Billerud Americas (VRS) 10-Q 12 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Oct. 31, 2019
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	001-34056
Entity Registrant Name	VERSO CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	75-3217389
Entity Address, Address Line One	8540 Gander Creek Drive
Entity Address, City or Town	Miamisburg
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45342
City Area Code	877
Local Phone Number	855-7243
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Common Stock, Class A, Shares Outstanding		34,704,367
Entity Central Index Key	0001421182
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
NEW YORK STOCK EXCHANGE, INC. [Member] | Class A common stock, par value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	Class A common stock, par value $0.01 per share
No Trading Symbol	VRS
Security Exchange Name	NYSE
NEW YORK STOCK EXCHANGE, INC. [Member] | Rights to Purchase Series A Junior Participating Preferred Stock, par value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	Rights to Purchase Series A Junior Participating Preferred Stock, par value $0.01 per share
No Trading Symbol Flag	true
Security Exchange Name	NYSE

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 6	$ 26
Accounts receivable, net	202	197
Inventories	416	398
Prepaid expenses and other assets	7	12
Total current assets	631	633
Property, plant and equipment, net	940	1,016
Intangibles and other assets, net	64	50
Total assets	1,635	1,699
Current liabilities:
Accounts payable	207	215
Accrued and other liabilities	101	118
Current maturities of long-term debt and finance leases	1	0
Total current liabilities	309	333
Long-term debt and finance leases	24	0
Pension benefit obligation	393	428
Other long-term liabilities	42	32
Total liabilities	768	793
Commitments and contingencies (Note 11)
Equity:
Preferred stock -- par value $0.01 (50,000,000 shares authorized, no shares issued)	0	0
Common stock -- par value $0.01 (210,000,000 Class A shares authorized with 34,569,917 shares issued and 34,484,093 outstanding on December 31, 2018 and 34,936,378 shares issued and 34,691,315 outstanding on September 30, 2019; 40,000,000 Class B shares authorized with no shares issued and outstanding on December 31, 2018 and September 30, 2019)	0	0
Treasury stock -- at cost (85,824 shares on December 31, 2018 and 245,063 shares on September 30, 2019)	(5)	(2)
Paid-in-capital	696	686
Retained earnings	56	102
Accumulated other comprehensive income	120	120
Total equity	867	906
Total liabilities and equity	$ 1,635	$ 1,699

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Treasury stock, shares (in shares)	245,063	85,824
Common Class A
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	210,000,000	210,000,000
Common stock, shares issued (in shares)	34,936,378	34,569,917
Common stock, shares outstanding (in shares)	34,691,315	34,484,093
Common Class B
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
Net sales	$ 616	$ 704	$ 1,857	$ 1,987
Costs and expenses:
Cost of products sold (exclusive of depreciation and amortization)	536	580	1,625	1,742
Depreciation and amortization	25	28	157	83
Selling, general and administrative expenses	23	25	76	78
Restructuring charges	4		44	2
Other operating (income) expense	0	(9)	2	(7)
Operating income (loss)	28	80	(47)	89
Interest expense	0	15	2	32
Other (income) expense	(1)	(21)	(3)	(28)
Income (loss) before income taxes	29	86	(46)	85
Income tax expense (benefit)	(1)	0	0	0
Net income (loss)	$ 30	$ 86	$ (46)	$ 85
Income (loss) per common share:
Basic (usd per share)	$ 0.86	$ 2.49	$ (1.33)	$ 2.46
Diluted (usd per share)	$ 0.85	$ 2.45	$ (1.33)	$ 2.44
Weighted average common shares outstanding (in thousands)
Basic (shares)	34,686	34,562	34,599	34,511
Diluted (shares)	35,137	35,051	34,599	34,868

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 30	$ 86	$ (46)	$ 85
Defined benefit pension/other postretirement plans:
Amortization of net actuarial loss	0	0	0	1
Other comprehensive income (loss), net of tax	0	0	0	1
Comprehensive income (loss)	$ 30	$ 86	$ (46)	$ 86

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFECIT) - USD ($) $ in Thousands	Total	Common Class A	Common Class B	Common StockCommon Class A	Common StockCommon Class B	Treasury Stock	Paid-in-Capital	Retained Earnings (Deficit)	Accumulated Other Comprehensive Income (Loss)
Common stock, shares, beginning of period (in shares) at Dec. 31, 2017				34,173,000	291,000
Stockholders' equity beginning of period at Dec. 31, 2017	$ 746,000			$ 0	$ 0	$ 0	$ 676,000	$ (62,000)	$ 132,000
Treasury shares, beginning of period (in shares) at Dec. 31, 2017						9,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	85,000							85,000
Other comprehensive income (loss), net	1,000								1,000
Treasury shares (in shares)						7,000
Treasury shares	$ 0
Common stock issued for restricted stock (in shares)	0			106,000
Class B stock converted to Class A stock (in shares)	0			291,000	(291,000)
Equity award expense	$ 6,000						6,000
Common stock, shares, end of period (in shares) at Sep. 30, 2018				34,570,000	0
Stockholders' equity end of period at Sep. 30, 2018	838,000			$ 0	$ 0	$ 0	682,000	16,000	140,000
Treasury shares, end the period (in shares) at Sep. 30, 2018						16,000
Common stock, shares, beginning of period (in shares) at Jun. 30, 2018				34,544,000	0
Stockholders' equity beginning of period at Jun. 30, 2018	750,000			$ 0	$ 0	$ 0	680,000	(70,000)	140,000
Treasury shares, beginning of period (in shares) at Jun. 30, 2018						9,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	86,000							86,000
Treasury shares	$ 0
Common stock issued for restricted stock (in shares)	0			26,000
Equity award expense	$ 2,000						2,000
Common stock, shares, end of period (in shares) at Sep. 30, 2018				34,570,000	0
Stockholders' equity end of period at Sep. 30, 2018	838,000			$ 0	$ 0	$ 0	682,000	16,000	140,000
Treasury shares, end the period (in shares) at Sep. 30, 2018						16,000
Common stock, shares, beginning of period (in shares) at Dec. 31, 2018		34,569,917	0	34,570,000	0
Stockholders' equity beginning of period at Dec. 31, 2018	$ 906,000			$ 0	$ 0	$ (2,000)	686,000	102,000	120,000
Treasury shares, beginning of period (in shares) at Dec. 31, 2018	85,824					86,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ (46,000)							(46,000)
Treasury shares (in shares)						159,000
Treasury shares	$ (3,000)					$ (3,000)
Common stock issued for restricted stock (in shares)	0			366,000
Equity award expense	$ 10,000						10,000
Common stock, shares, end of period (in shares) at Sep. 30, 2019		34,936,378	0	34,936,000	0
Stockholders' equity end of period at Sep. 30, 2019	$ 867,000			$ 0	$ 0	$ (5,000)	696,000	56,000	120,000
Treasury shares, end the period (in shares) at Sep. 30, 2019	245,063					245,000
Common stock, shares, beginning of period (in shares) at Jun. 30, 2019				34,911,000	0
Stockholders' equity beginning of period at Jun. 30, 2019	$ 835,000			$ 0	$ 0	$ (5,000)	694,000	26,000	120,000
Treasury shares, beginning of period (in shares) at Jun. 30, 2019						238,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	30,000							30,000
Treasury shares (in shares)						7,000
Treasury shares	$ 0
Common stock issued for restricted stock (in shares)	0			25,000
Equity award expense	$ 2,000						2,000
Common stock, shares, end of period (in shares) at Sep. 30, 2019		34,936,378	0	34,936,000	0
Stockholders' equity end of period at Sep. 30, 2019	$ 867,000			$ 0	$ 0	$ (5,000)	$ 696,000	$ 56,000	$ 120,000
Treasury shares, end the period (in shares) at Sep. 30, 2019	245,063					245,000

UNAUDITED CONDENSED CONSOLIDA_6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash Flows From Operating Activities:
Net income (loss)	$ (46)	$ 85
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	157	83
Noncash restructuring charges	20	0
Net periodic pension cost (income)	(1)	(5)
Pension plan contributions	(34)	(35)
Amortization of debt issuance cost and discount	1	19
Equity award expense	10	6
(Gain) loss on sale or disposal of assets	0	(8)
Prepayment premium on Term Loan Facility	0	1
Changes in assets and liabilities:
Accounts receivable, net	(5)	(44)
Inventories	(27)	8
Prepaid expenses and other assets	4	3
Accounts payable	(14)	39
Accrued and other liabilities	(26)	(6)
Net cash provided by (used in) operating activities	39	146
Cash Flows From Investing Activities:
Proceeds from sale of assets	1	17
Capital expenditures	(76)	(61)
Grant proceeds from Maine Technology Institute		1
Net cash provided by (used in) investing activities	(75)	(43)
Cash Flows From Financing Activities:
Borrowings on ABL Facility	389	379
Payments on ABL Facility	(368)	(335)
Payments on Term Loan Facility	0	(146)
Prepayment premium on Term Loan Facility	0	(1)
Principal payment on finance lease obligations	(1)	0
Acquisition of treasury stock	(3)	0
Debt issuance costs	(1)	0
Net cash provided by (used in) financing activities	16	(103)
Change in Cash and cash equivalents and restricted cash	(20)	0
Cash and cash equivalents and restricted cash at beginning of period	28	9
Cash and cash equivalents and restricted cash at end of period	8	9
Noncash investing and financing activities:
Right-of-use assets recorded upon adoption of ASC 842	24	0
Right-of-use assets obtained in exchange for new finance lease liabilities	7	0
Right-of-use assets obtained in exchange for new capitalized operating lease liabilities	$ 2	$ 0

