Billerud Americas (VRS) 10-Q 6 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Jul. 31, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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
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		33,669,707
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001421182

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 209	$ 42
Accounts receivable, net	99	155
Inventories	367	395
Prepaid expenses and other assets	6	7
Total current assets	681	599
Property, plant and equipment, net	733	945
Deferred tax assets	95	118
Intangibles and other assets, net	50	59
Total assets	1,559	1,721
Current liabilities:
Accounts payable	127	188
Accrued and other liabilities	77	103
Current maturities of long-term debt and finance leases	1	2
Total current liabilities	205	293
Long-term debt and finance leases	4	5
Pension benefit obligation	307	369
Other long-term liabilities	36	41
Total liabilities	552	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 33,669,707 outstanding on June 30, 2020; 40,000,000 Class B shares authorized with no shares issued and outstanding on December 31, 2019 and June 30, 2020)	0	0
Treasury stock -- at cost (245,063 shares on December 31, 2019 and 2,096,646 shares on June 30, 2020)	(32)	(5)
Paid-in-capital	702	698
Retained earnings	215	198
Accumulated other comprehensive income	122	122
Total equity	1,007	1,013
Total liabilities and equity	$ 1,559	$ 1,721

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 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)	2,096,646	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 shares issued (in shares)	35,766,353	34,949,430
Common stock, shares outstanding (in shares)	33,669,707	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 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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Net sales	$ 268	$ 602	$ 739	$ 1,241
Costs and expenses:
Cost of products sold (exclusive of depreciation and amortization)	271	540	698	1,089
Depreciation and amortization	22	104	45	132
Selling, general and administrative expenses	16	29	43	53
Restructuring charges	0	40	6	40
Other operating (income) expense	1	1	(87)	2
Operating income (loss)	(42)	(112)	34	(75)
Interest expense	0	1	0	2
Other (income) expense	(5)	(1)	(9)	(2)
Income (loss) before income taxes	(37)	(112)	43	(75)
Income tax expense (benefit)	(3)	0	23	1
Net income (loss)	$ (34)	$ (112)	$ 20	$ (76)
Income (loss) per common share:
Basic (usd per share)	$ (0.99)	$ (3.23)	$ 0.56	$ (2.19)
Diluted (usd per share)	$ (0.99)	$ (3.23)	$ 0.56	$ (2.19)
Weighted average common shares outstanding (in thousands)
Basic (shares)	34,548	34,626	34,827	34,555
Diluted (shares)	34,548	34,626	35,023	34,555

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (34)	$ (112)	$ 20	$ (76)
Other comprehensive income (loss), net of tax	0	0	0	0
Comprehensive income (loss)	$ (34)	$ (112)	$ 20	$ (76)

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	Treasury Stock	Paid-in-Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Common shares, beginning of period (in shares) at Dec. 31, 2018				34,570,000
Stockholders' equity beginning of period at Dec. 31, 2018	$ 906			$ 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)	(76)						(76)
Treasury shares (in shares)					152,000
Treasury shares	(3)				$ (3)
Common stock issued for restricted stock (in shares)				341,000
Equity award expense	8					8
Common shares, end of period (in shares) at Jun. 30, 2019				34,911,000
Stockholders' equity end of period at Jun. 30, 2019	835			$ 0	$ (5)	694	26	120
Treasury shares, end of period (in shares) at Jun. 30, 2019					238,000
Common shares, beginning of period (in shares) at Mar. 31, 2019				34,570,000
Stockholders' equity beginning of period at Mar. 31, 2019	944			$ 0	$ (2)	688	138	120
Treasury shares, beginning of period (in shares) at Mar. 31, 2019					86,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(112)						(112)
Treasury shares (in shares)					152,000
Treasury shares	(3)				$ (3)
Common stock issued for restricted stock (in shares)				341,000
Equity award expense	6					6
Common shares, end of period (in shares) at Jun. 30, 2019				34,911,000
Stockholders' equity end of period at Jun. 30, 2019	835			$ 0	$ (5)	694	26	120
Treasury shares, end of period (in shares) at Jun. 30, 2019					238,000
Common shares, beginning of period (in shares) at Dec. 31, 2019		34,949,430	0	34,949,000
Stockholders' equity beginning of period at Dec. 31, 2019	$ 1,013			$ 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)	$ 20						20
Treasury shares (in shares)	1,600,000				1,852,000
Treasury shares	$ (27)				$ (27)
Common stock issued for restricted stock (in shares)				817,000
Dividends declared	(3)						(3)
Equity award expense	4					4
Common shares, end of period (in shares) at Jun. 30, 2020		35,766,353	0	35,766,000
Stockholders' equity end of period at Jun. 30, 2020	$ 1,007			$ 0	$ (32)	702	215	122
Treasury shares, end of period (in shares) at Jun. 30, 2020	2,096,646				2,097,000
Common shares, beginning of period (in shares) at Mar. 31, 2020				35,766,000
Stockholders' equity beginning of period at Mar. 31, 2020	$ 1,062			$ 0	$ (12)	700	252	122
Treasury shares, beginning of period (in shares) at Mar. 31, 2020					717,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(34)						(34)
Treasury shares (in shares)					1,380,000
Treasury shares	(20)				$ (20)
Dividends declared	(3)						(3)
Equity award expense	2					2
Common shares, end of period (in shares) at Jun. 30, 2020		35,766,353	0	35,766,000
Stockholders' equity end of period at Jun. 30, 2020	$ 1,007			$ 0	$ (32)	$ 702	$ 215	$ 122
Treasury shares, end of period (in shares) at Jun. 30, 2020	2,096,646				2,097,000

