Billerud Americas (VRS) 10-Q 11 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Apr. 30, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
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
Title of 12(b) Security	Class A common stock, par value $0.01 per share
No Trading Symbol	VRS
Security Exchange Name	NYSE
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		35,049,894
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001421182

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 276	$ 42
Accounts receivable, net	143	155
Inventories	330	395
Prepaid expenses and other assets	5	7
Total current assets	754	599
Property, plant and equipment, net	739	945
Deferred tax assets	92	118
Intangibles and other assets, net	46	59
Total assets	1,631	1,721
Current liabilities:
Accounts payable	127	188
Accrued and other liabilities	82	103
Current maturities of long-term debt and finance leases	1	2
Total current liabilities	210	293
Long-term debt and finance leases	4	5
Pension benefit obligation	321	369
Other long-term liabilities	34	41
Total liabilities	569	708
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 34,949,430 shares issued and 34,704,367 outstanding on December 31, 2019 and 35,766,353 shares issued and 35,049,894 outstanding on March 31, 2020; 40,000,000 Class B shares authorized with no shares issued and outstanding on December 31, 2019 and March 31, 2020)	0	0
Treasury stock -- at cost (245,063 shares on December 31, 2019 and 716,549 shares on March 31, 2020)	(12)	(5)
Paid-in-capital	700	698
Retained earnings	252	198
Accumulated other comprehensive income	122	122
Total equity	1,062	1,013
Total liabilities and equity	$ 1,631	$ 1,721

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
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)	716,549	245,063
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)	35,766,353	34,949,430
Common stock, shares outstanding (in shares)	35,049,894	34,704,367
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
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Net sales	$ 471	$ 639
Costs and expenses:
Cost of products sold (exclusive of depreciation and amortization)	427	549
Depreciation and amortization	23	28
Selling, general and administrative expenses	27	24
Restructuring charges	6	0
Other operating (income) expense	(88)	1
Operating income (loss)	76	37
Interest expense	0	1
Other (income) expense	(4)	(1)
Income (loss) before income taxes	80	37
Income tax expense (benefit)	26	1
Net income (loss)	$ 54	$ 36
Income (loss) per common share:
Basic (usd per share)	$ 1.53	$ 1.05
Diluted (usd per share)	$ 1.52	$ 1.03
Weighted average common shares outstanding (in thousands)
Basic (shares)	35,107	34,484
Diluted (shares)	35,381	35,225

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 54	$ 36
Other comprehensive income (loss), net of tax	0	0
Comprehensive income (loss)	$ 54	$ 36

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	Common Class A	Common Class B	Common StockCommon Class A	Common StockCommon Class B	Treasury Stock	Paid-in-Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Common stock, shares, beginning of period (in shares) at Dec. 31, 2018				34,570,000	0
Stockholders' equity beginning of period at Dec. 31, 2018	$ 906			$ 0	$ 0	$ (2)	$ 686	$ 102	$ 120
Treasury shares, beginning of period (in shares) at Dec. 31, 2018						86,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	36							36
Equity award expense	2						2
Common stock, shares, end of period (in shares) at Mar. 31, 2019				34,570,000	0
Stockholders' equity end of period at Mar. 31, 2019	944			$ 0	$ 0	$ (2)	688	138	120
Treasury shares, end the period (in shares) at Mar. 31, 2019						86,000
Common stock, shares, beginning of period (in shares) at Dec. 31, 2019		34,949,430	0	34,949,000	0
Stockholders' equity beginning of period at Dec. 31, 2019	$ 1,013			$ 0	$ 0	$ (5)	698	198	122
Treasury shares, beginning of period (in shares) at Dec. 31, 2019	245,063					245,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 54							54
Treasury shares (in shares)	200,000					472,000
Treasury shares	$ (7)					$ (7)
Common stock issued for restricted stock (in shares)	0			817,000
Equity award expense	$ 2						2
Common stock, shares, end of period (in shares) at Mar. 31, 2020		35,766,353	0	35,766,000	0
Stockholders' equity end of period at Mar. 31, 2020	$ 1,062			$ 0	$ 0	$ (12)	$ 700	$ 252	$ 122
Treasury shares, end the period (in shares) at Mar. 31, 2020	716,549					717,000

