Billerud Americas (VRS) 10-Q 15 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 30, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	VRS
Current Fiscal Year End Date	--12-31
Entity Registrant Name	VERSO CORPORATION
Entity Central Index Key	1,421,182
Entity Filer Category	Smaller Reporting Company
Common Class A
Document Information [Line Items]
Entity Common Stock, Class A, Shares Outstanding		33,849,104
Common Class B
Document Information [Line Items]
Entity Common Stock, Class A, Shares Outstanding		541,539

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Successor
Current assets:
Cash and cash equivalents	$ 7	$ 6
Accounts receivable, net	199	194
Inventories, net	462	445
Prepaid expenses and other assets	18	20
Total current assets	686	665
Property, plant, and equipment, net	1,107	1,132
Intangibles and other assets, net	56	58
Total assets	1,849	1,855
Current liabilities:
Accounts payable	118	105
Accrued liabilities	120	148
Current maturities of long-term debt	18	28
Total current liabilities	256	281
Long-term debt	311	265
Defined Benefit Pension Plan, Liabilities, Noncurrent	487	491
Other liabilities	46	48
Total liabilities	1,100	1,085
Commitments and contingencies (Note 12)
Equity:
Preferred stock	0	0
Common stock	0	0
Treasury stock -- at cost (no shares on December 31, 2016 or March 31, 2017)	0	0
Paid-in-capital	675	675
Retained deficit	(53)	(32)
Accumulated other comprehensive income	127	127
Total equity	749	770
Total liabilities and equity	$ 1,849	$ 1,855

UNAUDITED CONDENSED CONSOLIDAT3

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Successor
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Treasury stock, shares	0	0
Warrants and Rights Outstanding	$ 10	$ 10
Successor | Common Class A
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	210,000,000	210,000,000
Common stock, shares issued	33,429,799	33,366,784
Common stock, shares outstanding	33,429,799	33,366,784
Successor | Common Class B
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	960,844	1,023,859
Common stock, shares outstanding	960,844	1,023,859

UNAUDITED CONDENSED CONSOLIDAT4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Predecessor
Net sales		$ 690
Costs and expenses:
Cost of products sold (exclusive of depreciation, amortization and depletion)		618
Depreciation, amortization and depletion		48
Selling, general and administrative expenses		47
Restructuring charges		144
Other operating (income) expense		(57)
Operating loss		(110)
Interest expense		26
Loss before reorganization items, net		(136)
Reorganization items, net		(48)
Loss before income taxes		(88)
Income tax benefit		0
Net loss		$ (88)
Loss per common share:
Basic (usd per share)		$ (1.07)
Diluted (usd per share)		$ (1.07)
Weighted average common shares outstanding
Basic (shares)		81,869
Diluted (shares)		81,869
Successor
Net sales	$ 616
Costs and expenses:
Cost of products sold (exclusive of depreciation, amortization and depletion)	560
Depreciation, amortization and depletion	33
Selling, general and administrative expenses	33
Restructuring charges	2
Other operating (income) expense	0
Operating loss	(12)
Interest expense	9
Loss before reorganization items, net	(21)
Reorganization items, net	0
Loss before income taxes	(21)
Income tax benefit	0
Net loss	$ (21)
Loss per common share:
Basic (usd per share)	$ (0.61)
Diluted (usd per share)	$ (0.61)
Weighted average common shares outstanding
Basic (shares)	34,391
Diluted (shares)	34,391

UNAUDITED CONDENSED CONSOLIDAT5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Predecessor
Net loss		$ (88)
Other comprehensive income		0
Comprehensive (loss) income		$ (88)
Successor
Net loss	$ (21)
Other comprehensive income	0
Comprehensive (loss) income	$ (21)

UNAUDITED CONDENSED CONSOLIDAT6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Treasury Stock	Paid-in-Capital	Retained Deficit	Accumulated Other Comprehensive Income (Loss)	Class A (Successor)	Class A (Successor)Common Stock	Common StockCommon Stock	Class B (Successor)	Class B (Successor)Common Stock
Common Stock, Shares, Beginning of the Period (Predecessor) at Dec. 31, 2015								82,115,000
Stockholders' Equity Beginning of Period (Predecessor) at Dec. 31, 2015	$ (1,183,000)	$ (1,000)	$ 321,000	$ (1,402,000)	$ (102,000)			$ 1,000
Treasury stock, Shares Beginning of Period (Predecessor) at Dec. 31, 2015		(241,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss | Predecessor	(88,000)			(88,000)
Treasury shares acquired (in shares) | Predecessor		(22,000)
Treasury shares acquired | Predecessor	0	$ 0
Common Stock, Shares, End of the Period (Predecessor) at Mar. 31, 2016								82,115,000
Stockholders' Equity End of Period (Predecessor) at Mar. 31, 2016	(1,271,000)	$ (1,000)	321,000	(1,490,000)	(102,000)			$ 1,000
Treasury stock, Shares End of Period (Predecessor) at Mar. 31, 2016		(263,000)
Common Stock, Shares, Beginning of the Period (Successor) at Dec. 31, 2016						33,366,784	33,367,000		1,023,859	1,024,000
Stockholders' Equity Beginning of Period (Successor) at Dec. 31, 2016	$ 770,000	$ 0	675,000	(32,000)	127,000		$ 0
Treasury stock, Shares Beginning of Period (Successor) at Dec. 31, 2016	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss | Successor	$ (21,000)			(21,000)
Class B stock converted to Class A stock | Successor							63,000			(63,000)
Common Stock, Shares, End of the Period (Successor) at Mar. 31, 2017						33,429,799	33,430,000		960,844	961,000
Stockholders' Equity End of Period (Successor) at Mar. 31, 2017	$ 749,000	$ 0	$ 675,000	$ (53,000)	$ 127,000		$ 0			$ 0
Treasury stock, Shares End of Period (Successor) at Mar. 31, 2017	0	0

UNAUDITED CONDENSED CONSOLIDAT7

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash Flows From Investing Activities:
Capital expenditures		$ (11)
Predecessor
Cash Flows From Operating Activities:
Net loss		(88)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation, amortization, and depletion		48
Noncash restructuring charges		137
Gain (Loss) on Extinguishment of Debt		71
Periodic pension expense		3
Pension plan contributions		(5)
Amortization of debt issuance cost and discount		1
Gain on disposal of assets		(57)
Debtor in possession financing costs		21
Other, net		1
Changes in assets and liabilities:
Accounts receivable, net		9
Inventories, net		(10)
Prepaid expenses and other assets		11
Accounts payable		74
Accrued liabilities		(10)
Net cash provided by (used in) operating activities		64
Cash Flows From Investing Activities:
Proceeds from sale of assets		63
Transfers (to) from restricted cash, net		(3)
Capital expenditures		(11)
Net cash provided by (used in) investing activities		49
Cash Flows From Financing Activities:
Borrowings on revolving credit facilities		147
Payments on revolving credit facilities		(446)
Borrowings on debtor-in-possession revolving credit facilities		204
Payments on debtor-in-possession revolving credit facilities		(136)
Proceeds from debtor-in-possession term loan		175
Borrowings on Exit ABL Facility		0
Payments on Exit ABL Facility		0
Repayment of long-term debt		0
Original issue discount on Exit Term Loan Facility		(21)
Net cash (used in) provided by financing activities		(77)
Change in cash and cash equivalents		36
Cash and cash equivalents at beginning of period		4
Cash and cash equivalents at end of period		40
Noncash investing and financing activities:
Reduction in debt for debt modification		(1)
Increase in debt from paid in kind (PIK) interest		$ 2
Successor
Cash Flows From Operating Activities:
Net loss	$ (21)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation, amortization, and depletion	33
Noncash restructuring charges	0
Gain (Loss) on Extinguishment of Debt	0
Periodic pension expense	2
Pension plan contributions	(6)
Amortization of debt issuance cost and discount	2
Gain on disposal of assets	0
Debtor in possession financing costs	0
Other, net	0
Changes in assets and liabilities:
Accounts receivable, net	(5)
Inventories, net	(17)
Prepaid expenses and other assets	2
Accounts payable	16
Accrued liabilities	(29)
Net cash provided by (used in) operating activities	(23)
Cash Flows From Investing Activities:
Proceeds from sale of assets	0
Transfers (to) from restricted cash, net	0
Capital expenditures	(10)
Net cash provided by (used in) investing activities	(10)
Cash Flows From Financing Activities:
Borrowings on revolving credit facilities	0
Payments on revolving credit facilities	0
Borrowings on debtor-in-possession revolving credit facilities	0
Payments on debtor-in-possession revolving credit facilities	0
Proceeds from debtor-in-possession term loan	0
Borrowings on Exit ABL Facility	71
Payments on Exit ABL Facility	(25)
Repayment of long-term debt	(12)
Original issue discount on Exit Term Loan Facility	0
Net cash (used in) provided by financing activities	34
Change in cash and cash equivalents	1
Cash and cash equivalents at beginning of period	6
Cash and cash equivalents at end of period	7
Noncash investing and financing activities:
Reduction in debt for debt modification	0
Increase in debt from paid in kind (PIK) interest	$ 0

SUMMARY OF BUSINESS AND SIGNIFI

SUMMARY OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SUMMARY OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES Nature of Business — We operate in the following two industry segments: paper and pulp. However subsequent to the Effective Date, we determined that the operating loss of the pulp segment is immaterial for disclosure purposes (see Note 13 ). Our core business platform is as a producer of coated freesheet, specialty and coated groundwood papers. Our products are used primarily in media and marketing applications, including catalogs, magazines, commercial printing applications, such as high-end advertising brochures, annual reports, and direct-mail advertising, and specialty applications, such as flexible packaging and label and converting. Our market kraft pulp is used to manufacture printing, writing, and specialty paper grades and tissue products. Basis of Presentation — On the Petition Date, Verso announced that the Debtors filed voluntary petitions for relief under the Bankruptcy Code. On June 23, 2016, the Bankruptcy Court entered an order, confirming the Plan. On the Effective Date, the Plan became effective pursuant to its terms and the Debtors emerged from their Chapter 11 Cases (see Note 2). In accordance with the provisions of ASC 852, Reorganizations, and in conformity with ASC 805 , Business Combinations, the Company adopted fresh-start accounting upon emergence from the Chapter 11 Cases and became a new entity for financial reporting purposes as of July 15, 2016. For accounting purposes all emergence related transactions of the Predecessor including the impact of the issuance of the Successor common stock and warrants and entering into the Exit Credit Facilities (as defined below) were recorded as of July 14, 2016. Accordingly, the Unaudited Condensed Consolidated Financial Statements for the Successor are not comparable to the consolidated financial statements for the Predecessor. Also in connection with the adoption of fresh-start accounting, we elected to make certain material accounting policy changes as described below. Going Concern — The Unaudited Condensed Consolidated Financial Statements have been prepared on a going-concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Planned Major Maintenance Costs — Prior to the Effective Date, costs for planned major maintenance shutdowns were deferred and then expensed ratably over the period until the next major planned shutdown. Upon the Effective Date, costs for all repair and maintenance activities are expensed in the month that the related activity is performed under the direct expense method of accounting. Successor Cost of products sold/ Selling, general and administrative expenses — Certain centralized costs attributable to manufacturing overhead, including enterprise-wide human resources management, procurement, and information systems support, recorded in Selling, general, and administrative expenses of the Predecessor are recorded to Cost of products sold of the Successor. The amount recorded to Cost of products sold, related to these costs, in the Unaudited Condensed Consolidated Statement of Operations for the three months ended March 31, 2017 (Successor) is approximately $7 million . This report contains the Unaudited Condensed Consolidated Financial Statements of Verso as of March 31, 2017 (Successor) and for the three months ended March 31, 2017 (Successor) and March 31, 2016 (Predecessor). The December 31, 2016 (Successor), Unaudited Condensed Consolidated Balance Sheet data was derived from audited financial statements, but it does not include all disclosures required annually by accounting principles generally accepted in the United States of America, or “GAAP.” In the opinion of Management, the Unaudited Condensed Consolidated Financial Statements include all adjustments that are necessary for the fair presentation of Verso’s respective financial conditions, results of operations, and cash flows for the interim periods presented. Except as disclosed in the notes to the Unaudited Condensed Consolidated Financial Statements, such adjustments are of a normal, recurring nature. Variable interest entities, or “VIEs,” for which Verso is the primary beneficiary are consolidated (see Note 11). Intercompany balances and transactions are eliminated in consolidation. The results of operations and cash flows for the interim periods presented may not necessarily be indicative of full-year results. It is suggested that these financial statements be read in conjunction with the audited consolidated financial statements and notes thereto of Verso contained in its Annual Report on Form 10-K for the year ended December 31, 2016 .