SUMMARY OF BUSINESS AND BASIS O

SUMMARY OF BUSINESS AND BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SUMMARY OF BUSINESS AND BASIS OF PRESENTATION	SUMMARY OF BUSINESS AND BASIS OF PRESENTATION Nature of Business — Verso operates in the pulp and paper market segments. However, Verso determined that the operating income (loss) of the pulp segment is immaterial for disclosure purposes. Verso’s core business platform is as a producer of specialty papers, graphic papers, packaging papers and pulp. Verso’s 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. Verso’s market kraft pulp is used to manufacture printing, writing and specialty paper grades, tissue, containerboard, bag and other products. Verso’s assets are utilized across segments in an integrated mill system and are not identified by segment or reviewed by management on a segment basis. Verso operates primarily in one geographic location, North America. Basis of Presentation — This report contains the Unaudited Condensed Consolidated Financial Statements of Verso as of December 31, 2018 and September 30, 2019 and for the three and nine months ended September 30, 2018 and September 30, 2019 . The December 31, 2018 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 Verso’s opinion, 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. 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, 2018

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Sep. 30, 2019
Accounting Changes and Error Corrections [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS Accounting Guidance Adopted in 2019 ASC Topic 842, Leases . Verso adopted Accounting Standards Codification, or “ASC,” 842, Leases , on January 1, 2019. Verso elected the package of practical expedients under the transition provisions of the new standard including not reassessing lease classification or whether expired or existing contracts contain leases and not revaluing initial direct costs for existing leases. Verso elected not to adopt the hindsight practical expedient. Verso elected to apply the optional transition method provided by Accounting Standards Update, or “ASU,” 2018-11, which allows entities to continue to apply the legacy guidance under ASC 840, including its disclosure requirements, in the comparative periods presented in the year of adoption. Verso established a project team to evaluate and implement the new standard and its policies and procedures related to accounting for right-of-use assets, related liabilities and related income and expense, including implementation of a new system to track such leases. These policies and procedures modify contract review controls to consider the new criteria for determining whether a contract is or contains a lease, specifically to clarify the definition of a lease and align with the control concept. The most significant impact of the new standard for Verso was recording the right-of-use assets and related liabilities on the balance sheet for its operating leases. The new standard requires that fixed payments, probable amounts the lessee will owe under a residual value guarantee and certain other payments be included in the valuation of these right-of-use assets and related liabilities. Variable payments are excluded from the calculation unless they are based on an index or rate. The adoption of this new standard resulted in an adjustment to recognize $24 million in right-of-use assets and related liabilities on the Unaudited Condensed Consolidated Balance Sheet associated with Verso’s leases at January 1, 2019. The impact to the Unaudited Condensed Consolidated Statements of Operations and Unaudited Condensed Consolidated Statements of Cash Flows was de minimis (see Note 5). Accounting Guidance Not Yet Adopted ASC Topic 350, Intangible Assets - Goodwill & Other . In August 2018, the Financial Accounting Standards Board, or “FASB” issued ASU 2018-15, Customer’s Accounting for Implementation Costs in a Cloud Computing Arrangement that is a Service Contract (Topic 350), which aligns the accounting for such costs with guidance on capitalizing costs associated with developing or obtaining internal use software. The guidance is effective for annual and interim periods beginning after December 15, 2019 and early adoption is permitted at any interim period. Verso expects to adopt this guidance on January 1, 2020 on a prospective basis and does not expect it to have a material effect on the Unaudited Condensed Consolidated Financial Statements. ASC Topic 326, Financial Instruments – Credit Losses . In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . This guidance replaces the current incurred loss impairment method with a method that reflects expected credit losses. This guidance is effective for annual reporting periods beginning after December 15, 2019, including interim periods within those fiscal years. Adoption of this standard is through a cumulative-effect adjustment to retained earnings as of the effective date. Verso expects to adopt this guidance on January 1, 2020 and does not expect it to have a material effect on the Unaudited Condensed Consolidated Financial Statements.

REVENUE RECOGNITION

REVENUE RECOGNITION	9 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION The following table presents the revenues disaggregated by product included on the Unaudited Condensed Consolidated Statements of Operations: Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended (Dollars in millions) September 30, 2018 September 30, 2019 September 30, 2018 September 30, 2019 Graphic papers $ 450 $ 363 $ 1,294 $ 1,107 Specialty papers 196 196 551 582 Packaging papers 19 28 47 75 Pulp 39 29 95 93 Total Net sales $ 704 $ 616 $ 1,987 $ 1,857 The following table presents the revenue disaggregated by sales channel included on the Unaudited Condensed Consolidated Statements of Operations: Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended (Dollars in millions) September 30, 2018 September 30, 2019 September 30, 2018 September 30, 2019 Direct sales $ 399 $ 384 $ 1,115 $ 1,150 Merchant sales 248 189 735 590 Broker sales 57 43 137 117 Total Net sales $ 704 $ 616 $ 1,987 $ 1,857

SUPPLEMENTAL FINANCIAL STATEMEN

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION	SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION Restricted Cash — As of December 31, 2018 and September 30, 2019 , $2 million of restricted cash was included in Intangibles and other assets, net on the Unaudited Condensed Consolidated Balance Sheets primarily 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. As of September 30, 2018 and September 30, 2019 , Cash and cash equivalents and restricted cash on the Unaudited Condensed Consolidated Statements of Cash Flows each include restricted cash of $2 million . Inventories — The following table summarizes inventories by major category: December 31, September 30, (Dollars in millions) 2018 2019 Raw materials $ 88 $ 83 Work-in-process 56 52 Finished goods 225 252 Replacement parts and other supplies 29 29 Inventories $ 398 $ 416 Property, plant and equipment — Depreciation expense for the three and nine months ended September 30, 2018 was $26 million and $78 million , respectively. Depreciation expense for the three and nine months ended September 30, 2019 was $24 million and $153 million , respectively. Depreciation expense for the nine months ended September 30, 2019 included $76 million in accelerated depreciation associated with the closure of the Luke Mill (see Note 10). Interest costs capitalized for the three and nine months ended September 30, 2018 were zero and $1 million , respectively. Interest costs capitalized for the three and nine months ended September 30, 2019 were zero and $1 million , respectively. Capital expenditures unpaid as of September 30, 2018 and September 30, 2019 were $3 million and $13 million , respectively. As of September 30, 2018 , Property, plant and equipment was reduced by $4 million as a result of meeting all pertinent milestones of the Maine Technology Asset Fund 2.0 challenge grant, covering a portion of the capital costs associated with the upgrade of the previously shuttered No. 3 paper machine and pulp line at the Androscoggin Mill in Jay, Maine. Verso received $1 million of the grant funds in July 2018. As of September 30, 2018, $3 million related to outstanding grant funds was recorded in Accounts receivable, net on the Unaudited Condensed Consolidated Balance Sheet. Verso received the remaining $3 million of grant funds in the fourth quarter of 2018.