UNAUDITED CONDENSED CONSOLIDA_6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash Flows From Operating Activities:
Net income (loss)	$ 54	$ 36
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	23	28
Net periodic pension cost (income)	(4)	0
Pension plan contributions	(8)	(8)
Equity award expense	2	2
Gain on Sale of Androscoggin/Stevens Point Mills	(88)	0
(Gain) loss on sale or disposal of assets	0	1
Deferred taxes	26	1
Changes in assets and liabilities:
Accounts receivable, net	(26)	(4)
Inventories	(24)	(75)
Prepaid expenses and other assets	0	2
Accounts payable	(18)	(3)
Accrued and other liabilities	(14)	(26)
Net cash provided by (used in) operating activities	(77)	(46)
Cash Flows From Investing Activities:
Capital expenditures	(22)	(18)
Net proceeds from Sale of the Androscoggin/Stevens Point Mills	340	0
Net cash provided by (used in) investing activities	318	(18)
Cash Flows From Financing Activities:
Borrowings on ABL Facility	36	150
Payments on ABL Facility	(36)	(105)
Acquisition of treasury stock	(7)	0
Debt issuance costs	0	(1)
Net cash provided by (used in) financing activities	(7)	44
Change in Cash and cash equivalents and restricted cash	234	(20)
Cash and cash equivalents and restricted cash at beginning of period	44	28
Cash and cash equivalents and restricted cash at end of period	278	8
Noncash investing and financing activities:
Right-of-use assets recorded upon adoption of ASC 842	0	24
Right-of-use assets obtained in exchange for new finance lease liabilities	0	2
Right-of-use assets obtained in exchange for new capitalized operating lease liabilities	$ 1	$ 0

SUMMARY OF BUSINESS AND BASIS O

SUMMARY OF BUSINESS AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2020
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’s core business platform is as a producer of graphic papers, specialty 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 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 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. Sale of Androscoggin Mill and Stevens Point Mill — On November 11, 2019, Verso and Verso Paper entered into a membership interest purchase agreement, or the “Purchase Agreement,” with Pixelle Specialty Solutions LLC, or “Pixelle,” whereby Verso and Verso Paper agreed to sell to Pixelle, or the “Pixelle Sale,” or the “Sale of the Androscoggin/Stevens Point Mills,” all of the outstanding membership interests in Verso Androscoggin, LLC, an indirect wholly owned subsidiary of Verso and the entity that, as of the closing date of the Pixelle Sale, held all the assets primarily related to Verso’s Androscoggin Mill located in Jay, Maine, and Stevens Point Mill located in Stevens Point, Wisconsin. As a result of the Pixelle Sale, which was completed on February 10, 2020, the assets and liabilities associated with the sale are not included in Verso’s Unaudited Condensed Consolidated Balance Sheet as of March 31, 2020, and Verso’s Unaudited Condensed Consolidated Statement of Operations for the three months ended March 31, 2020 only includes the results of operations associated with the Androscoggin and Stevens Point mills through February 9, 2020 (see Note 5). COVID-19 Pandemic Crisis — The recent outbreak of coronavirus disease, or “COVID-19,” which has been declared by the World Health Organization to be a pandemic, has spread across the globe and is impacting worldwide economic activity. In an effort to contain and combat the spread of COVID-19, government and health authorities around the world have taken extraordinary and wide-ranging actions, including orders to close all business not deemed “essential”, quarantines and “stay-at-home” orders. Verso serves as an essential manufacturing business and, as a result, its mills have continued to be operational during this time in order to meet the ongoing needs of its customers, including those in other essential business sectors, which provide food, medical and hygiene products needed in a global health crisis. Verso has assembled a COVID-19 preparedness and response team and has been monitoring the pandemic and related events daily, preparing and implementing responses in accordance with Centers for Disease Control and Prevention, or the “CDC,” and Occupational Safety and Health Administration, or “OSHA,” recommendations as well as federal and state guidelines. The guidelines and “stay-at-home” orders enacted by federal, state and local governments are affecting retailers, political campaigns, and sports and entertainment events, driving reduced purchases of printed materials and substantially impacting Verso’s graphic papers business. The extent to which COVID-19 impacts Verso’s operations will depend on future developments, which are highly uncertain, including, among others, the duration of the outbreak, new information that may emerge concerning the severity of COVID-19 and the actions, especially those taken by governmental authorities, to contain its spread or treat its impact. Basis of Presentation — This report contains the Unaudited Condensed Consolidated Financial Statements of Verso as of December 31, 2019 and March 31, 2020 and for the three months ended March 31, 2019 and 2020 . The December 31, 2019 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, 2019