BANKRUPTCY RELATED DISCLOSURES

BANKRUPTCY RELATED DISCLOSURES	3 Months Ended
	Mar. 31, 2017
Reorganizations [Abstract]
BANKRUPTCY RELATED DISCLOSURES	BANKRUPTCY RELATED DISCLOSURES Chapter 11 Filing On the Petition Date, the Debtors filed the Chapter 11 filings in the Bankruptcy Court. The Chapter 11 filings constituted an event of default and automatic acceleration under the agreements governing all of the Predecessor’s debt (excluding the $23 million loan from Verso Finance Holdings to Chase NMTC Verso Investment Fund). The Chapter 11 Cases were consolidated for procedural purposes only and administered jointly under the caption “In re: Verso Corporation, et al., Case No. 16-10163.” During the pendency of the Chapter 11 Cases, Verso continued to manage its properties and operated our businesses as a “debtor-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. In connection with the Chapter 11 Cases, on January 26, 2016, the Company entered into a Restructuring Support Agreement, or “RSA,” with creditors who collectively held at least a majority in principal amount of substantially all tranches of the Company’s outstanding debt, or the “Consenting Creditors.” The RSA contemplated the implementation of a restructuring through a conversion of approximately $2.4 billion of our outstanding debt into equity. The RSA incorporated the economic terms agreed to by the parties reflected in a term sheet within the RSA. The restructuring transactions were effectuated through the reorganization Plan as described below. Verso Finance, Verso Holdings and certain of its subsidiaries entered into the Verso DIP Facility (as defined below) for an aggregate principal amount of up to $100 million , and NewPage Corp and certain of its subsidiaries entered into the NewPage DIP ABL Facility (as defined below) for an aggregate principal amount of up to $325 million and the NewPage DIP Term Loan Facility (as defined below) for an aggregate principal amount of $350 million (See Note 7). The NewPage DIP Term Loan Facility consisted of $175 million of new money term loans and $175 million of loans that aggregated and replaced existing loans, or “NewPage DIP Roll Up Loans,” to refinance loans outstanding under the existing term loan facility of NewPage Corp that were outstanding on the Petition Date. We operated in the normal course of business during the reorganization process. Unless otherwise authorized by the Bankruptcy Court, the Bankruptcy Code prohibited us from making payments to creditors for goods furnished and services provided prior to the Petition Date. Vendors were, however, paid for goods furnished and services provided after the Petition Date in the ordinary course of business. Plan of Reorganization and Emergence from Chapter 11 On March 26, 2016, the Debtors filed the Plan with the Bankruptcy Court together with a disclosure statement in respect of the Plan. The Plan set forth, among other things, the treatment of claims against and equity interests in the Debtors. On June 23, 2016, the Bankruptcy Court entered the Confirmation Order, confirming the Plan. On the Effective Date, the Plan became effective pursuant to its terms and the Debtors emerged from their Chapter 11 Cases. Key components of the Plan included: • Entry into an asset-based loan facility and a term loan facility upon emergence from Chapter 11 on July 15, 2016. These facilities provided exit financing in an amount sufficient to repay in full all amounts outstanding under the Verso debtor-in-possession credit agreements of Verso Holdings and its subsidiaries, pay fees and expenses related to the facilities and the emergence of Verso and its subsidiaries from bankruptcy. See “Exit Credit Facilities” below. ◦ The satisfaction in full in cash of claims under the Verso DIP Facility, claims under the NewPage DIP ABL Facility, claims relating to the $175 million of new money term loans under the NewPage DIP Term Loan Facility, and claims entitled to administrative expense or priority status under the Bankruptcy Code. • Issuance of 34,390,643 shares of stock or 100% of Verso’s equity (subject to dilution by warrants issued to certain creditors described below, or “Plan Warrants,” and equity issuable to our employees under a management incentive plan) to our existing creditors in exchange for the cancellation of all of the Debtors’ pre-petition indebtedness (principal and interest) existing as of the date of bankruptcy totaling $2.6 billion . ◦ Holders of first-lien secured debt issued by Verso Holdings, including lenders under Verso Holdings’ revolving credit facilities and the holders of Verso Holdings’ 11.75% senior secured notes due 2019 (issued in 2012 and 2015), received 17,195,319 shares of Class A common stock, $0.01 par value, or “Class A Common Stock,” or 50% of Verso’s equity and Plan Warrants to purchase 1,810,035 shares of Class A Common Stock at an initial exercise price of $27.86 . ◦ Lenders under the NewPage Corp senior secured term loan and the $175 million of “rolled up” term loans under the NewPage DIP Term Loan Facility, collectively, received 15,139,745 shares of Class A Common Stock and 1,023,859 shares of Class B common stock, $0.01 par value, or “Class B Common Stock,” or 47% of Verso’s equity. ◦ Holders of Verso Holdings’ senior debt received 980,133 shares of Class A Common Stock or 2.85% of Verso’s equity. ◦ Holders of Verso Holdings’ subordinated (unsecured) debt received 51,587 shares of Class A Common Stock or 0.15% of Verso’s equity. • The satisfaction in full of general unsecured claims in an aggregate settlement totaling a fixed $3 million in cash (except with respect to general unsecured claims against Debtors that have only de minimis assets, which have received no distributions under the Plan). • All shares of Verso’s common stock issued and outstanding immediately prior to the Effective Date were cancelled and discharged. • The shared services agreement between Verso, NewPage and NewPage Corp was terminated. • The prior employee incentive plans and other employment agreements were terminated and any awards issued under them were no longer honored, and a new performance incentive plan was adopted by Verso. See “Performance Incentive Plan” below. • Termination of the Management and Transaction Fee Agreement dated as of August 1, 2006 among Verso Paper LLC, Verso Paper Investments LP, Apollo Management V, L.P., and Apollo Management VI, L.P., and all rights and remedies thereunder were terminated, extinguished, waived and released. • Employee retirement contracts and collective bargaining agreements were honored by the Company upon emergence. Plan Warrants On the Effective Date, and in accordance with the Plan, warrants to purchase up to an aggregate of 1,810,035 shares of Class A Common Stock were issued to holders of first-lien secured debt holders. Each Plan Warrant has a seven year term (commencing on the Effective Date) and has an initial exercise price of $27.86 per share of Class A Common Stock. The warrant agreement governing the Plan Warrants, or the “Warrant Agreement,” contains customary anti-dilution adjustments in the event of any stock split, reverse stock split, reclassification, stock dividend or other distributions. In addition, the Warrant Agreement provides for anti-dilution adjustments in the event of below market stock issuances at less than 95% of the average closing price of the Class A Common Stock for the 10 consecutive trading days immediately prior to the applicable determination date, and for pro rata repurchases of Class A Common Stock. The fair value of the Plan Warrants was estimated on the Effective Date using the Black-Scholes option pricing model. The weighted average assumptions used included a risk free interest rate of 1% , an expected stock price volatility factor of 37% and a dividend rate of 0% . The aggregate fair value of the Plan Warrants was $10 million on the Effective Date. Performance Incentive Plan On the Effective Date, pursuant to the operation of the Plan, the Verso Corporation Performance Incentive Plan became effective. The maximum number of shares of Class A Common Stock that may be issued or transferred pursuant to awards under this plan is 3,620,067 . The Compensation Committee of the Board of Directors is the administrator of the Verso Corporation Performance Incentive Plan. There were no stock awards issued on the Effective Date pursuant to the Plan. Reporting During Bankruptcy During the pendency of the Debtors’ Chapter 11 Cases, expenses, gains and losses directly associated with reorganization proceedings were reported as Reorganization items, net in the Unaudited Condensed Consolidated Statement of Operations and liabilities subject to compromise in the Chapter 11 Cases were segregated from liabilities of non-filing entities, fully secured liabilities not expected to be compromised and from post-petition liabilities. In addition, effective as of the Petition Date and during the pendency of the Debtors’ Chapter 11 Cases, the Company ceased recording contractual interest expense on the outstanding pre-petition debt classified as liabilities subject to compromise. Upon the Debtors’ emergence from our Chapter 11 Cases, the Company settled and extinguished or reinstated liabilities that were subject to compromise. Fresh-Start Accounting Under ASC 852, Reorganizations , fresh-start accounting is required upon emergence from Chapter 11 if (i) the value of the assets of the emerging entity immediately before the date of confirmation is less than the total of all post-petition liabilities and allowed claims; and (ii) holders of existing voting shares immediately before confirmation receive less than 50% of the voting shares of the emerging entity. The Company qualified for and adopted fresh-start accounting as of the Effective Date. Adopting fresh-start accounting results in a new reporting entity with no beginning retained earnings or deficits. The cancellation of all existing shares outstanding on the Effective Date and issuance of new shares of the reorganized entity caused a change of control of the Company under ASC 852. Adoption of fresh-start accounting resulted in Verso becoming a new entity for financial reporting purposes and the recording of the Company’s assets and liabilities at their fair value as of the Effective Date in conformity with ASC 805, Business Combinations . The fair values of the Company’s assets and liabilities as of that date differed materially from the recorded values of its assets and liabilities as reflected in its historical consolidated financial statements. In addition, the Company’s adoption of fresh-start accounting materially affected its results of operations following the fresh-start reporting date, as the Company had a new basis in its assets and liabilities. The Company also adopted various new accounting policies in connection with its adoption of fresh-start accounting. Consequently, the Company’s financial statements on or after the Effective Date are not comparable with the financial statements prior to that date and the historical financial statements before the Effective Date are not reliable indicators of its financial condition and results of operations for any period after it adopted fresh-start accounting. Contractual Interest Effective January 26, 2016, we discontinued recording interest expense on outstanding pre-petition debt classified as liabilities subject to compromise, or “LSTC”. The table below shows contractual interest amounts for debt classified as LSTC calculated in accordance with the respective agreements without giving effect to any penalties as a result of the default on such agreements, which are amounts due under the contractual terms of the outstanding debt. Interest expense reported in the Unaudited Condensed Consolidated Statement of Operations for the three months ended March 31, 2016 (Predecessor) does not include $48 million , per the table below, in contractual interest on pre-petition debt classified as LSTC, which was stayed by the Bankruptcy Court effective on the Petition Date. Predecessor Three Months Ended (Dollars in millions) March 31, 2016 Verso Holdings $ 38 NewPage Corp 10 Total contractual interest $ 48 Reorganization items, net Expenses and income directly associated with the Chapter 11 Cases are reported separately in the Unaudited Condensed Consolidated Statement of Operations as Reorganization items, net as required by ASC 852. Reorganization items, net include adjustments to reflect the carrying value of LSTC at their estimated allowed claim amounts, as such adjustments are determined. The following table presents reorganization items incurred in the three months ended March 31, 2016 (Predecessor), as reported in the Unaudited Condensed Consolidated Statement of Operations: Predecessor Three Months Ended (Dollars in millions) March 31, 2016 Professional fees $ 17 DIP financing cost 21 Write-off of unamortized deferred financing costs, discounts/premiums, and deferred gains (1) (81 ) Other (5 ) Total reorganization items, net $ (48 ) (1) Primarily represents $116 million of non-cash reorganization gain off-set by non-cash reorganization expense of $35 million . The gains are recognized as the difference between the Petition Date carrying value of certain Verso notes previously recorded as a troubled debt restructuring and their par value (estimated allowed claim) for such debt and the expenses represent the write-off of debt issuance costs and other carrying value adjustments. Common Stock Privileges The 33,366,784 shares of Class A Common Stock and 1,023,859 shares of Class B Common Stock issued in connection with the cancellation of all of the Company’s pre-petition indebtedness are identical and entitle the holders thereof the same rights and privileges, except that the Class B Common Stock is not qualified for listing and trading on the NYSE. One share of Class B Common Stock is convertible into one fully paid and non-assessable share of Class A Common Stock at the option of the holder thereof at any time upon written notice to the Company.

