Covanta Holding (CVA) 10-K 26 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2015	Feb. 12, 2016	Jun. 30, 2015
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Trading Symbol	CVA
Entity Registrant Name	COVANTA HOLDING CORP
Entity Central Index Key	225,648
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		129,868,102
Entity Public Float			$ 2.4

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
OPERATING REVENUES:
Waste and service revenue	$ 1,104	$ 1,032	$ 1,008
Recycled metals revenues	61	93	73
Electricity and steam sales	421	460	431
Other operating revenues	59	97	118
Total operating revenues	1,645	1,682	1,630
OPERATING EXPENSES:
Plant operating expenses	1,129	1,055	992
Other operating expenses	73	101	97
General and administrative expenses	93	97	82
Depreciation and amortization expense	198	211	209
Net interest expense on project debt	9	10	13
Net write-offs (gains)	43	64	15
Total operating expenses	1,545	1,538	1,408
Operating income	100	144	222
Other income (expense):
Investment income	0	1	0
Interest expense	(125)	(125)	(118)
Non-cash convertible debt related expense	0	(13)	(28)
Loss on extinguishment of debt	(2)	(2)	(1)
Other income (expense), net	(1)	(1)	4
Total other expenses	(128)	(140)	(143)
Income from continuing operations before income tax expense and equity in net income from unconsolidated investments	(28)	4	79
Income tax expense	84	(15)	(43)
Equity in net income from unconsolidated investments	13	10	6
Income from continuing operations	69	(1)	42
(Loss) income from discontinued operations, net of income tax expense	0	0	(52)
NET (LOSS) INCOME	69	(1)	(10)
Less: Net loss (income) from continuing operations attributable to noncontrolling interests in subsidiaries	1	1	(1)
NET INCOME ATTRIBUTABLE TO COVANTA HOLDING CORPORATION	68	(2)	(9)
Amounts Attributable to Covanta Holding Corporation stockholders':
Continuing operations	68	(2)	43
Discontinued operations	0	0	(52)
NET INCOME ATTRIBUTABLE TO COVANTA HOLDING CORPORATION	$ 68	$ (2)	$ (9)
Basic
Continuing operations	$ 0.52	$ (0.01)	$ 0.33
Discontinued operations	0	0	(0.40)
Covanta Holding Corporation	$ 0.52	$ (0.01)	$ (0.07)
Weighted Average Shares	132	130	129
Diluted
Continuing operations	$ 0.51	$ (0.01)	$ 0.33
Discontinued operations	0	0	(0.40)
Covanta Holding Corporation	$ 0.51	$ (0.01)	$ (0.07)
Weighted Average Shares	133	130	130
Cash Dividend Declared Per Share:	$ 1	$ 0.86	$ 0.66

CONSOLIDATED STATEMENTS OF INC3

CONSOLIDATED STATEMENTS OF INCOME (Paranthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Waste and service revenue	$ 1,104	$ 1,032	$ 1,008
Discontinued Operation, Tax Effect of Discontinued Operation	$ 0	$ 0	$ (1)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net (loss) income	$ 69	$ (1)	$ (10)
Foreign currency translation	(22)	(12)	(4)
Adjustment for pension plan settlement, net of tax	0	0	(4)
Pension and postretirement plan unrecognized benefits, net of tax	0	0	4
Net unrealized (loss) gain on derivative instruments, net of tax	10	(7)	(5)
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax	0	(1)	0
Other comprehensive (loss) income attributable to Covanta Holding Corporation	(12)	(20)	(9)
Comprehensive (loss) income	57	(21)	(19)
Net loss (income) attributable to noncontrolling interests in subsidiaries	1	1	(1)
Comprehensive (loss) income attributable to Covanta Holding Corporation	$ 56	$ (22)	$ (18)

CONSOLIDATED STATEMENTS OF COM5

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Paranthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Adjustment for Pension Plan Settlement [Member]
Adjustment for Pension Plan Settlement, Tax	$ 0	$ 0	$ (2)
Pension Plan, Defined Benefit [Member]
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax	0	0	2
Derivative [Member]
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax	$ 7	$ 2	$ (2)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Current:
Cash and cash equivalents	$ 94	$ 84
Restricted funds held in trust	77	105
Receivables (less allowances of $7 and $6, respectively)	312	299
Deferred income taxes	0	29
Note Hedge	6
Prepaid expenses and other current assets	122	102
Assets held for sale	97	96
Total Current Assets	702	715
Property, plant and equipment, net	2,690	2,607
Restricted funds held in trust	81	91
Waste, service and energy contracts, net	284	314
Other intangible assets, net	38	17
Goodwill	301	274
Investments in investees and joint ventures	10	12
Other assets	153	176
Total Assets	4,259	4,206
Current:
Current portion of long-term debt	8	5
Current portion of project debt	16	35
Accounts payable	90	33
Accrued expenses and other current liabilities	234	306
Liabilities held for sale	23	26
Total Current Liabilities	371	405
Long-term debt	2,277	1,968
Project debt	185	190
Deferred income taxes	595	743
Waste And Service Contracts Noncurrent	13	19
Other liabilities	178	97
Total Liabilities	$ 3,619	$ 3,422
Commitments and Contingencies (Note 18)
Covanta Holding Corporation stockholders' equity:
Preferred stock ($0.10 par value; authorized 10 shares; none issued and outstanding)	$ 0	$ 0
Common stock ($0.10 par value; authorized 250 shares; issued; outstanding)	14	14
Additional paid-in capital	801	805
Accumulated other comprehensive (loss) income	(34)	(22)
Accumulated earnings	(143)	(15)
Treasury stock, at par	0	0
Total Covanta Holding Corporation stockholders' equity	638	782
Noncontrolling interests in subsidiaries	2	2
Total Equity	640	784
Total Liabilities and Equity	$ 4,259	$ 4,206

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Receivables, allowances	$ 7	$ 6
Preferred stock, par value	$ 0.10	$ 0.10
Preferred stock, shares authorized	10	10
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	250	250
Common Stock, Shares, Issued	136	136
Common stock, shares outstanding	131	133

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
OPERATING ACTIVITIES:
Net (loss) income	$ 69	$ (1)	$ (10)
Less: (Loss) income from discontinued operations, net of tax expense	0	0	(52)
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	69	(1)	42
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities from continuing operations:
Depreciation and amortization expense	198	211	209
Amortization of long-term debt deferred financing costs	8	8	8
Amortization of debt premium and discount	0	(1)	(1)
Net write-offs (gains)	43	64	15
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements	0	0	(6)
Loss on extinguishment of debt	2	2	1
Non-cash convertible debt related expense	0	13	28
Provision for doubtful accounts	1	4	2
Stock-based compensation expense	18	17	15
Equity in net income from unconsolidated investments	(13)	(10)	(6)
Dividends from unconsolidated investments	5	11	7
Deferred Income Taxes	(11)	4	31
IRS audit settlement	(93)	0	0
Change in restricted funds held in trust	28	11	20
Other, net	16	2	(8)
Receivables	(12)	(40)	(9)
Debt services billings in excess of revenue recognized	5	17	21
Accounts payable and accrued expenses	(8)	57	(12)
Deferred revenue	(5)	(22)	(12)
Other, net	(2)	(7)	(21)
Total adjustments for continuing operations	(180)	(341)	(282)
Net cash provided by operating activities from continuing operations	249	340	324
Net cash used in operating activities from discontinued operations	0	1	(8)
Net cash provided by operating activities	249	341	316
INVESTING ACTIVITIES:
Acquisition of businesses, net of cash acquired	(72)	(13)	(57)
Proceeds from the sale of investment securities	0	6	11
Purchase of investment securities	0	(4)	(8)
Acquisition of noncontrolling interests in subsidiaries	0	(12)	(14)
Proceeds from available-for-sale marketable securities	0	11	0
Purchase of property, plant and equipment	(376)	(216)	(188)
Payment received for loan issued for the Harrisburg EfW facility	0	0	9
Property insurance proceeds	1	2	4
Other, net	(1)	(6)	(15)
Net cash used in investing activities from continuing operations	(448)	(232)	(258)
Net cash provided by investing activities from discontinued operations	0	3	0
Net cash used in investing activities	(448)	(229)	(258)
FINANCING ACTIVITIES:
Proceeds from borrowings on long-term debt	294	412	22
Proceeds from borrowings on revolving credit facility	(895)	(531)	(645)
Proceeds from Long-term Capital Lease Obligations	15	63	0
Proceeds from borrowings on project debt	59	63	0
Proceeds from borrowings on Dublin Convertible Preferred	86	0	0
Proceeds from the exercise of options for common stock, net	0	10	1
Payments for (Proceeds from) Derivative Instrument, Financing Activities	0	83	0
Payments related to cash conversion option	0	(83)	0
Principal payments on long-term debt	(196)	(557)	(3)
Payments of borrowings on revolving credit facility	(692)	(496)	(595)
Payments to Acquire Equipment on Lease	(4)	(1)	0
Principal payments on project debt	(85)	(52)	(83)
Payments of Financing Costs	(11)	(36)	(1)
Cash dividends paid to stockholders	(133)	(101)	(65)
Common stock repurchased	(30)	0	(34)
Change in restricted funds held in trust	5	(43)	27
Other, net	5	(3)	(25)
Net cash used in financing activities from continuing operations	208	(210)	(111)
Net cash provided by financing activities from discontinued operations	0	(6)	8
Net cash used in financing activities	208	(216)	(103)
Effect of exchange rate changes on cash and cash equivalents	(4)	(5)	(1)
Net (decrease) increase in cash and cash equivalents	5	(109)	(46)
Cash and cash equivalents at beginning of period	91	200	246
Cash and cash equivalents at end of period	96	91	200
Less: Cash and cash equivalents of discontinued operations at end of period	2	7	10
Cash and cash equivalents of continuing operations at end of period	94	84	190
Cash Paid for Interest and Income Taxes:
Cash Paid for Interest	141	121	123
Cash Paid of Income taxes, net of refunds	$ 2	$ 11	$ 11

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings, Unappropriated [Member]	Treasury Stock [Member]	Noncontrolling Interest [Member]
Shares, Outstanding		159,000,000
Common Stock, Value, Issued		$ 16
Additional Paid in Capital			$ 802
Accumulated Other Comprehensive Income (Loss), Net of Tax				$ 7
Retained Earnings (Accumulated Deficit)					$ 220
Treasury Stock, Shares						27,000,000
Treasury Stock, Value						$ (3)
Stockholders' Equity Attributable to Noncontrolling Interest							$ 7
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 1,049
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition	15		15
Dividends, Common Stock	(87)				(87)
Stock Repurchased During Period, Value	(34)		(12)		(22)	$ 0
Stock Repurchased During Period, Shares						2,000,000
Cost of Repurchased Shares for Tax Wittholding for Share Based Compensation	(8)		(8)
Shares Paid for Tax Withholding for Share Based Compensation						1,000,000
Stock Issued During Period, Value, Stock Options Exercised	1		1
Treasury Stock, Shares, Retired		(23,000,000)				(23,000,000)
Stock Repurchased and Retired During Period, Value	0	$ 2				$ 2
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures						(1,000,000)
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	0
Stockholders' Equity, Other	(1)				1
Acquisition Of Noncontrolling Interests In Subsidiaries	(10)		8				(2)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	(18)			(9)
NET INCOME ATTRIBUTABLE TO COVANTA HOLDING CORPORATION	(9)				(9)
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest							(1)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	(19)
Shares, Outstanding		136,000,000
Common Stock, Value, Issued		$ 14
Additional Paid in Capital			790
Accumulated Other Comprehensive Income (Loss), Net of Tax	(2)			(2)
Retained Earnings (Accumulated Deficit)					101
Treasury Stock, Shares						6,000,000
Treasury Stock, Value						$ (1)
Stockholders' Equity Attributable to Noncontrolling Interest							4
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	906
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition	17		17
Dividends, Common Stock	(114)				(114)
Cost of Repurchased Shares for Tax Wittholding for Share Based Compensation	(4)		(4)
Stock Issued During Period, Value, Stock Options Exercised	$ 10		10			$ (1)
Shares issuable from warrant exercises	1,430,870					(1,000,000)
Proceeds from Warrant Exercises	$ 1					$ 1
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures		0				(1,000,000)
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	0
Stockholders' Equity, Other	1		(1)
Acquisition Of Noncontrolling Interests In Subsidiaries	(12)		(9)				(3)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	(22)			(20)
NET INCOME ATTRIBUTABLE TO COVANTA HOLDING CORPORATION	(2)				(2)
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest							1
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	(21)
Shares, Outstanding		136,000,000
Common Stock, Value, Issued		$ 14
Additional Paid in Capital			805
Accumulated Other Comprehensive Income (Loss), Net of Tax	(22)			(22)
Retained Earnings (Accumulated Deficit)					(15)
Treasury Stock, Shares						3,000,000
Treasury Stock, Value	0					$ 0
Stockholders' Equity Attributable to Noncontrolling Interest	2						2
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	784
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition	18		18
Dividends, Common Stock	(133)				(133)
Stock Repurchased During Period, Value	(32)		(13)		(19)
Stock Repurchased During Period, Shares						2,000,000
Cost of Repurchased Shares for Tax Wittholding for Share Based Compensation			(5)
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(1)						(1)
Stockholders' Equity, Other	1				(1)
Acquisition Of Noncontrolling Interests In Subsidiaries	4		(4)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	56			(12)
NET INCOME ATTRIBUTABLE TO COVANTA HOLDING CORPORATION	68
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest							1
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	57
Shares, Outstanding		136,000,000
Common Stock, Value, Issued		$ 14
Additional Paid in Capital			$ 801
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ (34)			$ (34)
Retained Earnings (Accumulated Deficit)					(143)
Treasury Stock, Shares	5,000,000					5,000,000
Treasury Stock, Value	$ 0					$ 0
Stockholders' Equity Attributable to Noncontrolling Interest	2						$ 2
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	640
Cumulative Effect of New Accounting Principle in Period of Adoption	$ (45)				$ (45)

