — |
| Cash and short-term securities | 0.2 |
| | 0.2 |
| | — |
| | — |
| Total | $ | 75.9 |
| | $ | 75.9 |
| | $ | — |
| | $ | — |
|
| | | | | | | | | | | | | | | | | As of December 31, 2016 | | | | | | | | (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 | 43.8 |
| | | | | | | Fixed income securities | 20.8 |
| | | | | | | Total | $ | 64.9 |
| | $ | 0.3 |
| | $ | — |
| | $ | — |
|
| | | | | | | | | | | | | | | | | As of December 31, 2015 | | | | | | | | (in millions) | Total | | Level 1 | | Level 2 | | Level 3 | Investments – U.S.: | | | | | | | | Equity securities | $ | 48.4 |
| | $ | 48.4 |
| | $ | — |
| | $ | — |
| Fixed income securities | 25.8 |
| | 25.8 |
| | — |
| | — |
| Cash and short-term securities | 0.2 |
| | 0.2 |
| | — |
| | — |
| Total | $ | 74.4 |
| | $ | 74.4 |
| | $ | — |
| | $ | — |
|
| | | | | | | | | | | | | | | | | As of December 31, 2015 | | | | | | | | (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 | 41.1 |
| | | | | | | Fixed income securities | 19.9 |
| | | | | | | Total | $ | 61.6 |
| | $ | 0.6 |
| | $ | — |
| | $ | — |
|
The weighted-average asset allocations of invested assets within Veritiv’s defined benefit pension plans were as follows: | | | | | | | | | | | | | As of December 31, 2016 | | | | | Asset Allocation Range | (in millions) | U.S. | | Canada | | U.S. | | Canada | Equity securities | $ | 50.0 |
| | $ | 43.8 |
| | 55 - 75% | | 50 - 70% | Fixed income securities | 25.7 |
| | 20.8 |
| | 20 - 40% | | 30 - 50% | Cash and short-term securities | 0.2 |
| | 0.3 |
| | 0 - 10% | | 0 - 5% | Total | $ | 75.9 |
| | $ | 64.9 |
| | | | |
| | | | | | | | | | | | | As of December 31, 2015 | | | | | Asset Allocation Range | (in millions) | U.S. | | Canada | | U.S. | | Canada | Equity securities | $ | 48.4 |
| | $ | 41.1 |
| | 55 - 75% | | 50 - 70% | Fixed income securities | 25.8 |
| | 19.9 |
| | 20 - 40% | | 30 - 50% | Cash and short-term securities | 0.2 |
| | 0.6 |
| | 0 - 10% | | 0 - 5% | Total | $ | 74.4 |
| | $ | 61.6 |
| | | | |
|
Schedule of Assumptions Used | The following table presents significant weighted-average assumptions used in computing the benefit obligations: | | | | | | | | | | | | | | Year Ended December 31, | | 2016 |
| 2015 | | U.S. | | Canada | | U.S. | | Canada | Discount rate | 3.76 | % | | 3.85 | % | | 4.05 | % | | 4.00 | % | Rate of compensation increases | 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, | | 2016 | | 2015 | | U.S. | | Canada | | U.S. | | Canada | Discount rate | 4.05 | % | | 4.00 | % | | 3.75 | % | | 4.00 | % | Rate of compensation increases | N/A |
| | 3.00 | % | | N/A |
| | 3.00 | % | Expected long-term rate of return on assets | 7.15 | % | | 5.50 | % | | 7.15 | % | | 5.50 | % |
|
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 | 2017 | $ | 6.5 |
| | $ | 2.5 |
| 2018 | 5.1 |
| | 2.6 |
| 2019 | 5.0 |
| | 2.7 |
| 2020 | 5.2 |
| | 2.8 |
| 2021 | 5.2 |
| | 2.9 |
| 2022-2026 | 28.9 |
| | 17.3 |
|
|
Schedule of Multiemployer Plans | Veritiv’s participation in the multi-employer plans for the year ended December 31, 2016 is outlined in the table below. The "EIN/Pension Plan Number" column provides the Employee 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 in 2016. 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).
| | | | | | | | | | | | | | | | | | | | | | | 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) | | | | 2016 | | 2015 | | 2014 | | | Western Conference of Teamsters Pension Trust Fund (1) | 916145047/001 | | Green | | No | | $ | 1.7 |
| | $ | 1.7 |
| | $ | 1.5 |
| | No | | 9/30/2016 - 3/31/2020 | Central States, Southeast & Southwest Areas Pension Fund (2) | 366044243/001 | | Red | | Implemented | | 0.3 |
| | 0.4 |
| | 0.3 |
| | Yes | | 11/30/2016 & 7/31/2018 | Teamsters Pension Plan of Philadelphia & Vicinity | 231511735/001 | | Yellow | | Implemented | | 0.4 |
| | 0.4 |
| | 0.3 |
| | Yes | | 3/31/2018 & 7/31/2018 | Graphic Arts Industry Joint Pension Trust | 521074215/001 | | Red | | Implemented | | — |
| | 0.1 |
| | 0.1 |
| | Yes | | 6/16/2020 | New England Teamsters & Trucking Industry Pension | 046372430/001 | | Red | | Implemented | | 0.5 |
| | 0.4 |
| | 0.5 |
| | Yes | | 9/30/2017 & 11/30/2017 | Western Pennsylvania Teamsters and Employers Pension Plan | 256029946/001 | | Red | | Implemented | | 0.3 |
| | 0.3 |
| | 0.2 |
| | Yes | | 3/31/2017 & 3/31/2019 | Contributions for individually significant plans | | | | | | | 3.2 |
| | 3.3 |
| | 2.9 |
| | | | | Contributions to other multi-employer plans | | | | | | | 0.5 |
| | 0.6 |
| | 0.3 |
| | | | | Total contributions | | | | | | | $ | 3.7 |
| | $ | 3.9 |
| | $ | 3.2 |
| | | | |
(1) As of December 31, 2016, there were 16 collective bargaining units participating in the Western Conference of Teamsters Pension Trust. As of December 31, 2016, four were then in negotiations. (2) As of December 31, 2016, there were four collective bargaining units participating in the Central States, Southeast & Southwest Areas Pension Fund. As of December 31, 2016, none were then in negotiations.
|