RECENT ACCOUNTING DEVELOPMENTS

RECENT ACCOUNTING DEVELOPMENTS	3 Months Ended
	Mar. 31, 2017
Accounting Changes and Error Corrections [Abstract]
RECENT ACCOUNTING DEVELOPMENTS	RECENT ACCOUNTING DEVELOPMENTS Accounting Guidance Adopted in 2017 ASC Topic 330, Inventory . In July 2015, the FASB issued Accounting Standard Update, or “ASU,” 2015-11, Simplifying the Measurement of Inventory. This ASU provides that entities should measure inventory at the lower of cost or net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business less reasonably predictable costs of completion, disposal and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. This ASU was effective for annual reporting periods beginning after December 15, 2016, and interim periods within those years. The Company adopted this guidance on January 1, 2017 on a prospective basis and it did not have an impact on our Unaudited Condensed Consolidated Financial Statements. ASC Topic 718, Stock Compensation. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . The guidance requires all income tax effects of awards (previously presented as a component of total stockholders’ equity) to be recognized in the income statement on a prospective basis. The guidance also requires presentation of excess tax benefits as an operating activity on the statement of cash flows rather than as a financing activity. The guidance also allows for an accounting policy election to estimate the number of awards that are expected to vest or account for forfeitures when they occur. This ASU was effective for annual reporting periods beginning after December 15, 2016, and interim periods within those years. The Company adopted this guidance on January 1, 2017 on a prospective basis, except for the election of an accounting policy to account for forfeitures as they occur, which was adopted on a modified-retrospective basis. The adoption did not have an impact on our Unaudited Condensed Consolidated Financial Statements. Accounting Guidance Not Yet Adopted ASC Topic 230, Statement of Cash Flows. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force) . This ASU adds or clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows, including debt prepayment or extinguishment costs, the settlement of contingent liabilities arising from a business combination, proceeds from insurance settlements, and distributions from certain equity method investees. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the Emerging Issues Task Force) . This ASU adds or clarifies guidance on the classification and presentation of restricted cash in the statement of cash flows. The guidance is effective for interim and annual periods beginning after December 15, 2017, and early adoption is permitted. The guidance requires application on a retrospective basis. We are currently evaluating the impact of this guidance. ASC Topic 842, Leases . In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . ASU 2016-02 supersedes existing lease guidance, including ASC Topic 840, Leases and requires lessees to recognize most leases on their balance sheets for the rights and obligations created by those leases. The guidance also requires enhanced disclosures regarding the amount, timing, and uncertainty of cash flows arising from leases that will be effective for interim and annual periods beginning after December 15, 2018. Early adoption is permitted. The guidance requires the use of a modified retrospective approach and the Company expects to adopt this guidance for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. We expect to recognize a liability and corresponding asset associated with in-scope leases, but we are still in the process of determining those amounts and the processes required to account for leasing activity on an ongoing basis. ASC Topic 825, Financial Instruments. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. Under this standard, all equity investments except those accounted for under the equity method are required to be measured at fair value. Equity investments that do not have a readily determinable fair value may, as a practical expedient, be measured at cost, adjusted for changes in observable prices minus impairment. This standard is effective for our interim and annual periods beginning January 1, 2018. This standard must be applied using a cumulative-effect adjustment in net income to the beginning of the fiscal year of adoption, except for equity investments without a readily determinable fair value, which are to be applied prospectively to equity investments as of the adoption date. We are currently evaluating the timing of adoption and the potential impact of this guidance. ASC Topic 606, Revenue from Contracts with Customers . In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. This guidance will replace all current GAAP guidance on this topic and eliminate all industry-specific guidance. The new revenue recognition standard provides a unified model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration for which the entity expects to be entitled in exchange for those goods or services. This guidance was initially effective for periods beginning after December 15, 2016 and can be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption; however, in August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date, which defers the effective date to annual reporting periods beginning after December 15, 2017. The FASB has continued to clarify this guidance in various updates during 2015 and 2016, all of which, have the same effective date as the original guidance. We are currently evaluating the impact of this guidance. ASC Topic 715, Compensation - Retirement Benefits . In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits (Topic 715) , which amends the existing guidance relating to the presentation of net periodic benefit cost for an entity’s sponsored defined benefit pension and other postretirement plans. The amendment requires an employer to disaggregate the service cost component from the other components of net benefit cost and provides explicit guidance on how to present the service cost component and other components in the statement of operations. In addition, on a prospective basis, the guidance permits only the service cost component of net benefit cost to be capitalized. The guidance is effective for interim and annual periods beginning after December 15, 2017, and early adoption is permitted. The guidance requires a retrospective method to adopt the presentation of service costs in the statement of operations and a prospective transition to adopt the requirement to limit capitalization. We are currently evaluating the impact of this guidance. We are evaluating the impact on our Unaudited Condensed Consolidated Financial Statements of other new accounting pronouncements issued but not effective until after March 31, 2017 .

SUPPLEMENTAL FINANCIAL STATEMEN

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION	SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION Earnings Per Share — Earnings per share is computed by dividing net income or net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income or net loss by the weighted average number of shares outstanding, after giving effect to potentially dilutive common share equivalents outstanding during the period. Potentially dilutive common share equivalents are not included in the computation of diluted earnings per share if they are anti-dilutive. The following table provides a reconciliation of basic and diluted loss per common share: Predecessor Successor Three Months Three Months Ended Ended March 31, 2016 March 31, 2017 Net loss available to common shareholders (in millions) $ (88 ) $ (21 ) Weighted average common shares outstanding (in thousands) 81,370 34,391 Weighted average restricted shares (in thousands) 499 — Weighted average common shares outstanding - basic (in thousands) 81,869 34,391 Dilutive shares from stock awards (in thousands) — — Weighted average common shares outstanding - diluted (in thousands) 81,869 34,391 Basic loss per share $ (1.07 ) $ (0.61 ) Diluted loss per share $ (1.07 ) $ (0.61 ) As a result of the net loss from continuing operations presented for the Successor, 0.3 million restricted stock units and 1.8 million Plan Warrants of the Successor have been excluded from the calculations of diluted earnings per share as their inclusion would be anti-dilutive. In accordance with ASC Topic 260, Earnings Per Share , unvested restricted stock awards issued by the Predecessor contained nonforfeitable rights to dividends and qualified as participating securities. No dividends were declared or paid in the periods presented. Inventories and Replacement Parts and Other Supplies — Inventory values include all costs directly associated with manufacturing products: materials, labor, and manufacturing overhead, and these values are presented at the lower of cost or market. Costs of raw materials, work-in-progress, and finished goods are determined using the first-in, first-out method. Replacement parts and other supplies are stated using the average cost method. The following table summarizes inventories by major category: Successor December 31, March 31, (Dollars in millions) 2016 2017 Raw materials $ 95 $ 102 Work-in-process 62 73 Finished goods 264 263 Replacement parts and other supplies 24 24 Inventories, net $ 445 $ 462 Asset Retirement Obligations — In accordance with ASC Topic 410, Asset Retirement and Environmental Obligations , a liability and an asset are recorded equal to the present value of the estimated costs associated with the retirement of long-lived assets where a legal or contractual obligation exists. The liability is accreted over time and the asset is depreciated over its useful life. Our asset retirement obligations under this standard relate primarily to closure and post-closure costs for landfills. Revisions to the liability could occur due to changes in the estimated costs or timing of closure or possible new federal or state regulations affecting the closure. As of December 31, 2016 (Successor) and March 31, 2017 (Successor), $2 million of restricted cash was included in Intangibles and other assets, net in the Unaudited Condensed Consolidated Balance Sheets related to asset retirement obligations in the state of Michigan. These cash deposits are required by the state and may only be used for the future closure of a landfill. The following table presents activity related to our asset retirement obligations. Long-term obligations are included in Other liabilities and current portions are included in Accrued liabilities in the Unaudited Condensed Consolidated Balance Sheets: Predecessor Successor Three Months Three Months Ended Ended (Dollars in millions) March 31, 2016 March 31, 2017 Asset retirement obligations, beginning balance $ 16 $ 14 Accretion expense — — Settlement of existing liabilities — — Asset retirement obligations, ending balance 16 14 Less: Current portion — (2 ) Non-current portion of asset retirement obligations, ending balance $ 16 $ 12 In addition to the above obligations, we may be required to remove certain materials from our facilities or to remediate them in accordance with current regulations that govern the handling of certain hazardous or potentially hazardous materials. At this time, any such obligations have an indeterminate settlement date, and we believe that adequate information does not exist to reasonably estimate any such potential obligations. Accordingly, no liability for such remediation was recorded. Property, Plant, and Equipment — Property, plant, and equipment is stated at cost, net of accumulated depreciation. Depreciation expense for the three months ended March 31, 2016 (Predecessor) and March 31, 2017 (Successor) was $47 million and $31 million , respectively. Interest costs capitalized for the three months ended March 31, 2016 (Predecessor) and March 31, 2017 (Successor) were not material. Capital expenditures unpaid for the three months ended March 31, 2016 (Predecessor) and March 31, 2017 (Successor) were zero and $3 million , respectively. Fair Value of Financial Instruments — The carrying amounts for cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities approximate fair value due to the short maturity of these instruments. We determine the fair value of our debt based on market information and a review of prices and terms available for similar obligations. See also Note 2 and Note 7 for additional information regarding the fair value. We use fair value measurements for the initial recording of certain assets and liabilities, periodic remeasurement of certain assets and liabilities, and disclosures. Fair value is generally defined as the exit price at which an asset or liability could be exchanged in a current transaction between willing, unrelated parties, other than in a forced or liquidation sale. The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions used to value the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows: ▪ Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date. ▪ Level 2: Observable inputs other than those included in Level 1. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. ▪ Level 3: Unobservable inputs reflecting management’s own assumption about the inputs used in pricing the asset or liability at the measurement date.

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
ACQUISITIONS AND DISPOSITIONS	ACQUISITIONS AND DISPOSITIONS Sale of hydroelectric generation facilities — On January 6, 2016, Verso Maine Power Holdings LLC, or “VMPH,” and Verso Androscoggin Power LLC, or “VAP,” two indirect, wholly owned subsidiaries of Verso, entered into a purchase agreement with Eagle Creek Renewable Energy, LLC, or “Eagle Creek,” pursuant to which VMPH sold all the outstanding limited liability company interests of VAP to Eagle Creek for a purchase price of approximately $62 million in cash. VAP owned four hydroelectric generation facilities associated with Verso’s Androscoggin pulp and paper mill located in Jay, Maine. The purchase agreement contains customary representations and warranties by, and customary covenants among, the parties. The parties contemporaneously entered into the purchase agreement and consummated the transaction. For the three months ended March 31, 2016 (Predecessor), we recognized a gain on sale of fixed assets of approximately $55 million which is included in Other operating income in the Unaudited Condensed Consolidated Statement of Operations.