ORGANIZATION AND SUMMARY OF SIG

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Notes)	12 Months Ended
	Dec. 31, 2015
Notes To Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	NOTE 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The terms “we,” “our,” “ours,” “us” and “Company” refer to Covanta Holding Corporation and its subsidiaries; the term “Covanta Energy” refers to our subsidiary Covanta Energy, LLC and its subsidiaries. Organization Covanta is one of the world’s largest owners and operators of infrastructure for the conversion of waste to energy (known as “energy-from-waste” or “EfW”), and also owns and operates related waste transport and disposal and other renewable energy production businesses. EfW serves two key markets as both a sustainable waste management solution that is environmentally superior to landfilling and as a source of clean energy that reduces overall greenhouse gas emissions and is considered renewable under the laws of many states and under federal law. Our facilities are critical infrastructure assets that allow our customers, which are principally municipal entities, to provide an essential public service. Our EfW facilities earn revenue from both the disposal of waste and the generation of electricity and/or steam, generally under contracts, as well as from the sale of metal recovered during the EfW process. We process approximately 20 million tons of solid waste annually. We operate and/or have ownership positions in 45 energy-from-waste facilities, which are primarily located in North America, and 11 additional energy generation facilities, including other renewable energy production facilities in North America (wood biomass and hydroelectric). In total, these assets produce approximately 10 million megawatt hours (“MWh”) of baseload electricity annually. We also operate a waste management infrastructure that is complementary to our core EfW business. We have one reportable segment, North America, which is comprised of waste and energy services operations located primarily in the United States and Canada. We are currently constructing an EfW facility in Dublin, Ireland, which we own and will operate upon completion. We hold equity interests in EfW facilities in China and Italy. For additional information, see Note 6. Financial Information by Business Segments. We also held investments in subsidiaries engaged in insurance operations in California, primarily in property and casualty insurance, whose remaining business was transitioned into run-off in 2012, and which collectively accounted for less than 1% of our consolidated revenue. During the fourth quarter of 2014, we sold our insurance business. For additional information, see Note 4. Dispositions, Assets Held for Sale and Discontinued Operations. Summary of Significant Accounting Policies The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The following is a description of our significant accounting policies. Principles of Consolidation The consolidated financial statements reflect the results of our operations, cash flows and financial position of our majority-owned or controlled subsidiaries. All intercompany accounts and transactions have been eliminated. Equity Method Investments Investments in unconsolidated entities over which we have significant influence are accounted for under the equity method of accounting. Investments in entities in which we do not have the ability to exert significant influence over the investees’ operating and financing activities are accounted for under the cost method of accounting. We monitor investments for other-than-temporary declines in value and make reductions when appropriate. Revenue Recognition Our revenue is generated from the fees we earn for: waste disposal, operating energy-from-waste and independent power facilities, servicing project debt, and for waste transportation and processing; from the sale of electricity and steam; from the sale of recycled ferrous and non-ferrous metal; and from construction services. The fees charged for our services are generally defined in our service agreements and vary based on contract-specific terms. We generally recognize revenue as services are performed or products are delivered. For example, revenue typically is recognized as waste is received or processed at our facilities, metals are shipped from our sites or as kilowatts are delivered to a customer by an EfW facility or independent power production plant. Revenue under existing fixed-price construction contracts are recognized using the percentage-of-completion method, measured by the cost-to-cost method. If an arrangement involves multiple deliverables, the delivered items are considered separate units of accounting if the items have value on a stand-alone basis. Amounts allocated to each element are based on its objectively determined fair value, such as the sales price for the product or service when it is sold separately or competitor prices for similar products or services. Plant Operating Expense Plant operating expense include facility employee costs, expense for materials and parts for facility scheduled and unscheduled maintenance and repair expense, including costs related to our internal maintenance team and non-facility employee costs. Plant operating expense also include hauling and disposal expense, fuel costs, chemicals and reagents, operating lease expense, and other facility operating related expense. Pass Through Costs Pass through costs are costs for which we receive a direct contractually committed reimbursement from the municipal client that sponsors an EfW project. These costs generally include utility charges, insurance premiums, ash residue transportation and disposal, and certain chemical costs. These costs are recorded net of municipal client reimbursements in our consolidated financial statements. Total pass through costs for the years ended December 31, 2015, 2014 and 2013 were $50 million , $59 million , and $73 million , respectively. Income Taxes Deferred income taxes are based on the difference between the financial reporting and tax basis of assets and liabilities. The deferred income tax provision represents the change during the reporting period in the deferred tax assets and deferred tax liabilities, net of the effect of acquisitions and dispositions. Deferred tax assets include tax losses and credit carryforwards and are reduced by a valuation allowance if, based on available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. We file a consolidated federal income tax return for each of the periods covered by the consolidated financial statements, which include all eligible United States subsidiary companies. Foreign subsidiaries are taxed according to regulations existing in the countries in which they do business. Our federal consolidated income tax return also includes the taxable results of certain grantor trusts, which are excluded from our consolidated financial statements; however, certain related tax attributes are recorded in our consolidated financial statements since they are part of our federal tax return. For additional information, see Note 15. Income Taxes . Stock-Based Compensation Stock-based compensation for share-based awards to employees is accounted for as compensation expense based on their grant date fair value. For additional information, see Note 17. Stock-Based Award Plans . Cash and Cash Equivalents Cash and cash equivalents include all cash balances and highly liquid investments having maturities of three months or less from the date of purchase. These short-term investments are stated at cost, which approximates fair value. Balances held by our international subsidiaries are not generally available for near-term liquidity in our domestic operations. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable consist of amounts due to us from normal business activities. Allowances for doubtful accounts are the estimated losses from the inability of customers to make required payments. We use historical experience, as well as current market information, in determining the estimate. Restricted Funds Held in Trust Restricted funds held in trust are primarily amounts received and held by third party trustees relating to certain projects we own. We generally do not control these accounts and these funds may be used only for specified purposes. These funds primarily include debt service reserves for payment of principal and interest on project debt. Revenue funds are comprised of deposits of revenue received with respect to projects prior to their disbursement. Other funds are primarily amounts held in trust for operations, maintenance, environmental obligations, operating lease reserves in accordance with agreements with our clients, and amounts held for future scheduled distributions. Such funds are invested principally in money market funds, bank deposits and certificates of deposit, United States treasury bills and notes, United States government agency securities, and high-quality municipal bonds. Restricted fund balances are as follows (in millions): As of December 31, 2015 2014 Current Noncurrent Current Noncurrent Debt service funds - principal $ 9 $ 8 $ 78 $ 8 Debt service funds - interest 1 — 2 — Total debt service funds 10 8 80 8 Revenue funds 4 — 2 — Other funds 63 73 23 83 Total $ 77 $ 81 $ 105 $ 91 Of the $158 million in total restricted funds as of December 31, 2015 , approximately $17 million was designated for future payment of project debt principal. Deferred Revenue Deferred revenue consisted of the following (in millions): As of December 31, 2015 2014 Current Noncurrent Current Noncurrent Advance billings to municipalities $ 6 $ — $ 8 $ — Other 7 — 7 1 Total $ 13 $ — $ 15 $ 1 Advance billings to certain customers are billed one or two months prior to performance of service and are recognized as income in the period the service is provided. Current and noncurrent deferred revenue is included in Accrued expenses and other current liabilities and Other liabilities, respectively, on our consolidated balance sheet. Property, Plant and Equipment Property, plant, and equipment acquired in business acquisitions were recorded at our estimate of their fair values on the date of the acquisition. Additions, improvements and major expenditures are capitalized if they increase the original capacity or extend the remaining useful life of the original asset more than one year. Maintenance repairs and minor expenditures are expensed in the period incurred. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which generally range from three years for computer equipment to 50 years for certain infrastructure components of energy-from-waste facilities. Property, plant and equipment at our service fee operated facilities are not recognized on our balance sheet due to the adoption of the service concession arrangements guidance described in greater detail within the Change in Accounting Principle discussion below . Any additions, improvements and major expenditures for which we are responsible at our service fee operated facilities are expensed in the period incurred. Our leasehold improvements are depreciated over the life of the lease term or the asset life, whichever is shorter. Upon retirement or disposal of assets, the cost and related accumulated depreciation are removed from the consolidated balance sheets and any gain or loss is reflected in the consolidated statements of operations. Property, plant and equipment consisted of the following (in millions): As of December 31, 2015 2014 Land $ 22 $ 21 Facilities and equipment 3,885 3,807 Landfills (primarily for ash disposal) 64 62 Construction in progress 266 175 Total 4,237 4,065 Less: accumulated depreciation and amortization (1,547 ) (1,458 ) Property, plant, and equipment — net $ 2,690 $ 2,607 Depreciation and amortization expense related to property, plant and equipment was $177 million , $191 million , and $184 million , for the years ended December 31, 2015, 2014 and 2013 , respectively. At December 31, 2015 and 2014, amounts recorded in accrued expenses totaling $24 million and $37 million , respectively, related to capital expenditures for growth projects. Property, plant and equipment is evaluated for impairment whenever events or changes in circumstances indicate their carrying value may not be recoverable over their estimated useful life. In reviewing for impairment, we compare the carrying value of the relevant assets to their estimated undiscounted future cash flows. When the estimated undiscounted future cash flows are less than their carrying amount, an impairment charge is recognized to reduce the asset’s carrying value to their fair value. For additional information, see Note 14. Supplementary Information - Net Write-offs . Asset Retirement Obligations We recognize a liability for asset retirement obligations when it is incurred, which is generally upon acquisition, construction, or development. Our liabilities include closure and post-closure costs for landfill cells and site restoration for certain energy-from-waste and power producing sites. We principally determine the liability using internal estimates of the costs using current information, assumptions, and interest rates, but also use independent appraisals as appropriate to estimate costs. When a new liability for asset retirement obligation is recorded, we capitalize the cost of the liability by increasing the carrying amount of the related long-lived asset. The liability is accreted to its present value each period and the capitalized cost is depreciated over the useful life of the related asset. We recognize period-to-period changes in the liability resulting from revisions to the timing or the amount of the original estimate of the undiscounted cash flows. Current and noncurrent asset retirement obligations are included in Accrued expenses and other current liabilities and Other liabilities, respectively, on our consolidated balance sheet. Our asset retirement obligation is presented as follows (in millions): As of December 31, 2015 2014 Beginning of period asset retirement obligation $ 28 $ 28 Accretion expense 2 2 Net change (1) — (2 ) End of period asset retirement obligation 30 28 Less: current portion (3 ) (4 ) Noncurrent asset retirement obligation $ 27 $ 24 (1) Comprised of expenditures and settlements of the asset retirement obligation liability, net revisions based on current estimates of the liability and revised expected cash flows and life of the liability. Intangible Assets and Liabilities Our waste, service and energy contracts are intangible assets related to long-term operating contracts at acquired facilities. These intangible assets and liabilities, as well as lease interest, and other finite and indefinite-lived intangible assets, are recorded at their estimated fair market values based primarily upon discounted cash flows in accordance with accounting standards related to business combinations. See Note 7. Amortization of Waste, Service and Energy Contracts and Note 8. Other Intangible Assets and Goodwill . Intangible assets with finite lives are evaluated for impairment whenever events or changes in circumstances indicate their carrying value may not be recoverable over their estimated useful life. In reviewing for impairment, we compare the carrying value of the relevant assets to their estimated undiscounted future cash flows. When the estimated undiscounted future cash flows are less than their carrying amount, an impairment charge is recognized to reduce the asset’s carrying value to their fair value. As of December 31, 2015, there were no indicators of impairment identified. Goodwill Goodwill is the excess of our purchase cost over the fair value of the net assets of acquired businesses. We do not amortize goodwill, but we assess our goodwill for impairment at least annually. We assess whether a goodwill impairment exists using both qualitative and quantitative assessments. Our qualitative assessment involves determining whether events or circumstances exist that indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If based on this qualitative assessment we determine it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, we will not perform a quantitative assessment. The quantitative assessment of goodwill requires a comparison of the estimated fair value of the reporting unit to which the goodwill has been assigned to its carrying value. All goodwill is related to the North America reporting unit. A reporting unit is defined as an operating segment or a component of an operating segment to the extent discrete financial information is available that is reviewed by segment management. As the components of the North America reporting unit share similar operating and economic characteristics, we have aggregated them into one reporting unit as permitted by the accounting standard related to goodwill and intangible assets. If the carrying value of the reporting unit exceeds the fair value, the reporting unit’s goodwill is compared to its implied value of goodwill. If the carrying value of the reporting unit’s goodwill exceeds the implied value, an impairment charge is recognized to reduce the carrying value to the implied value. There were no impairment charges recognized related to our evaluation of goodwill for the years ended December 31, 2015, 2014 and 2013. Business Combinations We recognize the assets acquired and liabilities assumed in a business combination at fair value including any noncontrolling interest of the acquired entity; recognize any goodwill acquired or gain resulting from a bargain purchase; establish the acquisition-date fair value based on the highest and best use by market participants for the asset as the measurement objective; and disclose information needed to evaluate and understand the nature and financial effect of the business combination. We expense direct transaction costs as incurred; capitalize in-process research and development costs, if any; and record a liability for contingent consideration at the measurement date with subsequent remeasurement recognized in the results of operations. Any costs for business restructuring and exit activities related to the acquired company are included in the post-combination results of operations. Tax adjustments related to previously recorded business combinations, if any, will be recognized in the results of operations. Accumulated Other Comprehensive Income ("AOCI") AOCI, in the consolidated statements of equity, includes unrealized gains and losses excluded from the consolidated statements of operations. These unrealized gains and losses consisted of the following (in millions): As of December 31, 2015 2014 Foreign currency translation $ (34 ) $ (12 ) Pension and other postretirement plan unrecognized net gain 2 2 Net unrealized loss on derivatives (2 ) (12 ) Accumulated other comprehensive loss $ (34 ) $ (22 ) The changes in accumulated other comprehensive (loss) income are as follows (in millions): Foreign Currency Translation Pension and Other Postretirement Plan Unrecognized Net Gain Net Unrealized Loss on Derivatives Net Unrealized Gain (Loss) on Securities Total Balance December 31, 2013 $ — $ 2 $ (5 ) $ 1 $ (2 ) Other comprehensive (loss) before reclassifications (12 ) — (7 ) (1 ) (20 ) Amounts reclassified from accumulated other comprehensive income — — — — — Net current period comprehensive loss (12 ) — (7 ) (1 ) (20 ) Balance December 31, 2014 $ (12 ) $ 2 $ (12 ) $ — $ (22 ) Other comprehensive (loss) income before reclassifications (22 ) — 10 — (12 ) Amounts reclassified from accumulated other comprehensive loss — — — — — Net current period comprehensive (loss) income (22 ) — 10 — (12 ) Balance December 31, 2015 $ (34 ) $ 2 $ (2 ) $ — $ (34 ) Derivative Instruments We recognize derivative instruments on the balance sheet at their fair value. The cash conversion option and note hedge were derivative instruments that were recorded at fair value quarterly with changes in fair value recognized in our consolidated statements of operations as non-cash convertible debt related expense. We have entered into swap agreements with various financial institutions to hedge our exposure to energy price risk and interest rate risk. Changes in the fair value of the energy derivatives and the interest rate swap are recognized as a component of AOCI. For additional information, see Note 13. Derivative Instruments . Foreign Currency Translation For foreign operations, assets and liabilities are translated at year-end exchange rates and revenue and expense are translated at the average exchange rates during the year. Gains and losses resulting from foreign currency translation are included in the consolidated statements of equity as a component of AOCI. Currency transaction gains and losses are recorded in other operating expense in the consolidated statements of operations. Pension and Postretirement Benefit Obligations Our pension and other postretirement benefit plans are accounted for based on actuarially-determined estimates. In 2012, we terminated our pension plan and final settlement occurred in 2013. For additional information, see Note 16. Employee Benefit Plans . Share Repurchases Under our share repurchase program, common stock repurchases may be made, from time to time, in the open market, in privately negotiated transactions, or by other available methods, at management’s discretion and in accordance with applicable federal securities laws. The timing and amounts of any repurchases will depend on many factors, including our capital structure, the market price of our common stock and overall market conditions, and whether any restrictions then exist under our policies relating to trading in compliance with securities laws. Purchase price over par value for share repurchases are allocated to additional paid-in capital up to the weighted average amount per share recorded at the time of initial issuance of our common stock, with any excess recorded as a reduction to retained earnings. For additional information, see Note 5. Equity and Earnings Per Share . Use of Estimates The preparation of financial statements requires us to make estimates and assumptions that affect the reported amounts of assets or liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates. Significant estimates include useful lives of long-lived assets, asset retirement obligations, construction expense estimates, unbilled service receivables, fair value of financial instruments, fair value of the reporting units for goodwill impairment analysis, fair value of long-lived assets for impairment analysis, renewable energy credits, stock-based compensation, purchase accounting allocations, cash flows and taxable income from future operations, deferred taxes, allowances for uncollectible receivables, and liabilities related to employee medical benefit obligations, workers’ compensation, severance and certain litigation. Reclassifications As more fully described in Note 4. Dispositions, Assets Held for Sale and Discontinued Operations , during the year ended December 31, 2015, we determined that the assets and liabilities associated with our investments in China met the criteria for classification as Assets Held for Sale and in 2014 we sold our insurance business. The assets and liabilities associated with these assets are presented in our consolidated balance sheets as current "Assets held for sale” and current "Liabilities held for sale.” During the fourth quarter of 2013, assets related to our development activities in the United Kingdom met the criteria for classification as Assets Held for Sale and Discontinued Operations. The results of operations related to the development activities in the United Kingdom are included in the consolidated statements of operations as “Loss from discontinued operations, net of tax benefit.” The cash flows of these businesses are also presented separately in our consolidated statements of cash flows. Certain amounts have been reclassified in our prior period consolidated statement of operations to conform to current year presentation and such amounts were not material to current and prior periods. Change in Estimate Revenue under our Durham York construction contract is recognized using the percentage-of-completion method, measured by the cost-to-cost method. We evaluate the estimate of our total construction costs for the contract throughout the life of the project and make revisions to our estimated costs as necessary. During the year ended December 31, 2015, we reduced our overall profit estimate related to this construction project by $20 million and we have incurred an overall loss on the construction project of $14 million . Change in Accounting Principle Effective January 1, 2015, we were required to adopt guidance concerning service concession arrangements. The amendment applies to an operating entity of a service concession arrangement entered into with a public-sector entity grantor when the arrangement meets certain conditions. The amendments specify that such an arrangement may not be accounted for as a lease nor should the infrastructure used in a service concession arrangement be recognized as property, plant and equipment by the operating entity. Instead, the operating entity should refer to other guidance to account for the arrangement, such as Topic 605 of the Accounting Standard Codification - Revenue Recognition. We adopted this guidance using a modified retrospective approach which requires the cumulative effect of applying this guidance to arrangements existing at the beginning of the period of adoption be recognized as an adjustment to retained earnings. As a result, accumulated deficit as of January 1, 2015 as originally reported of $15 million increased by $45 million ( $75 million reduction of property, plant and equipment, net of tax of $30 million ) to $60 million . The adoption of this guidance had the following effect on our consolidated statement of operations for the year ended December 31, 2015 (in millions, except per share amounts): Increase (Decrease) Plant operating expense $ 31 Depreciation and amortization $ (22 ) Income tax expense $ (4 ) Net income attributable to Covanta Holding Corporation $ (5 ) Basic and Diluted income per share $ (0.04 ) Effective December 31, 2015, we have early adopted the guidance, on a prospective basis, concerning simplified presentation of deferred income taxes by requiring that deferred tax assets and liabilities be classified as non-current in the statement of financial position. Adoption of this guidance resulted in reclassification of our net current deferred tax asset of $67 million to the net non-current deferred tax asset in our consolidated balance sheet as of December 31, 2015. No prior periods were retrospectively adjusted. Effective January 1, 2014, we changed our method for the criteria used to determine which asset disposal activities qualify for presentation as a discontinued operation as a result of the adoption of the amendments to the Financial Accounting Standards Board Accounting Standards Codification resulting from Accounting Standards Update No. 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of an Entity”.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS (Notes)	12 Months Ended
	Dec. 31, 2015
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	NOTE 2. RECENT ACCOUNTING PRONOUNCEMENTS In February 2016, the Financial Accounting Standards Board ("FASB") issued amended guidance for lease arrangements in order to increase transparency and comparability by providing additional information to users of financial statements regarding an entity's leasing activities. The revised guidance seeks to achieve this objective by requiring reporting entities to recognize lease assets and lease liabilities on the balance sheet for substantially all lease arrangements. The guidance, which is required to be adopted in the first quarter of 2019, will be applied on a modified retrospective basis beginning with the earliest period presented. Early adoption is permitted. We are currently evaluating the impact of adopting this guidance on our consolidated financial statements. In November 2015, the FASB issued guidance that simplifies the presentation of deferred income taxes, which requires that deferred tax assets and liabilities be classified as non-current in a statement of financial position. We early adopted this standard during the fourth quarter of 2015 on a prospective basis, which resulted in a reclassification of our net current deferred tax asset to the net non-current deferred tax asset in our consolidated balance sheet as of December 31, 2015. No prior periods were retrospectively adjusted. In September 2015, the FASB issued guidance to simplify the accounting for adjustments made to provisional amounts initially recognized in a business combination. Instead of reflecting the adjustment retrospectively, the guidance now requires changes to provisional amounts be recognized in the reporting period in which the adjustments are determined. We are adopting this standard in the first quarter of 2016. In April 2015, the FASB issued authoritative guidance that requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability, consistent with debt discounts. We are adopting this standard in the first quarter of 2016. As of December 31, 2015, debt issuance costs included in current assets and non-current assets on our consolidated balance sheet, excluding costs associated with our revolving credit facility, totaled $8 million and $49 million , respectively. In February 2015, the FASB issued an update to amend current consolidation guidance. The guidance impacts the analysis an entity must perform in determining if it should consolidate certain legal entities such as limited partnerships, limited liability corporations, and securitization structures. We are adopting this standard in the first quarter of 2016. The guidance may be applied retrospectively or using a modified retrospective approach, by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption. This standard will not have an impact on our consolidated financial statements. In November 2014, the FASB issued updated guidance related to derivatives and hedging, specifically, to determine whether the host contract in a hybrid financial instrument issued in the form of a share is more akin to debt or equity. The amendment clarifies how an entity should apply current standards to determine the nature of the host contract by considering the economic characteristics and risks of the entire hybrid financial instrument, including the embedded derivative feature that is being evaluated for separate accounting from the host contract. The amendments in this update are to be applied on a modified retrospective basis and we are adopting this standard in the first quarter of 2016. This standard will not have an impact on our consolidated financial statements. In May 2014, the FASB issued guidance based on the principle that revenue is recognized in an amount expected to be collected and to which the entity expects to be entitled in exchange for the transfer of goods or services. In August 2015, the FASB deferred the effective date by one year, while providing the option to early adopt the standard on the original effective date. We are required to adopt this standard in the first quarter of 2018. Early adoption is permitted in first quarter of 2017. The guidance can be adopted either retrospectively or as a cumulative-effect adjustment as of the date of adoption. We are currently evaluating the adoption alternatives, which include utilizing a bottom-up approach to analyze the standard’s impact on our contract portfolio, comparing historical accounting policies and practices to the new standard to identify potential differences from applying the requirements of the new standard to our contracts. We have not yet selected a transition date or method nor have we yet determined the effect of the standard on our consolidated financial statements. Because the new standard will impact our business processes, systems and controls, we are in the process of developing a comprehensive change management project plan to guide the implementation. We expect this determination will near completion in late-2016 or early-2017.

