Billerud Americas (VRS) 10-Q 6 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Jul. 30, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
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	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		29,387,674
Amendment Flag	false
Document Fiscal Year Focus	2021
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, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 117	$ 137
Accounts receivable, net	109	83
Inventories	160	224
Assets held for sale	6	17
Prepaid expenses and other assets	10	5
Total current assets	402	466
Property, plant and equipment, net	501	613
Deferred tax assets	134	122
Intangibles and other assets, net	38	44
Total assets	1,075	1,245
Current liabilities:
Accounts payable	90	80
Accrued and other liabilities	83	92
Current maturities of long-term debt and finance leases	1	1
Total current liabilities	174	173
Long-term debt and finance leases	3	4
Pension benefit obligation	323	350
Other long-term liabilities	36	34
Total liabilities	536	561
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 35,877,533 shares issued and 33,133,649 outstanding on December 31, 2020 and 33,207,306 shares issued and 29,619,127 outstanding on June 30, 2021; 40,000,000 Class B shares authorized with no shares issued and outstanding on December 31, 2020 and June 30, 2021)	0	0
Treasury stock -- at cost (2,743,884 shares on December 31, 2020 and 3,588,179 shares on June 30, 2021)	(50)	(39)
Paid-in-capital	651	705
Retained deficit	(122)	(42)
Accumulated other comprehensive income	60	60
Total equity	539	684
Total liabilities and equity	$ 1,075	$ 1,245

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
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
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Treasury stock, shares (in shares)	3,588,179	2,743,884
Class A
Common stock, shares authorized (in shares)	210,000,000	210,000,000
Common shares issued (in shares)	33,207,306	35,877,533
Common stock, shares outstanding (in shares)	29,619,127	33,133,649
Common Class B
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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Net sales	$ 329	$ 268	$ 611	$ 739
Costs and expenses:
Cost of products sold (exclusive of depreciation and amortization)	272	271	536	698
Depreciation and amortization	17	22	119	45
Selling, general and administrative expenses	20	16	35	43
Restructuring charges	6		17	6
Other operating (income) expense	3	1	2	(87)
Operating income (loss)	11	(42)	(98)	34
Interest expense	0	0	1	0
Other (income) expense	(7)	(5)	(13)	(9)
Income (loss) before income taxes	18	(37)	(86)	43
Income tax expense (benefit)	2	(3)	(12)	23
Net income (loss)	$ 16	$ (34)	$ (74)	$ 20
Income (loss) per common share:
Basic (usd per share)	$ 0.47	$ (0.99)	$ (2.29)	$ 0.56
Diluted (usd per share)	$ 0.47	$ (0.99)	$ (2.29)	$ 0.56
Weighted average common shares outstanding (in thousands)
Basic (shares)	32,093	34,548	32,566	34,827
Diluted (shares)	32,315	34,548	32,566	35,023

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 16	$ (34)	$ (74)	$ 20
Other comprehensive income (loss), net of tax	0	0	0	0
Comprehensive income (loss)	$ 16	$ (34)	$ (74)	$ 20

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	Class A	Common StockClass A	Treasury Stock	Paid-in-Capital	Retained Earnings (Deficit)	Accumulated Other Comprehensive Income (Loss)
Common shares beginning balance (in shares) at Dec. 31, 2019			34,949,000
Treasury shares beginning balance (in shares) at Dec. 31, 2019				245,000
Beginning balance at Dec. 31, 2019	$ 987		$ 0	$ (5)	$ 698	$ 172	$ 122
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	20					20
Treasury shares (in shares)				1,852,000
Treasury shares	(27)			$ (27)
Common stock issued for restricted stock (in shares)			817,000
Dividends and dividend equivalents declared	(3)					(3)
Equity award expense	4				4
Common shares ending balance (in shares) at Jun. 30, 2020			35,766,000
Treasury shares ending balance (in shares) at Jun. 30, 2020				2,097,000
Ending balance at Jun. 30, 2020	981		$ 0	$ (32)	702	189	122
Common shares beginning balance (in shares) at Mar. 31, 2020			35,766,000
Treasury shares beginning balance (in shares) at Mar. 31, 2020				717,000
Beginning balance at Mar. 31, 2020	1,036		$ 0	$ (12)	700	226	122
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(34)					(34)
Treasury shares (in shares)				1,380,000
Treasury shares	(20)			$ (20)
Dividends and dividend equivalents declared	(3)					(3)
Equity award expense	2				2
Common shares ending balance (in shares) at Jun. 30, 2020			35,766,000
Treasury shares ending balance (in shares) at Jun. 30, 2020				2,097,000
Ending balance at Jun. 30, 2020	$ 981		$ 0	$ (32)	702	189	122
Common shares beginning balance (in shares) at Dec. 31, 2020		35,877,533	35,878,000
Treasury shares beginning balance (in shares) at Dec. 31, 2020	2,743,884			2,744,000
Beginning balance at Dec. 31, 2020	$ 684		$ 0	$ (39)	705	(42)	60
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(74)					(74)
Treasury shares (in shares)				844,000
Treasury shares	(11)			$ (11)
Common stock issued for restricted stock (in shares)			369,000
Dividends and dividend equivalents declared	(6)					(6)
Repurchase of common stock (in shares)			(3,040,000)
Repurchase of common stock	(56)				(56)
Equity award expense	$ 2				2
Common shares ending balance (in shares) at Jun. 30, 2021		33,207,306	33,207,000
Treasury shares ending balance (in shares) at Jun. 30, 2021	3,588,179			3,588,000
Ending balance at Jun. 30, 2021	$ 539		$ 0	$ (50)	651	(122)	60
Common shares beginning balance (in shares) at Mar. 31, 2021			36,239,000
Treasury shares beginning balance (in shares) at Mar. 31, 2021				3,519,000
Beginning balance at Mar. 31, 2021	582		$ 0	$ (49)	706	(135)	60
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	16					16
Treasury shares (in shares)				69,000
Treasury shares	(1)			$ (1)
Common stock issued for restricted stock (in shares)			8,000
Dividends and dividend equivalents declared	(3)					(3)
Repurchase of common stock (in shares)			(3,040,000)
Repurchase of common stock	(56)				(56)
Equity award expense	$ 1				1
Common shares ending balance (in shares) at Jun. 30, 2021		33,207,306	33,207,000
Treasury shares ending balance (in shares) at Jun. 30, 2021	3,588,179			3,588,000
Ending balance at Jun. 30, 2021	$ 539		$ 0	$ (50)	$ 651	$ (122)	$ 60