UNAUDITED CONDENSED CONSOLIDA_6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash Flows From Operating Activities:
Net income (loss)	$ 20	$ (76)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	45	132
Noncash restructuring charges	0	18
Net periodic pension cost (income)	(9)	0
Pension plan contributions	(18)	(16)
Amortization of debt issuance cost and discount	0	1
Equity award expense	4	8
Gain on Sale of Androscoggin/Stevens Point Mills	(88)	0
(Gain) loss on sale or disposal of assets	0	1
Deferred taxes	23	1
Changes in assets and liabilities:
Accounts receivable, net	18	8
Inventories	(61)	(69)
Prepaid expenses and other assets	(2)	2
Accounts payable	(18)	(14)
Accrued and other liabilities	(19)	(19)
Net cash provided by (used in) operating activities	(105)	(23)
Cash Flows From Investing Activities:
Capital expenditures	(37)	(39)
Net proceeds from Sale of the Androscoggin/Stevens Point Mills	340	0
Net cash provided by (used in) investing activities	303	(39)
Cash Flows From Financing Activities:
Borrowings on ABL Facility	36	278
Payments on ABL Facility	(36)	(231)
Principal payment on financing lease obligation	(1)	0
Acquisition of treasury stock	(27)	(3)
Dividends paid to stockholders	(3)	0
Debt issuance costs	0	(1)
Net cash provided by (used in) financing activities	(31)	43
Change in Cash and cash equivalents and restricted cash	167	(19)
Cash and cash equivalents and restricted cash at beginning of period	44	28
Cash and cash equivalents and restricted cash at end of period	211	9
Supplemental cash flow disclosures:
Total income taxes paid	0	2
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	6
Right-of-use assets obtained in exchange for new capitalized operating lease liabilities	$ 7	$ 2

SUMMARY OF BUSINESS AND BASIS O

SUMMARY OF BUSINESS AND BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 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 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 Verso’s 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 June 30, 2020 or Verso’s Unaudited Condensed Consolidated Statement of Operations for the three months ended June 30, 2020, and Verso’s Unaudited Condensed Consolidated Statement of Operations for the six months ended June 30, 2020 only includes the results of operations associated with the Androscoggin and Stevens Point mills through February 9, 2020 (see Note 5). Idle of Duluth Mill and Wisconsin Rapids Mill — On June 9, 2020, Verso announced plans to indefinitely idle its mills in Duluth, Minnesota and Wisconsin Rapids, Wisconsin, while exploring viable and sustainable alternatives for both mills. Those alternatives could include restarting if market conditions improve, marketing for sale or closing permanently one or both mills. Verso’s decision to reduce its production capacity was driven by the accelerated decline in graphic paper demand resulting from the COVID-19 pandemic (see below). The “stay-at-home” and other orders related to the COVID-19 pandemic have significantly reduced the use of print advertising in various industries, including retail, sports, entertainment and tourism. Paper and pulp production ceased at the Duluth Mill on July 1, 2020 and at the Wisconsin Rapids Mill on July 27, 2020. The production capacity of the Duluth Mill is approximately 270,000 tons of supercalendered/packaging papers and the production capacity of the Wisconsin Rapids Mill is approximately 540,000 tons of coated and packaging papers. COVID-19 Pandemic — The recent outbreak of coronavirus disease, or “COVID-19”, which has been declared by the World Health Organization to be a global pandemic, 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 businesses not deemed “essential,” quarantines and “stay-at-home” orders. Although some of these governmental restrictions have since been lifted or scaled back, a recent resurgence of COVID-19 has resulted in the re-imposition of certain restrictions and may lead to other restrictions being re-implemented in an effort to reduce the spread of COVID-19. Verso serves as an essential manufacturing business and, as a result, Verso’s 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. The guidelines and orders enacted by federal, state and local governments continue to affect retailers, political campaigns, and sports and entertainment events, driving reduced purchases of printed materials and substantially impacting Verso’s graphic papers business. Verso’s COVID-19 preparedness and response team has been monitoring the pandemic and related events daily 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, state and local guidelines. While Verso cannot reasonably estimate the full impact of COVID-19 on the business, financial position, results of operations and cash flows, the pandemic will continue to have a negative impact on business and financial results. 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, including any potential resurgence of COVID-19 once the initial outbreak subsides, 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 June 30, 2020 and for the three and six months ended June 30, 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 condition, 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	6 Months Ended
	Jun. 30, 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 the effect on the Unaudited Condensed Consolidated Financial Statements was not material. 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 the effect on the Unaudited Condensed Consolidated Financial Statements was not material. 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 and is not expected to have a material effect on the Unaudited Condensed Consolidated Financial Statements.