NEW BUSINESS AND ASSET MANAGEME

NEW BUSINESS AND ASSET MANAGEMENT (Notes)	12 Months Ended
	Dec. 31, 2015
Notes To Financial Statements [Abstract]
New Business and Asset Management [Text Block]	NOTE 3. NEW BUSINESS AND ASSET MANAGEMENT The acquisitions in the section below are not material to our consolidated financial statements individually or in the aggregate and therefore, disclosures of pro forma financial information have not been presented. The results of operations reflect the period of ownership of the acquired businesses, business development projects and dispositions. Environmental Services Acquisitions During 2015, we acquired four environmental services businesses (one of which was accounted for as an asset purchase), in separate transactions, for a total of $69 million . In 2014, we acquired an environmental services business located in North Carolina, specializing in the treatment, management, and disposal of profiled waste and field/facility remediation projects. The acquisitions discussed above will expand our presence in the environmental services sector and allow us to direct additional non-hazardous profiled waste volumes into our EfW facilities. These businesses are highly synergistic with our existing profiled waste business and offer us the opportunity to expand the geographical sourcing of our waste streams and to provide additional environmental services to our clients. Pinellas County Energy-from-Waste Facility In 2014, we entered into a ten -year service fee contract to operate an existing 3,150 ton-per-day energy-from-waste facility located in Pinellas County, Florida, and we assumed operations of the facility in December of 2014. In addition to the annual service fee, during the initial few years of the contract we will complete a number of projects to improve operations of the facility. Our client will pay for these projects, for which we will record construction revenue and expense. Dublin EfW Facility In 2014, we entered into agreements to build, own and operate the Dublin EfW facility, a 600,000 metric ton-per-year, 58 megawatt facility in Dublin, Ireland. The project will source residential, commercial and profiled waste from Dublin and the surrounding areas and will sell electricity into the local electricity grid, with over 50% of the facility’s generation expected to qualify for preferential pricing under Ireland’s renewable feed-in tariff. We commenced construction of the facility in the fourth quarter of 2014, with operational commencement expected in late-2017. We will operate the facility under a 45 -year public-private-partnership, after which ownership of the facility will transfer to Dublin City Council. Our total investment in the project is expected to be approximately €500 million , which includes project equity (approximately €125 million ) that has been funded as of December 31, 2015, and third party non-recourse project financing ( €375 million ). For additional information related to funding for this project, see Note 11. Consolidated Debt - Dublin Project Financing. New York City Waste Transport and Disposal Contract In 2013, New York City's Department of Sanitation awarded us a contract to handle waste transport and disposal from two marine transfer stations located in Queens and Manhattan. We are utilizing capacity at existing facilities for the disposal of an estimated 800,000 tons per year of municipal solid waste. Service for the Queens marine transfer station began in early 2015, with service for the Manhattan marine transfer station expected to follow pending notice to proceed to be issued by New York City. The contract is for 20 years, effective from the commencement of operations at the Queens marine transfer station in March 2015, with options for New York City to extend the term for two additional five-year periods, and requires waste to be transported using a multi-modal approach. We have acquired equipment, including barges, railcars, containers, and intermodal equipment to support this contract. We expect that our total initial investment will be approximately $150 million , including the cost to acquire equipment of approximately $114 million and approximately $36 million of enhancements to existing facilities that will be part of the network of assets supporting this contract. During the years ended December 31, 2015, 2014 and 2013, we invested $31 million , $59 million and $23 million , respectively, in property, plant and equipment relating to this contract. New Jersey Transfer Stations In 2013, we acquired two strategically-located transfer stations in New Jersey with a combined capacity of 2,500 tons-per-day. Camden Energy-from-Waste Facility In 2013, we acquired a 1,050 ton-per-day EfW facility located in Camden, New Jersey for cash consideration of $49 million . The EfW facility provides sustainable waste management services to Camden County and surrounding communities while generating approximately 21 MW of renewable energy, which is sold at prevailing market rates. The majority of the purchase price allocation included $53 million of property, plant, and equipment and a $5 million intangible liability related to a long-term above market contract. The acquired intangible liability is amortized as a contra-expense to the contract expiration date of December 2019. The purchase price allocation included no goodwill. Durham-York Energy-from-Waste Facility During 2011, we began construction of a municipally-owned 140,000 metric ton-per-year greenfield EfW facility located in Durham Region of Canada and owned by our municipal clients, the Durham and York Regions. We built the facility under the terms of a fixed-price construction contract totaling C$250 million . The project incurred an overall loss of $14 million , which has been recorded through December 31, 2015. The project entered commercial operations in January 2016 under a 20 year service fee contract.

DISPOSITIONS AND DISCONTINUED O

DISPOSITIONS AND DISCONTINUED OPERATIONS (Notes)	12 Months Ended
	Dec. 31, 2015
Dispositions [Abstract]
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	NOTE 4. DISPOSITIONS, ASSETS HELD FOR SALE, AND DISCONTINUED OPERATIONS Dispositions and Other China Investments Our interests in China include an 85% ownership of an EfW facility located in Jiangsu Province ("Taixing"), a 49% equity interest in an EfW facility located in Sichuan Province and a 40% equity interest in Chongqing Sanfeng Covanta Environmental Industry Co., a company located in the Chongqing Municipality that is engaged in the business of providing design and engineering, procurement, construction services and equipment sales for EfW facilities in China, as well as operating services for EfW facilities. In July 2015, we entered into an agreement to exchange the aforementioned ownership interests for a 15% ownership interest in Chongqing Sanfeng Environmental Industrial Group Co., Ltd (“Sanfeng Environment”). In connection with this agreement, we have also entered into an equity transfer agreement with a subsidiary of CITIC Limited, a leading Chinese industrial conglomerate and investment company, for the sale of approximately 90% percent of our post-closing interest in Sanfeng Environment. This sale is expected to result in cash proceeds to Covanta of approximately $110 million , inclusive of $5 million of normal operational distributions. In July 2015, in connection with this sale, we entered into a foreign currency exchange collar with two financial institutions to hedge against rate fluctuations that might impact the cash proceeds in U.S. dollar terms. For more information, see Note 12. Derivative Instruments . Necessary remaining approvals from the Chinese government for the transactions are expected to be obtained in the first half of 2016. We expect to recognize a gain on sale as a result of these transactions, however the amount is not currently determinable as it may fluctuate based on operations through the date of the transactions. Insurance Business During 2014, we sold our insurance subsidiary. We recorded a non-cash write-down of $14 million comprised of the write-down of the carrying amount in excess of the realizable fair value of $12 million , plus $2 million in disposal costs. Chinese Station Biomass Facility In November 2013, we sold our 55% interest in a partnership that owns a wood-fired generation facility in California for cash proceeds of $0.2 million in 2013 and $0.1 million in 2014. The effect of the loss of revenue and related expense from this contract was not material to our consolidated financial statements. Development Projects - United Kingdom In 2013, we received notification that we were not selected as the preferred bidder for the Merseyside Recycling and Waste Authority's (“MRWA”) waste procurement. The MRWA waste procurement would have accounted for a significant portion of the capacity at a project located at Ince Park, Cheshire, England. Following the notification, we reviewed our overall business strategy in the United Kingdom and at that time ceased further development activities in the United Kingdom. Assets Held for Sale Summary During the second quarter of 2015, we determined that the assets and liabilities associated with our interests in China met the criteria for classification as Assets Held for Sale, but did not meet the criteria for classification as Discontinued Operations. In making this determination, we evaluated our consolidated subsidiary, Taixing, as well as our Sanfeng and Chengdu equity method investments as a single disposal group under the applicable accounting guidance. The assets and liabilities associated with our China investments are presented in our consolidated balance sheets as current "Assets Held for Sale” and current "Liabilities Held for Sale.” The prior year period presented in our consolidated balance sheet and related information in the accompanying notes has been reclassified to reflect the Assets Held for Sale presentation. The following table sets forth the assets and liabilities of the Assets Held for Sale included in the consolidated balance sheets as of the dates indicated (in millions): As of December 31, 2015 2014 Cash and cash equivalents $ 2 $ 7 Receivables 3 3 Prepaid expenses and other current assets 1 2 Property, plant and equipment, net 49 46 Investments in investees and joint ventures 39 34 Other noncurrent assets 3 4 Assets held for sale $ 97 $ 96 Current portion of project debt $ 3 $ 5 Accounts payable 3 1 Accrued expenses and other current liabilities 5 4 Project debt 12 16 Liabilities held for sale $ 23 $ 26 Discontinued Operations Summary During the fourth quarter of 2013, assets related to our development activities in the United Kingdom met the criteria to be presented in discontinued operations. The results of operations of these businesses were included in the consolidated statements of operations as “Loss from discontinued operations, net of income tax benefit.” The cash flows of these businesses were also presented separately in our consolidated statements of cash flows. The following table summarizes the operating results of the discontinued operations for the periods indicated (in millions): For the Years Ended 2015 2014 2013 Revenue $ — $ 1 $ 6 Operating expense, including net gain on disposal of assets held for sale (1) $ — $ 1 $ 60 Loss before income tax expense and equity in net income from unconsolidated investments $ — $ — $ (53 ) Equity in net income from unconsolidated investments $ — $ — $ — Loss from discontinued operations, net of income tax benefit of $0, $0 and $1, respectively $ — $ — $ (52 ) (1) For the year ended December 31, 2013, operating expense includes the write-down of capitalized development costs of $47 million .

EQUITY AND EARNINGS PER SHARE (

EQUITY AND EARNINGS PER SHARE ("EPS") (Notes)	12 Months Ended
	Dec. 31, 2015
Notes To Financial Statements [Abstract]
EARNINGS PER SHARE ("EPS")	NOTE 5. EQUITY AND EARNINGS PER SHARE (“EPS”) Equity In May 2014, the stockholders of the Company approved the Covanta Holding Corporation 2014 Equity Award Plan. For additional information, see Note 17. Stock-Based Award Plans . During the year ended December 31, 2015 , we granted awards of 573,280 shares of restricted stock and 322,168 restricted stock units. For information related to stock-based award plans, see Note 17. Stock-Based Award Plans . During the year ended December 31, 2015 , we withheld 239,495 shares of our common stock in connection with tax withholdings for vested stock awards. During the years ended December 31, 2015, 2014 and 2013 common shares repurchased and dividends declared were as follows (in millions, except per share amounts): For the Years Ended December 31, 2015 2014 2013 Total repurchases (1) $ 32 $ — $ 34 Shares repurchased 2.1 — 1.7 Weighted average cost per share $ 15.33 $ — $ 19.37 Dividends declared $ 133 $ 114 $ 87 Per share $ 1.00 $ 0.86 $ 0.66 (1) Additionally, in January 2016, we repurchased 1.2 million shares of our common stock at a weighted average cost of $15.29 per share for an aggregate amount of $18 million . As of December 31, 2015 , there were 136 million shares of common stock issued of which 131 million shares were outstanding; the remaining 5 million shares of common stock issued but not outstanding were held as treasury stock. As of December 31, 2015 , there were 5.7 million shares of common stock available for future issuance under equity plans. As of December 31, 2015 , there were 10 million shares of preferred stock authorized, with none issued or outstanding. The preferred stock may be divided into a number of series as defined by our Board of Directors. The Board of Directors are authorized to fix the rights, powers, preferences, privileges and restrictions granted to and imposed upon the preferred stock upon issuance. Earnings Per Share Per share data is based on the weighted average number of outstanding shares of our common stock, par value $0.10 per share, during the relevant period. Basic earnings per share are calculated using only the weighted average number of outstanding shares of common stock. Diluted earnings per share computations, as calculated under the treasury stock method, include the weighted average number of shares of additional outstanding common stock issuable for stock options, restricted stock awards, restricted stock units and warrants whether or not currently exercisable. Diluted earnings per share for each of the periods presented does not include securities if their effect was anti-dilutive. Net income (loss) and earnings (loss) per share attributable to Covanta Holding Corporation are as follows (in millions, except per share amounts): For the Years Ended 2015 2014 2013 Net income (loss) from continuing operations $ 68 $ (2 ) $ 43 Net loss from discontinued operations — — (52 ) Net income (loss) attributable to Covanta Holding Corporation $ 68 $ (2 ) $ (9 ) Basic earnings (loss) per share: Weighted average basic common shares outstanding 132 130 129 Continuing operations 0.52 (0.01 ) $ 0.33 Discontinued operations — — (0.40 ) Covanta Holding Corporation $ 0.52 $ (0.01 ) $ (0.07 ) Diluted earnings (loss) per share: Weighted average basic common shares outstanding 132 130 129 Dilutive effect of stock options — — — Dilutive effect of restricted stock — — 1 Dilutive effect of restricted stock units 1 — — Dilutive effect of convertible debentures — — — Dilutive effect of warrants — — — Weighted average diluted common shares outstanding 133 130 130 Continuing operations 0.51 (0.01 ) $ 0.33 Discontinued operations — — (0.40 ) Covanta Holding Corporation $ 0.51 $ (0.01 ) $ (0.07 ) For the Years Ended 2015 2014 2013 Securities excluded from the weighted average dilutive common shares outstanding because their inclusion would have been anti-dilutive: Stock options 1 1 2 Restricted stock — 1 — Restricted stock units — — — Warrants — 25 29 In 2009, we issued warrants in connection with the issuance of 3.25% Cash Convertible Senior Notes that matured on June 1, 2014. The warrants were exercisable only at expiration in equal tranches over a 60 day period that began on September 2, 2014 and ended on November 26, 2014. The warrants were net share settled, which means that, with respect to any exercise date, we delivered to the warrant holders a number of shares for each warrant equal to the excess of the volume-weighted average price of our common stock on each exercise date over the then effective strike price of the warrants, divided by such volume-weighted average price of our common stock, with a cash payment in lieu of fractional shares. During the year ended December 31, 2014, 1,430,870 shares of our common stock were issued in connection with warrant exercises. For additional information see Note 11. Consolidated Debt - 3.25% Cash Convertible Senior Notes due 2014 .

FINANCIAL INFORMATION BY BUSINE

FINANCIAL INFORMATION BY BUSINESS SEGMENTS (Notes)	12 Months Ended
	Dec. 31, 2015
Notes To Financial Statements [Abstract]
FINANCIAL INFORMATION BY BUSINESS SEGMENTS	NOTE 6. FINANCIAL INFORMATION BY BUSINESS SEGMENTS We have one reportable segment, North America, which is comprised of waste and energy services operations located primarily in the United States and Canada. The results of our reportable segment are as follows (in millions): North America All Other (1) Total Year Ended December 31, 2015: Operating revenue $ 1,607 $ 38 $ 1,645 Depreciation and amortization expense $ 197 $ 1 $ 198 Net write-offs $ 43 $ — $ 43 Operating income (loss) $ 101 $ (1 ) $ 100 Interest expense, net $ 53 $ 72 $ 125 Equity in net income from unconsolidated investments $ — $ 13 $ 13 As of December 31, 2015: Total assets (includes goodwill of $301 in the North America segment) $ 3,861 $ 398 $ 4,259 Capital additions $ 175 $ 201 $ 376 Year Ended December 31, 2014: Operating revenue $ 1,641 $ 41 $ 1,682 Depreciation and amortization expense $ 208 $ 3 $ 211 Net write-offs $ 50 $ 14 $ 64 Operating income $ 159 $ (15 ) $ 144 Interest expense, net $ 54 $ 83 $ 137 Equity in net income from unconsolidated investments $ — $ 10 $ 10 As of December 31, 2014: Total assets (includes goodwill of $274 in the North America segment) $ 3,908 $ 298 $ 4,206 Capital additions $ 188 $ 28 $ 216 Year Ended December 31, 2013: Operating revenue $ 1,595 $ 35 $ 1,630 Depreciation and amortization expense $ 207 $ 2 $ 209 Net gains $ 15 $ — $ 15 Operating income (loss) $ 231 $ (9 ) $ 222 Interest expense, net $ 52 $ 94 $ 146 Equity in net income from unconsolidated investments $ — $ 6 $ 6 (1) All other is comprised of the financial results of our insurance subsidiaries’ operations through the date of disposal and our international assets. Our operations are principally located in the United States. See the list of projects for the North America segment in Item 1. Business. A summary of operating revenue and total assets by geographic area is as follows (in millions): United States Other Total Operating Revenue: Year Ended December 31, 2015 $ 1,589 $ 56 $ 1,645 Year Ended December 31, 2014 $ 1,567 $ 115 $ 1,682 Year Ended December 31, 2013 $ 1,478 $ 152 $ 1,630 United States Assets Held for Sale Other Total Total Assets: As of December 31, 2015 $ 3,870 $ 97 $ 292 $ 4,259 As of December 31, 2014 $ 3,828 $ 96 $ 282 $ 4,206

AMORTIZATION OF WASTE, SERVICE

AMORTIZATION OF WASTE, SERVICE AND ENERGY CONTRACTS (Notes)	12 Months Ended
	Dec. 31, 2015
Notes To Financial Statements [Abstract]
AMORTIZATION OF WASTE, SERVICE AND ENERGY CONTRACTS	NOTE 7. AMORTIZATION OF WASTE, SERVICE AND ENERGY CONTRACTS Waste, Service and Energy Contracts Our waste, service and energy contracts are intangible assets and liabilities relating to long-term operating contracts at acquired facilities and are recorded upon acquisition at their estimated fair market values based upon discounted cash flows. Intangible assets and liabilities are amortized using the straight line method over their useful lives. Waste, service and energy contracts consisted of the following (in millions): As of December 31, 2015 As of December 31, 2014 Remaining Weighted Average Useful Life Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Waste, service and energy contracts (asset) 23 years $ 531 $ 247 $ 284 $ 542 $ 228 $ 314 Waste and service contracts (liability) 3 years $ (131 ) $ (118 ) $ (13 ) $ (131 ) $ (112 ) $ (19 ) The following table details the amount of the actual/estimated amortization expense and contra-expense associated with these intangible assets and liabilities as of December 31, 2015 included or expected to be included in our consolidated statements of operations for each of the years indicated (in millions): Waste, Service and Energy Contracts (Amortization Expense) Waste and Service Contracts (Contra-Expense) Year ended December 31, 2015 $ 25 $ (6 ) 2016 21 (6 ) 2017 14 (4 ) 2018 13 (2 ) 2019 13 (1 ) 2020 13 — Thereafter 210 — Total $ 284 $ (13 ) The weighted average number of years prior to the next renewal period for contracts that we have an intangible recorded is 7 years. During the year ended December 31, 2014, we recorded non-cash impairment write-offs totaling $16 million related to service contract intangibles that were recorded upon acquisition in 2009. See Note 14. Supplementary Information - Net Write-offs discussion for additional information.