UNAUDITED CONDENSED CONSOLIDA_6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash Flows From Operating Activities:
Net income (loss)	$ (74)	$ 20
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	119	45
Noncash restructuring charges	8	0
Net periodic pension cost (income)	(11)	(9)
Pension plan contributions	(16)	(18)
Amortization of debt issuance cost	1	0
Equity award expense	2	4
Gain on Sale of Androscoggin/Stevens Point Mills	0	(88)
Loss on Sale of Duluth Mill	3	0
Deferred taxes	(12)	23
Changes in assets and liabilities:
Accounts receivable, net	(25)	18
Inventories	60	(61)
Prepaid expenses and other assets	(4)	(2)
Accounts payable	9	(18)
Accrued and other liabilities	(6)	(19)
Net cash provided by (used in) operating activities	54	(105)
Cash Flows From Investing Activities:
Proceeds from sale of assets	1	0
Capital expenditures	(18)	(37)
Net proceeds from Sale of Androscoggin/Stevens Point Mills	0	340
Net proceeds from Sale of Duluth Mill	6	0
Recognition of deposits and proceeds from sale of Luke Mill equipment	10	0
Net cash provided by (used in) investing activities	(1)	303
Cash Flows From Financing Activities:
Borrowings on ABL Facility	0	36
Payments on ABL Facility	0	(36)
Principal payment on financing lease obligation	0	(1)
Repurchase of common stock	(56)	0
Acquisition of treasury stock	(11)	(27)
Dividends paid to stockholders	(6)	(3)
Net cash provided by (used in) financing activities	(73)	(31)
Change in Cash and cash equivalents and restricted cash	(20)	167
Cash and cash equivalents and restricted cash at beginning of period	139	44
Cash and cash equivalents and restricted cash at end of period	119	211
Supplemental cash flow disclosures:
Total interest paid	1	0
Total income taxes paid	0	0
Noncash investing and financing activities:
Right-of-use assets obtained in exchange for new finance lease liabilities	0	0
Right-of-use assets obtained in exchange for new capitalized operating lease liabilities	1	7
Net right-of-use assets re-measurement	$ 2	$ 0

SUMMARY OF BUSINESS AND BASIS O

SUMMARY OF BUSINESS AND BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2021
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 is a producer of graphic paper, specialty paper, packaging paper and Northern Bleached Hardwood Kraft, or “NBHK,” pulp. Verso’s products are used primarily in media, marketing applications and commercial printing applications. Uses include catalogs, magazines, high-end advertising brochures, direct-mail advertising, and specialty applications, such as labeling and other special applications. Verso’s NBHK 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 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 Solution LLC, or “Pixelle,” whereby Verso and Verso Paper agreed to sell to Pixelle, or the “Pixelle Sale,” or “Sale of 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. The transaction was approved by Verso’s stockholders on January 31, 2020 and closed on February 10, 2020 (see Note 5). 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 including restarting, selling or permanently closing one or both mills. Verso’s decision to reduce its production capacity was driven by the accelerated decline in graphic paper demand, primarily resulting from the COVID-19 pandemic. The production capacity of the Duluth Mill was approximately 270,000 tons of supercalendered/packaging paper and the production capacity of the Wisconsin Rapids Mill is approximately 540,000 tons of coated and packaging paper. Verso idled production at the Duluth Mill on July 1, 2020 and at the Wisconsin Rapids Mill on July 27, 2020. On December 31, 2020, Verso decided to permanently shut down the Duluth Mill, which was subsequently sold on May 13, 2021 (see Note 5). On February 8, 2021, Verso decided to permanently shut down the No. 14 paper machine and certain other long-lived assets at the Wisconsin Rapids Mill (see Note 10). Verso continues to operate the facility at the Wisconsin Rapids Mill to convert paper produced at the Quinnesec and Escanaba mills to sheets for the commercial print market. COVID-19 Pandemic — The COVID-19 Pandemic has impacted Verso’s operations and financial results since the first quarter of 2020 and continues to have an impact on the Company. If a resurgence of COVID-19 related variants occurs or if the vaccines introduced to combat the virus are not effective, the adverse impact on Verso’s business, financial position, results of operations and cash flow could be material. Verso serves as an essential manufacturing business and, as a result, Verso’s mills have continued to be operational during the time of the pandemic 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 have, however, impacted demand from retailers, political campaigns, and sports and entertainment events, driving reduced purchases of printed materials and substantially impacting Verso’s graphic paper business. While Verso cannot reasonably estimate the full impact of COVID-19 on the business, financial position, results of operations and cash flows, Verso has seen its sales, volume and prices begin to recover during the second quarter of 2021. Basis of Presentation — This report contains the Unaudited Condensed Consolidated Financial Statements of Verso as of December 31, 2020 and June 30, 2021 and for the three and six months ended June 30, 2020 and 2021. The December 31, 2020 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

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Jun. 30, 2021
Accounting Changes and Error Corrections [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS Accounting Guidance Adopted in 2021 Accounting Standards Codification Topic 740, Income Taxes . In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update 2019-12, Simplifying the Accounting for Income Taxes , which removes certain exceptions for investments, intraperiod allocations and interim calculations, and adds guidance to reduce the complexity in accounting for income taxes. Verso adopted this guidance on January 1, 2021, and the effect on the Unaudited Condensed Consolidated Financial Statements was not material.

REVENUE RECOGNITION

REVENUE RECOGNITION	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION The following table presents revenue 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) 2020 2021 2020 2021 Paper $ 219 $ 289 $ 640 $ 539 Packaging 18 6 42 13 Pulp 31 34 57 59 Total Net sales $ 268 $ 329 $ 739 $ 611 The following table presents 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) 2020 2021 2020 2021 End-users and Converters $ 110 $ 99 $ 280 $ 186 Brokers and Merchants 108 178 327 328 Printers 50 52 132 97 Total Net sales $ 268 $ 329 $ 739 $ 611

SUPPLEMENTAL FINANCIAL STATEMEN

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION	SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION Restricted Cash — As of December 31, 2020 and June 30, 2021, $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 June 30, 2020 and 2021, 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, June 30, (Dollars in millions) 2020 2021 Raw materials $ 45 $ 30 Work-in-process 31 21 Finished goods 125 91 Replacement parts and other supplies 23 18 Inventories $ 224 $ 160 Property, plant and equipment — Depreciation expense for the three and six months ended June 30, 2020 was $20 million and $42 million, respectively. Depreciation expense for three and six months ended June 30, 2021 was $16 million and $117 million, respectively. Depreciation expense for the six months ended June 30, 2021 includes $84 million in accelerated depreciation associated with the permanent shutdown of the No. 14 paper machine and certain other long-lived assets at the Wisconsin Rapids Mill (see Note 10). Property, plant and equipment as of June 30, 2020 and 2021 include $4 million and $3 million, respectively, of capital expenditures that were unpaid and included in Accounts payable and Accrued and other liabilities on the Unaudited Condensed Consolidated Balance Sheets. Income Taxes — 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. Income tax expense for the three months ended June 30, 2021 was $2 million and income tax benefit for the six months ended June 30, 2021 was $12 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. During the three months ended June 30, 2021, Verso reduced the valuation allowance against state tax credits by $1 million. During the six months ended June 30, 2021, the net additional valuation allowance against state tax credits was $3 million. Related Party Transactions — Net sales for the three and six months ended June 30, 2021, include sales to a related party of $18 million and $33 million, respectively. Accounts receivable as of December 31, 2020 and June 30, 2021, include $4 million and $3 million, respectively, associated with this related party.