LEASES

LEASES	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
LEASES	LEASES Verso adopted ASC 842, Leases, on January 1, 2019. Verso leases certain office space, warehouses, vehicles and equipment under operating leases and certain equipment under finance leases. Leases with an initial term of 12 months or less, including any renewal options which are not reasonably certain of exercise in 12 months or less, are not recorded on the Unaudited Condensed Consolidated Balance Sheet. Verso recognizes lease expense for these leases on a straight line basis over the lease term. Certain assets include renewal terms that generally range from 1 month to 1 year. Certain warehouse leases include only a payment for space utilized, not based on an index or rate, and are therefore not used in the valuation of the right-of-use asset and lease obligations. The lease agreements do not include residual value guarantees and do not contain any restrictions or covenants. The following table details right-of-use assets and associated obligations for operating and finance leases included in the Unaudited Condensed Consolidated Balance Sheet as of September 30, 2019 . September 30, (Dollars in millions) Classification 2019 Assets: Operating lease assets Intangibles and other assets, net $ 17 Finance lease assets Property, plant and equipment, net (1) 6 Total leased assets $ 23 Liabilities Current liabilities: Operating Accrued and other liabilities $ 9 Finance Current maturities of long-term debt and finance leases 1 Non-current liabilities: Operating Other long-term liabilities 8 Finance Long-term debt and finance leases 5 Total lease liabilities $ 23 (1) Finance lease assets are recorded net of accumulated amortization. The following table details the costs associated with leasing transactions included on the Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2019 . Three Months Nine Months Ended Ended (Dollars in millions) Classification September 30, 2019 September 30, 2019 Operating lease cost Cost of products sold (exclusive of depreciation and amortization) $ 3 $ 8 Operating lease cost Selling, general and administrative expenses — 1 Variable lease cost Cost of products sold (exclusive of depreciation and amortization) 2 6 Short term lease cost Cost of products sold (exclusive of depreciation and amortization) 1 3 Finance lease cost: Amortization of leased assets Depreciation and amortization 1 1 Interest on lease liabilities Interest expense — — Net lease cost $ 7 $ 19 The following table details the future lease payments associated with leases commenced as of September 30, 2019 , including amounts for any renewal options that Verso has determined are reasonably certain to be exercised. Operating Finance (Dollars in millions) Leases Leases Total 2019 (remaining) $ 3 $ — $ 3 2020 8 2 10 2021 4 1 5 2022 2 2 4 2023 1 1 2 2024 — 1 1 Thereafter — — — Total lease payments $ 18 $ 7 $ 25 Imputed interest (1 ) (1 ) (2 ) Present value of lease liabilities $ 17 $ 6 $ 23 The following table represents the future minimum rental payments due under non-cancelable operating leases that have initial or remaining lease terms in excess of one year, as of December 31, 2018 . Amounts are based on ASC 840, Leases , that was superseded upon Verso’s adoption of ASC 842, Leases , on January 1, 2019 (see Note 2). December 31, (Dollars in millions) 2018 2019 $ 6 2020 5 2021 2 2022 1 2023 — Thereafter — Total $ 14 The following assumptions were used to determine the right-of-use assets and obligations associated with Verso’s leases as of September 30, 2019 . Verso uses its incremental borrowing rate to value the right-of-use asset and related obligations. September 30, 2019 Weighted-average remaining lease term (years): Operating leases 2.3 Finance leases 4.6 Weighted-average discount rate: Operating leases 4.3 % Finance leases 3.8 % The following table provides additional cash flow details associated with leases included in the Unaudited Condensed Consolidated Statement of Cash Flows for the nine months ended September 30, 2019 . Nine Months Ended (Dollars in millions) September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows related to operating leases $ 9 Operating cash flows related to finance leases — Financing cash flows related to finance leases 1
LEASES	LEASES Verso adopted ASC 842, Leases, on January 1, 2019. Verso leases certain office space, warehouses, vehicles and equipment under operating leases and certain equipment under finance leases. Leases with an initial term of 12 months or less, including any renewal options which are not reasonably certain of exercise in 12 months or less, are not recorded on the Unaudited Condensed Consolidated Balance Sheet. Verso recognizes lease expense for these leases on a straight line basis over the lease term. Certain assets include renewal terms that generally range from 1 month to 1 year. Certain warehouse leases include only a payment for space utilized, not based on an index or rate, and are therefore not used in the valuation of the right-of-use asset and lease obligations. The lease agreements do not include residual value guarantees and do not contain any restrictions or covenants. The following table details right-of-use assets and associated obligations for operating and finance leases included in the Unaudited Condensed Consolidated Balance Sheet as of September 30, 2019 . September 30, (Dollars in millions) Classification 2019 Assets: Operating lease assets Intangibles and other assets, net $ 17 Finance lease assets Property, plant and equipment, net (1) 6 Total leased assets $ 23 Liabilities Current liabilities: Operating Accrued and other liabilities $ 9 Finance Current maturities of long-term debt and finance leases 1 Non-current liabilities: Operating Other long-term liabilities 8 Finance Long-term debt and finance leases 5 Total lease liabilities $ 23 (1) Finance lease assets are recorded net of accumulated amortization. The following table details the costs associated with leasing transactions included on the Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2019 . Three Months Nine Months Ended Ended (Dollars in millions) Classification September 30, 2019 September 30, 2019 Operating lease cost Cost of products sold (exclusive of depreciation and amortization) $ 3 $ 8 Operating lease cost Selling, general and administrative expenses — 1 Variable lease cost Cost of products sold (exclusive of depreciation and amortization) 2 6 Short term lease cost Cost of products sold (exclusive of depreciation and amortization) 1 3 Finance lease cost: Amortization of leased assets Depreciation and amortization 1 1 Interest on lease liabilities Interest expense — — Net lease cost $ 7 $ 19 The following table details the future lease payments associated with leases commenced as of September 30, 2019 , including amounts for any renewal options that Verso has determined are reasonably certain to be exercised. Operating Finance (Dollars in millions) Leases Leases Total 2019 (remaining) $ 3 $ — $ 3 2020 8 2 10 2021 4 1 5 2022 2 2 4 2023 1 1 2 2024 — 1 1 Thereafter — — — Total lease payments $ 18 $ 7 $ 25 Imputed interest (1 ) (1 ) (2 ) Present value of lease liabilities $ 17 $ 6 $ 23 The following table represents the future minimum rental payments due under non-cancelable operating leases that have initial or remaining lease terms in excess of one year, as of December 31, 2018 . Amounts are based on ASC 840, Leases , that was superseded upon Verso’s adoption of ASC 842, Leases , on January 1, 2019 (see Note 2). December 31, (Dollars in millions) 2018 2019 $ 6 2020 5 2021 2 2022 1 2023 — Thereafter — Total $ 14 The following assumptions were used to determine the right-of-use assets and obligations associated with Verso’s leases as of September 30, 2019 . Verso uses its incremental borrowing rate to value the right-of-use asset and related obligations. September 30, 2019 Weighted-average remaining lease term (years): Operating leases 2.3 Finance leases 4.6 Weighted-average discount rate: Operating leases 4.3 % Finance leases 3.8 % The following table provides additional cash flow details associated with leases included in the Unaudited Condensed Consolidated Statement of Cash Flows for the nine months ended September 30, 2019 . Nine Months Ended (Dollars in millions) September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows related to operating leases $ 9 Operating cash flows related to finance leases — Financing cash flows related to finance leases 1

DEBT

DEBT	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
DEBT	DEBT The following table summarizes debt: December 31, September 30, (Dollars in millions) Maturity 2018 2019 ABL Facility 2/6/2024 $ — $ 21 Unamortized debt issuance costs, net — (2 ) Total Long-term debt $ — $ 19 As of September 30, 2019 , the fair value of Verso’s total debt outstanding was $21 million . On July 15, 2016, VPH entered into a $375 million asset-based revolving credit facility, or the “ABL Facility,” and a $220 million senior secured term loan (with loan proceeds of $198 million after the deduction of the original issue discount of $22 million ), or the “Term Loan Facility,” and collectively termed the “Credit Facilities.” After the Internal Reorganization, Verso Paper became the borrower under the Credit Facilities. During the nine months ended September 30, 2018 , Verso made scheduled principal payments totaling $9 million on the Term Loan Facility. As a result of the excess cash flow requirement in the Term Loan Facility, Verso was obligated to fund additional principal payments during the nine months ended September 30, 2018 of $21 million . Verso also elected to make additional voluntary principal prepayments on the Term Loan Facility totaling $116 million during the nine months ended September 30, 2018 . The mandatory and voluntary principal prepayments resulted in the full pay off of the Term Loan Facility on September 10, 2018 . On February 6, 2019 , Verso Paper, as borrower, and Verso Holding entered into a second amendment to the ABL Facility, or the “ABL Amendment.” As a result of the ABL Amendment, the ABL Facility provides for revolving commitments of $350 million , with a $100 million sublimit for letters of credit and a $35 million sublimit for swingline loans. Verso Paper may request one or more incremental revolving commitments in an aggregate principal amount up to the greater of (i) $75 million or (ii) the excess of the borrowing base over the revolving facility commitments of $350 million ; however, the lenders are not obligated to increase the revolving commitments upon any such request. Availability under the ABL Facility is subject to customary borrowing conditions. The ABL Facility will mature on February 6, 2024 . As a result of the ABL Amendment, outstanding borrowings under the ABL Facility bear interest at an annual rate equal to, at the option of Verso Paper, either (i) a customary London interbank offered rate plus an applicable margin ranging from 1.25% to 1.75% or (ii) a customary base rate plus an applicable margin ranging from 0.25% to 0.75% , determined based upon the average excess availability under the ABL Facility. Verso Paper also is required to pay a commitment fee for the unused portion of the ABL Facility of 0.25% per year, based upon the average revolver usage under the ABL Facility. All obligations under the ABL Facility are unconditionally guaranteed by Verso Holding and certain of the subsidiaries of Verso Paper. The security interest with respect to the ABL Facility consists of a first-priority lien on certain assets of Verso Paper, Verso Holding and the other guarantor subsidiaries, including accounts receivable, inventory, certain deposit accounts, securities accounts and commodities accounts. The ABL Facility contains financial covenants requiring Verso, among other things, to maintain a minimum fixed charge coverage ratio in certain circumstances. The ABL Facility also contains restrictions, among other things and subject to certain exceptions, on Verso’s ability to incur debt or liens, pay cash dividends, repurchase equity interest, prepay indebtedness, sell or dispose of assets and make investments in or merge with another company. The amount of borrowings and letters of credit available to Verso pursuant to the ABL Facility is limited to the lesser of $350 million or an amount determined pursuant to a borrowing base ( $344 million as of September 30, 2019 ). As of September 30, 2019 , the outstanding balance of the ABL Facility was $21 million , with $ 35 million issued in letters of credit and $288 million available for future borrowings, and the weighted-average interest rate on outstanding borrowings was 4.33% . Amounts included in interest expense (inclusive of amounts capitalized) and amounts of cash interest payments related to long-term debt for the periods presented are as follows: Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended (Dollars in millions) September 30, 2018 September 30, 2019 September 30, 2018 September 30, 2019 Interest expense (1) $ 3 $ — $ 14 $ 2 Cash interest paid 4 — 15 2 Debt issuance cost and discount amortization (2) 12 — 19 1 (1) Represents interest expense incurred on the Credit Facilities, exclusive of amortization of debt issuance cost and discount and inclusive of amounts capitalized. See Note 4 for additional information on capitalized interest costs. (2) Amortization of debt issuance cost and original issue discount, including accelerated amortization associated with the early extinguishment of the Term Loan Facility and the ABL Amendment, are included in Interest expense on the Unaudited Condensed Consolidated Statements of Operations and in Amortization of debt issuance cost and discount on the Unaudited Condensed Consolidated Statements of Cash Flows.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE The following table provides a reconciliation of basic and diluted income (loss) per common share: Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended September 30, 2018 September 30, 2019 September 30, 2018 September 30, 2019 Net income (loss) available to common shareholders (in millions) $ 86 $ 30 $ 85 $ (46 ) Weighted average common shares outstanding - basic (in thousands) 34,562 34,686 34,511 34,599 Dilutive shares from stock awards (in thousands) 489 451 357 — Weighted average common shares outstanding - diluted (in thousands) 35,051 35,137 34,868 34,599 Basic income (loss) per share $ 2.49 $ 0.86 $ 2.46 $ (1.33 ) Diluted income (loss) per share $ 2.45 $ 0.85 $ 2.44 $ (1.33 ) As a result of the net loss from continuing operations for the nine months ended September 30, 2019 , 1.2 million restricted stock units were excluded from the calculation of diluted earnings per share as their inclusion would be anti-dilutive. As of September 30, 2019 , Verso has 1.8 million warrants outstanding at an exercise price of $27.86 (see Note 9). As a result of the exercise price of the warrants exceeding the average market price of Verso’s common stock during the three and nine months ended September 30, 2018 and 2019 , 1.8 million warrants as of September 30, 2018 and September 30, 2019 were excluded from the calculations of diluted earnings per share as their inclusion would be anti-dilutive. There were no cash dividends declared or paid in the periods presented and therefore no dilutive effect. See Note 9 for details on the non-cash dividend declared on June 17, 2019 related to the stockholder rights plan.