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Mar. 31, 2020
Accounting Changes and Error Corrections [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS Accounting Guidance Adopted in 2020 ASC Topic 350, Intangible Assets - Goodwill & Other . In August 2018, the Financial Accounting Standards Board, or “FASB” issued Accounting Standards Update, or “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. Verso adopted 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. Adoption of this standard is through a cumulative-effect adjustment to retained earnings as of the effective date. Verso adopted this guidance on January 1, 2020 and the effect on the Unaudited Condensed Consolidated Financial Statements was not material. ASC Topic 820, Fair Value Measurement . In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measuremen t. The new guidance modifies disclosure requirements related to fair value measurement. Verso adopted this guidance on January 1, 2020 and does not expect it to have a material effect on the Unaudited Condensed Consolidated Financial Statements. Accounting Guidance Not Yet Adopted ASC Topic 740, Income Taxes . In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes . This guidance removes certain exceptions for investments, intraperiod allocations and interim calculations, and adds guidance to reduce the complexity in accounting for income taxes. It is effective for annual periods, and interim periods within those years, beginning after December 15, 2020. Verso is currently evaluating the impact of this guidance on the Unaudited Condensed Consolidated Financial Statements.

REVENUE RECOGNITION

REVENUE RECOGNITION	3 Months Ended
	Mar. 31, 2020
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 Ended March 31, (Dollars in millions) 2019 2020 Paper $ 582 $ 421 Packaging 24 24 Pulp 33 26 Total Net sales $ 639 $ 471 The following table presents the revenue disaggregated by sales channel included on the Unaudited Condensed Consolidated Statements of Operations: Three Months Ended March 31, (Dollars in millions) 2019 2020 End-users and Converters $ 287 $ 170 Brokers and Merchants 247 219 Printers 105 82 Total Net sales $ 639 $ 471

SUPPLEMENTAL FINANCIAL STATEMEN

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION	SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION Restricted Cash — As of December 31, 2019 and March 31, 2020 , $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 both March 31, 2019 and 2020 , Cash and cash equivalents and restricted cash on the Unaudited Condensed Consolidated Statements of Cash Flows includes restricted cash of $2 million . Inventories — The following table summarizes inventories by major category: December 31, March 31, (Dollars in millions) 2019 2020 Raw materials $ 80 $ 84 Work-in-process 51 50 Finished goods 233 170 Replacement parts and other supplies 31 26 Inventories $ 395 $ 330 Property, plant and equipment — Depreciation expense for the three months ended March 31, 2019 and 2020 was $27 million and $22 million , respectively. Interest costs capitalized for the three months ended March 31, 2019 and 2020 were each zero . Capital expenditures unpaid as of March 31, 2019 and 2020 were $5 million and $3 million , respectively. Income Taxes — Income tax expense for the three months ended March 31, 2019 and 2020 was $1 million and $26 million , respectively. During the three months ended March 31, 2020 , Verso recognized $6 million of additional valuation allowance against state tax credits.

DISPOSITIONS

DISPOSITIONS	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
DISPOSITIONS	DISPOSITION On February 10, 2020, Verso completed the Pixelle Sale, selling all of the outstanding membership interests in Verso Androscoggin, LLC, an indirect wholly owned subsidiary of Verso and the entity that, as of the closing date of the Pixelle Sale, held all the assets primarily related to Verso’s Androscoggin Mill located in Jay, Maine and Stevens Point Mill, located in Stevens Point, Wisconsin. The Pixelle Sale did not qualify as a discontinued operation. As consideration for the Pixelle Sale, Verso received $346 million in cash, which reflects certain adjustments in respect of Verso’s estimates of cash, indebtedness and working capital of Verso Androscoggin, LLC as of the closing date, and Pixelle assumed $35 million of Verso’s unfunded pension liabilities. The sale resulted in a gain of $88 million included in Other operating (income) expense on the Unaudited Condensed Consolidated Statement of Operations for the three months March 31, 2020 and is subject to final post-closing adjustments. In connection with the Pixelle Sale, Verso is providing certain transition services and recognized $1 million for these services as a reduction of Selling, general and administrative expenses on the Unaudited Condensed Consolidated Statement of Operation during the three months ended March 31, 2020. The following table summarizes the components of the gain on sale: (Dollars in millions) Cash proceeds $ 346 Less: costs to sell (6 ) Net cash proceeds 340 Less: assets and liabilities associated with the sale Accounts receivable, net 39 Inventories 90 Property, plant and equipment, net 195 Write-off of intangible assets 5 Other assets 4 Accounts payable (33 ) Pension benefit obligation (35 ) Other liabilities (13 ) Gain on sale $ 88