OTHER INTANGIBLE ASSETS AND GOO

OTHER INTANGIBLE ASSETS AND GOODWILL	12 Months Ended
	Dec. 31, 2015
OTHER INTANGIBLE ASSETS AND GOODWILL [Abstract]
Goodwill and Intangible Assets Disclosure [Text Block]	NOTE 8. OTHER INTANGIBLE ASSETS AND GOODWILL Other Intangible Assets Other intangible assets consisted of the following (in millions): As of December 31, 2015 As of December 31, 2014 Remaining Weighted Average Useful Life Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer relationships and other 13 years $ 40 $ 6 $ 34 $ 16 $ 3 $ 13 Other intangibles Indefinite 4 — 4 4 — 4 Intangible assets, net $ 44 $ 6 $ 38 $ 20 $ 3 $ 17 The following table details the amount of the actual/estimated amortization expense associated with other intangible assets as of December 31, 2015 expected to be included in our statements of operations for each of the years indicated (in millions): 2016 2017 2018 2019 2020 Thereafter Total Annual remaining amortization $3 $ 3 $ 3 $ 3 $ 3 $ 19 $ 34 Amortization expense related to other intangible assets was $2 million , $1 million and $3 million for the years ended December 31, 2015, 2014 and 2013 , respectively. Goodwill Goodwill represents the total consideration paid in excess of the fair value of the net tangible and identifiable intangible assets acquired and the liabilities assumed in acquisitions. Goodwill has an indefinite life and is not amortized but is reviewed for impairment under the provisions of accounting standards for goodwill. All goodwill is related to the North America reporting unit. We performed the required annual impairment review of our recorded goodwill for our reporting unit using a quantitative assessment as of October 1, 2015 and determined that the fair value of our reporting unit was not less than its carrying value. As of December 31, 2015 , goodwill of approximately $59 million was deductible for federal income tax purposes. The following table details the changes in carrying value of goodwill (in millions): Total Balance as of December 31, 2013 $ 268 Goodwill related to acquisitions 6 Balance as of December 31, 2014 274 Goodwill related to acquisitions 27 Balance as of December 31, 2015 $ 301

EQUITY METHOD INVESTMENTS

EQUITY METHOD INVESTMENTS	12 Months Ended
	Dec. 31, 2015
EQUITY METHOD INVESTMENTS [Abstract]
Equity Method Investments and Joint Ventures Disclosure [Text Block]	NOTE 9. EQUITY METHOD INVESTMENTS Our subsidiaries are parties to joint venture agreements through which we have equity investments in several operating projects. The joint venture agreements generally provide for the sharing of operational control as well as voting percentages. We record our share of earnings from our equity investees in equity in net income from unconsolidated investments in our consolidated statements of operations. As of December 31, 2015 and 2014 , investments in investees and joint ventures accounted for under the equity method were as follows (dollars in millions): Ownership Interest as of December 31, 2015 2015 Ownership Interest as of December 31, 2014 2014 South Fork Plant (U.S.) 50% $ — 50% $ 1 Koma Kulshan Plant (U.S.) 50% 5 50% 5 TARTECH (U.S.) 50% 5 50% 5 Ambiente 2000 (Italy) 40% — 40% 1 Total investments in investees and joint ventures $ 10 $ 12 Investments in investees and joint ventures classified as held for sale: (1) Sanfeng (China) 40% 17 40% $ 12 Chengdu (China) 49% 22 49% 22 Total investments in investees and joint ventures classified as held for sale $ 39 $ 34 (1) See Note 4. Dispositions, Assets Held for Sale and Discontinued Operations .

OPERATING LEASES

OPERATING LEASES	12 Months Ended
	Dec. 31, 2015
Leases [Abstract]
Operating Leases of Lessee Disclosure [Table Text Block]	NOTE 10. OPERATING LEASES Leases are primarily operating leases for leaseholds on EfW facilities, as well as for trucks and automobiles, office space and machinery and equipment. Some of these operating leases have renewal options. Expense under operating leases was $16 million , $15 million , and $17 million , for the years ended December 31, 2015, 2014 and 2013 , respectively. The following is a schedule, by year, of future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2015 (in millions): 2016 2017 2018 2019 2020 Thereafter Total Future Minimum Rental Payments $ 19 $ 17 $ 16 $ 16 $ 15 $ 74 $ 157 Non-Recourse Portion of Future Minimum Rental Payments $ 11 $ 10 $ 10 $ 10 $ 9 $ 56 $ 106

CONSOLIDATED DEBT (Notes)

CONSOLIDATED DEBT (Notes)	12 Months Ended
	Dec. 31, 2015
Notes To Financial Statements [Abstract]
CONSOLIDATED DEBT	NOTE 11. CONSOLIDATED DEBT Consolidated debt is as follows (in millions): As of December 31, 2015 2014 LONG-TERM DEBT: Revolving Credit Facility $ 348 $ 145 Term loan 200 198 Debt discount related to Term loan — (1 ) Term loan, net 200 197 Credit Facilities Sub-total $ 548 $ 342 7.25% Senior Notes due 2020 $ 400 $ 400 6.375% Senior Notes due 2022 400 400 5.875% Senior Notes due 2024 400 400 Notes Sub-total $ 1,200 $ 1,200 4.00% - 5.25% Tax-Exempt Bonds due from 2024 to 2045 $ 464 $ 335 Variable Rate Tax-Exempt Bonds due 2043 — 34 Tax-Exempt Bonds Sub-total $ 464 $ 369 3.48% - 4.52% Equipment Financing Capital Lease Arrangements due 2024 through 2027 $ 73 $ 62 Total long-term debt $ 2,285 $ 1,973 Less: current portion (8 ) (5 ) Noncurrent long-term debt $ 2,277 $ 1,968 PROJECT DEBT: North America segment project debt 1.75% - 6.45% Americas Project Debt related to Service Fee structures due 2016 through 2035 $ 117 $ 135 5.248% - 6.20% Americas Project Debt related to Tip Fee structures due 2019 through 2020 23 29 Unamortized debt premium, net 5 1 Total North America segment project debt 145 165 Other project debt: Dublin Junior Term Loan due 2022 57 61 Debt discount related to Dublin Junior Term Loan (1 ) (1 ) Dublin Junior Term Loan, net 56 60 Total project debt 201 225 Less: Current project debt (includes $1 and $(2) of unamortized premium (discount), respectively) (16 ) (35 ) Noncurrent project debt $ 185 $ 190 TOTAL CONSOLIDATED DEBT $ 2,486 $ 2,198 Less: Current debt (24 ) (40 ) TOTAL NONCURRENT CONSOLIDATED DEBT $ 2,462 $ 2,158 LONG-TERM DEBT Credit Facilities Our subsidiary, Covanta Energy, has $1.2 billion in senior secured credit facilities consisting of a $1.0 billion revolving credit facility expiring 2019 through 2020 (the “Revolving Credit Facility”) and a $200 million term loan due 2020 (the “Term Loan”) (collectively referred to as the "Credit Facilities"). Effective April 2015, we amended and restated Covanta Energy’s Credit Facilities. The amendment and restatement: • bifurcated the revolving credit facility into a $950 million commitment due 2020 ("Tranche A") and a $50 million commitment due 2019 (“Tranche B); • reduced the Tranche A applicable margin by 25 basis points, and reduced certain commitment fees payable on unused amounts; • refinanced the previous $198 million Term Loan due 2019 with a new $200 million term loan due April 2020 with a lower applicable margin, no LIBOR floor and scheduled amortization payments of $1.25 million per quarter beginning June 2016; and • reduced the letter of credit sublimit from $1 billion to $600 million and removed the excess cash flow sweep. The terms of Tranche B commitment are consistent with the previously-existing terms of the Revolving Credit Facility. We incurred approximately $3 million in new financing costs related to this amendment which will be deferred and amortized over the remaining term of the Credit Facilities. The Revolving Credit Facility is available for the issuance of letters of credit of up to $600 million , provides for a $50 million sub-limit for the issuance of swing line loans (a loan that can be requested in US Dollars on a same day basis for a short drawing period); and is available in US Dollars, Euros, Pounds Sterling, Canadian Dollars and certain other currencies to be agreed upon, in each case for either borrowings or for the issuance of letters of credit. The proceeds under the Revolving Credit Facility are available for working capital and general corporate purposes of Covanta Energy and its subsidiaries. We have the option to establish additional term loan commitments and/or increase the size of the Revolving Credit Facility (collectively, the “Incremental Facilities”), subject to the satisfaction of certain conditions and obtaining sufficient lender commitments, in an amount up to the greater of $500 million and the amount that, after giving effect to the incurrence of such Incremental Facilities, would not result in a leverage ratio, as defined in the credit agreement governing our Credit Facilities (the “Credit Agreement”), exceeding 2.75 :1.00. Availability under Revolving Credit Facility As of December 31, 2015 , we had availability under the Revolving Credit Facility as follows (in millions): Total Facility Commitment Expiring (1) Direct Borrowings as of Outstanding Letters of Credit as of Available Capacity as of Revolving Credit Facility $ 1,000 2020 $ 348 $ 184 $ 468 (1) The Tranche B commitment expires in March 2019. During the year ended December 31, 2015 , we made aggregate cumulative direct borrowings of $895 million under the Revolving Credit Facility, of which we subsequently repaid $692 million prior to the end of the period. Repayment Terms As of December 31, 2015 , the Term Loan has mandatory amortization payments of $4 million in 2016, $5 million each year from 2017 through 2019 and $181 million in 2020. The Credit Facilities are pre-payable at our option at any time. Interest and Fees Borrowings under the Credit Facilities bear interest, at our option, at either a base rate or a Eurodollar rate plus an applicable margin determined by a pricing grid based on Covanta Energy’s leverage ratio. Base rate is defined as the higher of (i) the Federal Funds Effective Rate plus 0.50% , (ii) the rate the administrative agent announces from time to time as its per annum “prime rate” or (iii) the London Interbank Offered Rate (“LIBOR”), or a comparable or successor rate, plus 1.00% . Base rate borrowings under the Revolving Credit Facility bear interest at the base rate plus an applicable margin ranging from 0.75% to 1.75% . Eurodollar borrowings under the Revolving Credit Facility bear interest at LIBOR plus an applicable margin ranging from 1.75% to 2.75% . Fees for issuances of letters of credit include fronting fees equal to 0.15% per annum and a participation fee for the lenders equal to the applicable interest margin for LIBOR rate borrowings. We will incur an unused commitment fee ranging from 0.30% to 0.50% on the unused amount of commitments under the Revolving Credit Facility. Base rate borrowings under the Term Loan bear interest at the base rate plus an applicable margin ranging from 0.75% to 1.00% . Eurodollar borrowings under the Term Loan bear interest at LIBOR plus an applicable margin ranging from 1.75% to 2.00% . Guarantees and Securitization The Credit Facilities are guaranteed by us and by certain of our subsidiaries. The subsidiaries that are party to the Credit Facilities agreed to secure all of the obligations under the Credit Facilities by granting, for the benefit of secured parties, a first priority lien on substantially all of their assets, to the extent permitted by existing contractual obligations. The Credit Facilities are also secured by a pledge of substantially all of the capital stock of each of our domestic subsidiaries and 65% of substantially all the capital stock of each of our directly-owned foreign subsidiaries, in each case to the extent not otherwise pledged. Credit Agreement Covenants The loan documentation governing the Credit Facilities contains various affirmative and negative covenants, as well as financial maintenance covenants, that limit our ability to engage in certain types of transactions. We were in compliance with all of the affirmative and negative covenants under the Credit Facilities as of December 31, 2015 . The negative covenants of the Credit Facilities limit our and our restricted subsidiaries’ ability to, among other things: • incur additional indebtedness (including guarantee obligations); • create certain liens against or security interests over certain property; • pay dividends on, redeem, or repurchase our capital stock or make other restricted junior payments; • enter into agreements that restrict the ability of our subsidiaries to make distributions or other payments to us; • make investments; • consolidate, merge or transfer all or substantially all of our assets and the assets of our subsidiaries on a consolidated basis; • dispose of certain assets; and • make certain acquisitions. The financial maintenance covenants of the Credit Facilities, which are measured on a trailing four quarter period basis, include the following: • a maximum Leverage Ratio of 4.00 to 1.00 for the trailing four quarter period, which measures the principal amount of Covanta Energy’s consolidated debt less certain restricted funds dedicated to repayment of project debt principal and construction costs (“Consolidated Adjusted Debt”) to its adjusted earnings before interest, taxes, depreciation and amortization, as calculated in the Credit Agreement (“Adjusted EBITDA”). The definition of Adjusted EBITDA in the Credit Facilities excludes certain non-recurring and non-cash charges. • a minimum Interest Coverage Ratio of 3.00 to 1.00, which measures Covanta Energy’s Adjusted EBITDA to its consolidated interest expense plus certain interest expense of ours, to the extent paid by Covanta Energy as calculated in the Credit Agreement. Senior Notes and Debentures 7.25% Senior Notes due 2020 (the “7.25% Notes”) In 2010, we sold $400 million aggregate principal amount of 7.25% Senior Notes due 2020. Interest on the 7.25% Notes is payable semi-annually on June 1 and December 1 of each year, commencing on June 1, 2011 and the 7.25% Notes will mature on December 1, 2020 unless earlier redeemed or repurchased. At our option, the 7.25% Notes are subject to redemption at any time, in whole or in part, at the redemption prices set forth in the indenture, together with accrued and unpaid interest, if any, to the date of redemption. The 7.25% Notes are senior unsecured obligations, ranking equally in right of payment with any of the future senior unsecured indebtedness of Covanta Holding Corporation. The 7.25% Notes are effectively junior to our existing and future secured indebtedness, including any guarantee of indebtedness under the Credit Facilities. The 7.25% Notes are not guaranteed by any of our subsidiaries and are effectively subordinated to all existing and future indebtedness and other liabilities of our subsidiaries. The indenture for the 7.25% Notes may limit our ability and the ability of certain of our subsidiaries to: • incur additional indebtedness; • pay dividends or make other distributions or repurchase or redeem their capital stock; • prepay, redeem or repurchase certain debt; • make loans and investments; • sell restricted assets; • incur liens; • enter into transactions with affiliates; • alter the businesses they conduct; • enter into agreements restricting our subsidiaries’ ability to pay dividends; and • consolidate, merge or sell all or substantially all of their assets. If and for so long as the 7.25% Notes have an investment grade rating and no default under the indenture has occurred, certain of the covenants will be suspended. If we sell certain of our assets or experience specific kinds of changes in control, we must offer to purchase the 7.25% Notes. The occurrence of specific kinds of changes in control will be a triggering event requiring us to offer to purchase from the holders all or a portion of the 7.25% Notes at a price equal to 101% of their principal amount, together with accrued and unpaid interest, if any, to the date of purchase. In addition, certain asset dispositions will be triggering events that may require us to use the proceeds from those asset dispositions to make an offer to purchase the 7.25% Notes at 100% of their principal amount, together with accrued and unpaid interest, if any, to the date of purchase if such proceeds are not otherwise used within 365 days to repay indebtedness or to invest or commit to invest such proceeds in additional assets related to our business or capital stock of a restricted subsidiary. 6.375% Senior Notes due 2022 (the “6.375% Notes”) In March 2012, we sold $400 million aggregate principal amount of 6.375% Senior Notes due 2022. Interest on the 6.375% Notes is payable semi-annually on April 1 and October 1 of each year, commencing on October 1, 2012, and the 6.375% Notes will mature on October 1, 2022 unless earlier redeemed or repurchased. Net proceeds from the sale of the 6.375% Notes were $392 million , consisting of gross proceeds of $400 million net of $8 million in offering expenses. We used a portion of the net proceeds of the 6.375% Notes offering to repay a portion of the amounts outstanding under Covanta Energy’s previously existing term loan. At our option, the 6.375% Notes are subject to redemption at any time on or after April 1, 2017, in whole or in part, at the redemption prices set forth in the indenture, together with accrued and unpaid interest, if any, to the date of redemption. In addition, at any time prior to April 1, 2017, we may redeem some or all of the 6.375% Notes at a price equal to 100% of their principal amount, plus accrued and unpaid interest, plus a “make-whole premium”. Other terms and conditions of the 6.375% Notes, including guarantees and security, covenants, and repurchase requirements in the case of certain asset sales or a change of control, are substantially similar to those described above under 7.25% Notes 5.875% Senior Notes due 2024 (the "5.875% Notes") In March 2014, we sold $400 million aggregate principal amount of 5.875% Senior Notes due March 2024 . Interest on the 5.875% Notes is payable semi-annually on March 1 and September 1 of each year, commencing on September 1, 2014 , and the 5.875% Notes will mature on March 1, 2024 unless earlier redeemed or repurchased. Net proceeds from the sale of the 5.875% Notes were approximately $393 million , consisting of gross proceeds of $400 million net of approximately $7 million in offering expenses. We used the net proceeds of the 5.875% Notes offering in part for the repayment of the 3.25% Cash Convertible Notes at maturity on June 1, 2014 . The 5.875% Notes are subject to redemption at our option, at any time on or after March 1, 2019, in whole or in part, at the redemption prices set forth in the prospectus supplement, plus accrued and unpaid interest. At any time prior to March 1, 2017, we may redeem up to 35% of the original principal amount of the 5.875% Notes with the proceeds of certain equity offerings at a redemption price of 105.875% of the principal amount of the 5.875% Notes plus accrued and unpaid interest. At any time prior to March 1, 2019, we may also redeem the 5.875% Notes, in whole but not in part, at a price equal to 100% of the principal amount of the 5.875% Notes, plus accrued and unpaid interest and a “make-whole premium.” Other terms and conditions of the 5.875% Notes, including guarantees and security, covenants, and repurchase requirements in the case of certain asset sales or a change of control, are substantially similar to those described above under 7.25% Notes. 3.25% Cash Convertible Senior Notes due 2014 (the “3.25% Notes”) In 2009, we issued $460 million aggregate principal amount of the 3.25% Notes due in 2014 in a private transaction exempt from registration under the Securities Act of 1933, as amended. We used the net proceeds from the offering for general corporate purposes, including capital expenditures, permitted investments or permitted acquisitions. On June 1, 2014 , we repaid the $460 million 3.25% Notes utilizing net proceeds from the March 2014 5.875% Notes issuance. During the period from March 1, 2014 to May 30, 2014, and under certain additional limited circumstances, the 3.25% Notes were cash convertible by holders thereof (the "Cash Conversion Option"). The conversion rate was 64.6669 shares of our common stock (which represented a conversion price of approximately $15.46 per share) for the period from March 17, 2014 through March 21, 2014, and 65.3501 shares of our common stock (which represented a conversion price of approximately $15.30 per share), as adjusted for the dividend paid on April 2, 2014, for the period from March 24, 2014 to May 30, 2014. We did not deliver common stock (or any other securities) upon conversion. Upon maturity, we were required to pay $83 million to satisfy the obligation under the Cash Conversion Option in addition to the principal amount of the 3.25% Notes. In connection with the issuance of 3.25% Notes offering, we entered into privately negotiated cash convertible note hedge transactions (the “Note Hedge”) with affiliates of certain of the initial purchasers of the 3.25% Notes which we cash-settled for $83 million upon maturity of the 3.25% Notes and effectively offset our liability under the Cash Conversion Option. In connection with the issuance of the 3.25% Notes, we also sold warrants, correlating to the number of shares underlying the 3.25% Notes. The warrants were exercisable only at expiration in equal tranches over a 60 day period which began on September 2, 2014 and ended on November 26, 2014. During the year ended December 31, 2014, 1,430,870 shares of our common stock were issued in connection with warrant exercises. In November 2012, we issued tax-exempt corporate bonds totaling $335 million . Proceeds from the offerings were utilized to refinance tax-exempt project debt at our Haverhill, Niagara and SEMASS facilities, as well as to fund certain capital expenditures in Massachusetts. Approximately $7 million of financing costs were incurred, of which $3 million was expensed and $4 million will be recognized over the term of the debt. In August 2015, we issued two new series of fixed rate tax-exempt corporate bonds totaling $130 million Proceeds from the offerings were utilized to refinance tax-exempt project debt at our Delaware Valley facility and to fund certain capital improvements at our Essex County facility. Financing costs were not material. Details of the issues and the use of proceeds are as follows (dollars in millions): Series Amount Maturity Coupon Use of Proceeds Massachusetts Series 2012A $ 20 2027 4.875% New proceeds for qualifying capital expenditures in Massachusetts Massachusetts Series 2012B 67 2042 4.875% Redeem SEMASS project debt Massachusetts Series 2012C 82 2042 5.25% Redeem Haverhill project debt Niagara Series 2012A 130 2042 5.25% Redeem Niagara project debt Niagara Series 2012B 35 2024 4.00% Redeem Niagara project debt New Jersey Series 2015A 90 2045 5.25% Finance qualifying expenditures at Essex County facility Pennsylvania Series 2015A 40 2043 5.00% Refinance outstanding tax-exempt debt $ 464 We entered into a loan agreement with the Massachusetts Development Finance Agency under which they issued the Resource Recovery Revenue Bonds (the “Massachusetts Series” bonds in the table above) and loaned the proceeds of the Massachusetts Series bonds to us for the purposes of (i) financing qualifying capital expenditures at certain solid waste disposal facilities in Massachusetts and (ii) redeeming the outstanding principal balance of the SEMASS and Haverhill project debt. We entered into a loan agreement with the Niagara Area Development Corporation under which they issued the Solid Waste Disposal Facility Refunding Revenue Bonds (the “Niagara Series” bonds in the table above) and loaned the proceeds of the Niagara Series bonds to us for the purpose of redeeming the outstanding principal balance of the Niagara project debt. The Massachusetts Series bonds and the Niagara Series bonds are obligations of Covanta Holding Corporation, are guaranteed by Covanta Energy; and are not secured by project assets. Principal and interest on the Massachusetts Series bonds and the Niagara Series bonds are payable from the repayments we make to the Massachusetts Development Finance Agency and Niagara Area Development Corporation, respectively, pursuant to the respective loan agreements. The Massachusetts Series bonds and the Niagara Series bonds bear interest at the interest rates per annum set forth in the table above, payable semi-annually on May 1 and November 1 of each year, commencing on May 1, 2013. We entered into a loan agreement with the Essex County Improvement Authority under which they issued the Solid Waste Disposal Revenue Bonds (the “New Jersey Series” bonds in the table above) and loaned the proceeds to us for the purposes of financing capital improvements at our Essex County facility, including a new emissions control system. Interest on the bonds is paid semi-annually on January 1 and July 1 of each year beginning on January 1, 2016. Interest expense incurred during the construction period will be capitalized. We entered into a loan agreement with the Delaware County Industrial Development Authority under which they issued the Refunding Revenue Bonds (the “Pennsylvania Series” bonds in the table above) and loaned the proceeds to us for the purpose of redeeming the outstanding $34 million principal amount of the Variable Rate Bonds and of refinancing $6 million of project debt due on July 1, 2015 at our Delaware Valley facility. See Variable Rate Tax-Exempt Demand Bonds due 2043 below. Interest on the bonds is paid semi-annually on January 1 and July 1 of each year beginning on January 1, 2016. Each of the loan agreements contains customary events of default, including failure to make any payments when due, failure to perform its covenants under the respective loan agreement, and the bankruptcy or insolvency. Additionally, each of the loan agreements contains cross-default provisions that relate to our other indebtedness. Upon the occurrence of an event of default, the unpaid balance of the loan under the applicable loan agreement will become due and payable immediately. The Massachusetts Series bonds and the Niagara Series bonds contain certain terms including mandatory redemption requirements in the event that (i) the respective loan agreement is determined to be invalid, or (ii) the respective bonds are determined to be taxable. In the event of a mandatory redemption of the bonds, we will have an obligation under each respective loan agreement to prepay the respective loan in order to fund the redemption. Tax-Exempt Variable Rate Demand Bonds due 2043 ("Variable Rate Bonds") In July 2013 and 2014, we issued $22 million and $12 million , respectively of tax-exempt corporate variable-rate demand bonds, which were secured by a letter of credit issued under our Revolving Credit Facility and had a maturity date of July 1, 2043. Proceeds from the offering were utilized to refinance project debt at our Delaware Valley facility due through July 1, 2014. In August 2015, we refinanced the $34 million of outstanding Variable Rate Bonds with the Pennsylvania Series bonds. See 4.00% - 5.25% Tax-Exempt Bonds due from 2024-2045 above. Equipment Financing Capital Lease Arrangements In 2014, we entered into equipment financing capital lease arrangements to finance the purchase of barges, railcars, containers and intermodal equipment related to our New York City contract. During the year ended December 31, 2015 and 2014, we borrowed $15 million and $63 million under the equipment financing capital lease arrangements. The lease terms range from 10 years to 12 years and the fixed interest rates range from 3.48% to 4.52% . The outstanding borrowings under the equipment financing capital lease arrangements were $73 million as of December 31, 2015 , and have mandatory amortization payments remaining as follows (in millions): 2016 2017 2018 2019 2020 Thereafter Annual Remaining Amortization $ 4 $ 4 $ 5 $ 5 $ 5 $ 50 Depreciation associated with this equipment is included in Depreciation and amortization expense on our consolidated statement of operations. For additional information see Note 1. Organization and Summary of Significant Accounting Policies - Property, Plant and Equipment . PROJECT DEBT The maturities of long-term project debt as of December 31, 2015 are as follows (in millions): Thereafter Total Less: Current Portion Total Noncurrent Project Debt Debt $ 15 $ 17 $ 19 $ 14 $ 4 $ 128 $ 197 $ (15 ) $ 182 Premium 1 — — — — 3 4 (1 ) 3 Total $ 16 $ 17 $ 19 $ 14 $ 4 $ 131 $ 201 $ (16 ) $ 185 Project debt associated with the financing of energy-from-waste facilities is arranged by municipal entities through the issuance of tax-exempt and taxable revenue bonds or other borrowings. For those facilities we own, that project debt is recorded as a liability on our consolidated financial statements. Generally, debt service for project debt related to Service Fee structures is the primary responsibility of municipal entities, whereas debt service for project debt related to Tip Fee structures is paid by our project subsidiary from project revenue expected to be sufficient to cover such expense. Payment obligations for our project debt associated with energy-from-waste facilities are generally limited recourse to the operating subsidiary and non-recourse to us, subject to operating performance guarantees and commitments. These obligations are secured by the revenue pledged under various indentures and are collateralized principally by a mortgage lien and a security interest in each of the respective energy-from-waste facilities and related assets. As of December 31, 2015 , such revenue bonds were collateralized by property, plant and equipment with a net carrying value of $597 million and restricted funds held in trust of approximately $104 million . In April 2015, in connection with a long-term service fee contract extension at our Onondaga County facility, our Onondaga County client refinanced $42 million of outstanding project debt with $54 million of new tax-exempt bonds issued with a $5 million premium. The incremental proceeds were used to establish a $15 million restricted cash fund to be used toward facility projects and to satisfy $2 million in transaction costs which will be deferred and amortized over the term of the bonds. The bonds bear interest from 1.75% to 5.00% and have scheduled annual payments with final maturity on May 1, 2035. Consistent with other service fee projects we own and have project debt in place, the client community will pay us debt service revenue equivalent to the principal and interest on the bonds. Dublin Project Financing During 2014, we executed agreements for project financing totaling €375 million to fund a majority of the construction costs of the Dublin EfW facility. The project financing package includes: (i) €300 million of project debt under a credit facility agreement with various lenders (the “Dublin Credit Agreement”), which consists of a €250 million senior secured term loan (the “Dublin Senior Term Loan”) and a €50 million second lien term loan (the “Dublin Junior Term Loan”), and (ii) a €75 million convertible preferred investment (the “Dublin Convertible Preferred”), which has been committed by a leading global energy infrastructure investor. For additional information related to this project, see Note 3. New Business and Asset Management . Dublin Senior Term Loan due 2021 The €250 million Dublin Senior Term Loan is expected to be drawn over the course of 2016 and 2017 to fund remaining construction costs as our equity investment into the project (approximately €125 million ), the Dublin Convertible Preferred, and the Dublin Junior Term Loan have been fully utilized. Key commercial terms of the Dublin Senior Term Loan include: • Final maturity on September 30, 2021 (approximately four years after the anticipated operational commencement date of the facility). • Scheduled repayments will be made semi-annually according to a 15-year amortization profile, beginning in 2018. The loan is pre-payable at our option following operational commencement. • Borrowings will bear interest at the Euro Interbank Offered Rate ("EURIBOR") plus an applicable margin, which will range from 4.00% to 4.50% according to a pre-determined schedule. Interest on outstanding borrowings will be payable in cash monthly prior to the operational commencement date of the facility, and payable in cash semi-annually after the operational commencement date, based on the prevailing one and six month EURIBOR rates, respectively. Undrawn commitments will accrue commitment fees at a rate of 2.25% per annum. We entered into interest rate swap agreements in order to hedge our exposure to adverse variable interest rate fluctuations under the Dublin Senior Term Loan. For additional information, see Note 13. Derivative Instruments . • The Dublin Senior Term Loan is a senior obligation of the project company and certain other related subsidiaries, all of which are wholly-owned by us, and is secured by a first priority lien on substantially all of the project-related assets. The Dublin Senior Term Loan is non-recourse to us and our subsidiary Covanta Energy. See Note 18. Commitments and Contingencies for a description of the commitments of Covanta Energy related to the Dublin project financing. • The Dublin Credit Agreement contains positive, negative and financial maintenance covenants that are customary for a project financing of this type. Our ability to service the Dublin Junior Term Loan and the Dublin Convertible Preferred and to make cash distributions to common equity following the operational commencement date is subject to ongoing compliance with these covenants, including maintaining a minimum debt service coverage ratio and loan life coverage ratio on the Dublin Senior Term Loan. Dublin Junior Term Loan due 2022 The €50 million Dublin Junior Term Loan was funded into an escrow account in September 2014 and was utilized in 2015 to fund construction costs as our initial equity investment into the project and the Dublin Convertible Preferred were fully utilized. As of December 31, 2015, $56 million ( €52 million ) and $2 million ( €2 million ) is included in project debt and current restricted funds held in trust, respectively, on our consolidated balance sheet. Key commercial terms of the Dublin Junior Term Loan include: • Final maturity on March 31, 2022 (six months after the maturity of the Dublin Senior Term Loan). • Scheduled repayments will be made semi-annually according to a 15-year amortization profile, beginning in 2018. The loan is pre-payable at our option following operational commencement. • Borrowings bear interest at a fixed rate of 5.23% during the first six months of the loan, and thereafter at fixed rates ranging from 9.23% to 9.73% according to a pre-determined schedule. Interest on outstanding borrowings is payable semi-annually and will be payable 50% in cash and 50% accrued to the balance of the loan prior to the operational commencement date of the facility, and payable 100% in cash after the operational commencement date. • The Dublin Junior Term Loan is a junior obligation of the project company and certain other related subsidiaries, all of which are wholly-owned by us, and is secured by a second priority lien on substantially all of the project-related assets and a first priority lien on the assets of the top tier project holding company. The Dublin Junior Term Loan is non-recourse to us and our subsidiary Covanta Energy. • Under the Dublin Credit Agreement, our ability to service the Dublin Convertible Preferred and to make cash distributions to common equity is subject to ongoing compliance with the covenants under the agreement, including maintaining a minimum debt service coverage ratio and loan life coverage ratio on the Dublin Junior Term Loan. Dublin Convertible Preferred The €75 million Dublin Convertible Preferred was utilized to fund construction costs in 2015 after our initial equity investment into the project was fully utilized. The instrument has: (i) a liquidation preference equal to par value of the investment, (ii) a preferred claim on project cash flows during operations (after debt service) to pay a fixed dividend rate and repay principal according to an amortization schedule, and (iii) an option to convert loan principal into a common equity interest in the project. The Dublin Convertible Preferred is structured as a shareholder loan (the “Stakeholder Loan”) with the concurrent issuance of warrants (the “Stakeholder Warrants”). Key commercial terms of the Dublin Convertible Preferred include: • The Stakeholder Loan will accrue dividends at a fixed rate of 13.50% per annum. The dividends are payable 50% in cash and 50% accrued to the principal balance on a monthly basis prior to the operational commencement date, and payable 100% in cash semi-annually thereafter, subject to available project cash flows after debt service. • Scheduled repayments of principal of the Stakeholder Loan will be made semi-annually according to a 13-year amortization profile beginning in 2020 (two years after the operational commencement date), with a final repayment date of September 30, 2032 , all subjec