RETIREMENT BENEFITS

RETIREMENT BENEFITS	9 Months Ended
	Sep. 30, 2019
Retirement Benefits [Abstract]
RETIREMENT BENEFITS	RETIREMENT BENEFITS The following table summarizes the components of net periodic pension cost for the periods presented: Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended (Dollars in millions) September 30, 2018 September 30, 2019 September 30, 2018 September 30, 2019 Service cost $ 1 $ 1 $ 4 $ 3 Interest cost 15 16 45 48 Expected return on plan assets (18 ) (18 ) (54 ) (52 ) Net periodic pension cost (income) $ (2 ) $ (1 ) $ (5 ) $ (1 ) Verso makes contributions to fund retirement benefits on an actuarially-determined basis, generally equal to the minimum amounts required by the Employee Retirement Income Security Act, or “ERISA.” Verso made contributions to the pension plan of $21 million and $35 million during the three and nine months ended September 30, 2018 , respectively. Verso made $18 million and $34 million during the three and nine months ended September 30, 2019 , respectively, including $5 million in excess of the ERISA minimum required. Verso expects to make additional cash contributions of at least $8 million to the pension plan in the remainder of 2019 .

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
EQUITY	EQUITY Equity Awards On March 28, 2019, Verso granted 0.2 million time-based restricted stock units and 0.2 million performance-based restricted stock units to its executives and certain senior managers. In addition, on August 12, 2019, Verso granted 6 thousand time-based restricted stock units and 6 thousand performance-based restricted stock units to an executive. The performance awards granted in March 2019 and August 2019 each vest at December 31, 2021, subject to a comparison of annualized total shareholder return, or “TSR,” of Verso to a select group of peer companies over a 3 -year period. The vesting criteria of the performance awards meet the definition of a market condition for accounting purposes. The full grant date value of the performance awards will be recognized over the remaining vesting period assuming that the employee is employed continuously to the vesting date. The number of shares which will ultimately vest at the vesting date ranges from 50% to 150% based on Verso stock performance relative to the peer group if Verso TSR is at least 5% during the performance period. The compensation expense associated with these performance awards was determined using the Monte Carlo valuation methodology. On April 5, 2019, Verso granted 68 thousand restricted stock units to its interim Chief Executive Officer of which 10% are time-based and 90% are performance-based. The performance-based restricted stock units meet the criteria of a performance condition for accounting purposes and vest upon a change in control. Verso recognized equity award expense of $2 million and $6 million for the three and nine months ended September 30, 2018 , respectively, and $2 million and $10 million for the three and nine months ended September 30, 2019 , respectively. Equity award expense for the nine months ended September 30, 2019 included $3 million related to the accelerated vesting of 233 thousand performance-based restricted stock units and 108 thousand time-based restricted stock units, net of cancellation of 124 thousand time-based restricted stock units, pursuant to a separation agreement, dated April 11, 2019, entered into with Verso’s former Chief Executive Officer. As of September 30, 2019 , there was approximately $8 million of unrecognized compensation cost related to the 1.2 million non-vested restricted stock units, which is expected to be recognized over the weighted average period of 1.8 years. Time-based Restricted Stock Units Changes to non-vested time-based restricted stock units for the nine months ended September 30, 2019 were as follows: Restricted Stock Weighted Average Units Grant Date Shares (in thousands) Outstanding Fair Value Non-vested at December 31, 2018 678 $ 10.04 Granted 184 20.77 Vested (137 ) 12.39 Forfeited (136 ) 13.78 Non-vested at September 30, 2019 589 11.99 Performance-based Restricted Stock Units Changes to non-vested performance-based restricted stock units for the nine months ended September 30, 2019 were as follows: Restricted Stock Weighted Average Units Grant Date Shares (in thousands) Outstanding Fair Value Non-vested at December 31, 2018 638 $ 22.26 Granted 238 17.41 Vested (232 ) 20.92 Forfeited (11 ) 17.57 Non-vested at September 30, 2019 633 21.00 Warrants On July 15, 2016, upon emergence from Chapter 11 cases, warrants to purchase up to an aggregate of 1.8 million shares of Class A common stock were issued to holders of first-lien secured debt at an exercise price of $27.86 per share and a seven -year term. As of September 30, 2019 , no warrants have been exercised. Preferred Stock On June 16, 2019, the Board of Directors authorized 100 thousand shares of preferred stock with a par value of $0.01 per share, designated as Series A Junior Participating Preferred Stock, or “Preferred Stock,” in conjunction with the adoption of the Rights Plan (defined below). Stockholder Rights Plan On June 16, 2019, the Board of Directors approved the adoption of a limited duration stockholder rights plan (the “Rights Plan”) and declared a dividend payable to stockholders of record on June 27, 2019 of one right (a “Right”) per each outstanding share of Verso’s Class A common stock to purchase one one-thousandth (subject to adjustment) of a share of Preferred Stock at a price of $75.00 per one one-thousandth of a share of Preferred Stock upon exercise of the Right (subject to adjustment). Unless and until a triggering event occurs and these Rights become exercisable, the Rights will trade with the shares of the Verso’s common stock. The Rights will generally become exercisable only after (i) a public announcement that a person or group of related persons acquires beneficial ownership of 15% or more of Verso’s Class A common stock in a transaction not approved by the Board of Directors (such person or group of related persons, an “Acquiring Person”) or (ii) a person or group of related persons announces or commences a tender or exchange offer that would result in such person(s) becoming an Acquiring Person, unless such offer is a Qualifying Transaction (defined below). The Rights Plan expires on the earlier of (a) June 17, 2020, (b) the redemption or exchange of the Rights, (c) the determination by the Board of Directors to not pursue any strategic alternatives and (d) upon the approval by the Verso’s stockholders of any strategic transaction recommended by the Board of Directors. The Rights will not be issued if there is a “Qualifying Transaction” which satisfies the following criteria: (a) the offer is a fully financed, all-cash tender offer or an exchange offer offering shares of the offeror traded on a national securities exchange (or a combination thereof); (b) for any and all of Verso’s outstanding shares of Class A common stock; and (c) is made at the same per-share consideration for all such shares. Each holder of a Right (other than an Acquiring Person, whose Rights will become void and will not be exercisable) will have the right to receive for 50% of the market value (determined pursuant to the terms of the Rights Plan) a certain number of shares of Verso’s common stock, calculated in accordance with terms of the Rights Plan. In addition, if Verso is acquired in a merger or other business combination after an Acquiring Person acquires 15% or more of Verso’s common stock, each holder of the Right would thereafter have the right to receive for a purchase price equal to 50% of the then current market value a certain number of shares of common equity interest of the Acquiring Person that is a party to such transaction. The Acquiring Person would not be entitled to exercise these Rights.