INTANGIBLES AND OTHER ASSETS

INTANGIBLES AND OTHER ASSETS	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLES AND OTHER ASSETS	INTANGIBLES AND OTHER ASSETS The following table summarizes intangibles and other assets: Successor December 31, March 31, (Dollars in millions) 2016 2017 Intangible assets: Customer relationships, net of accumulated amortization of $1 million on December 31, 2016, and $2 million on March 31, 2017 $ 25 $ 24 Trademarks, net of accumulated amortization of $1 million on December 31, 2016, and $2 million on March 31, 2017 (definite life) 15 14 Other assets: Restricted cash 3 3 Other 15 15 Total other assets $ 18 $ 18 Intangibles and other assets, net $ 58 $ 56 Amortization expense related to intangible assets for the periods presented is as follows: Predecessor Successor Three Months Three Months Ended Ended (Dollars in millions) March 31, 2016 March 31, 2017 Customer Relationships $ 1 $ 1 Trademarks — 1 The estimated future amortization expense for our intangible assets over the next five years is as follows: (Dollars in millions) Remainder of 2017 $ 4 2018 6 2019 6 2020 6 2021 4

DEBT

DEBT	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
DEBT	DEBT A summary of debt is as follows: Original Successor (Dollars in millions) Maturity December 31, 2016 March 31, 2017 Revolving Credit Facilities 7/14/2021 $ 112 $ 158 Term Loan at par value 10/14/2021 211 200 Unamortized (discount) premium and debt issuance costs, net (30 ) (29 ) Less: Current portion (28 ) (18 ) Total long-term debt $ 265 $ 311 We determine the fair value of our long-term debt based on market information and a review of prices and terms available for similar obligations. Our debt is classified as Level 2 within the fair value hierarchy (see Note 4). As of March 31, 2017 (Successor), the fair value of Verso’s total debt outstanding was $359 million . Amounts included in interest expense and amounts of cash interest payments related to long-term debt for the periods presented, are as follows: Predecessor Successor Three Months Three Months Ended Ended (Dollars in millions) March 31, 2016 March 31, 2017 Interest expense $ 26 $ 8 Cash interest paid 2 8 Debt issuance cost and discount amortization (1) 1 2 (1) Amortization of debt issuance cost and original issue discount are included in interest expense on the unaudited condensed consolidated statement of operations. Exit Credit Facilities On the Effective Date, pursuant to the terms of Plan, Verso Holdings entered into a $375 million asset-based revolving credit facility, or the “Exit ABL Facility,” and a $220 million senior secured term loan (with loan proceeds of $198 million after the deduction of the original issue discount), or the “Exit Term Loan Facility,” and collectively termed the “Exit Credit Facilities.” Verso Holdings borrowed $340 million under the Exit Credit Facilities on the Effective Date, with available loan proceeds of approximately $318 million , consisting of (i) the borrowing of $120 million under the Exit ABL Facility and (ii) the net borrowing of $198 million ( $220 million par value less $22 million of original issue discount) under the Exit Term Loan Facility. The proceeds of the borrowings on the Effective Date under the Exit Credit Facilities were used (i) to repay outstanding indebtedness under the debtor-in-possession financing credit agreements, (ii) to pay outstanding allowed administrative expenses and allowed claims in accordance with the Plan, and (iii) to pay fees, costs and expenses related to and contemplated by the Exit Credit Facilities and emergence by Verso and its subsidiaries from bankruptcy. The proceeds of the borrowings under the Exit ABL Facility after the Effective Date will be used for working capital and general corporate purposes, including permitted acquisitions. The Exit ABL Facility will mature on July 14, 2021 . The outstanding borrowings under the Exit ABL Facility bear interest at a per annum rate equal to, at the option of Verso Holdings, either (i) a customary London interbank offered rate, or “LIBOR,” plus an applicable margin ranging from 1.25% to 2.00% or (ii) a customary base rate plus an applicable margin ranging from 0.25% to 1.00% , determined based upon the average excess availability under the Exit ABL Facility. As of March 31, 2017 (Successor), the weighted-average interest rate on outstanding borrowings was 2.99% . Verso Holdings is also required to pay a commitment fee for the unused portion of the Exit ABL Facility, which ranges from 0.25% to 0.375% per annum, based upon the average revolver usage under the Exit ABL Facility. Verso Holdings has the right to prepay loans under the Exit ABL Facility at any time without a prepayment penalty, other than customary “breakage” costs with respect to eurocurrency loans. As of March 31, 2017 (Successor), the outstanding balance of the Exit ABL Facility is $158 million , with $ 78 million in letters of credit issued, and $134 million is available for future borrowings. The Company incurred $3 million of debt issuance costs associated with the Exit ABL Facility and recorded this amount as a direct deduction of the debt liability, which is being amortized over the life of the Exit ABL Facility. The Exit Term Loan Facility will mature on October 14, 2021 . The outstanding borrowings under the Exit Term Loan Facility bear interest at a rate equal to, at the option of Verso Holdings, either (i) a LIBOR (subject to a floor of 1% ) plus 11% or (ii) a customary base rate plus 10% . With respect to LIBOR denominated loans under the Exit Credit Facilities, Verso Holdings may elect an interest period of one, two, three or six months or such other period subject to the terms of the Exit Credit Facilities. As of March 31, 2017 (Successor), the Exit Term Loan’s interest rate was 12.15% per annum. The term loans provided under the Exit Term Loan Facility are subject to quarterly principal amortization payments in an amount equal to the greater of (a) 2.00% of the initial principal amount of the term loans or (b) the excess cash flow in respect of such quarter as further described under the Exit Term Loan Facility; however, if the liquidity, as defined in the Exit Term Loan Facility, of Verso Holdings is less than $75 million at any time during the 90-day period following the due date of such quarterly amortization payment or excess cash flow payment date, then the portion of such amortization amount that results in such liquidity being less than $75 million will not be payable by Verso Holdings, as further described in the Exit Term Loan Facility. Per the above described quarterly principal amortization, installments due are at least $4 million (subject to increase depending on excess cash flow) for each quarter ending in 2016 through 2021 with the remaining balance due on October 14, 2021 . As the result of the excess cash flow requirement, we were obligated to fund an additional principal amortization of $7 million , which is reflected in our Unaudited Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2017 (Successor). Any voluntary prepayment by Verso Holdings of the term loans under the Exit Term Loan Facility will be subject to customary “breakage” costs with respect to eurocurrency loans and a 2% call premium until July 14, 2018, and a 1% call premium after July 15, 2018, but before July 14, 2020, and thereafter no call premium will apply to any voluntary prepayment of term loans. Such call premium may also apply to certain repricing amendments of the Exit Term Loan Facility as further described therein. The Company incurred $8 million of debt issuance costs associated with the Exit Term Loan Facility and recorded this amount as a direct deduction of the debt liability, which is being amortized over the life of the Exit Term Loan Facility. All obligations under the Exit Credit Facilities are unconditionally guaranteed by Verso Finance, and certain of the subsidiaries of Verso Holdings and are secured by liens on certain assets of Verso Finance and liens on substantially all of the assets of Verso Holdings and the other guarantor subsidiaries. The security interest with respect to the Exit ABL Facility consists of a first-priority lien on the current assets of Verso Holdings and the guarantor subsidiaries, including accounts receivables, inventory, deposit accounts, securities accounts and commodities accounts, and a second-priority lien on all other collateral. The security interest with respect to the Exit Term Loan Facility, consists of a first-priority lien on all other collateral and second-priority lien on collateral securing the Exit ABL Facility. The Exit ABL Facility contains financial covenants requiring the Company, among other things, to maintain a minimum fixed charge coverage ratio in certain circumstances and a maximum total net leverage ratio. The Exit Credit Facilities also contain restrictions, among other things and subject to certain exceptions, on the Company’s ability to incur debt or liens, pay dividends, repurchase equity interest, prepay indebtedness, sell or dispose of assets, and make investments in or merge with another company. DIP Financing In connection with the Chapter 11 Filings, Verso Finance, Verso Holdings and certain of its subsidiaries entered into an asset-based credit facility in an aggregate principal amount of up to $100 million , or the “Verso DIP Facility,” and NewPage Corp and certain of its subsidiaries entered into an asset-based credit facility in an aggregate principal amount of up to $325 million , or the “NewPage DIP ABL Facility,” and a term loan credit facility in an aggregate principal amount of $350 million , or the “NewPage DIP Term Loan Facility,” together with the NewPage DIP ABL Facility, the “NewPage DIP Facilities,” and NewPage DIP Facilities together with the Verso DIP Facility, the “DIP Facilities.” The NewPage DIP Term Loan Facility consisted of $175 million of new money term loans and $175 million of loans that aggregated and replaced existing loans outstanding on the Petition Date (i.e., such loans were deemed to become loans under the NewPage DIP Term Loan Facility), or “NewPage DIP Roll Up Loans.” On January 28, 2016, up to $550 million in loans under the DIP Facilities became available for borrowing following the entry of an order by the Bankruptcy Court approving the DIP Facilities on an interim basis on January 27, 2016. The Bankruptcy Court entered orders approving the DIP Facilities on a final basis on March 2, 2016. Borrowings under the Verso DIP Facility bore interest at a rate equal to an applicable margin plus, at Verso Holdings’ and NewPage Corp’s option, either (a) a base rate determined by reference to the highest of (1) the U.S. federal funds rate plus 0.50% , (2) the prime rate of the administrative agent, and (3) the adjusted LIBOR (as defined below) for a one-month interest period plus 1.00% , or (b) a eurocurrency rate, or “LIBOR” determined by reference to the costs of funds for eurocurrency deposits in dollars in the London interbank market for the interest period relevant to such borrowing, adjusted for certain additional costs. The applicable margin for advances under both the Verso DIP Facility and the NewPage DIP ABL was 1.50% for base rate advances and 2.50% for LIBOR advances. The applicable margin for advances under the NewPage DIP Term Loan Facility was 8.50% for base rate advances and 9.50% for LIBOR advances. Interest that accrued on any “rolled-up” term loans under the NewPage DIP Term Loan Facility was capitalized, compounded and added to the unpaid principal amount of such “rolled-up” loans on the applicable interest payment date. Verso Holdings and NewPage Corp paid commitment fees for the unused amount of commitments at an annual rate equal to 0.75% and 0.375% , respectively. The Company incurred $21 million of debt issuance costs associated with the DIP Facility which was recorded as interest expense on the Unaudited Condensed Consolidated Statement of Operations during the Predecessor period ended March 31, 2016. The DIP Facilities matured on the Effective Date of the Plan. On the maturity date, the Verso DIP Facility had no balance outstanding and the NewPage DIP ABL Facility had $103 million outstanding balance which was repaid in full using the Exit Credit Facilities entered into on the Effective Date. The NewPage DIP Term Loan Facility of $175 million of new money term loans was also repaid in full, while the $175 million of “rolled up” loans and its capitalized interests of $9 million , totaling to $184 million , were converted into Verso equity (see Note 2). Pre-petition Debt The filing of the Chapter 11 Cases by the Debtors on January 26, 2016, constituted an event of default and automatic acceleration under the agreements governing all of our debt (excluding the $23 million loan from Verso Finance to Chase NMTC Verso Investment Fund). As of the date of the filing of the Chapter 11 Cases, approximately $2.5 billion of debt and interest were outstanding under the Predecessor’s pre-petition credit agreements, excluding related unamortized deferred financing costs, discounts/premiums, and deferred gains which were written off to Reorganization items, net upon filing the Chapter 11 Cases. All of the Predecessor’s prepetition debt and interest were cancelled in exchange for the issuance of 34,390,643 of stock or 100% of the Company’s equity.