REVENUE RECOGNITION

REVENUE RECOGNITION	6 Months Ended
	Jun. 30, 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 Six Months Ended June 30, June 30, (Dollars in millions) 2019 2020 2019 2020 Paper $ 548 $ 219 $ 1,130 $ 640 Packaging 23 18 47 42 Pulp 31 31 64 57 Total Net sales $ 602 $ 268 $ 1,241 $ 739 The following table presents the revenue disaggregated by sales channel included on the Unaudited Condensed Consolidated Statements of Operations: Three Months Ended Six Months Ended June 30, June 30, (Dollars in millions) 2019 2020 2019 2020 End-users and Converters $ 282 $ 110 $ 569 $ 280 Brokers and Merchants 228 108 475 327 Printers 92 50 197 132 Total Net sales $ 602 $ 268 $ 1,241 $ 739

SUPPLEMENTAL FINANCIAL STATEMEN

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2019 and 2020 , Cash and cash equivalents and restricted cash on the Unaudited Condensed Consolidated Statements of Cash Flows includes restricted cash of $3 million and $2 million , respectively. Inventories — The following table summarizes inventories by major category: December 31, June 30, (Dollars in millions) 2019 2020 Raw materials $ 80 $ 64 Work-in-process 51 69 Finished goods 233 208 Replacement parts and other supplies 31 26 Inventories $ 395 $ 367 Property, plant and equipment — Depreciation expense for the three and six months ended June 30, 2019 was $102 million and $129 million , respectively. Depreciation expense for the three and six months ended June 30, 2020 was $20 million and $42 million , respectively. Depreciation expense for the three and six months ended June 30, 2019 includes $76 million in accelerated depreciation associated with the closure of the Luke Mill in June 2019 (see Note 10). Interest costs capitalized for the three and six months ended June 30, 2019 and the three and six months ended June 30, 2020 were each $1 million . Capital expenditures unpaid as of June 30, 2019 and 2020 were $16 million and $4 million , respectively. Income Taxes — Income tax expense for the three and six months ended June 30, 2019 was zero and $1 million , respectively. Income tax benefit for the three months ended June 30, 2020 was $3 million and income tax expense for the six months ended June 30, 2020 was $23 million . During the three and six months ended June 30, 2020 , Verso recognized $1 million and $7 million , respectively, of additional valuation allowance against state tax credits. The three and six months ended June 30, 2020 also include $7 million of income tax expense related to the year ended December 31, 2019. This resulted from recording the federal tax effect on deferred tax assets for state net operating losses and state tax credits, which was not recorded in the prior year. This adjustment recorded during the three and six months ended June 30, 2020 was not material to the current period Unaudited Condensed Consolidated Financial Statements or any prior periods.