DISPOSITIONS

DISPOSITIONS	6 Months Ended
	Jun. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
DISPOSITIONS	DISPOSITIONS Sale of Androscoggin Mill and Stevens Point Mill 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 $352 million in cash, which reflected certain adjustments related to Verso’s estimates of cash, indebtedness and working capital of Verso Androscoggin, LLC and Pixelle assumed $37 million of Verso’s unfunded pension liabilities, which reflected certain adjustments in connection with the completed transfer of the unfunded pension liabilities during the year ended December 31, 2020. During the six months ended June 30, 2020, Verso received $340 million in net cash proceeds from the Pixelle Sale, consisting of $346 million in cash reduced by $6 million in selling costs and recognized an $88 million gain on the sale. In connection with the Pixelle Sale, Verso provided certain transition services to Pixelle and recognized $2 million and $3 million for these services during the three and six months ended June 30, 2020, respectively, on the Unaudited Condensed Consolidated Statements of Operations. During the three months ended June 30, 2020, $1 million of these transition services was recognized as a reduction of Cost of products sold and $1 million was recognized as a reduction of Selling, general and administrative expenses. During the six months ended June 30, 2020, $1 million of these transition services was recognized as a reduction Cost of products sold and $2 million was recognized as a reduction of Selling, general and administrative expenses. Luke Mill Equipment and Other Asset Sales 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 was $11 million in cash due at various milestones. As of June 30, 2021, Verso has received $10 million in non-refundable deposits associated with this sale which includes $1 million in the first quarter of 2021 and $1 million in the second quarter of 2021. Verso received the final payment of $1 million in the third quarter of 2021. Management determined that the control over the use of the acquired assets has transferred to the Purchaser and correspondingly recognized the sale of the two paper machines and related assets in June 2021. Verso is exploring options for disposal of the remaining assets of the Luke Mill. As of December 31, 2020 and June 30, 2021, Verso classified $17 million and $6 million, respectively, in Assets held for sale on the Unaudited Condensed Consolidated Balance Sheets. Sale of Duluth Mill On May 13, 2021, Verso Minnesota Wisconsin LLC, an indirect wholly owned subsidiary of Verso, entered into an asset purchase agreement with ST Paper 1, LLC and sold all of the assets primarily related to Verso’s Duluth Mill located in Duluth, Minnesota for $7 million in cash, less costs to sell of $1 million. The sale, including related selling costs, resulted in a loss of $3 million, which is included in Other operating (income) expense on the Unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2021.

DEBT

DEBT	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
DEBT	DEBT As of December 31, 2020 and June 30, 2021, Verso Paper had no outstanding borrowings on its ABL Facility (as defined below). ABL Facility Verso Paper is the borrower under a $200 million asset-based revolving credit facility, or the “ABL Facility.” From February 6, 2019 until May 10, 2021, the ABL Facility provided for revolving commitments of $350 million, with a $100 million sublimit for letters of credit and a $35 million sublimit for swingline loans. Verso Paper could 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 were not obligated to increase the revolving commitments upon any such request. On May 10, 2021, Verso Paper entered into a third amendment to the ABL Facility, or the “Third ABL Amendment.” As a result of the Third ABL Amendment, the ABL Facility provides for revolving commitments of $200 million, with a $75 million sublimit for letters of credit and a $20 million sublimit for swingline loans. The amount of borrowings and letters of credit available to Verso Paper pursuant to the ABL Facility is limited to the lesser of $200 million or an amount determined pursuant to a borrowing base ($150 million as of June 30, 2021). As of June 30, 2021, there were no borrowings outstanding under the ABL Facility, with $21 million issued in letters of credit and $129 million available for future borrowings. 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) the Federal Funds 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 is also 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. In addition, pursuant to the Third ABL Amendment, certain modifications were made to the existing ABL Facility in order to, among other things, provide for determination of a benchmark replacement interest rate when LIBOR is no longer available, subject to the terms, and upon the satisfaction of conditions, specified therein. All obligations under the ABL Facility are unconditionally guaranteed by Verso Holding and certain of the subsidiaries of Verso Paper. The ABL Facility is secured by 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

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2021
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, 2020 2021 2020 2021 Net income (loss) available to common stockholders (in millions) $ (34) $ 16 $ 20 $ (74) Weighted average common shares outstanding - basic (in thousands) 34,548 32,093 34,827 32,566 Dilutive shares from stock awards (in thousands) — 222 196 — Weighted average common shares outstanding - diluted (in thousands) 34,548 32,315 35,023 32,566 Basic income (loss) per share $ (0.99) $ 0.47 $ 0.56 $ (2.29) Diluted income (loss) per share $ (0.99) $ 0.47 $ 0.56 $ (2.29) As a result of the net loss from continuing operations for the three months ended June 30, 2020 and the six months ended June 30, 2021, 0.8 million restricted stock units were excluded from the calculations of diluted earnings per share as their inclusion would be anti-dilutive. As of June 30, 2020 and 2021, Verso had 1.8 million warrants outstanding at an adjusted exercise price per share of $27.86 and $20.89, respectively (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, 2020 and 2021, 1.8 million and 2.4 million shares, respectively, 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, 2021
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) 2020 2021 2020 2021 Service cost $ — $ 1 $ 1 $ 1 Interest cost 11 9 23 19 Expected return on plan assets (16) (15) (33) (31) Net periodic pension cost (income) $ (5) $ (5) $ (9) $ (11) Verso makes contributions to its pension plan that are sufficient to fund actuarially determined costs, generally equal to the minimum amounts required by the Employee Retirement Income Security Act. Contributions to the pension plan during the three and six months ended June 30, 2020 were $10 million and $18 million, respectively. Contributions to the pension plan during the three and six months ended June 30, 2021 were $9 million and $16 million, respectively. On March 11, 2021, the government signed into law the American Rescue Plan Act of 2021, or “ARPA.” The ARPA provides for pension funding relief that will reduce Verso’s expected 2021 required cash contributions to its pension plan to $25 million from $46 million. Verso expects to make at least $9 million in required contributions to the pension plan in the remainder of 2021.