RETIREMENT AND OTHER POSTRETIRE

RETIREMENT AND OTHER POSTRETIREMENT BENEFITS	3 Months Ended
	Mar. 31, 2017
Compensation and Retirement Disclosure [Abstract]
RETIREMENT AND OTHER POSTRETIREMENT BENEFITS	RETIREMENT AND OTHER POSTRETIREMENT BENEFITS Verso has three defined benefit pension plans covering approximately 80% of our employees. The pension plans provide defined benefits based on years of service multiplied by a flat monetary benefit or based on a percentage of compensation as defined by the respective plan document. As of December 31, 2015, all of our defined benefit pension plans were frozen to new entrants. The majority of our pension plan participants are in the union hourly plan and continue to earn service accruals toward their pension benefits but no longer receive multiplier increases. We also offer a cash balance defined benefit pension plan for certain salaried employees in which participants continue to earn annual interest credits, but no longer earn cash balance benefit credits and a pension plan for certain non-union hourly employees for which benefit accruals are frozen. The following tables summarize the components of net periodic benefit cost of our pension plans for the periods presented: Predecessor Successor Three Months Three Months Ended Ended (Dollars in millions) March 31, 2016 March 31, 2017 Service cost $ 4 $ 4 Interest cost 17 16 Expected return on plan assets (18 ) (18 ) Net periodic benefit cost $ 3 $ 2 The estimated net actuarial loss and prior service cost that are amortized from Accumulated other comprehensive loss and into Net periodic pension cost are classified as Cost of products sold in our Unaudited Condensed Consolidated Statements of Operations. We make contributions that are sufficient to fund our actuarially determined costs, generally equal to the minimum amounts required by the Employee Retirement Income Security Act. For the three months ended March 31, 2016 (Predecessor) and March 31, 2017 (Successor), we made contributions to the pension plans of $5 million and $6 million , respectively. We expect to make cash contributions of approximately $26 million to the pension plans in the remainder of 2017 . Our other postretirement benefits obligations provide other retirement and post-employment benefits for certain employees, which may include healthcare benefits for certain retirees prior to their reaching age 65, healthcare benefits for certain retirees on and after their reaching age 65, long-term disability benefits, continued group life insurance and extended health and dental benefits. These benefits are provided through various employer- and/or employee-funded postretirement benefit plans. The service and interest costs related to these obligations were not material for the three months ended March 31, 2016 (Predecessor) and March 31, 2017 (Successor). As described in Note 2, employee retirement contracts and collective bargaining agreements were honored by the Company after emergence from the Chapter 11 Cases on the Effective Date.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Management Agreement — In connection with the acquisition of our business from International Paper Company on August 1, 2006, we entered into a management agreement with certain affiliates of Apollo Global Management, LLC, or “Apollo,” our then majority owner, relating to the provision of certain financial and strategic advisory services and consulting services, which was scheduled to expire on August 1, 2018 . Under the management agreement, Apollo, upon providing notice to us, had the right to act, in return for additional fees to be mutually agreed by the parties to the management agreement, as our financial advisor or investment banker for any merger, acquisition, disposition, financing or similar transaction if we decided to engage someone to fill such role. If Apollo exercised its right to act as our financial advisor or investment banker for any such transaction, and if we were unable to agree with Apollo on its compensation for serving in such role, then at the closing of any merger, acquisition, disposition or financing or similar transaction, we agreed to pay Apollo a fee equal to 1% of the aggregate enterprise value (including the aggregate value of equity securities, warrants, rights and options acquired or retained; indebtedness acquired, assumed or refinanced; and any other consideration or compensation paid in connection with such transaction). We also agreed to indemnify Apollo and its affiliates and their directors, officers and representatives for losses relating to the services contemplated by the management agreement and the engagement of affiliates of Apollo pursuant to, and the performance by them of the services contemplated by, the management agreement. Apollo did not exercise its right to act as our financial advisor or investment banker for any such transaction in the periods presented and thus, we made no payment to Apollo under the management agreement during those periods. On the Effective Date, in connection with our emergence from bankruptcy, such management agreement was terminated and all rights and remedies thereunder were terminated, extinguished, waived and released. Transactions with Affiliates — Prior to the Effective Date, we transacted business with affiliates of Apollo from time to time. Our product sales to Apollo affiliates were approximately $6 million for the three months ended March 31, 2016 (Predecessor). Our product purchases from Apollo affiliates were negligible for the Predecessor. As of the Effective date, Apollo is no longer a related party. Upon the Effective Date, several of our significant shareholders became our debt holders. For the three months ended March 31, 2017 (Successor), we did not transact business with affiliates.

RESTRUCTURING CHARGES

RESTRUCTURING CHARGES	3 Months Ended
	Mar. 31, 2017
Restructuring and Related Activities [Abstract]
RESTRUCTURING CHARGES	RESTRUCTURING CHARGES Corporate Restructuring - In November 2016, Verso announced the closure of its Memphis office headquarters and relocation of its Corporate headquarters to Miamisburg, Ohio. In connection with the Memphis office closure, severance and benefit costs of $1 million were incurred and are included in Accrued liabilities on our Unaudited Condensed Consolidated Balance Sheet of the Successor as of March 31, 2017 . The cumulative amount incurred to date for severance and benefit costs related to this restructuring plan is $3 million as of March 31, 2017 (Successor). The following details the changes in our restructuring reserve liabilities related to the Corporate restructuring including restructuring activities related to the Memphis corporate headquarters closure and NewPage acquisition which are included in Accrued liabilities on our Unaudited Condensed Consolidated Balance Sheets for the Successor: Successor Three Months Ended (Dollars in millions) March 31, 2017 Beginning balance of reserve $ 3 Severance and benefit costs 1 Severance and benefit payments (2 ) Ending balance of reserve $ 2 Androscoggin/Wickliffe Capacity Reductions — On August 20, 2015, Verso announced plans to make production capacity reductions at two of our mills by shutting down the No. 1 pulp dryer and No. 2 paper machine at our mill in Androscoggin, Maine, and by indefinitely idling our mill in Wickliffe, Kentucky. Together, these actions will reduce our production capacity by 430,000 tons of coated paper and 130,000 tons of dried market pulp. On April 5, 2016, we announced our decision to permanently close the Wickliffe mill and the associated Property, plant, and equipment were written down to salvage value. On November 1, 2016, we announced the temporary idling of the No. 3 paper machine at our Androscoggin Mill. The following table details the charges incurred related primarily to the Androscoggin/Wickliffe Capacity Reductions and primarily attributable to the paper segment as included in Restructuring charges on our Unaudited Condensed Consolidated Statements of Operations for the Predecessor: Predecessor Three Months Ended Cumulative (Dollars in millions) March 31, 2016 Property and equipment write down $ 127 $ 127 Severance and benefit costs 6 22 Write-off of spare parts and inventory 9 12 Write-off of purchase obligations and commitments 2 3 Other miscellaneous costs — 1 Total restructuring costs $ 144 $ 165 The following table details the charges incurred related primarily to the Androscoggin/Wickliffe Capacity Reductions and primarily attributable to the paper segment as included in Restructuring charges on our Unaudited Condensed Consolidated Statements of Operations for the Successor: Successor Three Months Cumulative Ended (Dollars in millions) March 31, 2017 Severance and benefit costs $ — $ 5 Write-off of purchase obligations and commitments — 1 Other miscellaneous costs 1 4 Total restructuring costs $ 1 $ 10 The following details the changes in our restructuring reserve liabilities related to the Androscoggin/Wickliffe Capacity Reductions during the three months ended March 31, 2017 (Successor), which are included in Accrued liabilities on our Unaudited Condensed Consolidated Balance Sheets: Successor Three Months Ended (Dollars in millions) March 31, 2017 Beginning balance of reserve $ 6 Purchase obligations 1 Payments on purchase obligations (1 ) Ending balance of reserve $ 6 In connection with the temporary idling of the No. 3 paper machine at our Androscoggin mill, we determined a reduction in the useful life of the machine was necessary and accordingly recognized $43 million of accelerated depreciation during the fourth quarter of 2016 (Successor). During the three months ended March 31, 2017 (Successor), an additional $6 million of accelerated depreciation was recognized, which is included in Depreciation, amortization, and depletion in our Unaudited Condensed Consolidated Statements of Operations.

NEW MARKET TAX CREDIT ENTITIES

NEW MARKET TAX CREDIT ENTITIES	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NEW MARKET TAX CREDIT ENTITIES	NEW MARKET TAX CREDIT ENTITIES In 2010, we entered into a financing transaction with Chase Community Equity, LLC, or “Chase,” related to a $43 million renewable energy project at our mill in Quinnesec, Michigan, in which Chase made a capital contribution and Verso Finance made a loan to Chase NMTC Verso Investment Fund, LLC, or the “Investment Fund,” under a qualified New Markets Tax Credit, or “NMTC,” program, provided for in the Community Renewal Tax Relief Act of 2000. By virtue of its contribution, Chase is entitled to substantially all of the benefits derived from the NMTCs. This transaction also includes a put/call provision whereby we may be obligated or entitled to repurchase Chase’s interest. We believe that Chase will exercise the put option in December 2017 at the end of the recapture period. The value attributed to the put/call is de minimis. The NMTC is subject to 100% recapture for a period of 7 years as provided in the Internal Revenue Code. We are required to be in compliance with various regulations and contractual provisions that apply to the NMTC arrangement. Non-compliance with applicable requirements could result in projected tax benefits not being realized and, therefore, could require us to indemnify Chase for any loss or recapture of NMTCs related to the financing until such time as our obligation to deliver tax benefits is relieved. We do not anticipate any credit recaptures will be required in connection with this arrangement. We have determined that the Investment Fund is a VIE of which we are the primary beneficiary, and have consolidated it in accordance with the accounting standard for consolidation. Chase’s contribution, net of syndication fees, is included in Other liabilities in the Unaudited Condensed Consolidated Balance Sheets. The impact of the VIE was $8 million of Other liabilities for the Successor as of December 31, 2016 and March 31, 2017 . Direct costs incurred in structuring the financing arrangement are deferred and will be recognized as expense over the term of the loans. Incremental costs to maintain the structure during the compliance period are recognized as incurred.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Represented Employees — Approximately 70% of our hourly workforce is represented by unions. All represented employees were covered by the Master Labor Agreement 2012–2016, dated as of December 21, 2012, covering wages and benefits; certain represented mills also had local agreements covering general work rules, until the expiration of the Master Labor Agreement in December of 2016. The parties continue to have a dialogue toward reaching a new agreement. In the interim, each of the represented sites has local agreements which govern wages and benefits, along with terms and conditions of employment on the local level. In the event the Master Labor Agreement is not renegotiated, management will bargain site by site as local agreements reach their respective expiration dates. General Litigation — We are involved from time to time in legal proceedings incidental to the conduct of our business. We do not believe that any liability that may result from these proceedings will have a material adverse effect on our Unaudited Condensed Consolidated Financial Statements.

INFORMATION BY INDUSTRY SEGMENT

INFORMATION BY INDUSTRY SEGMENT	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
INFORMATION BY INDUSTRY SEGMENT	INFORMATION BY INDUSTRY SEGMENT We have two operating segments, paper and pulp, however, subsequent to the Effective Date, we have determined that the operating loss of the pulp segment is immaterial for disclosure purposes. Our paper products are used primarily in media and marketing applications, including catalogs, magazines, and commercial printing applications such as high-end advertising brochures, annual reports, and direct-mail advertising. Our market kraft pulp is used to manufacture printing, writing, and specialty paper grades and tissue products. Our assets are utilized across segments in our integrated mill system and are not identified by segment or reviewed by management on a segment basis. We operate primarily in one geographic segment, North America. The following table summarizes the industry segment data for the three months ended March 31, 2016 (Predecessor): Predecessor Three Months Ended March 31, (Dollars in millions) 2016 Net Sales Paper $ 660 Pulp 40 Intercompany eliminations (10 ) Total $ 690 Operating loss (1) Paper $ (93 ) Pulp (17 ) Total $ (110 ) Depreciation, amortization, and depletion Paper $ 44 Pulp 4 Total $ 48 Capital expenditures Paper $ 8 Pulp 3 Total $ 11 (1) Operating losses for the three months ended March 31, 2016 (Predecessor) include $129 million of Restructuring charges attributable to the paper segment and $15 million of Restructuring charges attributable to the pulp segment.