FINANCIAL INSTRUMENTS (Notes)

FINANCIAL INSTRUMENTS (Notes)	12 Months Ended
	Dec. 31, 2015
Notes To Financial Statements [Abstract]
FINANCIAL INSTRUMENTS	NOTE 12. FINANCIAL INSTRUMENTS Fair Value Measurements Authoritative guidance associated with fair value measurements provides a framework for measuring fair value and establishes a fair value hierarchy that prioritizes the inputs used to measure fair value, giving the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 inputs), then significant other observable inputs (Level 2 inputs) and the lowest priority to significant unobservable inputs (Level 3 inputs). The following methods and assumptions were used to estimate the fair value of each class of financial instruments: • For cash and cash equivalents, restricted funds, and marketable securities, the carrying value of these amounts is a reasonable estimate of their fair value. The fair value of restricted funds held in trust is based on quoted market prices of the investments held by the trustee. • Fair values for long-term debt and project debt are determined using quoted market prices. • The fair value for interest rate swaps were determined by obtaining quotes from two counterparties (one is a holder of the long position and the other is in the short) and extrapolating those across the long and short notional amounts. The fair value of the interest rate swaps was adjusted to reflect counterparty risk of non-performance, and was based on the counterparty’s credit spread in the credit derivatives market. The estimated fair value amounts have been determined using available market information and appropriate valuation methodologies. However, considerable judgment is required in interpreting market data to develop estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that we would realize in a current market exchange. The fair-value estimates presented herein are based on pertinent information available to us as of December 31, 2015 . Such amounts have not been comprehensively revalued for purposes of these financial statements since December 31, 2015 , and current estimates of fair value may differ significantly from the amounts presented herein. The following financial instruments are recorded at their estimated fair value. The following table presents information about the fair value measurement of our assets and liabilities as of December 31, 2015 and 2014 : As of December 31, Financial Instruments Recorded at Fair Value on a Recurring Basis: Fair Value Measurement Level 2015 2014 (In millions) Assets: Cash and cash equivalents: Bank deposits and certificates of deposit 1 $ 89 $ 79 Money market funds 1 5 5 Total cash and cash equivalents: 94 84 Restricted funds held in trust: Bank deposits and certificates of deposit 1 7 67 Money market funds 1 66 36 U.S. Treasury/agency obligations (1) 1 18 2 State and municipal obligations 1 59 87 Commercial paper/guaranteed investment contracts/repurchase agreements 1 8 4 Total restricted funds held in trust: 158 196 Restricted funds — other: Bank deposits and certificates of deposit (2) 1 2 1 Investments: Mutual and bond funds (2) 1 2 2 Derivative asset — energy hedges (2)(3) 2 21 5 Total assets: $ 277 $ 288 Liabilities: Derivative liability — interest rate swaps 2 14 15 Liability — contingent consideration related to acquisition 3 — 2 Total liabilities: $ 14 $ 17 The following financial instruments are recorded at their carrying amount (in millions): As of December 31, 2015 As of December 31, 2014 Financial Instruments Recorded at Carrying Amount: Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets: Accounts receivables (4) $ 314 $ 314 $ 323 $ 323 Liabilities: Long-term debt $ 2,285 $ 2,266 $ 1,973 $ 2,039 Project debt $ 201 $ 209 $ 225 $ 234 (1) The U.S. Treasury/agency obligations in restricted funds held in trust are primarily comprised of Federal Home Loan Mortgage Corporation securities at fair value. (2) Included in other noncurrent assets in the consolidated balance sheets. (3) Included in prepaid expenses and other current assets in the consolidated balance sheets. (4) Includes $2 million and $24 million of noncurrent receivables in other noncurrent assets in the consolidated balance sheets as of December 31, 2015 and 2014 .

DERIVATIVE INSTRUMENTS (Notes)

DERIVATIVE INSTRUMENTS (Notes)	12 Months Ended
	Dec. 31, 2015
Notes To Financial Statements [Abstract]
DERIVATIVE INSTRUMENTS	NOTE 13. DERIVATIVE INSTRUMENTS The following disclosures summarize the fair value of derivative instruments not designated as hedging instruments in the consolidated balance sheets and the effect of changes in fair value related to those derivative instruments not designated as hedging instruments on the consolidated statements of operations (in millions): Derivative Instruments Not Designated As Hedging Instruments Fair Value as of December 31, Balance Sheet Location 2015 2014 Asset Derivatives: Foreign currency hedges Prepaid expenses and other current assets $ 6 $ — Amount of Gain (Loss) Recognized In Income on Derivatives Effect on Income of Derivative Instruments Not Designated As Hedging Instruments Location of Gain or (Loss) Recognized in Income on Derivatives For the Years Ended 2015 2014 2013 Foreign currency hedge Other (expense) income, net $ 6 $ — $ — Note hedge Non-cash convertible debt related expense — 5 (26 ) Cash conversion option Non-cash convertible debt related expense — (5 ) 27 Effect on income of derivative instruments not designated as hedging instruments $ 6 $ — $ 1 Foreign Currency Hedge In order to hedge the risk of adverse foreign currency exchange rate fluctuations impacting the expected sale proceeds from our equity transfer agreement in China (See Note 4. Assets Held for Sale ), we entered into a foreign currency exchange collar with two financial institutions that will mature in March 2016 and April 2016 for approximately the amount of expected proceeds of $110 million . The foreign currency hedge is accounted for as a derivative instrument and, as such, is recorded at fair value quarterly with any change in fair value recognized in our consolidated statements of operations as other expense, net. As of December 31, 2015, the fair value of the foreign currency exchange derivatives of $6 million , pre-tax, was recorded as a current asset. Cash Conversion Option, Note Hedge and Contingent Interest features related to the 3.25% Cash Convertible Senior Notes The cash conversion option was a derivative instrument which was recorded at fair value quarterly with any change in fair value being recognized in our consolidated statements of operations as non-cash convertible debt related expense. The note hedge was accounted for as a derivative instrument and, as such, was recorded at fair value quarterly with any change in fair value being recognized in our consolidated statements of operations as non-cash convertible debt related expense. The 3.25% Notes matured on June 1, 2014. Upon maturity, we were required to pay $83 million to satisfy the obligation under the cash conversion option in addition to the principal amount of the 3.25% Notes. The note hedge settled for $83 million and effectively offset our exposure to the cash payments in excess of the principal amount made under the cash conversion option. The income recognized as a result of changes in the credit valuation adjustment related to the note hedge was not material. Energy Price Risk Following the expiration of certain long-term energy sales contracts, we may have exposure to market risk, and therefore revenue fluctuations, in energy markets. We have entered into contractual arrangements that will mitigate our exposure to short-term volatility through a variety of hedging techniques, and will continue to do so in the future. Our efforts in this regard will involve only mitigation of price volatility for the energy we produce, and will not involve taking positions (either long or short) on energy prices in excess of our physical generation. We have entered into agreements with various financial institutions to hedge approximately 1.7 million MWh, 1.1 million MWh and 0.1 million MWh of energy production from exposure to market risk for fiscal years 2016, 2017 and 2018, respectively. As of December 31, 2015 , the fair value of the energy derivatives of $21 million , pre-tax, was recorded as a current asset and as a component of AOCI. As of December 31, 2015, the amount of hedge ineffectiveness was not material. During the year ended December 31, 2015, the cash provided by and used in energy derivative settlements of $17 million and $7 million , respectively, was included in the change in working capital on our consolidated statement of cash flows. Interest Rate Swaps In order to hedge the risk of adverse variable interest rate fluctuations associated with the Dublin Senior Term Loan, we have entered into floating to fixed rate swap agreements, denominated in Euros for the full €250 million loan amount with various financial institutions that settle between 2016 and 2021. This interest rate swap is designated as a cash flow hedge which is recorded at fair value as a current liability with changes in fair value recorded as a component of AOCI. As of December 31, 2015 , the fair value of the interest rate swap derivative of $14 million , pre-tax, was recorded as a noncurrent liability.