EQUITY

EQUITY	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
EQUITY	EQUITY Equity Awards During the six months ended June 30, 2021, Verso granted 0.3 million time-based restricted stock units and 0.2 million performance-based restricted stock units to its executives and certain senior managers. The performance-based restricted stock unit awards granted vest on the performance determination date following the end of the performance period, as measured using an adjusted EBITDAP (earnings before interest, taxes, depreciation, amortization and pension expense/income) metric and a return on invested capital metric over a 3-year period ending December 31, 2023. The vesting criteria of the performance-based restricted stock unit awards meet the definition of a performance condition for accounting purposes. The number of shares which will ultimately vest at the vesting date ranges from 0% to 200% of the number of performance-based restricted stock units granted based on performance during the 3-year cumulative performance period. The compensation expense associated with these performance awards is currently estimated at 100%. On March 5, 2021, Verso modified certain outstanding restricted stock unit awards as part of a retention arrangement for its former Chief Financial Officer who retired on June 30, 2021. As modified, his performance-based restricted stock units will remain outstanding and may vest on a pro-rata basis based on Verso’s achievement of established targets. In addition, the next tranche of his time-based restricted stock units vested at June 30, 2021. The foregoing changes were considered a modification and resulted in a revaluation of his 2019 and 2020 performance-based restricted stock units to a fair value of $0.67 and $8.66, respectively, and a revaluation of each of his 2018, 2019 and 2020 time-based restricted stock units that vested as a result of the modification to a fair value of $13.32. Verso recognized equity award expense of $2 million and $4 million for the three and six months ended June 30, 2020, respectively, and $1 million and $2 million for the three and six months ended June 30, 2021, respectively. As of June 30, 2021, there was approximately $7 million of unrecognized compensation cost related to the 0.8 million non-vested restricted stock units, which is expected to be recognized over the weighted average period of 2.2 years. Time-based Restricted Stock Units Changes to non-vested time-based restricted stock units for the six months ended June 30, 2021 were as follows: Restricted Stock Weighted Average Units Grant Date Shares (in thousands) Outstanding Fair Value Non-vested at December 31, 2020 421 $ 9.95 Granted (1) 264 13.86 Vested (253) 9.39 Forfeited (60) 11.79 Non-vested at June 30, 2021 (2) 372 13.28 (1) Includes 6 thousand dividend equivalent units on certain time-based restricted stock unit awards for dividends related to the stock units granted but not yet vested at the time cash dividends were paid. (2) Includes the modified value of the time-based restricted stock units associated with the retention agreement for the former Chief Financial Officer. Performance-based Restricted Stock Units Changes to non-vested performance-based restricted stock units for the six months ended June 30, 2021 were as follows: Restricted Stock Weighted Average Units Grant Date Shares (in thousands) Outstanding Fair Value Non-vested at December 31, 2020 424 $ 12.21 Granted (1) 212 13.01 Incremental shares vested (2) 10 — Vested (143) 12.87 Forfeited (65) 10.59 Non-vested at June 30, 2021 (3) 438 11.33 (1) Includes 6 thousand dividend equivalent units on certain performance-based restricted stock unit awards for dividends related to the stock units granted but not yet vested at the time cash dividends were paid. (2) Incremental shares are a result of performance at 113% of the target level of shares subject to the performance based restricted stock units. (3) Includes the modified value of the performance-based restricted stock units associated with the retention agreement for the former Chief Financial Officer. Share Repurchase Authorization and Dividends 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. In conjunction with the declaration of the special cash dividend of $3.00 per share, or $101 million, on August 5, 2020, Verso’s Board of Directors reduced Verso’s total share repurchase authorization from $250 million to $150 million. During the six months ended June 30, 2020, Verso purchased under its share repurchase authorization approximately 1.6 million of its common stock through open market purchases and 10b-5 programs at a weighted average cost of $14.14 per share. During the six months ended June 30, 2021, Verso purchased under its share repurchase authorization (i) approximately 0.7 million shares of its common stock through open market purchases and 10b-5 programs at a weighted average cost of $13.24 per share and (ii) approximately 3.0 million shares at a purchase price of $18.10 per share through the modified Dutch auction tender offer discussed above. As of June 30, 2021, $56 million of the $150 million authorized remained. On May 13, 2021, Verso commenced a modified Dutch auction tender offer to purchase for cash shares of its common stock for an aggregate purchase price of not more than $55 million and at a price per share of common stock of not less than $16.00 and not more than $18.30 per share. The tender offer expired on June 10, 2021. Through the tender offer, Verso accepted for purchase approximately 3.0 million shares of its common stock at a purchase price of $18.10 per share for an aggregate purchase price of approximately $56 million, including fees and expenses. The shares of common stock purchased through the tender offer were immediately retired. The excess purchase price over par value was recorded as a reduction to Paid-in capital on the Unaudited Condensed Consolidated Balance Sheet as of June 30, 2021. On February 5, 2021, Verso’s Board of Directors declared a quarterly cash dividend of $0.10 per share of Verso's common stock, which was paid on March 29, 2021, to stockholders of record on March 18, 2021. On May 7, 2021, Verso’s Board of Directors declared a quarterly cash dividend of $0.10 per share of Verso’s common stock, which was paid on June 29, 2021, to stockholders of record on June 17, 2021. On August 6, 2021, Verso’s Board of Directors declared a quarterly cash dividend of $0.10 per share of Verso’s common stock, payable on September 28, 2021, to stockholders of record on September 17, 2021. Verso commenced paying quarterly dividends in the second quarter of 2020. 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 initial exercise price of $27.86 per share and a seven-year term, subject to customary anti-dilution adjustments. As a result of Verso’s various share repurchases, including the modified Dutch auction tender offer, and dividend payments since the issuance of the warrants, as of June 30, 2021, the number of shares of Verso common stock issuable upon exercise of each warrant increased to 1.33 shares of common stock, for an aggregate of approximately 2.4 million shares of common stock, and the warrant exercise price was reduced to $20.89 per share. If all warrants were exercised, Verso would issue 2.4 million shares of Class A common stock and receive $50 million in proceeds. The warrants expire on July 15, 2023. As of June 30, 2021, no warrants have been exercised.

RESTRUCTURING CHARGES

RESTRUCTURING CHARGES	6 Months Ended
	Jun. 30, 2021
Restructuring and Related Activities [Abstract]
RESTRUCTURING CHARGES	RESTRUCTURING CHARGES Wisconsin Rapids Mill - On February 8, 2021, Verso decided to permanently shut down the No. 14 paper machine and certain other long-lived assets at its paper mill in Wisconsin Rapids, Wisconsin, while continuing to explore viable and sustainable alternatives with the remaining assets, including its converting operation, No. 16 paper machine and other remaining long-lived assets. This decision was made in response to the continued accelerated decline in printing and writing paper demand. The decision to permanently shut down the No. 14 paper machine and certain other long-lived assets, which have been idle since July 2020, permanently reduced Verso’s total annual production capacity by approximately 185,000 tons of coated paper. In connection with the permanent shutdown of the No. 14 paper machine at the Wisconsin Rapids Mill, Verso recognized $84 million of accelerated depreciation which is included in Depreciation and amortization on the Unaudited Condensed Consolidated Statement of Operations for the six months ended June 30, 2021. The following table details the charges incurred related to the shutdown of No. 14 paper machine and certain other long-lived assets as included in Restructuring charges on the Unaudited Condensed Consolidated Statements of Operations: Three Months Ended Six Months Ended Cumulative (Dollars in millions) June 30, 2021 June 30, 2021 Incurred Property, plant and equipment, net $ — $ 5 $ 5 Write-off of spare parts and inventory — 3 3 Total restructuring costs $ — $ 8 $ 8 Duluth Mill — On December 31, 2020, Verso decided to permanently shut down the paper mill in Duluth, Minnesota while continuing with efforts to sell the mill. Management’s decision to permanently shut down the Duluth Mill was made in response to the continued accelerated decline in printing and writing paper demand resulting from the COVID-19 pandemic. The closure of the Duluth Mill, which had been idle since July 2020, reduced Verso’s total annual production capacity by approximately 270,000 tons of supercalendered/packaging paper. In May 2021, Verso completed the sale of the Duluth Mill (see Note 5). The following table details the charges incurred related to the Duluth Mill closure as included in Restructuring charges on the Unaudited Condensed Consolidated Statements of Operations: Three Months Ended Six Months Ended Cumulative (Dollars in millions) June 30, 2021 June 30, 2021 Incurred Property, plant and equipment, net $ — $ — $ 3 Severance and benefit costs — — 1 Write-off of spare parts and inventory — — 2 Write-off of purchase obligations and commitments 5 7 8 Other costs 1 2 2 Total restructuring costs $ 6 $ 9 $ 16 The following table details the changes in the restructuring reserve liabilities related to the permanent shutdown of the Duluth Mill which are included in Accrued and other liabilities on the Unaudited Condensed Consolidated Balance Sheet: Six Months Ended (Dollars in millions) June 30, 2021 Beginning balance of reserve $ 2 Severance and benefit payments (1) Purchase obligations 7 Other costs 2 Payments on other costs (2) Ending balance of reserve $ 8 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, which reduced Verso’s coated freesheet production capacity by approximately 450,000 tons and eliminated approximately 675 positions. 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: Six Months Ended June 30, Cumulative (Dollars in millions) 2020 2021 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 — 19 Total restructuring costs $ 6 $ — $ 57