SUMMARY OF BUSINESS AND SIGNI21

SUMMARY OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Successor Cost of products sold/ Selling, general and administrative expenses	Successor Cost of products sold/ Selling, general and administrative expenses — Certain centralized costs attributable to manufacturing overhead, including enterprise-wide human resources management, procurement, and information systems support, recorded in Selling, general, and administrative expenses of the Predecessor are recorded to Cost of products sold of the Successor. The amount recorded to Cost of products sold, related to these costs, in the Unaudited Condensed Consolidated Statement of Operations for the three months ended March 31, 2017 (Successor) is approximately $7 million .

BANKRUPTCY RELATED DISCLOSURES

BANKRUPTCY RELATED DISCLOSURES (Tables)	3 Months Ended
	Mar. 31, 2017
Reorganizations [Abstract]
Schedule of Contractual Interest	Interest expense reported in the Unaudited Condensed Consolidated Statement of Operations for the three months ended March 31, 2016 (Predecessor) does not include $48 million , per the table below, in contractual interest on pre-petition debt classified as LSTC, which was stayed by the Bankruptcy Court effective on the Petition Date. Predecessor Three Months Ended (Dollars in millions) March 31, 2016 Verso Holdings $ 38 NewPage Corp 10 Total contractual interest $ 48
Schedule of Reorganization items, net	The following table presents reorganization items incurred in the three months ended March 31, 2016 (Predecessor), as reported in the Unaudited Condensed Consolidated Statement of Operations: Predecessor Three Months Ended (Dollars in millions) March 31, 2016 Professional fees $ 17 DIP financing cost 21 Write-off of unamortized deferred financing costs, discounts/premiums, and deferred gains (1) (81 ) Other (5 ) Total reorganization items, net $ (48 ) (1) Primarily represents $116 million of non-cash reorganization gain off-set by non-cash reorganization expense of $35 million . The gains are recognized as the difference between the Petition Date carrying value of certain Verso notes previously recorded as a troubled debt restructuring and their par value (estimated allowed claim) for such debt and the expenses represent the write-off of debt issuance costs and other carrying value adjustments.

SUPPLEMENTAL FINANCIAL STATEM23

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reconciliation of Basic and Diluted Loss Per Common Share of Verso Paper	The following table provides a reconciliation of basic and diluted loss per common share: Predecessor Successor Three Months Three Months Ended Ended March 31, 2016 March 31, 2017 Net loss available to common shareholders (in millions) $ (88 ) $ (21 ) Weighted average common shares outstanding (in thousands) 81,370 34,391 Weighted average restricted shares (in thousands) 499 — Weighted average common shares outstanding - basic (in thousands) 81,869 34,391 Dilutive shares from stock awards (in thousands) — — Weighted average common shares outstanding - diluted (in thousands) 81,869 34,391 Basic loss per share $ (1.07 ) $ (0.61 ) Diluted loss per share $ (1.07 ) $ (0.61 )
Inventories by Major Category	The following table summarizes inventories by major category: Successor December 31, March 31, (Dollars in millions) 2016 2017 Raw materials $ 95 $ 102 Work-in-process 62 73 Finished goods 264 263 Replacement parts and other supplies 24 24 Inventories, net $ 445 $ 462
Analysis of Asset Retirement Obligations Included in Other Liabilities	The following table presents activity related to our asset retirement obligations. Long-term obligations are included in Other liabilities and current portions are included in Accrued liabilities in the Unaudited Condensed Consolidated Balance Sheets: Predecessor Successor Three Months Three Months Ended Ended (Dollars in millions) March 31, 2016 March 31, 2017 Asset retirement obligations, beginning balance $ 16 $ 14 Accretion expense — — Settlement of existing liabilities — — Asset retirement obligations, ending balance 16 14 Less: Current portion — (2 ) Non-current portion of asset retirement obligations, ending balance $ 16 $ 12

INTANGIBLES AND OTHER ASSETS (T

INTANGIBLES AND OTHER ASSETS (Tables)	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles and Other Assets	The following table summarizes intangibles and other assets: Successor December 31, March 31, (Dollars in millions) 2016 2017 Intangible assets: Customer relationships, net of accumulated amortization of $1 million on December 31, 2016, and $2 million on March 31, 2017 $ 25 $ 24 Trademarks, net of accumulated amortization of $1 million on December 31, 2016, and $2 million on March 31, 2017 (definite life) 15 14 Other assets: Restricted cash 3 3 Other 15 15 Total other assets $ 18 $ 18 Intangibles and other assets, net $ 58 $ 56
Finite-lived Intangible Assets Amortization Expense [Table Text Block]	Amortization expense related to intangible assets for the periods presented is as follows: Predecessor Successor Three Months Three Months Ended Ended (Dollars in millions) March 31, 2016 March 31, 2017 Customer Relationships $ 1 $ 1 Trademarks — 1
Estimated Future Amortization Expense for Intangible Assets Over Next Five Years	The estimated future amortization expense for our intangible assets over the next five years is as follows: (Dollars in millions) Remainder of 2017 $ 4 2018 6 2019 6 2020 6 2021 4

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Summary of Debt	A summary of debt is as follows: Original Successor (Dollars in millions) Maturity December 31, 2016 March 31, 2017 Revolving Credit Facilities 7/14/2021 $ 112 $ 158 Term Loan at par value 10/14/2021 211 200 Unamortized (discount) premium and debt issuance costs, net (30 ) (29 ) Less: Current portion (28 ) (18 ) Total long-term debt $ 265 $ 311
Interest Expense Related to Debt and Cash Interests Payments on Debt	Amounts included in interest expense and amounts of cash interest payments related to long-term debt for the periods presented, are as follows: Predecessor Successor Three Months Three Months Ended Ended (Dollars in millions) March 31, 2016 March 31, 2017 Interest expense $ 26 $ 8 Cash interest paid 2 8 Debt issuance cost and discount amortization (1) 1 2 (1) Amortization of debt issuance cost and original issue discount are included in interest expense on the unaudited condensed consolidated statement of operations.

RETIREMENT AND OTHER POSTRETI26

RETIREMENT AND OTHER POSTRETIREMENT BENEFITS (Tables)	3 Months Ended
	Mar. 31, 2017
Compensation and Retirement Disclosure [Abstract]
Components of Net Periodic Benefit Cost	The following tables summarize the components of net periodic benefit cost of our pension plans for the periods presented: Predecessor Successor Three Months Three Months Ended Ended (Dollars in millions) March 31, 2016 March 31, 2017 Service cost $ 4 $ 4 Interest cost 17 16 Expected return on plan assets (18 ) (18 ) Net periodic benefit cost $ 3 $ 2

RESTRUCTURING CHARGES (Tables)

RESTRUCTURING CHARGES (Tables)	3 Months Ended
	Mar. 31, 2017
Restructuring and Related Activities [Abstract]
Charges Incurred Related to Shutdown	The following table details the charges incurred related primarily to the Androscoggin/Wickliffe Capacity Reductions and primarily attributable to the paper segment as included in Restructuring charges on our Unaudited Condensed Consolidated Statements of Operations for the Successor: Successor Three Months Cumulative Ended (Dollars in millions) March 31, 2017 Severance and benefit costs $ — $ 5 Write-off of purchase obligations and commitments — 1 Other miscellaneous costs 1 4 Total restructuring costs $ 1 $ 10 The following table details the charges incurred related primarily to the Androscoggin/Wickliffe Capacity Reductions and primarily attributable to the paper segment as included in Restructuring charges on our Unaudited Condensed Consolidated Statements of Operations for the Predecessor: Predecessor Three Months Ended Cumulative (Dollars in millions) March 31, 2016 Property and equipment write down $ 127 $ 127 Severance and benefit costs 6 22 Write-off of spare parts and inventory 9 12 Write-off of purchase obligations and commitments 2 3 Other miscellaneous costs — 1 Total restructuring costs $ 144 $ 165
Schedule of Restructuring Reserve by Type of Cost	The following details the changes in our restructuring reserve liabilities related to the Corporate restructuring including restructuring activities related to the Memphis corporate headquarters closure and NewPage acquisition which are included in Accrued liabilities on our Unaudited Condensed Consolidated Balance Sheets for the Successor: Successor Three Months Ended (Dollars in millions) March 31, 2017 Beginning balance of reserve $ 3 Severance and benefit costs 1 Severance and benefit payments (2 ) Ending balance of reserve $ 2 The following details the changes in our restructuring reserve liabilities related to the Androscoggin/Wickliffe Capacity Reductions during the three months ended March 31, 2017 (Successor), which are included in Accrued liabilities on our Unaudited Condensed Consolidated Balance Sheets: Successor Three Months Ended (Dollars in millions) March 31, 2017 Beginning balance of reserve $ 6 Purchase obligations 1 Payments on purchase obligations (1 ) Ending balance of reserve $ 6

INFORMATION BY INDUSTRY SEGME28

INFORMATION BY INDUSTRY SEGMENT (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table summarizes the industry segment data for the three months ended March 31, 2016 (Predecessor): Predecessor Three Months Ended March 31, (Dollars in millions) 2016 Net Sales Paper $ 660 Pulp 40 Intercompany eliminations (10 ) Total $ 690 Operating loss (1) Paper $ (93 ) Pulp (17 ) Total $ (110 ) Depreciation, amortization, and depletion Paper $ 44 Pulp 4 Total $ 48 Capital expenditures Paper $ 8 Pulp 3 Total $ 11 (1) Operating losses for the three months ended March 31, 2016 (Predecessor) include $129 million of Restructuring charges attributable to the paper segment and $15 million of Restructuring charges attributable to the pulp segment.

SUMMARY OF BUSINESS AND SIGNI29

SUMMARY OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Market segments | Segment	2
Selling, general and administrative expenses | $	$ 7

BANKRUPTCY RELATED DISCLOSURE30

BANKRUPTCY RELATED DISCLOSURES - Chapter 11 Filing and Restructuring Support Agreement (Details) - USD ($) $ in Millions	Jan. 26, 2016	Jul. 15, 2016	Mar. 31, 2016	Jan. 28, 2016
Debt Instrument [Line Items]
Long-term debt		$ 2,600
Plan of reorganization, conversion of debt to equity	$ 2,400
NewPage DIP Facility | NewPage Corp
Debt Instrument [Line Items]
Secured debt	175	175
Term Loan at par value
Debt Instrument [Line Items]
Debtor-in-possession financing, amount arranged				$ 550
Term Loan at par value | Verso DIP Facility
Debt Instrument [Line Items]
Debtor-in-possession financing, amount arranged	100
Term Loan at par value | NewPage DIP ABL Facility
Debt Instrument [Line Items]
Debtor-in-possession financing, amount arranged	325
Term Loan at par value | NewPage DIP Facility
Debt Instrument [Line Items]
Debtor-in-possession financing, amount arranged	350	$ 175
Chase NMTC Verso Investment Fund, LLC | Verso Paper Holdings LLC
Debt Instrument [Line Items]
Long-term debt			$ 23
NewPage DIP Facility | Term Loan at par value
Debt Instrument [Line Items]
Debtor-in-possession financing, amount arranged	$ 175