RESTRUCTURING CHARGES

RESTRUCTURING CHARGES	9 Months Ended
	Sep. 30, 2019
Restructuring and Related Activities [Abstract]
RESTRUCTURING CHARGES	RESTRUCTURING CHARGES Closure of Luke Mill — On April 30, 2019, Verso announced that it would permanently shut down its paper mill in Luke, Maryland in response to the continuing decline in customer demand for the grades of coated freesheet paper produced at the Luke Mill, along with rising input costs, a significant influx of imports and rising compliance costs and infrastructure challenges associated with environmental regulation. Verso completed the shutdown and closure of the Luke Mill in June 2019. The shutdown of the Luke Mill reduced Verso’s coated freesheet production capacity by approximately 450,000 tons, reducing total annual paper production capacity to approximately 2.7 million tons, and eliminated approximately 675 positions at the Luke Mill. In connection with the announced closure of the Luke Mill, Verso recognized $76 million of accelerated depreciation which is included in Depreciation and amortization on the Unaudited Condensed Consolidated Statements of Operations for the nine months ended September 30, 2019 . The following table details the charges incurred related to the Luke Mill closure as included in Restructuring charges on the Unaudited Condensed Consolidated Statements of Operations: Three Months Nine Months Ended Ended Cumulative (Dollars in millions) September 30, 2019 September 30, 2019 Incurred Property, plant and equipment, net $ — 10 $ 10 Severance and benefit costs (1 ) 18 18 Write-off of spare parts and inventory 1 9 9 Write-off of purchase obligations and commitments 1 1 1 Other costs 3 6 6 Total restructuring costs $ 4 $ 44 $ 44 The following table details the changes in the restructuring reserve liabilities related to the Luke Mill closure which are included in Accrued and other liabilities on the Unaudited Condensed Consolidated Balance Sheets: Nine Months Ended (Dollars in millions) September 30, 2019 Beginning balance of reserve $ — Severance and benefits 19 Severance and benefit payments (15 ) Severance and benefits reserve adjustments (1 ) Purchase obligations 1 Payments on purchase obligations (1 ) Other costs 6 Payments on other costs (4 ) Ending balance of reserve $ 5

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Represented Employees — As of September 30, 2019 , approximately 65% of Verso’s hourly workforce is represented by unions. On February 28, 2019, the United Steelworkers, or “USW,” represented employees at four Verso sites, voted to ratify a new Master Labor Agreement, or the “Agreement,” covering five USW local branches, or approximately 80% of Verso’s hourly represented workforce as of September 30, 2019 . The Agreement, which was effective on March 1, 2019, will run for a period of three years with staggered expiration dates at each of the affected sites. In addition, two smaller local unions (the International Brotherhood of Electrical Workers and the International Brotherhood of Teamsters) at two of the mill locations also signed and are participating in the Agreement. During the three and nine months ended September 30, 2019 , Verso recognized zero and $6 million , respectively, of expense for signing bonuses and for the settlement of various work arrangement issues, to represented employees covered by the Agreement, which was reported in Cost of products sold on the Unaudited Condensed Consolidated Statements of Operations. Verso continues to negotiate with smaller trade unions at two of the mill sites while continuing to work under the terms and conditions of their expired agreements. General Litigation — Verso is involved from time to time in legal proceedings incidental to the conduct of its business. While any proceeding or litigation has the element of uncertainty, Verso believes that the outcome of any of these lawsuits or claims that are pending or threatened or all of them combined (other than those that cannot be assessed due to their preliminary nature) will not have a material effect on the Unaudited Condensed Consolidated Financial Statements. Settlement Agreement — On March 20, 2018, Verso entered into a settlement agreement, or “the Settlement Agreement,” with Canadian producers of supercalendered paper, Port Hawkesbury Paper Limited Partnership and certain related entities, collectively, “Port Hawkesbury” and Irving Paper Limited, or “Irving”. In accordance with the terms of the Settlement Agreement, Verso filed with the U.S. Department of Commerce, or “Commerce,” a written request for a “no interest” changed circumstances review by Commerce of the final countervailing duty order, or the “CVD Order,” issued by Commerce on December 10, 2015, imposing tariffs on supercalendered paper imported into the United States from Canada since August 3, 2015; such request is referred to as the “Changed Circumstances Request”. Included in the Changed Circumstances Request, among other things, was a request that Commerce revoke the CVD Order retroactively to August 3, 2015, which, if granted, would result in refunds to Canadian producers of supercalendered paper of all countervailing duties collected on supercalendered paper imported into the United States from such producers under the CVD Order. On July 5, 2018, Commerce granted the request and revoked the countervailing duties retroactively to August 3, 2015, the date the tariffs were originally imposed, which resulted in a refund to Canadian producers of supercalendered paper of the countervailing duties previously collected on supercalendered paper imported into the United States from such producers. Pursuant to the Settlement Agreement, Irving and Port Hawkesbury agreed to pay Verso a percentage, totaling up to $42 million , of the duties refunded to such parties over time. During the three months ended September 30, 2018 , $20 million in settlement payments were received by Verso and are included in Other (income) expense on the Unaudited Condensed Consolidated Statements of Operations. In October 2018, Verso received the remaining $22 million of payments in connection with the Settlement Agreement.

SUBSEQUENT EVENT

SUBSEQUENT EVENT	9 Months Ended
	Sep. 30, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENT	SUBSEQUENT EVENT On November 11, 2019, Verso and Verso Paper entered into a membership interest purchase agreement with Pixelle Specialty Solutions LLC (“Pixelle”), whereby Verso and Verso Paper agreed to sell to Pixelle all of the outstanding membership interests in Verso Androscoggin, LLC (“Verso Androscoggin”), an indirect wholly owned subsidiary of the Company and the entity that, as of the anticipated closing date, will hold the assets primarily related to Verso’s Androscoggin Mill located in Jay, Maine, and Stevens Point Mill, located in Stevens Point, Wisconsin, for $400 million , subject to post-closing adjustments. The transaction is subject to approval by Verso’s stockholders and other customary closing conditions include regulatory approvals and is anticipated to close in the first quarter of 2020.

SUMMARY OF BUSINESS AND BASIS_2

SUMMARY OF BUSINESS AND BASIS OF PRESENTATION (Policies)	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation — This report contains the Unaudited Condensed Consolidated Financial Statements of Verso as of December 31, 2018 and September 30, 2019 and for the three and nine months ended September 30, 2018 and September 30, 2019 . The December 31, 2018 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 Verso’s opinion, 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. 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, 2018 .
Recent Accounting Developments	Accounting Guidance Adopted in 2019 ASC Topic 842, Leases . Verso adopted Accounting Standards Codification, or “ASC,” 842, Leases , on January 1, 2019. Verso elected the package of practical expedients under the transition provisions of the new standard including not reassessing lease classification or whether expired or existing contracts contain leases and not revaluing initial direct costs for existing leases. Verso elected not to adopt the hindsight practical expedient. Verso elected to apply the optional transition method provided by Accounting Standards Update, or “ASU,” 2018-11, which allows entities to continue to apply the legacy guidance under ASC 840, including its disclosure requirements, in the comparative periods presented in the year of adoption. Verso established a project team to evaluate and implement the new standard and its policies and procedures related to accounting for right-of-use assets, related liabilities and related income and expense, including implementation of a new system to track such leases. These policies and procedures modify contract review controls to consider the new criteria for determining whether a contract is or contains a lease, specifically to clarify the definition of a lease and align with the control concept. The most significant impact of the new standard for Verso was recording the right-of-use assets and related liabilities on the balance sheet for its operating leases. The new standard requires that fixed payments, probable amounts the lessee will owe under a residual value guarantee and certain other payments be included in the valuation of these right-of-use assets and related liabilities. Variable payments are excluded from the calculation unless they are based on an index or rate. The adoption of this new standard resulted in an adjustment to recognize $24 million in right-of-use assets and related liabilities on the Unaudited Condensed Consolidated Balance Sheet associated with Verso’s leases at January 1, 2019. The impact to the Unaudited Condensed Consolidated Statements of Operations and Unaudited Condensed Consolidated Statements of Cash Flows was de minimis (see Note 5). Accounting Guidance Not Yet Adopted ASC Topic 350, Intangible Assets - Goodwill & Other . In August 2018, the Financial Accounting Standards Board, or “FASB” issued ASU 2018-15, Customer’s Accounting for Implementation Costs in a Cloud Computing Arrangement that is a Service Contract (Topic 350), which aligns the accounting for such costs with guidance on capitalizing costs associated with developing or obtaining internal use software. The guidance is effective for annual and interim periods beginning after December 15, 2019 and early adoption is permitted at any interim period. Verso expects to adopt this guidance on January 1, 2020 on a prospective basis and does not expect it to have a material effect on the Unaudited Condensed Consolidated Financial Statements. ASC Topic 326, Financial Instruments – Credit Losses . In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . This guidance replaces the current incurred loss impairment method with a method that reflects expected credit losses. This guidance is effective for annual reporting periods beginning after December 15, 2019, including interim periods within those fiscal years. Adoption of this standard is through a cumulative-effect adjustment to retained earnings as of the effective date. Verso expects to adopt this guidance on January 1, 2020 and does not expect it to have a material effect on the Unaudited Condensed Consolidated Financial Statements.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	9 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents the revenues disaggregated by product included on the Unaudited Condensed Consolidated Statements of Operations: Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended (Dollars in millions) September 30, 2018 September 30, 2019 September 30, 2018 September 30, 2019 Graphic papers $ 450 $ 363 $ 1,294 $ 1,107 Specialty papers 196 196 551 582 Packaging papers 19 28 47 75 Pulp 39 29 95 93 Total Net sales $ 704 $ 616 $ 1,987 $ 1,857 The following table presents the revenue disaggregated by sales channel included on the Unaudited Condensed Consolidated Statements of Operations: Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended (Dollars in millions) September 30, 2018 September 30, 2019 September 30, 2018 September 30, 2019 Direct sales $ 399 $ 384 $ 1,115 $ 1,150 Merchant sales 248 189 735 590 Broker sales 57 43 137 117 Total Net sales $ 704 $ 616 $ 1,987 $ 1,857