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES 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 in an administrative enforcement action that three above-ground 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 North Branch of the Potomac River. In March 2020, the Potomac Riverkeeper Network (“PRKN”) filed a federal lawsuit against Verso alleging the improper handling, storage and disposal of wastes generated at the Luke Mill. In May 2020, Maryland joined the PRKN lawsuit and in July 2020, Maryland obtained dismissal of a lawsuit that it previously had filed with respect to the same facts. The Luke Mill sits on the border of West Virginia and Maryland, and it was closed in June 2019. On April 1, 2021, a consent decree was approved and entered by the court in the federal lawsuit, setting forth the terms agreed by Verso with the PRKN and the Maryland Department of the Environment (“the Department”), to settle the claims by PRKN and the state of Maryland. Pursuant to the consent decree, Verso has agreed to pay an aggregate of $1 million in penalties and fees to the Department and PRKN. Verso has also agreed to reimburse the Department for any future response and oversight costs at the Luke Mill up to a maximum of $25,000 for the first year after the effective date of the consent decree and $20,000 per year thereafter until termination of monitoring oversight under the consent decree. In addition to the penalties and fees paid pursuant to the consent decree, Verso also agreed to continue its ongoing remedial activities at the Luke Mill and to monitor the site for at least three years after completion of its remedial efforts. Verso is currently engaged in settlement negotiations with the state of West Virginia. Verso believes it is nearing an agreement with the state of West Virginia to settle claims related to the environmental impacts at the Luke Mill. As a result of the consent decree approval on April 1, 2021, Verso revised its estimates of costs related to the ongoing environmental remediation and monitoring efforts and recorded $4 million in Cost of products sold on the Unaudited Condensed Consolidated Statement of Operations during the six months ended June 30, 2021. As of June 30, 2021, $8 million of environmental remediation costs are included on the Unaudited Condensed Consolidated Balance Sheet, including $3 million in Accrued and other liabilities and $5 million in Other long-term liabilities. As of December 31, 2020, $5 million of environmental remediation costs, which included the cost related to the consent decree mentioned above, are included in Accrued and other liabilities on the Unaudited Condensed Consolidated Balance Sheet. In connection with the closure of former idled mills, claims were asserted against Verso relating to certain contractual obligations. Verso recognized $4 million and $6 million for the three and six months ended June 30, 2021, respectively, included in Restructuring charges on the Consolidated Statements of Operations, associated with contractual obligations. Verso does not believe the claims are reasonable and will continue to defend its position and does not believe any additional charges will be material.

SUMMARY OF BUSINESS AND BASIS_2

SUMMARY OF BUSINESS AND BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Nature of Business — Verso is a producer of graphic paper, specialty paper, packaging paper and Northern Bleached Hardwood Kraft, or “NBHK,” pulp. Verso’s products are used primarily in media, marketing applications and commercial printing applications. Uses include catalogs, magazines, high-end advertising brochures, direct-mail advertising, and specialty applications, such as labeling and other special applications. Verso’s NBHK 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 North America.
Basis of Presentation	Basis of Presentation — This report contains the Unaudited Condensed Consolidated Financial Statements of Verso as of December 31, 2020 and June 30, 2021 and for the three and six months ended June 30, 2020 and 2021. The December 31, 2020 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
Recent Accounting Developments	Accounting Guidance Adopted in 2021 Accounting Standards Codification Topic 740, Income Taxes . In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update 2019-12, Simplifying the Accounting for Income Taxes , which removes certain exceptions for investments, intraperiod allocations and interim calculations, and adds guidance to reduce the complexity in accounting for income taxes. Verso adopted this guidance on January 1, 2021, and the effect on the Unaudited Condensed Consolidated Financial Statements was not material.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents revenue 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) 2020 2021 2020 2021 Paper $ 219 $ 289 $ 640 $ 539 Packaging 18 6 42 13 Pulp 31 34 57 59 Total Net sales $ 268 $ 329 $ 739 $ 611 The following table presents 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) 2020 2021 2020 2021 End-users and Converters $ 110 $ 99 $ 280 $ 186 Brokers and Merchants 108 178 327 328 Printers 50 52 132 97 Total Net sales $ 268 $ 329 $ 739 $ 611

SUPPLEMENTAL FINANCIAL STATEM_2

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2021
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) 2020 2021 Raw materials $ 45 $ 30 Work-in-process 31 21 Finished goods 125 91 Replacement parts and other supplies 23 18 Inventories $ 224 $ 160

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2020 2021 2020 2021 Net income (loss) available to common stockholders (in millions) $ (34) $ 16 $ 20 $ (74) Weighted average common shares outstanding - basic (in thousands) 34,548 32,093 34,827 32,566 Dilutive shares from stock awards (in thousands) — 222 196 — Weighted average common shares outstanding - diluted (in thousands) 34,548 32,315 35,023 32,566 Basic income (loss) per share $ (0.99) $ 0.47 $ 0.56 $ (2.29) Diluted income (loss) per share $ (0.99) $ 0.47 $ 0.56 $ (2.29)

RETIREMENT BENEFITS (Tables)

RETIREMENT BENEFITS (Tables)	6 Months Ended
	Jun. 30, 2021
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) 2020 2021 2020 2021 Service cost $ — $ 1 $ 1 $ 1 Interest cost 11 9 23 19 Expected return on plan assets (16) (15) (33) (31) Net periodic pension cost (income) $ (5) $ (5) $ (9) $ (11)

EQUITY (Tables)