BANKRUPTCY RELATED DISCLOSURE31

BANKRUPTCY RELATED DISCLOSURES - Plan of Reorganization and Emergence from Chapter 11 (Details) - USD ($) $ / shares in Units, $ in Millions	Jul. 15, 2016	Jan. 28, 2016	Jan. 26, 2016
Debt Instrument [Line Items]
Issuance of Successor common stock and stock purchase warrants (shares)	34,390,643
Plan of reorganization, equity securities issued or to be issued, percentage	100.00%
Long-term debt	$ 2,600
Debtor-in-possession financing, repayment of unsecured debt	$ 3
NewPage Corp
Debt Instrument [Line Items]
Plan of reorganization, equity securities issued or to be issued, percentage	0.15%
NewPage Corp | NewPage DIP Facility
Debt Instrument [Line Items]
Plan of reorganization, equity securities issued or to be issued, percentage	47.00%
Secured debt	$ 175		$ 175
Term Loan at par value
Debt Instrument [Line Items]
Debtor-in-possession financing, amount arranged		$ 550
Term Loan at par value | NewPage DIP Facility
Debt Instrument [Line Items]
Debtor-in-possession financing, amount arranged	$ 175		$ 350
Senior Notes | Verso Paper Holdings LLC | 11.75% Senior Secured Notes, due 2012
Debt Instrument [Line Items]
Plan of reorganization, equity securities issued or to be issued, percentage	50.00%
Other Debt Obligations
Debt Instrument [Line Items]
Plan of reorganization, equity securities issued or to be issued, percentage	2.85%
Common Class A
Debt Instrument [Line Items]
Issuance of Successor common stock and stock purchase warrants (shares)	33,366,784
Common stock, par value (in dollars per share)	$ 0.01
Common Class A | Verso Paper Holdings LLC
Debt Instrument [Line Items]
Issuance of Successor common stock and stock purchase warrants (shares)	51,587
Common Class A | NewPage Corp | NewPage DIP Facility
Debt Instrument [Line Items]
Issuance of Successor common stock and stock purchase warrants (shares)	15,139,745
Common Class A | Senior Notes | Verso Paper Holdings LLC | 11.75% Senior Secured Notes, due 2012
Debt Instrument [Line Items]
Issuance of Successor common stock and stock purchase warrants (shares)	17,195,319
Reorganization plan, number of shares called by warrants (shares)	1,810,035
Reorganization plan, exercise price of warrants (usd per share)	$ 27.86
Common Class A | Other Debt Obligations
Debt Instrument [Line Items]
Issuance of Successor common stock and stock purchase warrants (shares)	980,133
Common Class B
Debt Instrument [Line Items]
Issuance of Successor common stock and stock purchase warrants (shares)	1,023,859
Common stock, par value (in dollars per share)	$ 0.01
Common Class B | NewPage Corp | NewPage DIP Facility
Debt Instrument [Line Items]
Issuance of Successor common stock and stock purchase warrants (shares)	1,023,859
Predecessor | Senior Notes | Verso Paper Holdings LLC | 11.75% Senior Secured Notes, due 2012
Debt Instrument [Line Items]
Interest rate (percentage)	11.75%

BANKRUPTCY RELATED DISCLOSURE32

BANKRUPTCY RELATED DISCLOSURES - Registration Rights Agreement, Plan Warrants and Performance Incentive Plan (Details) $ / shares in Units, $ in Millions	Jul. 15, 2016USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of warrants and rights, anti-dilution adjustment, if stock issued below market price (percentage)	95.00%
Class of warrants and rights, anti-dilution adjustment, if stock issued below market price, consecutive trading days (days)	10 days
Class of warrants,fair value assumption, Risk free interest rate (percentage)	1.00%
Class of warrants, fair value assumption, expected volatility rate	37.00%
Class of warrants,fair value assumption, expected dividend rate	0.00%
Fair value of plan warrants | $	$ 10
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance shares authorized (shares)	3,620,067
Verso Paper Holdings LLC | Senior Notes | 11.75% Senior Secured Notes, due 2012 | Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reorganization plan, number of shares called by warrants (shares)	1,810,035
Reorganization plan, exercise price of warrants (usd per share) | $ / shares	$ 27.86

BANKRUPTCY RELATED DISCLOSURE33

BANKRUPTCY RELATED DISCLOSURES - Contractual Interest (Details) - Predecessor $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Debt Instrument [Line Items]
Total contractual interest	$ 48
Verso Paper Holdings LLC
Debt Instrument [Line Items]
Total contractual interest	38
NewPage Corp
Debt Instrument [Line Items]
Total contractual interest	$ 10

BANKRUPTCY RELATED DISCLOSURE34

BANKRUPTCY RELATED DISCLOSURES - Reorganization Items (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Reorganization [Line Items]
Reorganization gain	$ 116
Reorganization loss	35
Predecessor
Reorganization [Line Items]
Professional fees	17
DIP financing cost	21
Write-off of unamortized deferred financing costs, discounts/premiums, and deferred gains(1)	(81)
Other	(5)
Total reorganization items, net	$ (48)

BANKRUPTCY RELATED DISCLOSURE35

BANKRUPTCY RELATED DISCLOSURES - Common Stock Privileges (Details)	Jul. 15, 2016shares
Fresh-Start Adjustment [Line Items]
Issuance of Successor common stock and stock purchase warrants (shares)	34,390,643
Common Class A
Fresh-Start Adjustment [Line Items]
Issuance of Successor common stock and stock purchase warrants (shares)	33,366,784
Common Class B
Fresh-Start Adjustment [Line Items]
Issuance of Successor common stock and stock purchase warrants (shares)	1,023,859

SUPPLEMENTAL FINANCIAL STATEM36

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Jul. 15, 2016
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Capital expenditures unpaid	$ 3	$ 0
Verso Paper Holdings LLC | Common Class A | Senior Notes | 11.75% Senior Secured Notes, due 2012
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Reorganization plan, number of shares called by warrants (shares)			1,810,035
Predecessor
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Depreciation		$ 47
Successor
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Depreciation	31
Successor | Other Asset
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Restricted cash	$ 2
Successor | Restricted Stock Units (RSUs)
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Grants in period (in shares)	300,000

SUPPLEMENTAL FINANCIAL STATEM37

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION - Reconciliation of Basic and Diluted Loss Per Common Share Verso Paper (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Predecessor
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net loss available to common shareholders (in millions)		$ (88)
Weighted average common stock outstanding (shares)		81,370
Weighted average restricted stock (shares)		499
Weighted average common shares outstanding - basic (shares)		81,869
Dilutive shares from stock options (shares)		0
Weighted average common shares outstanding - diluted (shares)		81,869
Basic loss per share (usd per share)		$ (1.07)
Diluted loss per share (usd per share)		$ (1.07)
Successor
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net loss available to common shareholders (in millions)	$ (21)
Weighted average common stock outstanding (shares)	34,391
Weighted average restricted stock (shares)	0
Weighted average common shares outstanding - basic (shares)	34,391
Dilutive shares from stock options (shares)	0
Weighted average common shares outstanding - diluted (shares)	34,391
Basic loss per share (usd per share)	$ (0.61)
Diluted loss per share (usd per share)	$ (0.61)

SUPPLEMENTAL FINANCIAL STATEM38

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION - Inventories by Major Category (Detail) - Successor - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Inventory [Line Items]
Raw materials	$ 102	$ 95
Work-in-process	73	62
Finished goods	263	264
Replacement parts and other supplies	24	24
Inventories	$ 462	$ 445

SUPPLEMENTAL FINANCIAL STATEM39

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION - Analysis of Asset Retirement Obligations Included in Other Liabilities (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Predecessor
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligations, beginning balance		$ 16
Accretion expense		0
Settlement of existing liabilities		0
Asset retirement obligations, ending balance		16
Less: Current portion			$ 0
Non-current portion of asset retirement obligations, ending balance		$ 16
Successor
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligations, beginning balance	$ 14
Accretion expense	0
Settlement of existing liabilities	0
Asset retirement obligations, ending balance	14
Less: Current portion	(2)
Non-current portion of asset retirement obligations, ending balance	$ 12

ACQUISITIONS AND DISPOSITIONS (

ACQUISITIONS AND DISPOSITIONS (Acquisition) (Details) - Discontinued Operations, Disposed of by Sale - Verso Androscoggin Power LLC $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)	Jan. 06, 2016USD ($)subsidiaryfacility
Business Acquisition [Line Items]
Number of subsidiaries entered into an agreement to sell equity interest | subsidiary		2
Consideration considered		$ 62
Number of Businesses Acquired | facility		4
Other Operating Income
Business Acquisition [Line Items]
Gain on the sale of fixed assets	$ 55

INTANGIBLES AND OTHER ASSETS -

INTANGIBLES AND OTHER ASSETS - (Summarizes Intangibles and Other Assets) (Detail) - Successor - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Other assets:
Restricted cash	$ 3	$ 3
Other	15	15
Total other assets	18	18
Intangibles and other assets, net	56	58
Customer Relationships
Amortizable intangible assets:
Amortizable intangible assets, net	24	25
Other assets:
Accumulated amortization of intangibles	2	1
Trademarks
Amortizable intangible assets:
Amortizable intangible assets, net	14	15
Other assets:
Accumulated amortization of intangibles	$ 2	$ 1

INTANGIBLES AND OTHER ASSETS 42

INTANGIBLES AND OTHER ASSETS - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Successor | Trademarks
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Accumulated Amortization	$ 2		$ 1
Successor | Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Accumulated Amortization	2		$ 1
Amortization of Intangible Assets	1
Successor | Trademarks
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 1
Predecessor | Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets		$ 1
Predecessor | Trademarks
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets		$ 0

INTANGIBLES AND OTHER ASSETS 43

INTANGIBLES AND OTHER ASSETS - Estimated Future Amortization Expense for Intangible Assets Over Next Five Years (Detail) - Successor $ in Millions	Mar. 31, 2017USD ($)
Finite-Lived Intangible Assets [Line Items]
Remainder of 2017	$ 4
2,018	6
2,019	6
2,020	6
2,021	$ 4

DEBT - Summary of Debt (Detail

DEBT - Summary of Debt (Detail) - Successor - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Unamortized (discount) premium and debt issuance costs, net	$ (29)	$ (30)
Less: Current portion	(18)	(28)
Total long-term debt	311	265
Revolving Credit Facilities | Revolving Credit Facilities
Debt Instrument [Line Items]
Long-term debt	158	112
Term Loan at par value
Debt Instrument [Line Items]
Long-term debt	200	$ 211
Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Fair value	$ 359

DEBT - Interest Expense Relate

DEBT - Interest Expense Related to Long Term Debt and Cash Interests Payments on Long Term Debt (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Predecessor
Debt Instrument [Line Items]
Interest expense		$ 26
Cash interest paid		2
Debt issuance cost and discount amortization		$ 1
Successor
Debt Instrument [Line Items]
Interest expense	$ 8
Cash interest paid	8
Debt issuance cost and discount amortization	$ 2

DEBT - Exit Financing (Details)