DEBT

DEBT	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
DEBT	DEBT As of December 31, 2019 and March 31, 2020 , Verso Paper has no outstanding borrowings on the ABL Facility (as defined below). ABL Facility On July 15, 2016, Verso Paper Holdings LLC entered into a $375 million asset-based revolving credit facility, or the “ABL Facility.” After the Company completed an internal reorganization in December 2016 , Verso Paper Holdings LLC ceased to exist and Verso Paper became the borrower under the ABL Facility. On February 6, 2019 , Verso Paper 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 , subject to a borrowing base limit, 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 . 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. The amount of borrowings and letters of credit available to Verso Paper pursuant to the ABL Facility is limited to the lesser of $350 million or an amount determined pursuant to a borrowing base ( $250 million as of March 31, 2020 ). As of March 31, 2020 , there were no borrowings outstanding under the ABL Facility, with $ 28 million issued in letters of credit and $222 million available for future borrowings. 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 if availability were to drop below prescribed thresholds. The ABL Facility also requires that certain payment conditions, as defined therein, are met in order for Verso 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.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2020
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 Ended March 31, 2019 2020 Net income (loss) available to common shareholders (in millions) $ 36 $ 54 Weighted average common shares outstanding - basic (in thousands) 34,484 35,107 Dilutive shares from stock awards (in thousands) 741 274 Weighted average common shares outstanding - diluted (in thousands) 35,225 35,381 Basic income (loss) per share $ 1.05 $ 1.53 Diluted income (loss) per share $ 1.03 $ 1.52 As of March 31, 2020 , 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 months ended March 31, 2019 and 2020 , 1.8 million warrants as of March 31, 2019 and 2020 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.

RETIREMENT BENEFITS

RETIREMENT BENEFITS	3 Months Ended
	Mar. 31, 2020
Retirement Benefits [Abstract]
RETIREMENT BENEFITS	RETIREMENT BENEFITS The following table summarizes the components of net periodic pension cost for the periods presented: Three Months Ended March 31, (Dollars in millions) 2019 2020 Service cost $ 1 $ 1 Interest cost 16 12 Expected return on plan assets (17 ) (17 ) Net periodic pension cost (income) $ — $ (4 ) Verso makes contributions that are sufficient to fund actuarially determined costs, generally equal to the minimum amounts required by the Employee Retirement Income Security Act. Verso made contributions to the pension plan of $8 million during each of the three months ended March 31, 2019 and 2020 . Verso expects to make the required cash contributions of at least $41 million to the pension plan in the remainder of 2020 , and may make additional discretionary contributions during the year.

EQUITY

EQUITY	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
EQUITY	EQUITY Equity Awards On January 24, 2020, 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 March 20, 2020, Verso granted 8 thousand time-based restricted stock units and 8 thousand performance-based restricted stock units to an executive. The performance awards granted in January 2020 and March 2020 each vest at December 31, 2022, 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 0% to 150% based on Verso stock performance relative to the peer group during the performance period. The compensation expense associated with these performance awards was determined using the Monte Carlo valuation methodology. Verso recognized equity award expense of $2 million for each of the three months ended March 31, 2019 and 2020 . Equity award expense for the three months ended March 31, 2020 included $0.3 million related to the accelerated vesting of 19 thousand performance-based restricted stock units and 43 thousand time-based restricted stock units, net of cancellation of 28 thousand time-based restricted stock units and 34 thousand performance-based restricted stock units, pursuant to a separation agreement, dated March 10, 2020, entered into with Verso’s former President. As of March 31, 2020 , there was approximately $8 million of unrecognized compensation cost related to the 0.9 million non-vested restricted stock units, which is expected to be recognized over the weighted average period of 2.1 years. Time-based Restricted Stock Units Changes to non-vested time-based restricted stock units for the three months ended March 31, 2020 were as follows: Restricted Stock Weighted Average Units Grant Date Shares (in thousands) Outstanding Fair Value Non-vested at December 31, 2019 579 $ 11.55 Granted 203 16.16 Vested (257 ) 9.59 Forfeited (44 ) 15.68 Non-vested at March 31, 2020 481 14.16 Performance-based Restricted Stock Units Changes to non-vested performance-based restricted stock units for the three months ended March 31, 2020 were as follows: Restricted Stock Weighted Average Units Grant Date Shares (in thousands) Outstanding Fair Value Non-vested at December 31, 2019 638 $ 18.84 Granted 173 12.71 Incremental shares vested (1) 161 — Vested (555 ) 21.05 Forfeited (45 ) 14.96 Non-vested at March 31, 2020 372 15.23 (1) Incremental shares are a result of performance at 150% of granted shares. Warrants On July 15, 2016, 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. The warrants expire on July 15, 2023. As of March 31, 2020 , no warrants have been exercised. Share Repurchase Authorization On February 26, 2020, Verso’s Board of Directors authorized up to $250 million of net proceeds from the Pixelle Sale to be used to repurchase outstanding shares of Verso common stock. During the three months ended March 31, 2020, Verso purchased approximately 0.2 million shares of its common stock at a weighted average cost of $13.16 per share. As of March 31, 2020, Verso has approximately $247 million