SUPPLEMENTARY INFORMATION (Note

SUPPLEMENTARY INFORMATION (Notes)	12 Months Ended
	Dec. 31, 2015
Notes To Financial Statements [Abstract]
SUPPLEMENTARY INFORMATION	NOTE 14. SUPPLEMENTARY INFORMATION Other Operating Expense, net For the years ended December 31, 2015, 2014, and 2013, other operating expense, net included construction costs totaling $74 million , $98 million , and $112 million , respectively. Net Write-offs The components of net write-offs are as follows (in millions): For the Years Ended 2015 2014 2013 North America segment: Write-off of intangible assets (1) $ — $ 16 $ — Write-down of biomass facilities and biomass equity investment (2) 43 34 2 Write-down of EfW facility assets (3) — — 9 Write-off of loan issued to fund certain facility improvements (4) — — 4 North America segment sub-total: 43 50 15 Other: Write-down of insurance business (5) — 14 — Total net write-offs $ 43 $ 64 $ 15 (1) Write-offs related to intangible assets are related to the following: • On June 30, 2014, our service agreement with the Dutchess County Resource Recovery Agency under which we operated the Hudson Valley EfW facility expired. In 2014, we recorded a $9 million non-cash impairment write-off of the intangible asset that was recorded upon acquisition in 2009 based on the expected cash flows over the remaining life of the contract utilizing Level 3 inputs. • On April 3, 2014, the Montgomery County (PA) Commissioners (the “County”) unanimously voted to dissolve the Waste System Authority of Eastern Montgomery County (the “WSA”). The Abington transfer station was constructed by the County and subsequently deeded to the WSA, which was responsible for its operation. We operated the transfer station through the end of the current contract, which expired on December 31, 2014. However, due to the dissolution of the WSA, it was not able to renew our current contract to operate the Abington transfer station. During the year ended December 31, 2014, we recorded a non-cash impairment write-off of $7 million of the service contract intangible with the WSA that was recorded upon acquisition in 2009 based on the expected cash flows over the remaining life of the contract utilizing Level 3 inputs. (2) Write-downs related to our biomass assets are as follows: • During year ended December 31, 2015, we identified indicators of impairment associated with our biomass facilities, primarily due to a decline in energy market pricing. As a result of these developments, we recorded a non-cash impairment charge of $43 million , pre-tax, which was calculated based on estimated cash flows for these facilities utilizing Level 3 inputs. Assumptions used in determining future operating results and cash flows include current and expected market conditions and future operations forecasts. It is reasonably possible that these assumptions and estimates may change resulting in the need to adjust our determination of fair value. • During year ended December 31, 2014, we identified indicators of impairment associated with our California Biomass facilities, primarily that we were unsuccessful in securing new long-term power purchase agreements to replace the current power purchase agreements, which were approaching the end of their terms. Based on expected cash flows utilizing Level 3 inputs, we recorded a non-cash write-down of $34 million to reduce the carrying value of the California Biomass assets to their estimated fair value. • During 2013, we recorded a non-cash write-down of $2 million related to our 55% equity investment in the Pacific Ultrapower Chinese Station biomass facility in California, which we subsequently sold in the fourth quarter of 2013. (3) During 2013, we recorded a non-cash write-down of $9 million resulting from an impairment charge related to our Wallingford EfW facility assets in Connecticut, reducing the carrying value of the net assets to the present value of the expected cash flows to be recovered utilizing Level 3 inputs. (4) In 2008, we agreed to loan The Harrisburg Authority up to $26 million for certain facility improvements in connection with our engagement as project operator. By 2010, we had advanced $22 million of the loan, of which $20 million was outstanding, The Harrisburg Authority had defaulted in its repayment, and the City of Harrisburg’s financial crisis had deepened. In 2010, we recorded a non-cash impairment charge of $7 million , pre-tax, to write-down the receivable to $13 million . In 2013, in connection with an anticipated settlement of the matter for a $9 million partial payment of the loan, we recorded an additional non-cash write-off of $4 million , pre-tax, to write-down the receivable to $9 million . This settlement, which included the transfer of the facility to the Lancaster County Solid Waste Management Authority and our continuation as operator, closed during the quarter ended December 31, 2013. (5) During 2014, we sold our insurance subsidiaries and recorded a non-cash write-down of $14 million comprised of the write-down of the carrying amount in excess of the realizable fair value of $12 million , plus $2 million in disposal costs. Non-Cash Convertible Debt Related Expense The components of non-cash convertible debt related expense are as follows (in millions): For the Years Ended 2015 2014 2013 Debt discount accretion related to the 3.25% Notes $ — $ 13 $ 29 Fair value changes related to the cash convertible note hedge — (5 ) 26 Fair value changes related to the cash conversion option derivative — 5 (27 ) Total non-cash convertible debt related expense $ — $ 13 $ 28 Selected Supplementary Balance Sheet Information Selected supplementary balance sheet information is as follows (in millions): As of December 31, 2015 2014 Prepaid expenses $ 37 $ 30 Hedge receivables 25 7 Spare parts 17 20 Renewable energy credits 15 17 Other 28 28 Total prepaid expenses and other current assets $ 122 $ 102 Operating expenses, payroll and related expenses $ 114 $ 171 Deferred revenue 13 15 Accrued liabilities to client communities 22 29 Interest payable 24 22 Dividends payable 34 34 Other 27 35 Total accrued expenses and other current liabilities $ 234 $ 306

INCOME TAXES (Notes)

INCOME TAXES (Notes)	12 Months Ended
	Dec. 31, 2015
Notes To Financial Statements [Abstract]
INCOME TAXES	NOTE 15. INCOME TAXES We file a federal consolidated income tax return with our eligible subsidiaries. Our federal consolidated income tax return also includes the taxable results of certain grantor trusts described below. The components of income tax expense were as follows (in millions): For the Years Ended December 31, 2015 2014 2013 Current: Federal $ (91 ) $ (1 ) $ 3 State 16 4 12 Foreign 2 3 — Total current (73 ) 6 15 Deferred: Federal 7 (4 ) 20 State (11 ) 16 7 Foreign (7 ) (3 ) 1 Total deferred (11 ) 9 28 Total income tax (benefit) expense $ (84 ) $ 15 $ 43 Domestic and foreign pre-tax (loss) income was as follows (in millions): For the Years Ended December 31, 2015 2014 2013 Domestic $ 6 $ 14 $ 91 Foreign (34 ) (10 ) (12 ) Total $ (28 ) $ 4 $ 79 The effective income tax rate was 302% , 388% , and 55% for the years ended December 31, 2015, 2014 and 2013 , respectively. The 2015 and 2014 rates were principally driven by relatively low pre-tax income (loss). The decrease in effective tax rate for the year ended December 31, 2015, compared to the year ended December 31, 2014 is primarily due to the recognition of tax benefit due to the resolution of the IRS audit and non-recurring adjustments from the prior year. The increase in the effective tax rate for the year ended December 31, 2014, compared to the year ended December 31, 2013 was primarily due to the combined effects of (i) the recognition of certain tax liabilities for previous years, and (ii) relatively low pre-tax income for the year ended December 31, 2014. A reconciliation of our income tax (benefit) expense at the federal statutory income tax rate of 35% to income tax expense at the effective tax rate is as follows (in millions): For the Years Ended December 31, 2015 2014 2013 Income tax (benefit) expense at the federal statutory rate $ (10 ) $ 1 $ 28 State and other tax expense 1 8 11 Tax rate differential on foreign earnings 8 5 5 Permanent differences 4 4 1 Worthless stock deduction — — (4 ) Production tax credits/R&E tax credits (3 ) (4 ) (5 ) Change in valuation allowance (7 ) 3 — Liability for uncertain tax positions (82 ) 5 4 Basis adjustment to unconsolidated investment 4 (9 ) 4 Other 1 2 (1 ) Total income tax (benefit) expense $ (84 ) $ 15 $ 43 We had consolidated federal NOLs estimated to be approximately $309 million for federal income tax purposes as of the end of 2015 . These consolidated federal NOLs will expire, if not used, in the following amounts in the following years (in millions): Amount of Carryforward Expiring 2028 $ 83 2029 — 2030 29 2031 1 2032 1 2033 195 $ 309 In addition to the consolidated federal NOLs, as of December 31, 2015 , we had state NOL carryforwards of approximately $217 million , which expire between 2023 and 2036 , net foreign NOL carryforwards of approximately $216 million expiring between 2016 and 2036 , and federal tax credit carryforwards, including production tax credits of $60 million expiring between 2024 and 2034 , and minimum tax credits of $7 million with no expiration. The corresponding deferred tax assets are offset by a valuation allowance of approximately $73 million and the change of the valuation allowance was primarily due to the company's legal entity restructuring and the change of Connecticut tax law. The tax effects of temporary differences that give rise to the deferred tax assets and liabilities are presented as follows (in millions): As of December 31, 2015 2014 Deferred tax assets: Capital loss carryforward $ 3 $ 2 Net operating loss carryforwards 157 142 Accrued expenses 24 2 Prepaid and other costs 36 35 Deferred tax assets attributable to pass-through entities 17 10 Retirement benefits — 2 Other 4 7 AMT and other credit carryforwards 67 64 Total gross deferred tax asset 308 264 Less: valuation allowance (73 ) (96 ) Total deferred tax asset 235 168 Deferred tax liabilities: Unbilled accounts receivable 4 6 Property, plant and equipment 725 737 Intangible assets 18 9 Deferred tax liabilities attributable to pass-through entities 26 77 Deferred gain on convertible debt 20 27 Swap income 2 — Prepaid expenses 23 19 Other, net 11 4 Total gross deferred tax liability 829 879 Net deferred tax liability $ 594 $ 711 Cumulative undistributed foreign earnings for which United States taxes were not provided were included in consolidated retained earnings in the amount of approximately $264 million and $271 million as of December 31, 2015 and 2014 , respectively. Such amounts are considered permanently invested, therefore no provision for U.S. income taxes has been accrued. Determination of the unrecognized deferred tax liability for these undistributed foreign earnings is not practicable. Deferred tax assets relating to employee stock based compensation deductions were reduced to reflect exercises of non-qualified stock option grants and vesting of restricted stock. Some exercises of non-qualified stock option grants and vesting of restricted stock resulted in tax deductions in excess of previously recorded benefits resulting in a "windfall". Although these additional deductions were reported on the corporate tax returns and increased NOLs, these related tax benefits were not recognized for financial reporting purposes. These windfalls will not be recognized until the related deductions result in a reduction of taxes payable and cash tax payments. Accordingly, since the tax benefit does not reduce our current taxes payable, these tax benefits were not reflected in deferred tax assets for financial reporting purposes as of December 31, 2015 and 2014 . Such benefits included in NOLs but not reflected in deferred tax assets were approximately $26 million and $23 million as of December 31, 2015 and 2014 , respectively. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions): Balance at December 31, 2012 $ 124 Additions based on tax positions related to the current year 3 Additions for tax positions of prior years 4 Reductions for lapse in applicable statute of limitations (2 ) Reductions for tax positions of prior years (1 ) Balance at December 31, 2013 128 Additions based on tax positions related to the current year 8 Additions for tax positions of prior years — Reductions for lapse in applicable statute of limitations (3 ) Reductions for tax positions of prior years — Balance at December 31, 2014 133 Additions based on tax positions related to the current year 12 Additions for tax positions of prior years — Reductions for lapse in applicable statute of limitations — Reductions for tax positions of prior years (109 ) Balance at December 31, 2015 $ 36 The uncertain tax positions, exclusive of interest and penalties, were $36 million and $133 million as of December 31, 2015 and 2014 , respectively, which also represent potential tax benefits that if recognized, would impact the effective tax rate. We record interest accrued on liabilities for uncertain tax positions and penalties as part of the tax provision. As of December 31, 2015 and 2014 , we had accrued interest and penalties associated with liabilities for uncertain tax positions of $1 million and $2 million , respectively. We continue to reflect interest accrued and penalties on uncertain tax positions as part of the tax provision. Audits for federal income tax returns are closed for the years through 2009. However, the Internal Revenue Service ("IRS") can audit the NOL's generated during those years in the years that the NOL's are utilized. The IRS audited our tax returns for the years 2004 through 2009 , a period which included both years in which NOLs generated in prior years were utilized and years in which losses giving rise to additional NOLs were reported. During the year ended December 31, 2015, we settled with the IRS resulting in substantially all of the NOLs remaining available to offset consolidated taxable income. As a result, during the year ended December 31, 2015, we recognized $93 million of income tax benefit. State income tax returns are generally subject to examination for a period of three to six years after the filing of the respective tax return. The state impact of any federal changes remains subject to examination by various states for a period of up to one year after formal notification to the states. We have various state income tax returns in the process of examination, administrative appeals or litigation. Our NOLs predominantly arose from our predecessor insurance entities, formerly named Mission Insurance Group, Inc., (“Mission”). These Mission insurance entities have been in state insolvency proceedings in California and Missouri since the late 1980's. The amount of NOLs available to us will be reduced by any taxable income or increased by any taxable losses generated by current members of our consolidated tax group, which include grantor trusts associated with the Mission insurance entities. While we cannot predict what amounts, if any, may be includable in taxable income as a result of the final administration of these grantor trusts, substantial actions toward such final administration have been taken and we believe that neither arrangements with the California Commissioner of Insurance nor the final administration by the Missouri Director will result in a material reduction in available NOLs.

EMPLOYEE BENEFIT PLANS (Notes)

EMPLOYEE BENEFIT PLANS (Notes)	12 Months Ended
	Dec. 31, 2015
Notes To Financial Statements [Abstract]
BENEFIT OBLIGATIONS	NOTE 16. EMPLOYEE BENEFIT PLANS We sponsor various retirement plans covering the majority of our employees and retirees in the United States, as well as other postretirement benefit plans for a small number of retirees in the United States that include healthcare benefits and life insurance coverage. Employees in the United States not participating in our retirement plans generally participate in retirement plans offered by collective bargaining units of which these employees are members. The majority of our international employees participate in defined benefit or defined contribution retirement plans as required or available in accordance with local laws. Defined Contribution Plans Substantially all of our employees in the United States are eligible to participate in the defined contribution plans we sponsor. The defined contribution plans allow employees to contribute a portion of their compensation on a pre-tax basis in accordance with specified guidelines. We match a percentage of employee contributions up to certain limits. We also provide a company contribution to the defined contribution plans for eligible employees. Our costs related to defined contribution plans were $16 million , for each of the years ended December 31, 2015, 2014 and 2013 . Pension and Postretirement Benefit Obligations In 2012, the IRS approved our plan to terminate the qualified defined benefit pension plan. During 2013, $35 million of annuity contracts were purchased on behalf of participants who elected an annuity option and we recorded a pre-tax defined benefit pension plan settlement gain of $6 million , which was recorded as other operating income in our consolidated statements of operations. Such annuity purchase concluded the termination of the defined benefit pension plan, accordingly, we have no future obligations related to the qualified defined benefit pension plan. The discount rate for the non-qualified pension plans was 4.35% , 4.05% and 4.95% for the years ended December 31, 2015, 2014 and 2013 , respectively. For the other postretirement benefit plan, an annual rate of increase of 6.5% in the per capita cost of health care benefits was assumed for 2015 for covered employees. An average increase of 7.0% was assumed for 2016. The average increase was then projected to gradually decline to 5.0% in 2022 and remain at that level. In general, assumed health care cost trend rates have a significant effect on the amounts reported for the health care plan. A one-percentage point change (either increase or decrease) in the assumed health care trend rate would have an immaterial (approximately $0.1 million ) effect on either total service and interest cost components or postretirement benefit obligations. For the pension plans with accumulated benefit obligations in excess of plan assets, the projected benefit obligation, accumulated benefit obligation, and fair value of plan assets were $4 million , $4 million and $0 , respectively as of December 31, 2015 and $4 million , $4 million , and $0 , respectively as of December 31, 2014. As of December 31, 2015, we estimate that the future benefits payable over the next ten years for the retirement and postretirement plans in place are $4 million for pension benefits, $3 million for other benefits (net of Medicare Part D subsidy) and $0 for attributable to Medicare Part D subsidy. Pension costs for our defined benefit plans and other post-retirement benefit plans were not material. Obligation and Funded Status The following table is a reconciliation of the changes in the benefit obligations and fair value of assets for our non-qualified defined benefit pension plan and other postretirement benefit plan, the funded status (using a December 31 measurement date) of the plans and the related amounts recognized in our consolidated balance sheets (in millions, except percentages as noted): Non-qualified Pension Benefits Other Benefits For the Year Ended December 31, For the Year Ended December 31, 2015 2014 2015 2014 Change in benefit obligation: Benefit obligation at beginning of year $ 4 $ 5 $ 5 $ 5 Service cost — — — — Interest cost — — — — Amendments — — — — Actuarial gain — — (1 ) — Benefits paid — (1 ) — — Settlement — — — — Benefit obligation at end of year $ 4 $ 4 $ 4 $ 5 Change in plan assets: Plan assets at fair value at beginning of year $ — $ — $ — $ — Actual return on plan assets — — — — Contributions — 1 — — Benefits paid — (1 ) — — Settlement — — — — Plan assets at fair value at end of year $ — $ — $ — $ — Reconciliation of accrued benefit liability and net amount recognized: Funded status of the plan $ (4 ) $ (4 ) $ (4 ) $ (5 ) Unrecognized net gain — — — — Net amount recognized $ (4 ) $ (4 ) $ (4 ) $ (5 ) Accumulated other comprehensive (income) loss recognized: Net actuarial gain $ — $ — $ (4 ) $ (4 ) Net prior service cost (1 ) (1 ) — — Total as of December 31, $ (1 ) $ (1 ) $ (4 ) $ (4 ) Weighted average assumptions used to determine net periodic benefit expense for years ending December 31: Discount rate 4.05 % 4.95 % 3.50 % 4.10 % Weighted average assumptions used to determine projected benefit obligations as of December 31: Discount rate 4.35 % 4.05 % 3.75 % 3.50 %