EQUITY (Tables)	6 Months Ended
	Jun. 30, 2021
Time-based RSUs
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, 2021 were as follows: Restricted Stock Weighted Average Units Grant Date Shares (in thousands) Outstanding Fair Value Non-vested at December 31, 2020 421 $ 9.95 Granted (1) 264 13.86 Vested (253) 9.39 Forfeited (60) 11.79 Non-vested at June 30, 2021 (2) 372 13.28 (1) Includes 6 thousand dividend equivalent units on certain time-based restricted stock unit awards for dividends related to the stock units granted but not yet vested at the time cash dividends were paid. (2) Includes the modified value of the time-based restricted stock units associated with the retention agreement for the former Chief Financial Officer.
Performance-based RSUs
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, 2021 were as follows: Restricted Stock Weighted Average Units Grant Date Shares (in thousands) Outstanding Fair Value Non-vested at December 31, 2020 424 $ 12.21 Granted (1) 212 13.01 Incremental shares vested (2) 10 — Vested (143) 12.87 Forfeited (65) 10.59 Non-vested at June 30, 2021 (3) 438 11.33 (1) Includes 6 thousand dividend equivalent units on certain performance-based restricted stock unit awards for dividends related to the stock units granted but not yet vested at the time cash dividends were paid. (2) Incremental shares are a result of performance at 113% of the target level of shares subject to the performance based restricted stock units. (3) Includes the modified value of the performance-based restricted stock units associated with the retention agreement for the former Chief Financial Officer.

RESTRUCTURING CHARGES (Tables)

RESTRUCTURING CHARGES (Tables)	6 Months Ended
	Jun. 30, 2021
Restructuring and Related Activities [Abstract]
Charges Incurred as Included in Restructuring Charges	The following table details the charges incurred related to the shutdown of No. 14 paper machine and certain other long-lived assets as included in Restructuring charges on the Unaudited Condensed Consolidated Statements of Operations: Three Months Ended Six Months Ended Cumulative (Dollars in millions) June 30, 2021 June 30, 2021 Incurred Property, plant and equipment, net $ — $ 5 $ 5 Write-off of spare parts and inventory — 3 3 Total restructuring costs $ — $ 8 $ 8 The following table details the charges incurred related to the Duluth Mill closure as included in Restructuring charges on the Unaudited Condensed Consolidated Statements of Operations: Three Months Ended Six Months Ended Cumulative (Dollars in millions) June 30, 2021 June 30, 2021 Incurred Property, plant and equipment, net $ — $ — $ 3 Severance and benefit costs — — 1 Write-off of spare parts and inventory — — 2 Write-off of purchase obligations and commitments 5 7 8 Other costs 1 2 2 Total restructuring costs $ 6 $ 9 $ 16 Six Months Ended June 30, Cumulative (Dollars in millions) 2020 2021 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 — 19 Total restructuring costs $ 6 $ — $ 57
Changes in Restructuring Reserve Liabilities Related to the Closure	The following table details the changes in the restructuring reserve liabilities related to the permanent shutdown of the Duluth Mill which are included in Accrued and other liabilities on the Unaudited Condensed Consolidated Balance Sheet: Six Months Ended (Dollars in millions) June 30, 2021 Beginning balance of reserve $ 2 Severance and benefit payments (1) Purchase obligations 7 Other costs 2 Payments on other costs (2) Ending balance of reserve $ 8

SUMMARY OF BUSINESS AND BASIS_3

SUMMARY OF BUSINESS AND BASIS OF PRESENTATION (Detail) - Other Events, COVID-19	Jun. 30, 2021T
Closure of Duluth Mill | Supercalendered/Packaging Papers
Segment Reporting Information [Line Items]
Number of production capacity	270,000
Idle of Wisconsin Rapids Mill | Coated and Packaging Papers
Segment Reporting Information [Line Items]
Number of production capacity	540,000

REVENUE RECOGNITION (Details)

REVENUE RECOGNITION (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 329	$ 268	$ 611	$ 739
End-users and Converters
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	99	110	186	280
Brokers and Merchants
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	178	108	328	327
Printers
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	52	50	97	132
Paper
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	289	219	539	640
Packaging
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	6	18	13	42
Pulp
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 34	$ 31	$ 59	$ 57

SUPPLEMENTAL FINANCIAL STATEM_3

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Income Tax Contingency [Line Items]
Restricted cash, intangibles	$ 2	$ 2	$ 2	$ 2	$ 2
Depreciation expense	16	20	117	42
Accelerated depreciation recognized			84
Capital expenditures unpaid			3	4
Income tax expense (benefit)	2	(3)	(12)	23
Affiliated Entity
Income Tax Contingency [Line Items]
Revenue from affiliates	18		33
Accounts receivable, related parties	3		3		$ 4
State and Local Jurisdiction
Income Tax Contingency [Line Items]
Additional valuation allowance recognized (reduced)	$ (1)	$ 1	$ 3	$ 7

SUPPLEMENTAL FINANCIAL STATEM_4

SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION - Inventories by Major Category (Detail) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 30	$ 45
Work-in-process	21	31
Finished goods	91	125
Replacement parts and other supplies	18	23
Inventories	$ 160	$ 224

DISPOSITIONS - Additional Infor

DISPOSITIONS - Additional Information (Details) $ in Millions	May 13, 2021USD ($)	Aug. 01, 2020USD ($)machine	Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)machine	Mar. 31, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)machine	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)machine	Dec. 31, 2020USD ($)	Feb. 10, 2020USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds from Sale of Androscoggin/Stevens Point Mills							$ 0	$ 340
Number of paper machines | machine		2		2			2		2
Proceeds from sale of machines and equipment		$ 11		$ 1	$ 1				$ 10
Assets held for sale				6			$ 6		6	$ 17
Subsequent Event | Forecast
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of machines and equipment			$ 1
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Verso Androscoggin, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration considered											$ 352
Verso’s unfunded pension											$ 37
Net proceeds from Sale of Androscoggin/Stevens Point Mills								340
Proceeds from divestiture of businesses								346
Cash divested								6
Gain (loss) on disposal								88
Transition services revenue recognized						$ 2		3
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Verso Androscoggin, LLC | Cost of Products Sold
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Transition services revenue recognized						1		1
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Verso Androscoggin, LLC | Selling, General and Administrative Expenses
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Transition services revenue recognized						$ 1		$ 2
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Duluth Mill
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture of businesses	$ 7
Cash divested	1
Gain (loss) on disposal	$ (3)
Disposal Group, Held-for-sale, Not Discontinued Operations | Luke Mill
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale				$ 6			$ 6		$ 6	$ 17

DEBT - Narrative (Details)