DISPOSITION

DISPOSITION	6 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
DISPOSITION	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 Verso’s 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 six months ended June 30, 2020 and is subject to final post-closing adjustments. In connection with the Pixelle Sale, Verso is providing certain transition services to Pixelle and recognized $2 million and $3 million for these services on the Unaudited Condensed Consolidated Statements of Operations during the three and six months ended June 30, 2020 , respectively. During the three months ended June 30, 2020, $1 million of these transition services were recognized as a reduction of Cost of products sold and $1 million as a reduction of Selling, general and administrative expenses. During the six months ended June 30, 2020, $1 million of these transition services were recognized as a reduction of Cost of products sold and $2 million as a reduction of Selling, general and administrative expenses. 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	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
DEBT	DEBT As of December 31, 2019 and June 30, 2020 , Verso Paper had 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 ( $242 million as of June 30, 2020 ). As of June 30, 2020 , there were no borrowings outstanding under the ABL Facility, with $ 28 million issued in letters of credit and $214 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	6 Months Ended
	Jun. 30, 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 Six Months Ended June 30, June 30, 2019 2020 2019 2020 Net income (loss) available to common stockholders (in millions) $ (112 ) $ (34 ) $ (76 ) $ 20 Weighted average common shares outstanding - basic (in thousands) 34,626 34,548 34,555 34,827 Dilutive shares from stock awards (in thousands) — — — 196 Weighted average common shares outstanding - diluted (in thousands) 34,626 34,548 34,555 35,023 Basic income (loss) per share $ (3.23 ) $ (0.99 ) $ (2.19 ) $ 0.56 Diluted income (loss) per share $ (3.23 ) $ (0.99 ) $ (2.19 ) $ 0.56 As a result of the net loss from continuing operations for the three and six months ended June 30, 2019 and the three months ended June 30, 2020, 1.2 million restricted stock units as of June 30, 2019 and 0.9 million restricted stock units as of June 30, 2020 were excluded from the calculation of diluted earnings per share as their inclusion would be anti-dilutive. As of June 30, 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 and six months ended June 30, 2019 and 2020 , 1.8 million warrants as of June 30, 2019 and 2020 were excluded from the calculations of diluted earnings per share as their inclusion would be anti-dilutive.

RETIREMENT BENEFITS

RETIREMENT BENEFITS	6 Months Ended
	Jun. 30, 2020
Retirement Benefits [Abstract]
RETIREMENT BENEFITS	RETIREMENT BENEFITS The following table summarizes the components of net periodic pension cost (income) for the periods presented: Three Months Ended Six Months Ended June 30, June 30, (Dollars in millions) 2019 2020 2019 2020 Service cost $ 1 $ — $ 2 $ 1 Interest cost 16 11 32 23 Expected return on plan assets (17 ) (16 ) (34 ) (33 ) Net periodic pension cost (income) $ — $ (5 ) $ — $ (9 ) 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 and $16 million during the three and six months ended June 30, 2019 , respectively, and $10 million and $18 million during the three and six months ended June 30, 2020 , respectively. Verso expects to make the required cash contributions of at least $31 million to the pension plan in the remainder of 2020 .

EQUITY

EQUITY	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
EQUITY	EQUITY Equity Awards During the six months ended June 30, 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. The performance awards granted vest at December 31, 2022, subject to a comparison of annualized total stockholder 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’s TSR 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. On May 11, 2020, the threshold requirement for vesting of achieving a 5% annualized TSR was eliminated for performance units granted in 2019 and 2020. This change was considered a modification of each award and requires Verso to incur additional compensation cost for the incremental difference in the fair value between the modified award (post-modification) and original award (pre-modification) over the remaining vesting period. The incremental difference was $1.60 and $3.75 per unit for the 2019 and 2020 performance grants, respectively. Verso recognized equity award expense of $6 million and $8 million for the three and six months ended June 30, 2019 , respectively, and $2 million and $4 million for the three and six months ended June 30, 2020 , respectively. Equity award expense for the six months ended June 30, 2020 includes $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 June 30, 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 2.0 years . Time-based Restricted Stock Units Changes to non-vested time-based restricted stock units for the six months ended June 30, 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 221 15.75 Dividend equivalent units (1) 4 — Vested (257 ) 9.59 Forfeited (47 ) 15.87 Non-vested at June 30, 2020 500 14.03 (1) Dividend equivalent units on certain restricted stock awards for dividends unpaid related to the shares reserved but unissued at the time cash dividends were paid. Performance-based Restricted Stock Units Changes to non-vested performance-based restricted stock units for the six months ended June 30, 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 439 15.19 Dividend equivalent units (1) 3 — Incremental shares vested (2) 161 — Vested (555 ) 21.05 Forfeited (303 ) 14.32 Non-vested at June 30, 2020 383 17.10 (1) Dividend equivalent units on certain restricted stock awards for dividends unpaid related to the shares reserved but unissued at the time cash dividends were paid. (2) 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 June 30, 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 six months ended June 30, 2020, Verso purchased approximately 1.6 million shares of its common stock at a weighted average cost of $14.14 per share. As of June 30, 2020, Verso has approximately $227 million of remaining authorization for the repurchase of outstanding shares of its common stock. See Note 12 for more information. Dividends On May 12, 2020, Verso’s Board of Directors declared a quarterly cash dividend of $0.10 per share of Verso's Class A Common Stock, $0.01 par value, payable on June 29, 2020, to stockholders of record on June 15, 2020. See Note 12 for more information.