RESTRUCTURING CHARGES

RESTRUCTURING CHARGES	3 Months Ended
	Mar. 31, 2020
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 and eliminated approximately 675 positions at the Luke Mill. 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 Ended Cumulative (Dollars in millions) March 31, 2020 Incurred Property, plant and equipment, net $ — $ 10 Severance and benefit costs (1 ) 18 Write-off of spare parts and inventory — 9 Write-off of purchase obligations and commitments — 1 Other costs (1) 7 20 Total restructuring costs $ 6 $ 58 (1) Other costs primarily relate to activities associated with the shutdown of property, plant and equipment, such as draining, cleaning, dismantling, securing and disposing of such assets. Other costs for the three months ended March 31, 2020, includes $6 million for the final cleaning and shutdown of various storage tanks. 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: Three Months Ended (Dollars in millions) March 31, 2020 Beginning balance of reserve $ 4 Severance and benefits reserve adjustments (1 ) Other costs 7 Payments on other costs (6 ) Ending balance of reserve $ 4

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Represented Employees — As of March 31, 2020 , approximately 73% of Verso’s hourly workforce is represented by unions. During 2019, Verso established new labor agreements with all of its union employees. During the three months ended March 31, 2019 , Verso recognized $6 million of expense for signing bonuses and for the settlement of various work arrangement issues to represented employees covered by labor agreements, which was reported in Cost of products sold on the Unaudited Condensed Consolidated Statements of Operations. 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. In November 2019, the state of West Virginia asserted that four aboveground storage tanks at Verso’s Luke Mill leaked and that Verso had failed to take certain actions to prevent and report the release of pollutants into the Potomac River. In December 2019, the state of Maryland brought suit against Verso asserting the unlawful discharge of pollutants into the North Branch of the Potomac River from the Luke Mill. On March 24, 2020, the Potomac Riverkeeper Network, or the “PRN,” filed suit against Verso in the U.S. District Court for Maryland based on similar assertions. Verso closed the Luke Mill, which sits on the border of West Virginia and Maryland, in June 2019. Verso is working proactively and in cooperation with both Maryland and West Virginia regulatory agencies to address the concerns at the Luke Mill. Verso plans to vigorously defend itself in these matters. The ultimate aggregate amount of probable monetary liability or financial impact with respect to these matters is subject to many uncertainties and could be material, but management cannot reasonably estimate the amount or range of potential liability and possible losses at this time. During the three months ended March 31, 2020, Verso recorded less than one million for costs related to environmental remediation efforts. As of March 31, 2020 , $1 million of environmental remediation costs are included in Accrued and other liabilities on the Unaudited Condensed Consolidated Balance Sheet.

SUMMARY OF BUSINESS AND BASIS_2

SUMMARY OF BUSINESS AND BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Nature of Business — Verso’s core business platform is as a producer of graphic papers, specialty 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 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 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	Basis of Presentation — This report contains the Unaudited Condensed Consolidated Financial Statements of Verso as of December 31, 2019 and March 31, 2020 and for the three months ended March 31, 2019 and 2020 . The December 31, 2019 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, 2019 .
Recent Accounting Developments	Accounting Guidance Adopted in 2020 ASC Topic 350, Intangible Assets - Goodwill & Other . In August 2018, the Financial Accounting Standards Board, or “FASB” issued Accounting Standards Update, or “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. Verso adopted 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. Adoption of this standard is through a cumulative-effect adjustment to retained earnings as of the effective date. Verso adopted this guidance on January 1, 2020 and the effect on the Unaudited Condensed Consolidated Financial Statements was not material. ASC Topic 820, Fair Value Measurement . In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measuremen t. The new guidance modifies disclosure requirements related to fair value measurement. Verso adopted this guidance on January 1, 2020 and does not expect it to have a material effect on the Unaudited Condensed Consolidated Financial Statements. Accounting Guidance Not Yet Adopted ASC Topic 740, Income Taxes . In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes . This guidance removes certain exceptions for investments, intraperiod allocations and interim calculations, and adds guidance to reduce the complexity in accounting for income taxes. It is effective for annual periods, and interim periods within those years, beginning after December 15, 2020. Verso is currently evaluating the impact of this guidance on the Unaudited Condensed Consolidated Financial Statements.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	3 Months Ended
	Mar. 31, 2020
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 Ended March 31, (Dollars in millions) 2019 2020 Paper $ 582 $ 421 Packaging 24 24 Pulp 33 26 Total Net sales $ 639 $ 471 The following table presents the revenue disaggregated by sales channel included on the Unaudited Condensed Consolidated Statements of Operations: Three Months Ended March 31, (Dollars in millions) 2019 2020 End-users and Converters $ 287 $ 170 Brokers and Merchants 247 219 Printers 105 82 Total Net sales $ 639 $ 471