DEBT - Narrative (Details) - USD ($)	May 10, 2021	Jun. 30, 2021	Dec. 31, 2020	Feb. 06, 2019
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		129,000,000
ABL Facility | Revolving Credit Facilities
Line of Credit Facility [Line Items]
Long-term debt		0
ABL Facility | Letter of Credit
Line of Credit Facility [Line Items]
Long-term debt		21,000,000
ABL Facility | ABL Third Amendment Facility
Line of Credit Facility [Line Items]
Line of credit facility, unused capacity, commitment fee percentage	0.25%
ABL Facility | ABL Third Amendment Facility | Minimum | LIBOR
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	1.25%
ABL Facility | ABL Third Amendment Facility | Minimum | Base Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	0.25%
ABL Facility | ABL Third Amendment Facility | Maximum | LIBOR
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	1.75%
ABL Facility | ABL Third Amendment Facility | Maximum | Base Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	0.75%
ABL Facility | ABL Third Amendment Facility | Revolving Credit Facilities
Line of Credit Facility [Line Items]
Credit facility, borrowing capacity	$ 200,000,000
ABL Facility | ABL Third Amendment Facility | Letter of Credit
Line of Credit Facility [Line Items]
Credit facility, borrowing capacity	75,000,000
ABL Facility | ABL Third Amendment Facility | Bridge Loan
Line of Credit Facility [Line Items]
Credit facility, borrowing capacity	$ 20,000,000
ABL Facility | ABL Amendment Facility
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity, accordion feature				$ 75,000,000
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]
Line of credit facility, current borrowing capacity		$ 150,000,000

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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net income (loss) available to common stockholders (in millions)	$ 16	$ (34)	$ (74)	$ 20
Weighted average common shares outstanding - basic (shares)	32,093	34,548	32,566	34,827
Dilutive shares from stock awards (shares)	222	0	0	196
Weighted average common shares outstanding - diluted (shares)	32,315	34,548	32,566	35,023
Basic income (loss) per share (usd per share)	$ 0.47	$ (0.99)	$ (2.29)	$ 0.56
Diluted income (loss) per share (usd per share)	$ 0.47	$ (0.99)	$ (2.29)	$ 0.56

EARNINGS PER SHARE - Additional

EARNINGS PER SHARE - Additional Information (Details) - $ / shares shares in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2021	Jun. 11, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Class of warrant or right, outstanding (in shares)	1.8	1.8
Exercise price of warrants (in dollars per share)	$ 27.86	$ 20.89	$ 20.89
Number of shares called by warrants (in shares)	1.8	2.4
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)	0.8	0.8

RETIREMENT BENEFITS - Component

RETIREMENT BENEFITS - Components of Net Periodic Benefit Cost (Detail) - Pension Plan - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1	$ 0	$ 1	$ 1
Interest cost	9	11	19	23
Expected return on plan assets	(15)	(16)	(31)	(33)
Net periodic pension cost (income)	$ (5)	$ (5)	$ (11)	$ (9)

RETIREMENT BENEFITS - Additiona

RETIREMENT BENEFITS - Additional Information (Detail) - Pension Plan - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 11, 2021	Mar. 10, 2021
Defined Benefit Plan Disclosure [Line Items]
Contribution made by employer	$ 9	$ 10	$ 16	$ 18
Expected cash contributions for current fiscal year					$ 25	$ 46
Minimum
Defined Benefit Plan Disclosure [Line Items]
Expected cash contribution remainder of fiscal year (at least)	$ 9		$ 9

EQUITY - Additional Information

EQUITY - Additional Information (Details) - USD ($)	Aug. 06, 2021	Jun. 11, 2021	May 13, 2021	May 07, 2021	Feb. 05, 2021	Aug. 05, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 05, 2021	Dec. 31, 2020	Aug. 04, 2020	Feb. 26, 2020	Jul. 15, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compound annual growth rate, period (in years)									3 years
Estimated compensation expense, percentage									1
Equity award expense							$ 2,000,000	$ 1,000,000	$ 4,000,000	$ 2,000,000
Share repurchase program authorization						$ 150,000,000							$ 250,000,000	$ 250,000,000
Common stock, special dividends declared (in dollars per share)						$ 3
Special dividends declared						$ 101,000,000
Share repurchase program remaining authorization							$ 56,000,000		$ 56,000,000
Common stock, dividends declared (in dollars per share)				$ 0.10	$ 0.10
Number of shares called by warrants (in shares)							2,400,000	1,800,000	2,400,000	1,800,000
Exercise price of warrants (in dollars per share)		$ 20.89					$ 20.89	$ 27.86	$ 20.89	$ 27.86
Number of shares called by each warrant (in shares)		1.33
Proceeds to be received upon exercise		$ 50,000,000
Class of warrant or right, exercised (in shares)							0		0
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, dividends declared (in dollars per share)	$ 0.10
Share Repurchase Authorization
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchase of common stock, number of shares (in shares)									700,000	1,600,000
Repurchase of common stock, treasury stock acquired, average price per share (in dollars per share)									$ 13.24	$ 14.14
Dutch Auction Tender Offer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchase program authorization			$ 55,000,000
Repurchase of common stock, number of shares (in shares)			3,000,000						3,000,000
Repurchase of common stock, treasury stock acquired, average price per share (in dollars per share)			$ 18.10						$ 18.10
Treasury stock acquired			$ 56,000,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost not yet recognized							$ 7,000,000		$ 7,000,000
Vested and expected to vest, outstanding (in shares)							800,000		800,000
Compensation cost not yet recognized, period for recognition (in years)									2 years 2 months 12 days
Time-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)									264,000
Performance awards fair value (in dollars per share)							$ 13.28		$ 13.28			$ 9.95
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)									212,000
Performance awards fair value (in dollars per share)							$ 11.33		$ 11.33			$ 12.21
Minimum | Dutch Auction Tender Offer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchase of common stock, treasury stock acquired, average price per share (in dollars per share)			$ 16
Maximum | Dutch Auction Tender Offer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchase of common stock, treasury stock acquired, average price per share (in dollars per share)			$ 18.30
Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares called by warrants (in shares)		2,400,000													1,800,000
Exercise price of warrants (in dollars per share)															$ 27.86
Warrants term (in years)															7 years
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									200.00%
Executive Officer and Management | Time-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)									300,000
Award vesting period (in years)									3 years
Executive Officer and Management | Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)									200,000
Chief Financial Officer | Time-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance awards fair value (in dollars per share)											$ 13.32
Chief Financial Officer | Performance-based RSUs | 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance awards fair value (in dollars per share)											0.67
Chief Financial Officer | Performance-based RSUs | 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance awards fair value (in dollars per share)											$ 8.66

EQUITY - Changes In Non-vested

EQUITY - Changes In Non-vested Units (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Weighted Average Grant Date Fair Value
Incremental granted share, percentage	113.00%
Time-based RSUs
Restricted Stock Units Outstanding
Non-vested, beginning balance (in shares)	421
Granted (in shares)	264
Vested (in shares)	(253)
Forfeited (in shares)	(60)
Non-vested, ending balance (in shares)	372
Weighted Average Grant Date Fair Value
Non-vested, beginning balance (in dollar per share) | $ / shares	$ 9.95
Granted (in dollar per share) | $ / shares	13.86
Vested (in dollar per share) | $ / shares	9.39
Forfeited (in dollar per share) | $ / shares	11.79
Non-vested, ending balance (in dollar per share) | $ / shares	$ 13.28
Time-based Dividend Equivalent Units
Restricted Stock Units Outstanding
Granted (in shares)	6
Performance-based RSUs
Restricted Stock Units Outstanding
Non-vested, beginning balance (in shares)	424
Granted (in shares)	212
Incremental shares vested (in shares)	10
Vested (in shares)	(143)
Forfeited (in shares)	(65)
Non-vested, ending balance (in shares)	438
Weighted Average Grant Date Fair Value
Non-vested, beginning balance (in dollar per share) | $ / shares	$ 12.21
Granted (in dollar per share) | $ / shares	13.01
Incremental shares vested (in dollar per share) | $ / shares	0
Vested (in dollar per share) | $ / shares	12.87
Forfeited (in dollar per share) | $ / shares	10.59
Non-vested, ending balance (in dollar per share) | $ / shares	$ 11.33
Performance-based Dividend Equivalent Units
Restricted Stock Units Outstanding
Granted (in shares)	6