RESTRUCTURING CHARGES

RESTRUCTURING CHARGES	6 Months Ended
	Jun. 30, 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. 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 three and six months ended June 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 Ended Six Months Ended June 30, June 30, Cumulative (Dollars in millions) 2019 2020 2019 2020 Incurred Property, plant and equipment, net $ 10 $ — $ 10 $ — $ 10 Severance and benefit costs 19 — 19 (1 ) 18 Write-off of spare parts and inventory 8 — 8 — 9 Write-off of purchase obligations and commitments — — — — 1 Other costs (1) 3 — 3 7 20 Total restructuring costs $ 40 $ — $ 40 $ 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 six months ended June 30, 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: Six Months Ended (Dollars in millions) June 30, 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	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Represented Employees — As of June 30, 2020 , approximately 73% of Verso’s hourly workforce was represented by unions. During 2019, Verso established new labor agreements with all of its union employees. During the three and six months ended June 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 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. Verso permanently closed the Luke Mill, which sits on the border of West Virginia and Maryland, in June 2019. 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. In June 2020, Maryland joined the PRN lawsuit and the state suit was subsequently dismissed in July 2020. 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 and six months ended June 30, 2020 , Verso recorded $1 million for costs related to environmental remediation efforts. As of June 30, 2020 , $1 million of environmental remediation costs are included in Accrued and other liabilities on the Unaudited Condensed Consolidated Balance Sheet.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENT	SUBSEQUENT EVENTS On August 1, 2020, Verso entered into an equipment purchase agreement with Halkali Kagit Karton Sanayi ve Tic. A.S., or the “Purchaser,” a company organized under the laws of Turkey, whereby Verso agreed to sell, and the Purchaser agreed to purchase, certain equipment at Verso’s Luke Mill, primarily including two paper machines. The purchase price is $11 million in cash, with $2 million due upon execution of the agreement and the remaining $9 million due at various milestones. The closing of the equipment purchase, including the transfer of title and ownership of the equipment to the Purchaser, will occur upon completion to Verso’s satisfaction of the disassembly and removal of the equipment and the receipt by Verso of all payments due from the Purchaser. On August 5, 2020, Verso’s Board of Directors declared a quarterly cash dividend of $0.10 per share and a special cash dividend of $3.00 per share, each on Verso’s Class A Common Stock, $0.01 par value, payable on September 28, 2020. In conjunction with this declaration, our Board of Directors reduced Verso’s total share repurchase authorization from $250 million to $150 million . As a result of this reduction in authorization, as of August 5, 2020, Verso had approximately $127 million of remaining authorization for the repurchase of outstanding shares of its common stock.

SUMMARY OF BUSINESS AND BASIS_2

SUMMARY OF BUSINESS AND BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 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 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 June 30, 2020 and for the three and six months ended June 30, 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 condition, 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 the effect on the Unaudited Condensed Consolidated Financial Statements was not material. 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 the effect on the Unaudited Condensed Consolidated Financial Statements was not material. 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 and is not expected to have a material effect on the Unaudited Condensed Consolidated Financial Statements.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	6 Months Ended
	Jun. 30, 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 Six Months Ended June 30, June 30, (Dollars in millions) 2019 2020 2019 2020 Paper $ 548 $ 219 $ 1,130 $ 640 Packaging 23 18 47 42 Pulp 31 31 64 57 Total Net sales $ 602 $ 268 $ 1,241 $ 739 The following table presents the revenue disaggregated by sales channel included on the Unaudited Condensed Consolidated Statements of Operations: Three Months Ended Six Months Ended June 30, June 30, (Dollars in millions) 2019 2020 2019 2020 End-users and Converters $ 282 $ 110 $ 569 $ 280 Brokers and Merchants 228 108 475 327 Printers 92 50 197 132 Total Net sales $ 602 $ 268 $ 1,241 $ 739

SUPPLEMENTAL FINANCIAL STATEM_2

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Inventories by Major Category	The following table summarizes inventories by major category: December 31, June 30, (Dollars in millions) 2019 2020 Raw materials $ 80 $ 64 Work-in-process 51 69 Finished goods 233 208 Replacement parts and other supplies 31 26 Inventories $ 395 $ 367

DISPOSITION (Tables)