SUPPLEMENTAL FINANCIAL STATEM_2

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Inventories by Major Category	The following table summarizes inventories by major category: December 31, March 31, (Dollars in millions) 2019 2020 Raw materials $ 80 $ 84 Work-in-process 51 50 Finished goods 233 170 Replacement parts and other supplies 31 26 Inventories $ 395 $ 330

DISPOSITIONS (Tables)

DISPOSITIONS (Tables)	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Schedule of Components of gain on sale	The following table summarizes the components of the gain on sale: (Dollars in millions) Cash proceeds $ 346 Less: costs to sell (6 ) Net cash proceeds 340 Less: assets and liabilities associated with the sale Accounts receivable, net 39 Inventories 90 Property, plant and equipment, net 195 Write-off of intangible assets 5 Other assets 4 Accounts payable (33 ) Pension benefit obligation (35 ) Other liabilities (13 ) Gain on sale $ 88

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2020
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 Ended March 31, 2019 2020 Net income (loss) available to common shareholders (in millions) $ 36 $ 54 Weighted average common shares outstanding - basic (in thousands) 34,484 35,107 Dilutive shares from stock awards (in thousands) 741 274 Weighted average common shares outstanding - diluted (in thousands) 35,225 35,381 Basic income (loss) per share $ 1.05 $ 1.53 Diluted income (loss) per share $ 1.03 $ 1.52

RETIREMENT BENEFITS (Tables)

RETIREMENT BENEFITS (Tables)	3 Months Ended
	Mar. 31, 2020
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 Ended March 31, (Dollars in millions) 2019 2020 Service cost $ 1 $ 1 Interest cost 16 12 Expected return on plan assets (17 ) (17 ) Net periodic pension cost (income) $ — $ (4 )

EQUITY (Tables)

EQUITY (Tables)	3 Months Ended
	Mar. 31, 2020
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 three months ended March 31, 2020 were as follows: Restricted Stock Weighted Average Units Grant Date Shares (in thousands) Outstanding Fair Value Non-vested at December 31, 2019 579 $ 11.55 Granted 203 16.16 Vested (257 ) 9.59 Forfeited (44 ) 15.68 Non-vested at March 31, 2020 481 14.16
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 three months ended March 31, 2020 were as follows: Restricted Stock Weighted Average Units Grant Date Shares (in thousands) Outstanding Fair Value Non-vested at December 31, 2019 638 $ 18.84 Granted 173 12.71 Incremental shares vested (1) 161 — Vested (555 ) 21.05 Forfeited (45 ) 14.96 Non-vested at March 31, 2020 372 15.23 (1) Incremental shares are a result of performance at 150% of granted shares.

RESTRUCTURING CHARGES (Tables)

RESTRUCTURING CHARGES (Tables)	3 Months Ended
	Mar. 31, 2020
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 Ended Cumulative (Dollars in millions) March 31, 2020 Incurred Property, plant and equipment, net $ — $ 10 Severance and benefit costs (1 ) 18 Write-off of spare parts and inventory — 9 Write-off of purchase obligations and commitments — 1 Other costs (1) 7 20 Total restructuring costs $ 6 $ 58 (1) Other costs primarily relate to activities associated with the shutdown of property, plant and equipment, such as draining, cleaning, dismantling, securing and disposing of such assets. Other costs for the three months ended March 31, 2020, includes $6 million for the final cleaning and shutdown of various storage tanks.
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: Three Months Ended (Dollars in millions) March 31, 2020 Beginning balance of reserve $ 4 Severance and benefits reserve adjustments (1 ) Other costs 7 Payments on other costs (6 ) Ending balance of reserve $ 4

SUMMARY OF BUSINESS AND BASIS_3

SUMMARY OF BUSINESS AND BASIS OF PRESENTATION (Detail)	3 Months Ended
	Mar. 31, 2020Segment
North America
Segment Reporting Information [Line Items]
Number of geographical locations in operation	1

REVENUE RECOGNITION (Details)