SUPPLEMENTAL FINANCIAL STATEM_2

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Inventories by Major Category	The following table summarizes inventories by major category: December 31, September 30, (Dollars in millions) 2018 2019 Raw materials $ 88 $ 83 Work-in-process 56 52 Finished goods 225 252 Replacement parts and other supplies 29 29 Inventories $ 398 $ 416

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Assets and Liabilities, Lessee	The following table details right-of-use assets and associated obligations for operating and finance leases included in the Unaudited Condensed Consolidated Balance Sheet as of September 30, 2019 . September 30, (Dollars in millions) Classification 2019 Assets: Operating lease assets Intangibles and other assets, net $ 17 Finance lease assets Property, plant and equipment, net (1) 6 Total leased assets $ 23 Liabilities Current liabilities: Operating Accrued and other liabilities $ 9 Finance Current maturities of long-term debt and finance leases 1 Non-current liabilities: Operating Other long-term liabilities 8 Finance Long-term debt and finance leases 5 Total lease liabilities $ 23 (1) Finance lease assets are recorded net of accumulated amortization.
Lease, Cost	The following table provides additional cash flow details associated with leases included in the Unaudited Condensed Consolidated Statement of Cash Flows for the nine months ended September 30, 2019 . Nine Months Ended (Dollars in millions) September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows related to operating leases $ 9 Operating cash flows related to finance leases — Financing cash flows related to finance leases 1 The following table details the costs associated with leasing transactions included on the Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2019 . Three Months Nine Months Ended Ended (Dollars in millions) Classification September 30, 2019 September 30, 2019 Operating lease cost Cost of products sold (exclusive of depreciation and amortization) $ 3 $ 8 Operating lease cost Selling, general and administrative expenses — 1 Variable lease cost Cost of products sold (exclusive of depreciation and amortization) 2 6 Short term lease cost Cost of products sold (exclusive of depreciation and amortization) 1 3 Finance lease cost: Amortization of leased assets Depreciation and amortization 1 1 Interest on lease liabilities Interest expense — — Net lease cost $ 7 $ 19
Lessee, Operating Lease, Liability, Maturity	The following table details the future lease payments associated with leases commenced as of September 30, 2019 , including amounts for any renewal options that Verso has determined are reasonably certain to be exercised. Operating Finance (Dollars in millions) Leases Leases Total 2019 (remaining) $ 3 $ — $ 3 2020 8 2 10 2021 4 1 5 2022 2 2 4 2023 1 1 2 2024 — 1 1 Thereafter — — — Total lease payments $ 18 $ 7 $ 25 Imputed interest (1 ) (1 ) (2 ) Present value of lease liabilities $ 17 $ 6 $ 23
Finance Lease, Liability, Maturity	The following table details the future lease payments associated with leases commenced as of September 30, 2019 , including amounts for any renewal options that Verso has determined are reasonably certain to be exercised. Operating Finance (Dollars in millions) Leases Leases Total 2019 (remaining) $ 3 $ — $ 3 2020 8 2 10 2021 4 1 5 2022 2 2 4 2023 1 1 2 2024 — 1 1 Thereafter — — — Total lease payments $ 18 $ 7 $ 25 Imputed interest (1 ) (1 ) (2 ) Present value of lease liabilities $ 17 $ 6 $ 23
Schedule of Future Minimum Rental Payments for Operating Leases	The following table represents the future minimum rental payments due under non-cancelable operating leases that have initial or remaining lease terms in excess of one year, as of December 31, 2018 . Amounts are based on ASC 840, Leases , that was superseded upon Verso’s adoption of ASC 842, Leases , on January 1, 2019 (see Note 2). December 31, (Dollars in millions) 2018 2019 $ 6 2020 5 2021 2 2022 1 2023 — Thereafter — Total $ 14
Lessee, Weighted Average Assumption Information	The following assumptions were used to determine the right-of-use assets and obligations associated with Verso’s leases as of September 30, 2019 . Verso uses its incremental borrowing rate to value the right-of-use asset and related obligations. September 30, 2019 Weighted-average remaining lease term (years): Operating leases 2.3 Finance leases 4.6 Weighted-average discount rate: Operating leases 4.3 % Finance leases 3.8 %

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Summary of Debt	The following table summarizes debt: December 31, September 30, (Dollars in millions) Maturity 2018 2019 ABL Facility 2/6/2024 $ — $ 21 Unamortized debt issuance costs, net — (2 ) Total Long-term debt $ — $ 19
Interest Expense Related to Debt and Cash Interests Payments on Debt	Amounts included in interest expense (inclusive of amounts capitalized) and amounts of cash interest payments related to long-term debt for the periods presented are as follows: Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended (Dollars in millions) September 30, 2018 September 30, 2019 September 30, 2018 September 30, 2019 Interest expense (1) $ 3 $ — $ 14 $ 2 Cash interest paid 4 — 15 2 Debt issuance cost and discount amortization (2) 12 — 19 1 (1) Represents interest expense incurred on the Credit Facilities, exclusive of amortization of debt issuance cost and discount and inclusive of amounts capitalized. See Note 4 for additional information on capitalized interest costs. (2) Amortization of debt issuance cost and original issue discount, including accelerated amortization associated with the early extinguishment of the Term Loan Facility and the ABL Amendment, are included in Interest expense on the Unaudited Condensed Consolidated Statements of Operations and in Amortization of debt issuance cost and discount on the Unaudited Condensed Consolidated Statements of Cash Flows.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table provides a reconciliation of basic and diluted income (loss) per common share: Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended September 30, 2018 September 30, 2019 September 30, 2018 September 30, 2019 Net income (loss) available to common shareholders (in millions) $ 86 $ 30 $ 85 $ (46 ) Weighted average common shares outstanding - basic (in thousands) 34,562 34,686 34,511 34,599 Dilutive shares from stock awards (in thousands) 489 451 357 — Weighted average common shares outstanding - diluted (in thousands) 35,051 35,137 34,868 34,599 Basic income (loss) per share $ 2.49 $ 0.86 $ 2.46 $ (1.33 ) Diluted income (loss) per share $ 2.45 $ 0.85 $ 2.44 $ (1.33 )

RETIREMENT BENEFITS (Tables)

RETIREMENT BENEFITS (Tables)	9 Months Ended
	Sep. 30, 2019
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Cost	The following table summarizes the components of net periodic pension cost for the periods presented: Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended (Dollars in millions) September 30, 2018 September 30, 2019 September 30, 2018 September 30, 2019 Service cost $ 1 $ 1 $ 4 $ 3 Interest cost 15 16 45 48 Expected return on plan assets (18 ) (18 ) (54 ) (52 ) Net periodic pension cost (income) $ (2 ) $ (1 ) $ (5 ) $ (1 )

EQUITY (Tables)

EQUITY (Tables)	9 Months Ended
	Sep. 30, 2019
Time-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Nonvested Restricted Stock Units Activity	Changes to non-vested time-based restricted stock units for the nine months ended September 30, 2019 were as follows: Restricted Stock Weighted Average Units Grant Date Shares (in thousands) Outstanding Fair Value Non-vested at December 31, 2018 678 $ 10.04 Granted 184 20.77 Vested (137 ) 12.39 Forfeited (136 ) 13.78 Non-vested at September 30, 2019 589 11.99
Performance-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Nonvested Restricted Stock Units Activity	Changes to non-vested performance-based restricted stock units for the nine months ended September 30, 2019 were as follows: Restricted Stock Weighted Average Units Grant Date Shares (in thousands) Outstanding Fair Value Non-vested at December 31, 2018 638 $ 22.26 Granted 238 17.41 Vested (232 ) 20.92 Forfeited (11 ) 17.57 Non-vested at September 30, 2019 633 21.00

RESTRUCTURING CHARGES (Tables)