DISPOSITION (Tables)	6 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
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)	6 Months Ended
	Jun. 30, 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 Six Months Ended June 30, June 30, 2019 2020 2019 2020 Net income (loss) available to common stockholders (in millions) $ (112 ) $ (34 ) $ (76 ) $ 20 Weighted average common shares outstanding - basic (in thousands) 34,626 34,548 34,555 34,827 Dilutive shares from stock awards (in thousands) — — — 196 Weighted average common shares outstanding - diluted (in thousands) 34,626 34,548 34,555 35,023 Basic income (loss) per share $ (3.23 ) $ (0.99 ) $ (2.19 ) $ 0.56 Diluted income (loss) per share $ (3.23 ) $ (0.99 ) $ (2.19 ) $ 0.56

RETIREMENT BENEFITS (Tables)

RETIREMENT BENEFITS (Tables)	6 Months Ended
	Jun. 30, 2020
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Cost	The following table summarizes the components of net periodic pension cost (income) for the periods presented: Three Months Ended Six Months Ended June 30, June 30, (Dollars in millions) 2019 2020 2019 2020 Service cost $ 1 $ — $ 2 $ 1 Interest cost 16 11 32 23 Expected return on plan assets (17 ) (16 ) (34 ) (33 ) Net periodic pension cost (income) $ — $ (5 ) $ — $ (9 )

EQUITY (Tables)

EQUITY (Tables)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 221 15.75 Dividend equivalent units (1) 4 — Vested (257 ) 9.59 Forfeited (47 ) 15.87 Non-vested at June 30, 2020 500 14.03 (1) Dividend equivalent units on certain restricted stock awards for dividends unpaid related to the shares reserved but unissued at the time cash dividends were paid.
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 six months ended June 30, 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 439 15.19 Dividend equivalent units (1) 3 — Incremental shares vested (2) 161 — Vested (555 ) 21.05 Forfeited (303 ) 14.32 Non-vested at June 30, 2020 383 17.10 (1) Dividend equivalent units on certain restricted stock awards for dividends unpaid related to the shares reserved but unissued at the time cash dividends were paid. (2) Incremental shares are a result of performance at 150%

RESTRUCTURING CHARGES (Tables)

RESTRUCTURING CHARGES (Tables)	6 Months Ended
	Jun. 30, 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 Six Months Ended June 30, June 30, Cumulative (Dollars in millions) 2019 2020 2019 2020 Incurred Property, plant and equipment, net $ 10 $ — $ 10 $ — $ 10 Severance and benefit costs 19 — 19 (1 ) 18 Write-off of spare parts and inventory 8 — 8 — 9 Write-off of purchase obligations and commitments — — — — 1 Other costs (1) 3 — 3 7 20 Total restructuring costs $ 40 $ — $ 40 $ 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 six months ended June 30, 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: Six Months Ended (Dollars in millions) June 30, 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)	6 Months Ended
	Jun. 30, 2020SegmentT
Other Events, COVID-19 | Supercalendered/Packaging Papers
Segment Reporting Information [Line Items]
Number of production capacity	270,000
Other Events, COVID-19 | Coated and Packaging Papers
Segment Reporting Information [Line Items]
Number of production capacity	540,000
North America
Segment Reporting Information [Line Items]
Number of geographical locations in operation | Segment	1

REVENUE RECOGNITION (Details)

REVENUE RECOGNITION (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 268	$ 602	$ 739	$ 1,241
End-users and Converters
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	110	282	280	569
Brokers and Merchants
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	108	228	327	475
Printers
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	50	92	132	197
Paper
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	219	548	640	1,130
Packaging
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	18	23	42	47
Pulp
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 31	$ 31	$ 57	$ 64

SUPPLEMENTAL FINANCIAL STATEM_3

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Income Tax Contingency [Line Items]
Restricted cash, intangibles	$ 2,000,000	$ 3,000,000	$ 2,000,000	$ 3,000,000	$ 2,000,000
Depreciation expense	20,000,000	102,000,000	42,000,000	129,000,000
Interest costs capitalized	1,000,000	1,000,000	1,000,000	1,000,000
Capital expenditures unpaid			4,000,000	16,000,000
Income tax expense (benefit)	(3,000,000)	0	23,000,000	1,000,000
State and Local Jurisdiction
Income Tax Contingency [Line Items]
Additional valuation allowance recognized	1,000,000		7,000,000
Prior year income tax expense (benefit)	$ 7,000,000		$ 7,000,000
Closure of Luke Mill
Income Tax Contingency [Line Items]
Accelerated depreciation recognized		$ 76,000,000		$ 76,000,000