REVENUE RECOGNITION (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 471	$ 639
End-users and Converters
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	170	287
Brokers and Merchants
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	219	247
Printers
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	82	105
Paper
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	421	582
Packaging
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	24	24
Pulp
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 26	$ 33

SUPPLEMENTAL FINANCIAL STATEM_3

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Income Tax Contingency [Line Items]
Restricted cash, intangibles	$ 2,000,000		$ 2,000,000
Restricted cash		$ 2,000,000
Depreciation expense	22,000,000	27,000,000
Interest costs capitalized	0	0
Capital expenditures unpaid	3,000,000	5,000,000
Income tax expense (benefit)	26,000,000	$ 1,000,000
State and Local Jurisdiction
Income Tax Contingency [Line Items]
Additional valuation allowance recognized	$ 6,000,000

SUPPLEMENTAL FINANCIAL STATEM_4

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION - Inventories by Major Category (Detail) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 84	$ 80
Work-in-process	50	51
Finished goods	170	233
Replacement parts and other supplies	26	31
Inventories	$ 330	$ 395

DISPOSITIONS - Additional Infor

DISPOSITIONS - Additional Information (Details) - Verso Androscoggin, LLC - Disposal Group, Disposed of by Sale, Not Discontinued Operations - USD ($) $ in Millions	Feb. 10, 2020	Mar. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration considered	$ 346
Verso’s unfunded pension	35
Gain on sale	$ 88	$ 88
Income (loss) recognized on disposition of business		$ 1

DISPOSITIONS - Summary Of Gain

DISPOSITIONS - Summary Of Gain On Sale (Details) - USD ($) $ in Millions	Feb. 10, 2020	Mar. 31, 2020	Mar. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash proceeds		$ 340	$ 0
Verso Androscoggin, LLC | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds	$ 346
Less: costs to sell	6
Net cash proceeds	340
Less: assets and liabilities associated with the sale
Accounts receivable, net	39
Inventories	90
Property, plant and equipment, net	195
Write-off of intangible assets	5
Other assets	4
Accounts payable	(33)
Pension benefit obligation	(35)
Other liabilities	(13)
Gain on sale	$ 88	$ 88

DEBT - Additional Information

DEBT - Additional Information (Details)	Feb. 06, 2019USD ($)incremental_revolving_commitment	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Jul. 15, 2016USD ($)
Line of Credit Facility [Line Items]
Debt instrument, fair value disclosure		$ 0	$ 0
ABL Facility
Line of Credit Facility [Line Items]
Credit facility, remaining borrowing capacity		222,000,000
ABL Facility | Letter of Credit
Line of Credit Facility [Line Items]
Long-term debt		28,000,000
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		$ 250,000,000
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%

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
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Net income (loss) available to common shareholders	$ 54	$ 36
Weighted average common shares outstanding - basic (shares)	35,107	34,484
Dilutive shares from stock options (shares)	274	741
Weighted average common shares outstanding - diluted (shares)	35,381	35,225
Basic income (loss) per share (usd per share)	$ 1.53	$ 1.05
Diluted income (loss) per share (usd per share)	$ 1.52	$ 1.03

EARNINGS PER SHARE - Additiona

EARNINGS PER SHARE - Additional Information (Details) - $ / shares	Mar. 31, 2020	Dec. 31, 2019	Jul. 15, 2016
Earnings Per Share [Abstract]
Class of warrant or right, outstanding	1,800,000
Exercise price of warrants (in dollars per share)	$ 27.86
Number of shares called by warrants (in shares)	1,800,000	1,800,000	1,800,000

RETIREMENT BENEFITS - Componen

RETIREMENT BENEFITS - Components of Net Periodic Benefit Cost (Detail) - Pension Plan - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1	$ 1
Interest cost	12	16
Expected return on plan assets	(17)	(17)
Net periodic pension cost (income)	$ (4)	$ 0

RETIREMENT BENEFITS - Addition

RETIREMENT BENEFITS - Additional Information (Detail) - Pension Plan - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Contribution made by employer	$ 8	$ 8
Expected cash contribution remainder of fiscal year (at least)	$ 41

EQUITY (Details)