RESTRUCTURING CHARGES (Tables)	9 Months Ended
	Sep. 30, 2019
Restructuring and Related Activities [Abstract]
Charges Incurred Related to Shutdown	The following table details the charges incurred related to the Luke Mill closure as included in Restructuring charges on the Unaudited Condensed Consolidated Statements of Operations: Three Months Nine Months Ended Ended Cumulative (Dollars in millions) September 30, 2019 September 30, 2019 Incurred Property, plant and equipment, net $ — 10 $ 10 Severance and benefit costs (1 ) 18 18 Write-off of spare parts and inventory 1 9 9 Write-off of purchase obligations and commitments 1 1 1 Other costs 3 6 6 Total restructuring costs $ 4 $ 44 $ 44
Schedule of Restructuring Reserve by Type of Cost	The following table details the changes in the restructuring reserve liabilities related to the Luke Mill closure which are included in Accrued and other liabilities on the Unaudited Condensed Consolidated Balance Sheets: Nine Months Ended (Dollars in millions) September 30, 2019 Beginning balance of reserve $ — Severance and benefits 19 Severance and benefit payments (15 ) Severance and benefits reserve adjustments (1 ) Purchase obligations 1 Payments on purchase obligations (1 ) Other costs 6 Payments on other costs (4 ) Ending balance of reserve $ 5

SUMMARY OF BUSINESS AND BASIS_3

SUMMARY OF BUSINESS AND BASIS OF PRESENTATION (Detail)	9 Months Ended
	Sep. 30, 2019Segment
North America
Segment Reporting Information [Line Items]
Number of geographical locations in operation	1

RECENT ACCOUNTING PRONOUNCEME_2

RECENT ACCOUNTING PRONOUNCEMENTS (Details) - USD ($) $ in Millions	Sep. 30, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease assets	$ 17
Operating lease liabilities	$ 17
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease assets		$ 24
Operating lease liabilities		$ 24

REVENUE RECOGNITION (Details)

REVENUE RECOGNITION (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 616	$ 704	$ 1,857	$ 1,987
Direct sales
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	384	399	1,150	1,115
Merchant sales
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	189	248	590	735
Broker sales
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	43	57	117	137
Graphic papers
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	363	450	1,107	1,294
Specialty papers
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	196	196	582	551
Packaging papers
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	28	19	75	47
Pulp
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 29	$ 39	$ 93	$ 95

SUPPLEMENTAL FINANCIAL STATEM_3

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restricted cash, intangibles		$ 2,000,000		$ 2,000,000		$ 2,000,000
Restricted cash		2,000,000	$ 2,000,000	2,000,000	$ 2,000,000
Depreciation expense		24,000,000	26,000,000	153,000,000	78,000,000
Interest costs capitalized		0	0	1,000,000	1,000,000
Capital expenditures unpaid				13,000,000	3,000,000
Closure of Luke Mill
Restructuring Cost and Reserve [Line Items]
Accelerated depreciation		$ 76,000,000		$ 76,000,000
Maine Technology Institute [Member]
Restructuring Cost and Reserve [Line Items]
Changes					4,000,000
Grant received	$ 1,000,000
Grants receivable			$ 3,000,000		$ 3,000,000	$ 3,000,000

SUPPLEMENTAL FINANCIAL STATEM_4

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION - Inventories by Major Category (Detail) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 83	$ 88
Work-in-process	52	56
Finished goods	252	225
Replacement parts and other supplies	29	29
Inventories	$ 416	$ 398

LEASES (Details)

LEASES (Details)	Sep. 30, 2019
Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, renewal term	1 month
Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, renewal term	1 year

LEASES - Balance Sheet Effect (

LEASES - Balance Sheet Effect (Details) $ in Millions	Sep. 30, 2019USD ($)
Leases [Abstract]
Operating lease assets	$ 17
Finance lease assets	6
Total leased assets	23
Current liabilities: Operating	9
Current liabilities: Finance	1
Noncurrent liabilities, Operating	8
Noncurrent liabilities, Finance	5
Total lease liabilities	$ 23

LEASES - Statement of Operation

LEASES - Statement of Operations Effect (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Lessee, Lease, Description [Line Items]
Amortization of leased assets	$ 1	$ 1
Interest on lease liabilities	0	0
Net lease cost	7	19
Cost Of Products Sold (exclusive Of Depreciation And Amortization)
Lessee, Lease, Description [Line Items]
Operating lease cost	3	8
Variable lease cost	2	6
Short term lease cost	1	3
Selling, General and Administrative Expenses
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 0	$ 1

LEASES - Future Lease Payments

LEASES - Future Lease Payments (Details) $ in Millions	Sep. 30, 2019USD ($)
Operating Leases
2019 (remaining)	$ 3
2020	8
2021	4
2022	2
2023	1
2024	0
Thereafter	0
Total lease payments	18
Imputed interest	(1)
Present value of lease liabilities	17
Finance Lease
2019 (remaining)	0
2020	2
2021	1
2022	2
2023	1
2024	1
Thereafter	0
Total lease payments	7
Imputed interest	(1)
Present value of lease liabilities	6
2019 (remaining)	3
2020	10
2021	5
2022	4
2023	2
2024	1
Thereafter	0
Total lease payments	25
Imputed interest	(2)
Total lease liabilities	$ 23

LEASES - Future Minimum Rental

LEASES - Future Minimum Rental Payments (Details) $ in Millions	Dec. 31, 2018USD ($)
Leases [Abstract]
2019	$ 6
2020	5
2021	2
2022	1
2023	0
Thereafter	0
Total	$ 14

LEASES - Assumptions (Details)

LEASES - Assumptions (Details)	Sep. 30, 2019
Leases [Abstract]
Weighted-average remaining lease term (years): Operating leases	2 years 3 months 18 days
Weighted-average remaining lease term (years): Finance leases	4 years 7 months 6 days
Weighted-average discount rate: Operating leases	4.30%
Weighted-average discount rate: Finance leases	3.80%

LEASES - Cash Flow Effect (Deta

LEASES - Cash Flow Effect (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Leases [Abstract]
Operating cash flows related to operating leases	$ 9
Operating cash flows related to finance leases	0
Financing cash flows related to finance leases	$ 1	$ 0

DEBT - Summary of Debt (Detail

DEBT - Summary of Debt (Detail) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Unamortized debt issuance costs, net	$ (2)	$ 0
Total Long-term debt	19	0
ABL Facility | Revolving Credit Facilities
Debt Instrument [Line Items]
Long-term debt	$ 21	$ 0

DEBT - Textual (Details)

DEBT - Textual (Details)	Feb. 06, 2019USD ($)incremental_revolving_commitment	Jul. 15, 2016USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Line of Credit Facility [Line Items]
Debt instrument, fair value disclosure				$ 21,000,000
ABL Facility
Line of Credit Facility [Line Items]
Credit facility, remaining borrowing capacity				288,000,000
ABL Facility | Revolving Credit Facilities
Line of Credit Facility [Line Items]
Long-term debt				$ 21,000,000	$ 0
Interest rate (percentage)				4.33%
ABL Facility | Letter of Credit
Line of Credit Facility [Line Items]
Long-term debt				$ 35,000,000
ABL Facility | Term Loan Facility | Revolving Credit Facilities
Line of Credit Facility [Line Items]
Credit facility, borrowing capacity		$ 375,000,000
ABL Facility | ABL Amendment Facility
Line of Credit Facility [Line Items]
Number of incremental revolving commitments | incremental_revolving_commitment	1
Line of credit, maximum borrowing capacity, accordion feature	$ 75,000,000
Line of credit facility, unused capacity, commitment fee percentage	0.25%
ABL Facility | ABL Amendment Facility | Revolving Credit Facilities
Line of Credit Facility [Line Items]
Credit facility, borrowing capacity	$ 350,000,000
ABL Facility | ABL Amendment Facility | Letter of Credit
Line of Credit Facility [Line Items]
Credit facility, borrowing capacity	100,000,000
ABL Facility | ABL Amendment Facility | Bridge Loan
Line of Credit Facility [Line Items]
Credit facility, borrowing capacity	$ 35,000,000
ABL Facility | ABL Facility | Revolving Credit Facilities
Line of Credit Facility [Line Items]
Credit facility, borrowing capacity				$ 344,000,000
Term Loan Facility | Term Loan Facility
Line of Credit Facility [Line Items]
Debt instrument, face amount		220,000,000
Current borrowing capacity		198,000,000
Debt issuance costs, gross		$ 22,000,000
Debt instrument, periodic payment			$ 9,000,000
Repayments of debt			21,000,000
Repayments of debt, net			$ 116,000,000
LIBOR | Minimum | ABL Facility | ABL Amendment Facility
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	1.25%
LIBOR | Maximum | ABL Facility | ABL Amendment Facility
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	1.75%
Base Rate | Minimum | ABL Facility | ABL Amendment Facility
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	0.25%
Base Rate | Maximum | ABL Facility | ABL Amendment Facility
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	0.75%

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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Debt Disclosure [Abstract]
Interest expense	$ 0	$ 3	$ 2	$ 14
Cash interest paid	0	4	2	15
Debt issuance cost and discount amortization	$ 0	$ 12	$ 1	$ 19