STOCK-BASED AWARD PLANS

STOCK-BASED AWARD PLANS	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	NOTE 17. STOCK-BASED AWARD PLANS Stock-Based Award Plans In May 2014, the stockholders of the Company approved the Covanta Holding Corporation 2014 Equity Award Plan (the “Plan”) to provide incentive compensation to non-employee directors, officers and employees, and to consolidate the two previously existing equity compensation plans into a single plan: the Company’s Equity Award Plan for Employees and Officers (the “Former Employee Plan”) and the Company’s Equity Award Plan for Directors (the “Former Director Plan,” and together with the Former Employee Plan, the “Former Plans”). Shares that were available for issuance under the Former Plans will be available for issuance under the Plan. The stockholders of the Company also approved the authorization of 6 million new shares of our common stock for issuance under the Plan. The purpose of the Award Plans is to promote our interests (including our subsidiaries and affiliates) and our stockholders’ interests by using equity interests to attract, retain and motivate our management, non-employee directors and other eligible persons and to encourage and reward their contributions to our performance and profitability. The Award Plans provide for awards to be made in the form of (a) shares of restricted stock, (b) restricted stock units, (c) incentive stock options, (d) non-qualified stock options, (e) stock appreciation rights, (f) performance awards, or (g) other stock-based awards which relate to or serve a similar function to the awards described above. Awards may be made on a standalone, combination or tandem basis. Stock-Based Compensation We recognize stock-based compensation expense in accordance with the accounting standards for stock-based compensation in effect at the date of grant. We recognize compensation costs using the graded vesting attribution method over the requisite service period of the award, which is generally three to five years. We recognize compensation expense based on the number of stock options and restricted stock awards expected to vest by using an estimate of expected forfeitures. We review the forfeiture rates at least annually and revise compensation expense, if necessary. During 2015 , the average forfeiture rates were 12% for restricted stock awards and 15% for stock options and restricted stock units. Stock-based compensation expense is as follows (in millions, except for weighted average years): As of December 31, 2015 Total Compensation Expense for the Years Ended December 31, Unrecognized stock-based compensation expense Weighted-average years to be recognized 2015 2014 2013 Restricted Stock Awards $ 11 $ 11 $ 11 $ 7 1.4 Restricted Stock Units $ 6 $ 6 $ 4 $ 4 2.4 Restricted Stock Awards Restricted stock awards that have been issued to employees typically vest over a three year period. Restricted stock awards are stock-based awards for which the employee or director does not have a vested right to the stock (“nonvested”) until the requisite service period has been rendered or the required financial performance factor has been reached for each pre-determined vesting date. Stock-based compensation expense for each financial performance factor is recognized beginning in the period when management has determined it is probable the financial performance factor will be achieved for the respective vesting period. The fair value of shares vested during the year was $9 million . Restricted stock awards to employees are subject to forfeiture if the employee is not employed on the vesting date. Restricted stock awards issued to directors are not subject to forfeiture in the event a director ceases to be a member of the Board of Directors, except in limited circumstances. Restricted stock awards will be expensed over the requisite service period, subject to an assumed forfeiture rate. Prior to vesting, restricted stock awards have all of the rights of common stock (other than the right to sell or otherwise transfer or to receive unrestricted dividends, when issued). We calculate the fair value of share-based stock awards based on the closing price on the date the award was granted. During the year ended December 31, 2015 , we awarded certain employees 515,820 restricted stock awards. The restricted stock awards will be expensed over the requisite service period, subject to an assumed 12% average forfeiture rate. The terms of the restricted stock awards include vesting provisions based solely on continued service. If the service criteria are satisfied, the restricted stock awards vest during March of 2016, 2017, and 2018. On May 7, 2015, in accordance with our existing program for annual director compensation, we awarded 57,460 shares of restricted stock for annual director compensation. We determined that the service vesting condition of these restricted stock awards to be non-substantive and, in accordance with accounting principles for stock compensation, recorded the entire fair value of the award as compensation expense on the grant date. Changes in nonvested restricted stock awards were as follows (in thousands, except per share amounts): As of December 31, 2015 2014 2013 Number of Shares Weighted- Average Grant Date Fair Value Number of Shares Weighted- Average Grant Date Fair Value Number of Shares Weighted- Average Grant Date Fair Value Nonvested at the beginning of the year 1,240 $ 17.67 1,166 $ 17.85 1,418 $ 16.38 Granted 573 $ 21.88 721 $ 17.20 634 $ 19.51 Vested (661 ) $ 17.69 (608 ) $ 17.27 (718 ) $ 16.52 Forfeited (92 ) $ 19.36 (39 ) $ 17.80 (168 ) $ 17.40 Nonvested at the end of the year 1,060 $ 19.79 1,240 $ 17.67 1,166 $ 17.85 Restricted Stock Units In 2010, we adopted a Growth Equity Plan, which was to be used for awards pursuant to our Equity Award Plan for Employees and Officers. The Growth Equity Plan provided for the award of restricted stock units (“RSUs”) to certain employees in connection with specified growth-based acquisitions that have been completed or development projects that have commenced. The Growth Equity Plan provided that as of the award date of the RSUs, the Compensation Committee would determine the net present value of cash flows for the applicable acquisitions or development projects (“Projected NPV”). Vesting of RSUs will not occur until at least three years have passed following an acquisition or upon the later of three years from the grant date or one year following the commencement of commercial operations for development projects. Upon the vesting date, the Compensation Committee will re-calculate the net present values of the cash flows (“Bring Down NPV”). If the ratio of the Bring Down NPV to the Projected NPV is greater than 95% all of the RSUs related to the particular project will vest. If the ratio is less than 95% , the number of RSUs originally issued will be proportionately reduced. In 2015, we granted 322,168 RSUs to certain members of our senior management team. These total stockholder return (“TSR”) based equity awards will vest based upon our TSR performance over a three year period relative to indices of companies in the waste and disposal industry, the conventional electricity utilities industry and other similarly sized “mid-cap” companies. Changes in nonvested restricted stock units were as follows (in thousands, except per share amounts): As of December 31, 2015 2014 2013 Number of Shares Weighted- Average Grant Date Fair Value Number of Shares Weighted- Average Grant Date Fair Value Number of Shares Weighted- Average Grant Date Fair Value Nonvested at the beginning of the year 894 $ 15.93 691 $ 16.66 1,016 $ 16.59 Granted 322 $ 21.95 247 $ 14.60 219 $ 16.91 Vested (8 ) $ 19.42 (44 ) $ 16.51 (544 ) $ 16.64 Forfeited (6 ) $ 21.99 — $ — — $ — Nonvested at the end of the year 1,202 $ 17.60 894 $ 15.93 691 $ 16.66 Stock Options We have also awarded stock options to certain employees and directors. Stock options awarded to directors vested immediately. Stock options awarded to employees have typically vested annually over three to five years and expire over ten years. We calculate the fair value of our share-based option awards using the Black-Scholes option pricing model which requires estimates of the expected life of the award and stock price volatility. The following table summarizes activity and balance information of the options under the 2014 Stock Option Plan: As of December 31, 2015 2014 2013 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price 2014 Stock Option Plan (in thousands, except per share amounts) Outstanding at the beginning of the year 1,113 $ 21.25 1,686 $ 20.42 1,789 $ 20.01 Granted — $ — 25 $ 20.58 — $ — Exercised (13 ) $ 11.40 (532 ) $ 18.53 (84 ) $ 11.75 Expired — $ — (66 ) $ 20.52 (19 ) $ 20.52 Forfeited — $ — — $ — — $ — Outstanding at the end of the year 1,100 $ 21.37 1,113 $ 21.25 1,686 $ 20.42 Options exercisable at year end 1,100 $ 21.37 1,100 $ 21.26 1,686 $ 20.42 Options available for future grant 5,652 6,548 1,541 As of December 31, 2015 , options for shares were in the following price ranges (in thousands, except years and per share amounts): Weighted Average Remaining Contractual Life (Years) Options Outstanding Options Exercisable Exercise Price Range Number of Shares Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price $20.52 — $20.58 870 $ 20.52 1.4 870 $ 20.52 $23.30 — $26.84 230 $ 24.57 2.4 230 $ 24.57 1,100 1,100 The total cash received from the exercise of stock options was approximately less than $1 million , $10 million and $1 million , for the years ended December 31, 2015, 2014 and 2013 , respectively. The tax benefits related to the exercise of the non-qualified stock options and the vesting of the restricted stock award were not recognized during the years ended December 31, 2015, 2014 and 2013 due to our NOLs. When the NOLs have been fully utilized by us, we will recognize a tax benefit and an increase in additional paid-in capital for the excess tax deductions received on the exercised non-qualified stock options and vested restricted stock. Future realization of the tax benefit will be presented in cash flows from financing activities in the consolidated statements of cash flows in the period the tax benefit is recognized. Previously recorded tax benefits that are in excess of the realized tax benefit on a particular non-qualified stock option or restricted stock are recorded as an increase to income tax expense since there is no additional paid-in capital pool available to offset these reduced tax benefits. The aggregate intrinsic value as of December 31, 2015 for options exercisable was $0 million for options outstanding and options vested. All options issued as of December 31, 2015 are fully vested. The aggregate intrinsic value represents the total pre-tax intrinsic value (the difference between the closing stock price on the last trading day of 2015 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on the last trading day of 2015 (December 31, 2015 ). The intrinsic value changes based on the fair market value of our common stock. The total intrinsic value of options exercised for the years ended as of December 31, 2015, 2014 and 2013 was $0 million , $1 million , and $1 million , respectively. As of December 31, 2015 , there were options to purchase 1 million shares of common stock that had vested at a weighted average exercise price of $21.37 . The fair value of options vested during the years ended December 31, 2015, 2014 and 2013 was $0 , $0 , and $1 million , respectively.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Notes)	12 Months Ended
	Dec. 31, 2015
Notes To Financial Statements [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 18. COMMITMENTS AND CONTINGENCIES We and/or our subsidiaries are party to a number of claims, lawsuits and pending actions, most of which are routine and all of which are incidental to our business. We assess the likelihood of potential losses on an ongoing basis and when losses are considered probable and reasonably estimable, record as a loss an estimate of the outcome. If we can only estimate the range of a possible loss, an amount representing the low end of the range of possible outcomes is recorded. The final consequences of these proceedings are not presently determinable with certainty. Environmental Matters Our operations are subject to environmental regulatory laws and environmental remediation laws. Although our operations are occasionally subject to proceedings and orders pertaining to emissions into the environment and other environmental violations, which may result in fines, penalties, damages or other sanctions, we believe that we are in substantial compliance with existing environmental laws and regulations. We may be identified, along with other entities, as being among parties potentially responsible for contribution to costs associated with the correction and remediation of environmental conditions at disposal sites subject to federal and/or analogous state laws. In certain instances, we may be exposed to joint and several liabilities for remedial action or damages. Our liability in connection with such environmental claims will depend on many factors, including our volumetric share of waste, the total cost of remediation, and the financial viability of other companies that also sent waste to a given site and, in the case of acquired or divested operations, the contractual arrangement with the seller or purchaser of such operations. The potential costs related to the matters described below and the possible impact on future operations are uncertain due in part to the complexity of governmental laws and regulations and their interpretations, the varying costs and effectiveness of cleanup technologies, the uncertain level of insurance or other types of recovery and the questionable level of our responsibility. Although the ultimate outcome and expense of any litigation, including environmental remediation, is uncertain, we believe that the following proceedings will not have a material adverse effect on our consolidated financial position or results of operations. Lower Passaic River Matter. In August 2004, the United States Environmental Protection Agency (“EPA”) notified Covanta Essex Company (“Essex”) that it was a potentially responsible party (“PRP”) for Superfund response actions in the Lower Passaic River Study Area, referred to as “LPRSA,” a 17 mile stretch of river in northern New Jersey. Essex is one of the PRPs undertaking a Remedial Investigation/Feasibility Study (“Study”) of the LPRSA under EPA oversight. Essex’s share of the Study costs to date are not material to its financial position and results of operations; however, the Study costs are exclusive of any LPRSA remedial costs or natural resource damages that may ultimately be assessed against PRPs. On April 11, 2014, EPA released for public comment a Focused Feasibility Study (“FFS”) proposing a capping/dredging plan for the lower 8 miles of the 17 mile LPRSA. EPA has indicated it expects the FFS public comment and response period to take approximately one year. The Essex facility started operating in 1990 and Essex does not believe there have been any releases to the LPRSA, but in any event believes any releases would have been de minimis considering the history of the LPRSA; however, it is not possible at this time to predict that outcome or to estimate the range of possible loss relating to Essex’s liability in the matter, including for LPRSA remedial costs and/or natural resource damages. California Matter. In March 2012, we received a letter from the Department of Toxic Substances Control of the State of California (the “Department”) notifying us that the Department and several District Attorneys’ offices in the State of California are investigating the operation of our biomass facilities in California. The investigation focused on issues relating to (i) the feedstock at our biomass facilities and the impact of that fuel on the quality and character of the ash residue generated at these facilities and (ii) our compliance with California’s environmental laws at our biomass facilities. We believe that our biomass operations in California were and are in compliance with existing environmental laws and regulations in all material respects. On December 4, 2014, we entered into a final settlement with the Department and all District Attorneys’ offices, pursuant to which we agreed to (i) pay approximately $260,000 in civil penalties, $40,000 in contributions to special environmental projects, and reimbursement of investigation expenses, and (ii) certain modifications to our ash residue testing and disposal protocols. North Carolina Transformer Site Matter. In December 2012, our subsidiary, Covanta Dade Power Corp. (“Dade”) received a letter from the EPA indicating Dade was named as a PRP, along with numerous other unidentified PRPs, relating to the cleanup of the Ward Transformer Superfund Site in Raleigh, North Carolina (“Ward Site”). Dade's alleged liability as a PRP stems from the 1994 servicing at the Ward Site of a transformer alleged to have contained PCB-contaminated oil. EPA is seeking reimbursement from PRPs for its oversight costs in connection with ongoing cleanup activities at the Ward Site. While our investigation in this matter is continuing, based on information obtained to date, we believe Dade's responsibility, if any, in connection with this matter to be de minimis; and subject to indemnity by Veolia Environmental Services North America, LLC, from which we acquired Dade in 2010; however, it is not possible at this time to estimate the range of possible loss relating to Dade's ultimate liability, if any, in this matter. Tulsa Matter. In January 2016, we were informed by the office of the United States Attorney for the Northern District of Oklahoma (“U.S. Attorney”) that we and our subsidiary, Covanta Tulsa Renewable Energy LLC, are the target of an investigation being conducted by the EPA. To date we have not received any information, but we understand that EPA plans to allege improprieties in the recording and reporting of emissions data during an October 2013 incident involving one of the three municipal waste combustion units at our Tulsa, Oklahoma facility. We believe that our operations in Tulsa were and are in compliance with existing laws and regulations in all material respects. While we can provide no assurance as to the outcome of this matter, we do not believe that the investigation or any issues arising therefrom will have a material adverse effect on our financial position or results of operations. Other Matters Other commitments as of December 31, 2015 were as follows (in millions): Commitments Expiring by Period Total Less Than One Year More Than One Year Letters of credit issued under the Revolving Credit Facility $ 184 $ 41 $ 143 Letters of credit - other 63 — 63 Surety bonds 429 — 429 Total other commitments — net $ 676 $ 41 $ 635 The letters of credit were issued to secure our performance under various contractual undertakings related to our domestic and international projects or to secure obligations under our insurance program. Each letter of credit relating to a project is required to be maintained in effect for the period specified in related project contracts, and generally may be drawn if it is not renewed prior to expiration of that period. We believe that we will be able to fully perform under our contracts to which these existing letters of credit relate, and that it is unlikely that letters of credit would be drawn because of a default of our performance obligations. If any of these letters of credit were to be drawn by the beneficiary, the amount drawn would be immediately repayable by us to the issuing bank. If we do not immediately repay such amounts drawn under letters of credit issued under the Revolving Credit Facility, unreimbursed amounts would be treated under the Credit Facilities as either additional term loans or as revolving loans. The surety bonds listed in the table above relate primarily to construction and performance obligations and support for other obligations, including closure requirements of various energy projects when such projects cease operating. Were these bonds to be drawn upon, we would have a contractual obligation to indemnify the surety company. We have certain contingent obligations related to the 7.25% Notes, 6.375% Notes, 5.875% Notes, and Tax-Exempt Bonds. Holders may require us to repurchase their 7.25% Notes, 6.375% Notes, 5.875% Notes and Tax-Exempt Bonds if a fundamental change occurs. We have either issued or are party to guarantees and related contractual support obligations undertaken pursuant to agreements to construct and operate waste and energy facilities. For some projects, such performance guarantees include obligations to repay certain financial obligations if the project revenue is insufficient to do so, or to obtain or guarantee financing for a project. With respect to our businesses, we have issued guarantees to municipal clients and other parties that our subsidiaries will perform in accordance with contractual terms, including, where required, the payment of damages or other obligations. Additionally, damages payable under such guarantees for our energy-from-waste facilities could expose us to recourse liability on project debt. If we must perform under one or more of such guarantees, our liability for damages upon contract termination would be reduced by funds held in trust and proceeds from sales of the facilities securing the project debt and is presently not estimable. Depending upon the circumstances giving rise to such damages, the contractual terms of the applicable contracts, and the contract counterparty’s choice of remedy at the time a claim against a guarantee is made, the amounts owed pursuant to one or more of such guarantees could be greater than our then-available sources of funds. To date, we have not incurred material liabilities under such guarantees. Dublin EfW Facility In connection with the financing of the Dublin EfW facility, Covanta Energy has made commitments for contingent support as follows: (1) lending commitments up to €25 million to fund working capital shortfalls in the project company under certain circumstances during operations; and (2) up to €75 million commitment in the aggregate to provide support payments to the project company, under certain circumstances, in the event waste revenue falls below minimum levels (set far below anticipated levels). For additional information on the Dublin EfW facility, see Note 3. New Business and Asset Management and Note 11. Consolidated Debt . Essex County EfW Facility We are implementing significant operational improvements at our Essex County EfW facility at a total estimated cost of approximately $90 million . Construction commenced in 2014 and is expected to be completed in 2016. As of December 31, 2015, we have approximately $45 million of capital expenditures remaining to be incurred related to these improvements. For additional information, see Note 3. New Business and Asset Management . New York City Contract Investments In August 2013, New York City awarded us a contract to handle waste transport and disposal from two marine transfer stations located in Queens and Manhattan. Service for the Manhattan marine transfer station is expected to follow pending notice to proceed to be issued by New York City. As of December 31, 2015 , we expect to incur approximately $35 million of additional capital expenditures, primarily for transportation equipment.