EQUITY (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 20, 2020	Feb. 26, 2020	Jan. 24, 2020	Dec. 31, 2019	Jul. 15, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compound annual growth rate, period	3 years
Equity award expense	$ 2	$ 2
Number of shares called by warrants (in shares)	1,800,000					1,800,000	1,800,000
Exercise price of warrants (in dollars per share)	$ 27.86
Class of warrant or right, exercised (in shares)	0
Share repurchase program authorization				$ 250
Repurchase of common stock, number of shares (in shares)	200,000
Repurchase of common stock, treasury stock acquired, average price per share (in dollars per share)	$ 13.16
Share repurchase program remaining authorization	$ 247
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)			8,000		200,000
Compensation cost not yet recognized	$ 8
Vested and expected to vest, outstanding (in shares)	900,000
Compensation cost not yet recognized, period for recognition	2 years 1 month 6 days
Time-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forfeited (in shares)	44,000
Vested (in shares)	257,000
Performance-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)			8,000		200,000
Forfeited (in shares)	45,000
Vested (in shares)	555,000
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
At Least 5% During Performance Period | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	0.00%
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 | Time-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, accelerated vesting (in shares)	43,000
Forfeited (in shares)	28,000
Chief Executive Officer | Performance-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated compensation cost	$ 0.3
Share-based compensation, accelerated vesting (in shares)	19,000
Vested (in shares)	34,000

EQUITY - Changes In Non-vested

EQUITY - Changes In Non-vested Units (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Incremental granted Share, percentage	150.00%
Time-based Restricted Stock Units
Units Outstanding
Non-vested, beginning balance (in shares) | shares	579
Grants in period (in shares) | shares	203
Vested (in shares) | shares	(257)
Forfeited (in shares) | shares	(44)
Non-vested, ending balance (in shares) | shares	481
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	$ 11.55
Grants in period (in dollar per share) | $ / shares	16.16
Vested (in dollar per share) | $ / shares	9.59
Forfeited (in dollar per share) | $ / shares	15.68
Non-vested, ending balance (in dollar per share) | $ / shares	$ 14.16
Performance-based Restricted Stock Units
Units Outstanding
Non-vested, beginning balance (in shares) | shares	638
Grants in period (in shares) | shares	173
Incremental shares vested (in shares) | shares	161
Vested (in shares) | shares	(555)
Forfeited (in shares) | shares	(45)
Non-vested, ending balance (in shares) | shares	372
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	$ 18.84
Grants in period (in dollar per share) | $ / shares	12.71
Incremental shares vested (in dollar per share) | $ / shares	0
Vested (in dollar per share) | $ / shares	21.05
Forfeited (in dollar per share) | $ / shares	14.96
Non-vested, ending balance (in dollar per share) | $ / shares	$ 15.23

RESTRUCTURING CHARGES - Additio

RESTRUCTURING CHARGES - Additional information (Details) - Closure of Luke Mill	1 Months Ended
	Jun. 30, 2019EmployeeT
Restructuring Cost and Reserve [Line Items]
Reduction of employee headcount | Employee	675
Coated Freesheet
Restructuring Cost and Reserve [Line Items]
Decrease in production capacity (in tons) | T	450,000

RESTRUCTURING CHARGES - Charges

RESTRUCTURING CHARGES - Charges Incurred Related to Shutdown (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 6	$ 0
Closure of Luke Mill
Restructuring Cost and Reserve [Line Items]
Restructuring charges	6
Restructuring charges, cumulative incurred	58
Property, plant and equipment, net | Closure of Luke Mill
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0
Restructuring charges, cumulative incurred	10
Severance and benefit costs | Closure of Luke Mill
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(1)
Restructuring charges, cumulative incurred	18
Write-off of spare parts and inventory | Closure of Luke Mill
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0
Restructuring charges, cumulative incurred	9
Write-off of purchase obligations and commitments | Closure of Luke Mill
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0
Restructuring charges, cumulative incurred	1
Other costs | Closure of Luke Mill
Restructuring Cost and Reserve [Line Items]
Restructuring charges	7
Restructuring charges, cumulative incurred	20
Facility closing | Closure of Luke Mill
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 6

RESTRUCTURING CHARGES - Capacit

RESTRUCTURING CHARGES - Capacity Reductions (Details) - Closure of Luke Mill $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance of reserve	$ 4
Other costs	7
Ending balance of reserve	4
Employee Severance Adjustments
Restructuring Reserve [Roll Forward]
Severance and benefits reserve adjustments	(1)
Other costs
Restructuring Reserve [Roll Forward]
Payments on other costs	$ (6)

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES - Additional Information (Detail) $ in Millions	1 Months Ended	3 Months Ended
	Nov. 30, 2019tank	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)
Loss Contingencies [Line Items]
Number of aboveground storage tanks | tank	4
Environmental remediation costs recorded		$ 1,000,000
Environmental remediation costs, included in Balance Sheet		$ 1
Represented Employees
Loss Contingencies [Line Items]
Workforce, represented by union, percentage		73.00%
Union negotiation			$ 6