EARNINGS PER SHARE (Reconciliat

EARNINGS PER SHARE (Reconciliation of Basic and Diluted Earnings (Loss) per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share [Abstract]
Net income (loss) available to common shareholders	$ 30	$ 86	$ (46)	$ 85
Weighted average common shares outstanding - basic (shares)	34,686	34,562	34,599	34,511
Dilutive shares from stock options (shares)	451	489	0	357
Weighted average common shares outstanding - diluted (shares)	35,137	35,051	34,599	34,868
Basic income (loss) per share (usd per share)	$ 0.86	$ 2.49	$ (1.33)	$ 2.46
Diluted income (loss) per share (usd per share)	$ 0.85	$ 2.45	$ (1.33)	$ 2.44

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - $ / shares shares in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Jul. 15, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Class of warrant or right, outstanding	1.8
Exercise price of warrants (in dollars per share)	$ 27.86
Number of shares called by warrants (in shares)	1.8	1.8	1.8
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share	1.2
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share	1.8	1.8

RETIREMENT BENEFITS - Componen

RETIREMENT BENEFITS - Components of Net Periodic Benefit Cost (Detail) - Pension Plan - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1	$ 1	$ 3	$ 4
Interest cost	16	15	48	45
Expected return on plan assets	(18)	(18)	(52)	(54)
Net periodic benefit cost	$ (1)	$ (2)	$ (1)	$ (5)

RETIREMENT BENEFITS - Addition

RETIREMENT BENEFITS - Additional Information (Detail) - Pension Plan - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Defined Benefit Plan Disclosure [Line Items]
Contribution made by employer	$ 18	$ 21	$ 34	$ 35
Contribution made by employer, excess of minimum required			5
Expected cash contribution remainder of fiscal year (at least)	$ 8		$ 8

EQUITY (Details)

EQUITY (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Aug. 12, 2019	Jun. 27, 2019	Jun. 16, 2019	Apr. 05, 2019	Mar. 28, 2019	Dec. 31, 2018	Jul. 15, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compound annual growth rate, period			3 years
Vesting, total shareholder return threshold (at least)									5.00%
Equity award expense	$ 2	$ 2	$ 10	$ 6
Number of shares called by warrants (in shares)	1,800,000	1,800,000	1,800,000	1,800,000							1,800,000
Exercise price of warrants (in dollars per share)	$ 27.86		$ 27.86
Class of warrant or right, exercised (in shares)	0		0
Preferred stock, shares authorized (in shares)	50,000,000		50,000,000							50,000,000
Preferred stock, par value (in dollars per share)	$ 0.01		$ 0.01							$ 0.01
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)					6,000				200,000
Compensation cost not yet recognized	$ 8		$ 8
Vested and expected to vest, outstanding (in shares)	1,200,000		1,200,000
Compensation cost not yet recognized, period for recognition			1 year 9 months 18 days
Time-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forfeited (in shares)			136,000
Performance-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)					6,000				200,000
Forfeited (in shares)			11,000
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price of warrants (in dollars per share)											$ 27.86
Warrants term											7 years
Percentage of stock owned by acquiring person							15.00%
Percentage of market value available for right holder eligible to receive							50.00%
Series A Junior Participating Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price of warrants (in dollars per share)							$ 75
Preferred stock, shares authorized (in shares)							100,000
Preferred stock, par value (in dollars per share)							$ 0.01
Number of securities called by each warrant or right						0.001
At Least 5% During Performance Period | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage			50.00%
At Least 5% During Performance Period | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage			150.00%
Chief Executive Officer | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)								68,000
Chief Executive Officer | Time-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant, percentage								10.00%
Share-based compensation, accelerated vesting (in shares)			108,000
Forfeited (in shares)			124,000
Chief Executive Officer | Performance-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant, percentage								90.00%
Accelerated compensation cost			$ 3
Share-based compensation, accelerated vesting (in shares)			233,000

EQUITY - Changes In Non-vested

EQUITY - Changes In Non-vested Units (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2019$ / sharesshares
Time-based Restricted Stock Units
Units Outstanding
Non-vested, beginning balance (in shares) | shares	678
Grants in period (in shares) | shares	184
Vested (in shares) | shares	(137)
Forfeited (in shares) | shares	(136)
Non-vested, ending balance (in shares) | shares	589
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Non-vested, beginning balance (in dollar per share) | $ / shares	$ 10.04
Grants in period (in dollar per share) | $ / shares	20.77
Vested (in dollar per share) | $ / shares	12.39
Forfeited (in dollar per share) | $ / shares	13.78
Non-vested, ending balance (in dollar per share) | $ / shares	$ 11.99
Performance-based Restricted Stock Units
Units Outstanding
Non-vested, beginning balance (in shares) | shares	638
Grants in period (in shares) | shares	238
Vested (in shares) | shares	(232)
Forfeited (in shares) | shares	(11)
Non-vested, ending balance (in shares) | shares	633
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Non-vested, beginning balance (in dollar per share) | $ / shares	$ 22.26
Grants in period (in dollar per share) | $ / shares	17.41
Vested (in dollar per share) | $ / shares	20.92
Forfeited (in dollar per share) | $ / shares	17.57
Non-vested, ending balance (in dollar per share) | $ / shares	$ 21

RESTRUCTURING CHARGES - Additio

RESTRUCTURING CHARGES - Additional information (Details) T in Thousands, $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019USD ($)T	Sep. 30, 2019USD ($)EmployeeT
Restructuring Cost and Reserve [Line Items]
Revised annual production capacity (in tons)	2,700	2,700
Closure of Luke Mill
Restructuring Cost and Reserve [Line Items]
Reduction of employee headcount | Employee		675
Accelerated depreciation | $	$ 76	$ 76
Coated Freesheet | Closure of Luke Mill
Restructuring Cost and Reserve [Line Items]
Decrease in production capacity (in tons)	450	450

RESTRUCTURING CHARGES - Charges

RESTRUCTURING CHARGES - Charges Incurred Related to Shutdown (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Sep. 30, 2018
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 4	$ 44	$ 2
Closure of Luke Mill
Restructuring Cost and Reserve [Line Items]
Restructuring charges	4	44
Restructuring charges, cumulative incurred	44	44
Property, plant and equipment, net | Closure of Luke Mill
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	10
Restructuring charges, cumulative incurred	10	10
Severance and benefit costs | Closure of Luke Mill
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(1)	18
Restructuring charges, cumulative incurred	18	18
Write-off of spare parts and inventory | Closure of Luke Mill
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1	9
Restructuring charges, cumulative incurred	9	9
Write-off of purchase obligations and commitments | Closure of Luke Mill
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1	1
Restructuring charges, cumulative incurred	1	1
Other costs | Closure of Luke Mill
Restructuring Cost and Reserve [Line Items]
Restructuring charges	3	6
Restructuring charges, cumulative incurred	$ 6	$ 6

RESTRUCTURING CHARGES - Capacit

RESTRUCTURING CHARGES - Capacity Reductions (Details) - Closure of Luke Mill $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance of reserve	$ 0
Severance and benefits	19
Other costs	6
Ending balance of reserve	5
Severance and benefit payments
Restructuring Reserve [Roll Forward]
Payments	(15)
Severance and benefits reserve adjustments
Restructuring Reserve [Roll Forward]
Severance and benefits	1
Purchase obligations
Restructuring Reserve [Roll Forward]
Payments	(1)
Purchase obligations	1
Other costs
Restructuring Reserve [Roll Forward]
Payments	$ (4)

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES - Additional Information (Detail)	Mar. 01, 2019Number_of_union_localWork_site	Jul. 05, 2018USD ($)	Oct. 31, 2018USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)	Feb. 28, 2019Number_of_union_localWork_site
Represented Employees
Loss Contingencies [Line Items]
Workforce, represented by union, percentage				65.00%		65.00%
Union, work sites represented | Work_site							2
Union negotiation | $				$ 0		$ 6,000,000
Settlement Agreement
Loss Contingencies [Line Items]
Litigation settlement, amount awarded from other party | $			$ 22,000,000		$ 20,000,000
Settlement Agreement | Maximum
Loss Contingencies [Line Items]
Litigation settlement, amount awarded from other party | $		$ 42,000,000
United Steelworkers | Represented Employees
Loss Contingencies [Line Items]
Workforce, represented by union, percentage				80.00%		80.00%
Union, work sites represented | Work_site							4
Union, number of locals represented | Number_of_union_local							5
Union, agreement term	3 years
International Brotherhood of Electrical Workers and the International Brotherhood of Teamsters | Represented Employees
Loss Contingencies [Line Items]
Union, work sites represented | Work_site	2
Union, number of locals represented | Number_of_union_local	2

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details) $ in Millions	Nov. 11, 2019USD ($)
Subsequent Event | Pixelle
Subsequent Event [Line Items]
Expected proceeds from sale of mills	$ 400

Uncategorized Items - vrs930201

Label	Element	Value
Accounting Standards Update 2018-02 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 0
Accounting Standards Update 2018-02 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(7,000,000)
Accounting Standards Update 2018-02 [Member] | AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 7,000,000