DEBT - Exit Financing (Details) - USD ($)	Jul. 15, 2016	Jul. 14, 2016	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Jan. 28, 2016
Debt Instrument [Line Items]
Long-term debt	$ 2,600,000,000
Fair value of debt	$ 318,000,000
Quarterly principal amortization payment, percentage of initial principal amount (percentage)	2.00%
Quarterly principal amortization payment, liquidity requirement	$ 75,000,000
Prepayment penalty, for years one and two	2.00%
Prepayment penalty, for years three and four	1.00%
Interest costs capitalized		$ 9,000,000
Loans and interest converted to Verso equity		$ 184,000,000
Exit Financing Facility
Debt Instrument [Line Items]
Long-term debt	$ 340,000,000
Term Loan at par value
Debt Instrument [Line Items]
Debtor-in-possession financing, amount arranged						$ 550,000,000
Term Loan at par value | Exit Term Loan Facility
Debt Instrument [Line Items]
Debt instrument, face amount	220,000,000
Current borrowing capacity	198,000,000
Debt issuance costs	22,000,000
Repayments of long-term lines of credit	$ 7,000,000
Term Loan at par value | Exit Term Loan Facility | LIBOR
Debt Instrument [Line Items]
Spread on variable rate	11.00%
Term Loan at par value | Exit Term Loan Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Spread on variable rate	0.25%
Term Loan at par value | Exit Term Loan Facility | LIBOR | Maximum
Debt Instrument [Line Items]
Spread on variable rate	1.00%
Term Loan at par value | Exit Term Loan Facility | Base Rate
Debt Instrument [Line Items]
Spread on variable rate	10.00%
Revolving Credit Facilities | Revolving Credit Facilities | Exit ABL Facility
Debt Instrument [Line Items]
Credit facility, borrowing capacity	$ 375,000,000
Credit facility, outstanding	$ 120,000,000
Revolving Credit Facilities | Revolving Credit Facilities | Exit ABL Facility | Minimum
Debt Instrument [Line Items]
Commitment fee (percentage)	0.25%
Revolving Credit Facilities | Revolving Credit Facilities | Exit ABL Facility | Maximum
Debt Instrument [Line Items]
Commitment fee (percentage)	0.375%
Revolving Credit Facilities | Revolving Credit Facilities | Exit ABL Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Spread on variable rate	1.25%
Revolving Credit Facilities | Revolving Credit Facilities | Exit ABL Facility | LIBOR | Maximum
Debt Instrument [Line Items]
Spread on variable rate	2.00%
Interest Rate Floor | Term Loan at par value | Exit Term Loan Facility | LIBOR
Debt Instrument [Line Items]
Spread on variable rate	1.00%
Periodic payment	$ 4,000,000
Successor | Revolving Credit Facilities
Debt Instrument [Line Items]
Credit facility, remaining borrowing capacity			$ 134,000,000
Successor | Term Loan at par value
Debt Instrument [Line Items]
Long-term debt			200,000,000	$ 211,000,000
Successor | Revolving Credit Facilities | Revolving Credit Facilities
Debt Instrument [Line Items]
Debt issuance costs			$ 3,000,000
Interest rate (percentage)			12.15%
Weighted average interest rate (percentage)			2.99%
Long-term debt			$ 158,000,000	$ 112,000,000
Successor | Letter of Credit | Revolving Credit Facilities
Debt Instrument [Line Items]
Long-term debt			78,000,000
Verso Paper Holdings LLC | Term Loan at par value
Debt Instrument [Line Items]
Debt issuance costs			8,000,000		$ 21,000,000
Verso Paper Holdings LLC | Revolving Credit Facilities | Revolving Credit Facilities
Debt Instrument [Line Items]
Credit facility, outstanding			$ 0

DEBT - DIP Financing (Details)

DEBT - DIP Financing (Details) - USD ($) $ in Millions	Jul. 14, 2016	Jan. 26, 2016	Mar. 31, 2017	Dec. 31, 2016	Jul. 15, 2016	Jan. 28, 2016
Debt Instrument [Line Items]
Long-term debt					$ 2,600
Interest costs capitalized	$ 9
Loans and interest converted to Verso equity	$ 184
Term Loan at par value
Debt Instrument [Line Items]
Debtor-in-possession financing, amount arranged						$ 550
Term Loan at par value | NewPage DIP Facility
Debt Instrument [Line Items]
Debtor-in-possession financing, amount arranged		$ 175
Verso DIP Facility
Debt Instrument [Line Items]
DIP financing, fee on unused borrowings		0.75%
Verso DIP Facility | Federal Fund Rate
Debt Instrument [Line Items]
DIP financing, variable interest rate		0.50%
Verso DIP Facility | One Month LIBOR
Debt Instrument [Line Items]
DIP financing, variable interest rate		1.00%
Verso DIP Facility | Base Rate
Debt Instrument [Line Items]
DIP financing, variable interest rate		1.50%
Verso DIP Facility | LIBOR
Debt Instrument [Line Items]
DIP financing, variable interest rate		2.50%
Verso DIP Facility | Term Loan at par value
Debt Instrument [Line Items]
Debtor-in-possession financing, amount arranged		$ 100
NewPage DIP ABL Facility | Term Loan at par value
Debt Instrument [Line Items]
Debtor-in-possession financing, amount arranged		$ 325
NewPage DIP Facility | Base Rate
Debt Instrument [Line Items]
DIP financing, variable interest rate		8.50%
NewPage DIP Facility | LIBOR
Debt Instrument [Line Items]
DIP financing, variable interest rate		9.50%
DIP financing, fee on unused borrowings		0.375%
NewPage DIP Facility | Term Loan at par value
Debt Instrument [Line Items]
Debtor-in-possession financing, amount arranged		$ 350			175
NewPage Corp | NewPage DIP Facility
Debt Instrument [Line Items]
Secured debt		$ 175			$ 175
Verso Paper Holdings LLC | Revolving Credit Facilities | Revolving Credit Facilities
Debt Instrument [Line Items]
Credit facility, outstanding			$ 0
NewPage Corp | Verso Paper Holdings LLC | Revolving Credit Facilities | Revolving Credit Facilities
Debt Instrument [Line Items]
Long-term debt				$ 103

DEBT - Prepetition Debt (Detail

DEBT - Prepetition Debt (Details) - USD ($) $ in Millions	Jul. 15, 2016	Jul. 14, 2016	Mar. 31, 2017
Debt Instrument [Line Items]
Extinguishment of Debt, Amount		$ 2,500
Equity securities issued or to be issued (in shares)	34,390,643
Variable Interest Entity, Primary Beneficiary | Long-term debt | Verso Paper Holdings LLC
Debt Instrument [Line Items]
Variable interest entity, liabilities			$ 23

RETIREMENT AND OTHER POSTRETI49

RETIREMENT AND OTHER POSTRETIREMENT BENEFITS - Components of Net Periodic Benefit Cost (Detail) - Pension Plan - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Predecessor
Defined Benefit Plan Disclosure [Line Items]
Service cost		$ 4
Interest cost		17
Expected return on plan assets		(18)
Net periodic benefit cost		$ 3
Successor
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 4
Interest cost	16
Expected return on plan assets	(18)
Net periodic benefit cost	$ 2

RETIREMENT AND OTHER POSTRETI50

RETIREMENT AND OTHER POSTRETIREMENT BENEFITS - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Predecessor
Defined Benefit Plan Disclosure [Line Items]
Contribution made by employer		$ 5,068,709
Successor
Defined Benefit Plan Disclosure [Line Items]
Contribution made by employer	$ 6,000,000
Cash contribution	$ 26,000,000

RELATED PARTY TRANSACTIONS - A

RELATED PARTY TRANSACTIONS - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Apollo
Related Party Transaction [Line Items]
Revenue from affiliates		$ 6,000,000
Management Agreement
Related Party Transaction [Line Items]
Management agreement expiration date	Aug. 1, 2018
Management fee as a percentage of aggregate enterprise value	1.00%
payment for management fees		$ 0

RESTRUCTURING CHARGES (Addition

RESTRUCTURING CHARGES (Additional information) (Details) T in Thousands, $ in Millions	Aug. 20, 2015T	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Mar. 31, 2016USD ($)	Mar. 31, 2017USD ($)	Mar. 31, 2017USD ($)
Paper
Restructuring Cost and Reserve [Line Items]
Decrease in production capacity | T	430
Pulp
Restructuring Cost and Reserve [Line Items]
Decrease in production capacity | T	130
Androscoggin- Wickliffe Capacity Reduction
Restructuring Cost and Reserve [Line Items]
Accelerated depreciation			$ 43
Employee Severance [Member] | Corporate Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges				$ 1
Successor
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 2
Successor | Androscoggin- Wickliffe Capacity Reduction
Restructuring Cost and Reserve [Line Items]
Restructuring charges		1				$ 10
Accelerated depreciation		6
Successor | Employee Severance [Member] | Corporate Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges					$ 3
Successor | Employee Severance [Member] | Androscoggin- Wickliffe Capacity Reduction
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 0				$ 5

RESTRUCTURING CHARGES (Charges

RESTRUCTURING CHARGES (Charges Incurred Related to Shutdown) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended	11 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Jul. 14, 2016
Successor
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 2
Successor | Androscoggin- Wickliffe Capacity Reduction
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1		$ 10
Successor | Androscoggin- Wickliffe Capacity Reduction | Severance and benefit costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0		5
Successor | Androscoggin- Wickliffe Capacity Reduction | Write-off of purchase obligations and commitments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0		1
Successor | Androscoggin- Wickliffe Capacity Reduction | Other miscellaneous costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1		$ 4
Predecessor
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 144
Predecessor | Androscoggin- Wickliffe Capacity Reduction
Restructuring Cost and Reserve [Line Items]
Restructuring charges		144		$ 165
Predecessor | Androscoggin- Wickliffe Capacity Reduction | Property and equipment write down
Restructuring Cost and Reserve [Line Items]
Restructuring charges		127		127
Predecessor | Androscoggin- Wickliffe Capacity Reduction | Severance and benefit costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges		6		22
Predecessor | Androscoggin- Wickliffe Capacity Reduction | Write-off of spare parts and inventory
Restructuring Cost and Reserve [Line Items]
Restructuring charges		9		12
Predecessor | Androscoggin- Wickliffe Capacity Reduction | Write-off of purchase obligations and commitments
Restructuring Cost and Reserve [Line Items]
Restructuring charges		2		3
Predecessor | Androscoggin- Wickliffe Capacity Reduction | Other miscellaneous costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 0		$ 1
NewPage Corp | Successor
Restructuring Cost and Reserve [Line Items]
Severance and benefit costs	$ 1

RESTRUCTURING CHARGES (Restruct

RESTRUCTURING CHARGES (Restructuring Reserve) (Details) - Successor $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
NewPage Corp
Restructuring Reserve [Roll Forward]
Beginning balance of reserve	$ 3
Payments on purchase obligations	(2)
Ending balance of reserve	2
Androscoggin- Wickliffe Capacity Reduction
Restructuring Reserve [Roll Forward]
Beginning balance of reserve	6
Purchase obligations	1
Payments on purchase obligations	(1)
Ending balance of reserve	$ 6

NEW MARKET TAX CREDIT ENTITIES

NEW MARKET TAX CREDIT ENTITIES - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2010
Variable Interest Entity [Line Items]
Renewable Energy project amount		$ 43
Chase NMTC Verso Investment Fund, LLC | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Put option exercise date	2017-12
Tax credit, recapture period	7 years
Chase NMTC Verso Investment Fund, LLC | Verso Paper Holdings LLC | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Tax credit, recapture percentage	100.00%
Successor | Other Noncurrent Liabilities [Member] | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Liabilities	$ 8

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES - Additional Information (Detail)	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Workforce, represented by union, percentage	70.00%

INFORMATION BY INDUSTRY SEGME57

INFORMATION BY INDUSTRY SEGMENT - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)Segment
Segment Reporting [Abstract]
Number of reporting segments | Segment	2
Operating loss | Paper
Segment Reporting Information [Line Items]
Restructuring charges	$ 129
Operating loss | Pulp
Segment Reporting Information [Line Items]
Restructuring charges	$ 15

INFORMATION BY INDUSTRY SEGME58

INFORMATION BY INDUSTRY SEGMENT - Schedule of Industry Segment Data (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Reporting Information [Line Items]
Capital expenditures		$ 11
Operating Segments | Paper
Segment Reporting Information [Line Items]
Net sales		660
Operating loss		(93)
Depreciation, amortization, and depletion		44
Capital expenditures		8
Operating Segments | Pulp
Segment Reporting Information [Line Items]
Net sales		40
Operating loss		(17)
Depreciation, amortization, and depletion		4
Capital expenditures		3
Intercompany eliminations
Segment Reporting Information [Line Items]
Net sales		(10)
Predecessor
Segment Reporting Information [Line Items]
Restructuring charges		144
Net sales		690
Operating loss		(110)
Depreciation, amortization, and depletion		48
Capital expenditures		$ 11
Operating loss | Paper
Segment Reporting Information [Line Items]
Restructuring charges	$ 129
Operating loss | Pulp
Segment Reporting Information [Line Items]
Restructuring charges	$ 15