SUPPLEMENTAL FINANCIAL STATEM_4

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION - Inventories by Major Category (Detail) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 64	$ 80
Work-in-process	69	51
Finished goods	208	233
Replacement parts and other supplies	26	31
Inventories	$ 367	$ 395

DISPOSITION - Additional Inform

DISPOSITION - Additional Information (Details) - Verso Androscoggin, LLC - Disposal Group, Disposed of by Sale, Not Discontinued Operations - USD ($) $ in Millions	Feb. 10, 2020	Jun. 30, 2020	Jun. 30, 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		$ 2	3
Cost of Products Sold
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) recognized on disposition of business		1	1
Selling, General and Administrative Expenses
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) recognized on disposition of business		$ 1	$ 2

DISPOSITION - Components of Gai

DISPOSITION - Components of Gain on Sale (Details) - USD ($) $ in Millions	Feb. 10, 2020	Jun. 30, 2020	Jun. 30, 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 (Details)

DEBT (Details)	Feb. 06, 2019USD ($)incremental_revolving_commitment	Jun. 30, 2020USD ($)	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		214,000,000
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		$ 242,000,000
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 - Reconcilia

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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Net income (loss) available to common stockholders (in millions)	$ (34)	$ (112)	$ 20	$ (76)
Weighted average common shares outstanding - basic (shares)	34,548	34,626	34,827	34,555
Dilutive shares from stock options (shares)	0	0	196	0
Weighted average common shares outstanding - diluted (shares)	34,548	34,626	35,023	34,555
Basic income (loss) per share (usd per share)	$ (0.99)	$ (3.23)	$ 0.56	$ (2.19)
Diluted income (loss) per share (usd per share)	$ (0.99)	$ (3.23)	$ 0.56	$ (2.19)

EARNINGS PER SHARE - Additional

EARNINGS PER SHARE - Additional Information (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Jul. 15, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Class of warrant or right, outstanding	1,800,000		1,800,000
Exercise price of warrants (in dollars per share)	$ 27.86		$ 27.86
Number of shares called by warrants (in shares)	1,800,000	1,800,000	1,800,000	1,800,000	1,800,000
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of diluted earnings per share (in shares)	900,000	1,200,000	900,000	1,200,000

RETIREMENT BENEFITS - Componen

RETIREMENT BENEFITS - Components of Net Periodic Benefit Cost (Detail) - Pension Plan - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0	$ 1	$ 1	$ 2
Interest cost	11	16	23	32
Expected return on plan assets	(16)	(17)	(33)	(34)
Net periodic pension cost (income)	$ (5)	$ 0	$ (9)	$ 0

RETIREMENT BENEFITS - Addition

RETIREMENT BENEFITS - Additional Information (Detail) - Pension Plan - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Defined Benefit Plan Disclosure [Line Items]
Contribution made by employer	$ 10	$ 8	$ 18	$ 16
Expected cash contribution remainder of fiscal year (at least)	$ 31		$ 31

EQUITY - Additional Information

EQUITY - Additional Information (Details) - USD ($)	May 12, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	May 11, 2020	Feb. 26, 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
Total shareholder return threshold						5.00%
Equity award expense		$ 2,000,000	$ 6,000,000	$ 4,000,000	$ 8,000,000
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
Share repurchase program authorization							$ 250,000,000
Repurchase of common stock, number of shares (in shares)				1,600,000
Repurchase of common stock, treasury stock acquired, average price per share (in dollars per share)				$ 14.14
Share repurchase program remaining authorization		$ 227,000,000		$ 227,000,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost not yet recognized		$ 8,000,000		$ 8,000,000
Vested and expected to vest, outstanding (in shares)		900,000		900,000
Compensation cost not yet recognized, period for recognition				2 years
Time-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)				221,000
Forfeited (in shares)				47,000
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)				439,000
Forfeited (in shares)				303,000
Vested (in shares)				555,000
2019 Performance Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental difference for performance grants (in dollars per share)				$ 1.60
2020 Performance Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental difference for performance grants (in dollars per share)				3.75
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
Common stock, dividends declared (in dollars per share)	$ 0.10
Common stock, par value (in dollars per share)		$ 0.01		$ 0.01				$ 0.01
Share Based Compensation Award Tranche One | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage				0.00%
Share Based Compensation Award Tranche One | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage				150.00%
Executive Officer and Management | Time-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)				200,000
Executive Officer and Management | Performance-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)				200,000
President | 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
President | Performance-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated compensation cost				$ 300,000
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	6 Months Ended
	Jun. 30, 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 shares) | shares	221
Dividend equivalent units (in shares) | shares	4
Vested (in shares) | shares	(257)
Forfeited (in shares) | shares	(47)
Non-vested, ending balance (in shares) | shares	500
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 dollar per share) | $ / shares	15.75
Dividend equivalent units (in dollar per share) | $ / shares	0
Vested (in dollar per share) | $ / shares	9.59
Forfeited (in dollar per share) | $ / shares	15.87
Non-vested, ending balance (in dollar per share) | $ / shares	$ 14.03
Performance-based Restricted Stock Units
Units Outstanding
Non-vested, beginning balance (in shares) | shares	638
Grants (in shares) | shares	439
Dividend equivalent units (in shares) | shares	3
Incremental shares vested (in shares) | shares	161
Vested (in shares) | shares	(555)
Forfeited (in shares) | shares	(303)
Non-vested, ending balance (in shares) | shares	383
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 dollar per share) | $ / shares	15.19
Dividend equivalent units (in dollar per share) | $ / shares	0
Incremental shares vested (in dollar per share) | $ / shares	0
Vested (in dollar per share) | $ / shares	21.05
Forfeited (in dollar per share) | $ / shares	14.32
Non-vested, ending balance (in dollar per share) | $ / shares	$ 17.10