RESTRUCTURING CHARGES - Additio

RESTRUCTURING CHARGES - Additional Information (Details) $ in Millions	Feb. 08, 2021T	Jul. 31, 2020T	Jun. 30, 2019Tposition	Jun. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)
Restructuring Cost and Reserve [Line Items]
Accelerated depreciation recognized					$ 84
Restructuring charges				$ 6	17	$ 6
Closure of No. 14 Paper Machine and Certain Other Long-Lived Assets
Restructuring Cost and Reserve [Line Items]
Decrease in production capacity (in tons) | T	185,000
Accelerated depreciation recognized					84
Restructuring charges				0	8
Closure of No. 14 Paper Machine and Certain Other Long-Lived Assets | Property, plant and equipment, net
Restructuring Cost and Reserve [Line Items]
Restructuring charges				0	5
Closure of No. 14 Paper Machine and Certain Other Long-Lived Assets | Write-off of spare parts and inventory
Restructuring Cost and Reserve [Line Items]
Restructuring charges				0	3
Closure of Duluth Mill
Restructuring Cost and Reserve [Line Items]
Decrease in production capacity (in tons) | T		270,000
Restructuring charges				6	9
Closure of Duluth Mill | Property, plant and equipment, net
Restructuring Cost and Reserve [Line Items]
Restructuring charges				0	0
Closure of Duluth Mill | Write-off of spare parts and inventory
Restructuring Cost and Reserve [Line Items]
Restructuring charges				$ 0	0
Closure of Luke Mill
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated | position			675
Restructuring charges					0	6
Closure of Luke Mill | Property, plant and equipment, net
Restructuring Cost and Reserve [Line Items]
Restructuring charges					0	0
Closure of Luke Mill | Write-off of spare parts and inventory
Restructuring Cost and Reserve [Line Items]
Restructuring charges					$ 0	$ 0
Closure of Luke Mill | Coated Freesheet
Restructuring Cost and Reserve [Line Items]
Decrease in production capacity (in tons) | T			450,000

RESTRUCTURING CHARGES - Charges

RESTRUCTURING CHARGES - Charges Incurred as Included in Restructuring Charges (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020
Restructuring and Related Cost [Abstract]
Restructuring costs	$ 6	$ 17	$ 6
Closure of No. 14 Paper Machine and Certain Other Long-Lived Assets
Restructuring and Related Cost [Abstract]
Restructuring costs	0	8
Cumulative incurred	8	8
Closure of No. 14 Paper Machine and Certain Other Long-Lived Assets | Property, plant and equipment, net
Restructuring and Related Cost [Abstract]
Restructuring costs	0	5
Cumulative incurred	5	5
Closure of No. 14 Paper Machine and Certain Other Long-Lived Assets | Write-off of spare parts and inventory
Restructuring and Related Cost [Abstract]
Restructuring costs	0	3
Cumulative incurred	3	3
Closure of Duluth Mill
Restructuring and Related Cost [Abstract]
Restructuring costs	6	9
Cumulative incurred	16	16
Closure of Duluth Mill | Property, plant and equipment, net
Restructuring and Related Cost [Abstract]
Restructuring costs	0	0
Cumulative incurred	3	3
Closure of Duluth Mill | Severance and benefit costs
Restructuring and Related Cost [Abstract]
Restructuring costs	0	0
Cumulative incurred	1	1
Closure of Duluth Mill | Write-off of spare parts and inventory
Restructuring and Related Cost [Abstract]
Restructuring costs	0	0
Cumulative incurred	2	2
Closure of Duluth Mill | Write-off of purchase obligations and commitments
Restructuring and Related Cost [Abstract]
Restructuring costs	5	7
Cumulative incurred	8	8
Closure of Duluth Mill | Other costs
Restructuring and Related Cost [Abstract]
Restructuring costs	1	2
Cumulative incurred	2	2
Closure of Luke Mill
Restructuring and Related Cost [Abstract]
Restructuring costs		0	6
Cumulative incurred	57	57
Closure of Luke Mill | Property, plant and equipment, net
Restructuring and Related Cost [Abstract]
Restructuring costs		0	0
Cumulative incurred	10	10
Closure of Luke Mill | Severance and benefit costs
Restructuring and Related Cost [Abstract]
Restructuring costs		0	(1)
Cumulative incurred	18	18
Closure of Luke Mill | Write-off of spare parts and inventory
Restructuring and Related Cost [Abstract]
Restructuring costs		0	0
Cumulative incurred	9	9
Closure of Luke Mill | Write-off of purchase obligations and commitments
Restructuring and Related Cost [Abstract]
Restructuring costs		0	0
Cumulative incurred	1	1
Closure of Luke Mill | Other costs
Restructuring and Related Cost [Abstract]
Restructuring costs		0	7
Cumulative incurred	$ 19	$ 19
Closure of Luke Mill | Facility closing
Restructuring and Related Cost [Abstract]
Restructuring costs			$ 6

RESTRUCTURING CHARGES - Changes

RESTRUCTURING CHARGES - Changes in Restructuring Reserve Liabilities Related to the Closure (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020
Restructuring Reserve [Roll Forward]
Purchase obligations	$ 6	$ 17	$ 6
Closure of Duluth Mill
Restructuring Reserve [Roll Forward]
Beginning balance of reserve		2
Severance and benefit payments		(1)
Purchase obligations	6	9
Other costs		2
Payments on other costs		(2)
Ending balance of reserve	$ 8	8
Closure of Duluth Mill | Purchase obligations
Restructuring Reserve [Roll Forward]
Purchase obligations		$ 7

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Detail) $ in Thousands	Apr. 01, 2021USD ($)	Nov. 30, 2019tank	Jun. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Loss Contingencies [Line Items]
Number of aboveground storage tanks | tank		3
Charges to expense for new losses				$ 4,000
Accrual of environmental loss contingencies			$ 8,000	8,000
Accrual of environmental loss contingencies, current			3,000	3,000	$ 5,000
Accrued environmental loss contingencies, noncurrent			5,000	5,000
Business exit costs			$ 4,000	$ 6,000
Potomac Riverkeeper Network and Maryland Department of the Environment
Loss Contingencies [Line Items]
Settlement penalties and fees	$ 1,000
Reimbursement for first year proceeding decree	25
Reimbursement each year after first year proceeding decree	$ 20
Monitoring period (in years)	3 years