Layout does not fit in paper size when printing in ArcGIS Pro

Description

When printing a layout using the Print Layout tool, the print preview of the layout shows a mismatch in the map and the paper size as shown in the following sample image.

The mismatch in size occurs in every size selected, every tiling type, and both portrait and landscape orientation.

Cause

There are map surrounds elements that exist outside of the layout. This causes the print layout to consider the map as bigger than the designated frame.

Solution or Workaround

Ensure all map surrounds elements are within the frame of the layout. Refer to ArcGIS Pro: Work with layout elements for more information. The print layout fits as desired when all items are within the layout frame.