RESTRUCTURING CHARGES - Additio

RESTRUCTURING CHARGES - Additional information (Details) - Closure of Luke Mill $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2019EmployeeT	Jun. 30, 2019USD ($)T	Jun. 30, 2019USD ($)T
Restructuring Cost and Reserve [Line Items]
Reduction of employee headcount | Employee	675
Accelerated depreciation recognized | $		$ 76	$ 76
Coated Freesheet
Restructuring Cost and Reserve [Line Items]
Decrease in production capacity (in tons) | T	450,000	450,000	450,000

RESTRUCTURING CHARGES - Charges

RESTRUCTURING CHARGES - Charges Incurred Related to Shutdown (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0	$ 40	$ 6	$ 40
Closure of Luke Mill
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	40	6	40
Restructuring charges, cumulative incurred	58		58
Property, plant and equipment, net | Closure of Luke Mill
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	10	0	10
Restructuring charges, cumulative incurred	10		10
Severance and benefit costs | Closure of Luke Mill
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	19	(1)	19
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	0	8	0	8
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	0	0	0	0
Restructuring charges, cumulative incurred	1		1
Other costs | Closure of Luke Mill
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	$ 3	7	$ 3
Restructuring charges, cumulative incurred	$ 20		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	6 Months Ended
	Jun. 30, 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 (Detail)	1 Months Ended	3 Months Ended		6 Months Ended
	Nov. 30, 2019tank	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)
Loss Contingencies [Line Items]
Number of aboveground storage tanks | tank	4
Environmental remediation costs recorded		$ 1,000,000		$ 1,000,000
Environmental remediation costs, included in Balance Sheet		$ 1,000,000		$ 1,000,000
Represented Employees
Loss Contingencies [Line Items]
Workforce, represented by union, percentage		73.00%		73.00%
Union negotiation			$ 0		$ 6,000,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	Aug. 05, 2020USD ($)$ / shares	Aug. 01, 2020USD ($)machine	May 12, 2020$ / shares	Aug. 04, 2020USD ($)	Jun. 30, 2020USD ($)$ / shares	Feb. 26, 2020USD ($)	Dec. 31, 2019$ / shares
Subsequent Event [Line Items]
Share repurchase program authorization						$ 250,000,000
Share repurchase program remaining authorization					$ 227,000,000
Common Class A
Subsequent Event [Line Items]
Common stock, dividends declared (in dollars per share) | $ / shares			$ 0.10
Common stock, par value (in dollars per share) | $ / shares					$ 0.01		$ 0.01
Subsequent Event
Subsequent Event [Line Items]
Number of paper machines | machine		2
Proceeds from sale of machines and equipment		$ 11,000,000
Common stock, dividends declared (in dollars per share) | $ / shares	$ 0.10
Common stock, special dividends declared (in dollars per share) | $ / shares	$ 3
Share repurchase program authorization	$ 150,000,000			$ 250,000,000
Share repurchase program remaining authorization	$ 127,000,000
Subsequent Event | Agreement Execution
Subsequent Event [Line Items]
Proceeds from sale of machines and equipment		2,000,000
Subsequent Event | Various Milestones
Subsequent Event [Line Items]
Proceeds from sale of machines and equipment		$ 9,000,000