QUARTERLY DATA (UNAUDITED)

QUARTERLY DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2015
QUARTERLY DATA (UNAUDITED) [Abstract]
Quarterly Financial Information [Text Block]	NOTE 19. QUARTERLY DATA (UNAUDITED) The following table presents quarterly unaudited financial data for the periods presented on the consolidated statements of operations (in millions, except per share amounts): Calendar Quarter Ended March 31, June 30, September 30, December 31, 2015 2014 2015 2014 2015 2014 2015 2014 Operating revenue $ 383 $ 401 $ 408 $ 432 $ 422 $ 414 $ 432 $ 435 Operating income (loss) $ 5 $ 15 $ (20 ) $ 47 $ 71 $ 19 $ 44 $ 63 Net (loss) income $ (37 ) $ (9 ) $ (6 ) $ 5 $ 34 $ 7 $ 78 $ (4 ) Net (loss) income attributable to Covanta Holding Corporation $ (37 ) $ (9 ) $ (6 ) $ 5 $ 34 $ 7 $ 77 $ (5 ) Earnings (loss) per share attributable to Covanta Holding Corporation stockholders: Basic $ (0.28 ) $ (0.07 ) $ (0.05 ) $ 0.04 $ 0.26 $ 0.05 $ 0.59 $ (0.04 ) Diluted $ (0.28 ) $ (0.07 ) $ (0.05 ) $ 0.04 $ 0.25 $ 0.05 $ 0.58 $ (0.04 ) Cash dividend declared per share: $ 0.25 $ 0.18 $ 0.25 $ 0.18 $ 0.25 $ 0.25 $ 0.25 $ 0.25

SCHEDULE II VALUATION AND QUALI

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Dec. 31, 2015
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS [Abstract]
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]	Schedule II — Valuation and Qualifying Accounts Receivables Valuation and Qualifying Accounts Additions Balance Beginning of Year Charged to Costs and Expense Charged to Other Accounts Deductions Balance at End of Period (In millions) 2015 – Reserves for doubtful accounts $ 6 $ 1 $ — $ — $ 7 2014 – Reserves for doubtful accounts $ 4 $ 4 $ — $ 2 $ 6 2013 – Reserves for doubtful accounts $ 6 $ 3 $ — $ 5 $ 4

ORGANIZATION AND SUMMARYY OF SI

ORGANIZATION AND SUMMARYY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2015
Notes To Financial Statements [Abstract]
Energy Derivative Price Risk Policy [Policy Text Block]	Following the expiration of certain long-term energy sales contracts, we may have exposure to market risk, and therefore revenue fluctuations, in energy markets. We have entered into contractual arrangements that will mitigate our exposure to short-term volatility through a variety of hedging techniques, and will continue to do so in the future. Our efforts in this regard will involve only mitigation of price volatility for the energy we produce, and will not involve taking positions (either long or short) on energy prices in excess of our physical generation. We have entered into agreements with various financial institutions to hedge approximately 1.7 million MWh, 1.1 million MWh and 0.1 million MWh of energy production from exposure to market risk for fiscal years 2016, 2017 and 2018, respectively.
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value Measurements Authoritative guidance associated with fair value measurements provides a framework for measuring fair value and establishes a fair value hierarchy that prioritizes the inputs used to measure fair value, giving the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 inputs), then significant other observable inputs (Level 2 inputs) and the lowest priority to significant unobservable inputs (Level 3 inputs). The following methods and assumptions were used to estimate the fair value of each class of financial instruments: • For cash and cash equivalents, restricted funds, and marketable securities, the carrying value of these amounts is a reasonable estimate of their fair value. The fair value of restricted funds held in trust is based on quoted market prices of the investments held by the trustee. • Fair values for long-term debt and project debt are determined using quoted market prices. • The fair value for interest rate swaps were determined by obtaining quotes from two counterparties (one is a holder of the long position and the other is in the short) and extrapolating those across the long and short notional amounts. The fair value of the interest rate swaps was adjusted to reflect counterparty risk of non-performance, and was based on the counterparty’s credit spread in the credit derivatives market. The estimated fair value amounts have been determined using available market information and appropriate valuation methodologies. However, considerable judgment is required in interpreting market data to develop estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that we would realize in a current market exchange. The fair-value estimates presented herein are based on pertinent information available to us as of December 31, 2015 . Such amounts have not been comprehensively revalued for purposes of these financial statements since December 31, 2015 , and current estimates of fair value may differ significantly from the amounts presented herein.
Consolidation, Policy [Policy Text Block]	Principles of Consolidation The consolidated financial statements reflect the results of our operations, cash flows and financial position of our majority-owned or controlled subsidiaries. All intercompany accounts and transactions have been eliminated.
Equity Method Investments [Policy Text Block]	Equity Method Investments Investments in unconsolidated entities over which we have significant influence are accounted for under the equity method of accounting. Investments in entities in which we do not have the ability to exert significant influence over the investees’ operating and financing activities are accounted for under the cost method of accounting. We monitor investments for other-than-temporary declines in value and make reductions when appropriate.
Revenue Recognition [Policy Text Block]	Revenue Recognition Our revenue is generated from the fees we earn for: waste disposal, operating energy-from-waste and independent power facilities, servicing project debt, and for waste transportation and processing; from the sale of electricity and steam; from the sale of recycled ferrous and non-ferrous metal; and from construction services. The fees charged for our services are generally defined in our service agreements and vary based on contract-specific terms. We generally recognize revenue as services are performed or products are delivered. For example, revenue typically is recognized as waste is received or processed at our facilities, metals are shipped from our sites or as kilowatts are delivered to a customer by an EfW facility or independent power production plant. Revenue under existing fixed-price construction contracts are recognized using the percentage-of-completion method, measured by the cost-to-cost method. If an arrangement involves multiple deliverables, the delivered items are considered separate units of accounting if the items have value on a stand-alone basis. Amounts allocated to each element are based on its objectively determined fair value, such as the sales price for the product or service when it is sold separately or competitor prices for similar products or services.
Cost of Sales, Policy [Policy Text Block]	Plant Operating Expense Plant operating expense include facility employee costs, expense for materials and parts for facility scheduled and unscheduled maintenance and repair expense, including costs related to our internal maintenance team and non-facility employee costs. Plant operating expense also include hauling and disposal expense, fuel costs, chemicals and reagents, operating lease expense, and other facility operating related expense.
Pass Through Costs Policy [Policy Text Block]	Pass Through Costs Pass through costs are costs for which we receive a direct contractually committed reimbursement from the municipal client that sponsors an EfW project. These costs generally include utility charges, insurance premiums, ash residue transportation and disposal, and certain chemical costs. These costs are recorded net of municipal client reimbursements in our consolidated financial statements.
Income Tax, Policy [Policy Text Block]	Income Taxes Deferred income taxes are based on the difference between the financial reporting and tax basis of assets and liabilities. The deferred income tax provision represents the change during the reporting period in the deferred tax assets and deferred tax liabilities, net of the effect of acquisitions and dispositions. Deferred tax assets include tax losses and credit carryforwards and are reduced by a valuation allowance if, based on available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. We file a consolidated federal income tax return for each of the periods covered by the consolidated financial statements, which include all eligible United States subsidiary companies. Foreign subsidiaries are taxed according to regulations existing in the countries in which they do business. Our federal consolidated income tax return also includes the taxable results of certain grantor trusts, which are excluded from our consolidated financial statements; however, certain related tax attributes are recorded in our consolidated financial statements since they are part of our federal tax return.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Stock-Based Compensation Stock-based compensation for share-based awards to employees is accounted for as compensation expense based on their grant date fair value.
Cash and Cash Equivalents [Policy Text Block]	Cash and Cash Equivalents Cash and cash equivalents include all cash balances and highly liquid investments having maturities of three months or less from the date of purchase. These short-term investments are stated at cost, which approximates fair value. Balances held by our international subsidiaries are not generally available for near-term liquidity in our domestic operations.
Trade and Other Accounts Receivable, Policy [Policy Text Block]	Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable consist of amounts due to us from normal business activities. Allowances for doubtful accounts are the estimated losses from the inability of customers to make required payments. We use historical experience, as well as current market information, in determining the estimate.
Restricted Funds Held in Trust [Policy Text Block]	Restricted Funds Held in Trust Restricted funds held in trust are primarily amounts received and held by third party trustees relating to certain projects we own. We generally do not control these accounts and these funds may be used only for specified purposes. These funds primarily include debt service reserves for payment of principal and interest on project debt. Revenue funds are comprised of deposits of revenue received with respect to projects prior to their disbursement. Other funds are primarily amounts held in trust for operations, maintenance, environmental obligations, operating lease reserves in accordance with agreements with our clients, and amounts held for future scheduled distributions. Such funds are invested principally in money market funds, bank deposits and certificates of deposit, United States treasury bills and notes, United States government agency securities, and high-quality municipal bonds.
Revenue Recognition, Deferred Revenue [Policy Text Block]	Advance billings to certain customers are billed one or two months prior to performance of service and are recognized as income in the period the service is provided.
Property, Plant and Equipment [Policy Text Block]	Property, Plant and Equipment Property, plant, and equipment acquired in business acquisitions were recorded at our estimate of their fair values on the date of the acquisition. Additions, improvements and major expenditures are capitalized if they increase the original capacity or extend the remaining useful life of the original asset more than one year. Maintenance repairs and minor expenditures are expensed in the period incurred. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which generally range from three years for computer equipment to 50 years for certain infrastructure components of energy-from-waste facilities. Property, plant and equipment at our service fee operated facilities are not recognized on our balance sheet due to the adoption of the service concession arrangements guidance described in greater detail within the Change in Accounting Principle discussion below . Any additions, improvements and major expenditures for which we are responsible at our service fee operated facilities are expensed in the period incurred. Our leasehold improvements are depreciated over the life of the lease term or the asset life, whichever is shorter. Upon retirement or disposal of assets, the cost and related accumulated depreciation are removed from the consolidated balance sheets and any gain or loss is reflected in the consolidated statements of operations.
Property, Plant and Equipment, Impairment [Policy Text Block]	Property, plant and equipment is evaluated for impairment whenever events or changes in circumstances indicate their carrying value may not be recoverable over their estimated useful life. In reviewing for impairment, we compare the carrying value of the relevant assets to their estimated undiscounted future cash flows. When the estimated undiscounted future cash flows are less than their carrying amount, an impairment charge is recognized to reduce the asset’s carrying value to their fair value.
Asset Retirement Obligations [Policy Text Block]	Asset Retirement Obligations We recognize a liability for asset retirement obligations when it is incurred, which is generally upon acquisition, construction, or development. Our liabilities include closure and post-closure costs for landfill cells and site restoration for certain energy-from-waste and power producing sites. We principally determine the liability using internal estimates of the costs using current information, assumptions, and interest rates, but also use independent appraisals as appropriate to estimate costs. When a new liability for asset retirement obligation is recorded, we capitalize the cost of the liability by increasing the carrying amount of the related long-lived asset. The liability is accreted to its present value each period and the capitalized cost is depreciated over the useful life of the related asset. We recognize period-to-period changes in the liability resulting from revisions to the timing or the amount of the original estimate of the undiscounted cash flows.
Amortization of Waste, Service and Energy Contracts and Intangible Assets [Policy Text Block]	Intangible Assets and Liabilities Our waste, service and energy contracts are intangible assets related to long-term operating contracts at acquired facilities. These intangible assets and liabilities, as well as lease interest, and other finite and indefinite-lived intangible assets, are recorded at their estimated fair market values based primarily upon discounted cash flows in accordance with accounting standards related to business combinations. Waste, Service and Energy Contracts Our waste, service and energy contracts are intangible assets and liabilities relating to long-term operating contracts at acquired facilities and are recorded upon acquisition at their estimated fair market values based upon discounted cash flows. Intangible assets and liabilities are amortized using the straight line method over their useful lives.
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block]	Intangible assets with finite lives are evaluated for impairment whenever events or changes in circumstances indicate their carrying value may not be recoverable over their estimated useful life. In reviewing for impairment, we compare the carrying value of the relevant assets to their estimated undiscounted future cash flows. When the estimated undiscounted future cash flows are less than their carrying amount, an impairment charge is recognized to reduce the asset’s carrying value to their fair value.
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]	Goodwill Goodwill is the excess of our purchase cost over the fair value of the net assets of acquired businesses. We do not amortize goodwill, but we assess our goodwill for impairment at least annually. We assess whether a goodwill impairment exists using both qualitative and quantitative assessments. Our qualitative assessment involves determining whether events or circumstances exist that indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If based on this qualitative assessment we determine it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, we will not perform a quantitative assessment. The quantitative assessment of goodwill requires a comparison of the estimated fair value of the reporting unit to which the goodwill has been assigned to its carrying value. All goodwill is related to the North America reporting unit. A reporting unit is defined as an operating segment or a component of an operating segment to the extent discrete financial information is available that is reviewed by segment management. As the components of the North America reporting unit share similar operating and economic characteristics, we have aggregated them into one reporting unit as permitted by the accounting standard related to goodwill and intangible assets. If the carrying value of the reporting unit exceeds the fair value, the reporting unit’s goodwill is compared to its implied value of goodwill. If the carrying value of the reporting unit’s goodwill exceeds the implied value, an impairment charge is recognized to reduce the carrying value to the implied value.
Business Combinations [Policy Text Block]	Business Combinations We recognize the assets acquired and liabilities assumed in a business combination at fair value including any noncontrolling interest of the acquired entity; recognize any goodwill acquired or gain resulting from a bargain purchase; establish the acquisition-date fair value based on the highest and best use by market participants for the asset as the measurement objective; and disclose information needed to evaluate and understand the nature and financial effect of the business combination. We expense direct transaction costs as incurred; capitalize in-process research and development costs, if any; and record a liability for contingent consideration at the measurement date with subsequent remeasurement recognized in the results of operations. Any costs for business restructuring and exit activities related to the acquired company are included in the post-combination results of operations. Tax adjustments related to previously recorded business combinations, if any, will be recognized in the results of operations.
Accumulated Other Comprehensive Income [Policy Text Block]	Accumulated Other Comprehensive Income ("AOCI") AOCI, in the consolidated statements of equity, includes unrealized gains and losses excluded from the consolidated statements of operations. These unrealized gains and losses
Derivatives, Policy [Policy Text Block]	Derivative Instruments We recognize derivative instruments on the balance sheet at their fair value. The cash conversion option and note hedge were derivative instruments that were recorded at fair value quarterly with changes in fair value recognized in our consolidated statements of operations as non-cash convertible debt related expense. We have entered into swap agreements with various financial institutions to hedge our exposure to energy price risk and interest rate risk. Changes in the fair value of the energy derivatives and the interest rate swap are recognized as a component of AOCI. The cash conversion option was a derivative instrument which was recorded at fair value quarterly with any change in fair value being recognized in our consolidated statements of operations as non-cash convertible debt related expense. The note hedge was accounted for as a derivative instrument and, as such, was recorded at fair value quarterly with any change in fair value being recognized in our consolidated statements of operations as non-cash convertible debt related expense.
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign Currency Translation For foreign operations, assets and liabilities are translated at year-end exchange rates and revenue and expense are translated at the average exchange rates during the year. Gains and losses resulting from foreign currency translation are included in the consolidated statements of equity as a component of AOCI. Currency transaction gains and losses are recorded in other operating expense in the consolidated statements of operations.
Pension and Postretirement Benefit Obligations [Policy Text Block]	Pension and Postretirement Benefit Obligations Our pension and other postretirement benefit plans are accounted for based on actuarially-determined estimates. In 2012, we terminated our pension plan and final settlement occurred in 2013.
Share Repurchase Policy [Policy Text Block]	Share Repurchases Under our share repurchase program, common stock repurchases may be made, from time to time, in the open market, in privately negotiated transactions, or by other available methods, at management’s discretion and in accordance with applicable federal securities laws. The timing and amounts of any repurchases will depend on many factors, including our capital structure, the market price of our common stock and overall market conditions, and whether any restrictions then exist under our policies relating to trading in compliance with securities laws. Purchase price over par value for share repurchases are allocated to additional paid-in capital up to the weighted average amount per share recorded at the time of initial issuance of our common stock, with any excess recorded as a reduction to retained earnings.
Use of Estimates [Policy Text Block]	Use of Estimates The preparation of financial statements requires us to make estimates and assumptions that affect the reported amounts of assets or liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates. Significant estimates include useful lives of long-lived assets, asset retirement obligations, construction expense estimates, unbilled service receivables, fair value of financial instruments, fair value of the reporting units for goodwill impairment analysis, fair value of long-lived assets for impairment analysis, renewable energy credits, stock-based compensation, purchase accounting allocations, cash flows and taxable income from future operations, deferred taxes, allowances for uncollectible receivables, and liabilities related to employee medical benefit obligations, workers’ compensation, severance and certain litigation.
Reclassifications [Text Block]	Reclassifications As more fully described in Note 4. Dispositions, Assets Held for Sale and Discontinued Operations , during the year ended December 31, 2015, we determined that the assets and liabilities associated with our investments in China met the criteria for classification as Assets Held for Sale and in 2014 we sold our insurance business. The assets and liabilities associated with these assets are presented in our consolidated balance sheets as current "Assets held for sale” and current "Liabilities held for sale.” During the fourth quarter of 2013, assets related to our development activities in the United Kingdom met the criteria for classification as Assets Held for Sale and Discontinued Operations. The results of operations related to the development activities in the United Kingdom are included in the consolidated statements of operations as “Loss from discontinued operations, net of tax benefit.” The cash flows of these businesses are also presented separately in our consolidated statements of cash flows.
Earnings Per Share, Policy [Policy Text Block]	Per share data is based on the weighted average number of outstanding shares of our common stock, par value $0.10 per share, during the relevant period. Basic earnings per share are calculated using only the weighted average number of outstanding shares of common stock. Diluted earnings per share computations, as calculated under the treasury stock method, include the weighted average number of shares of additional outstanding common stock issuable for stock options, restricted stock awards, restricted stock units and warrants whether or not currently exercisable. Diluted earnings per share for each of the periods presented does not include securities if their effect was anti-dilutive.

ORGANIZATION AND SUMMARY OF S31

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2015
Notes To Financial Statements [Abstract]
Restricted Fund Balances	Restricted fund balances are as follows (in millions): As of December 31, 2015 2014 Current Noncurrent Current Noncurrent Debt service funds - principal $ 9 $ 8 $ 78 $ 8 Debt service funds - interest 1 — 2 — Total debt service funds 10 8 80 8 Revenue funds 4 — 2 — Other funds 63 73 23 83 Total $ 77 $ 81 $ 105 $ 91
Summary of Deferred Revenue	Deferred revenue consisted of the following (in millions): As of December 31, 2015 2014 Current Noncurrent Current Noncurrent Advance billings to municipalities $ 6 $ — $ 8 $ — Other 7 — 7 1 Total $ 13 $ — $ 15 $ 1
Property, Plant and Equipment	Property, plant and equipment consisted of the following (in millions): As of December 31, 2015 2014 Land $ 22 $ 21 Facilities and equipment 3,885 3,807 Landfills (primarily for ash disposal) 64 62 Construction in progress 266 175 Total 4,237 4,065 Less: accumulated depreciation and amortization (1,547 ) (1,458 ) Property, plant, and equipment — net $ 2,690 $ 2,607
Summary of Asset Retirement Obligation	Our asset retirement obligation is presented as follows (in millions): As of December 31, 2015 2014 Beginning of period asset retirement obligation $ 28 $ 28 Accretion expense 2 2 Net change (1) — (2 ) End of period asset retirement obligation 30 28 Less: current portion (3 ) (4 ) Noncurrent asset retirement obligation $ 27 $ 24 (1) Comprised of expenditures and settlements of the asset retirement obligation liability, net revisions based on current estimates of the liability and revised expected cash flows and life of the liability
AOCI, Net of Income Taxes	AOCI, in the consolidated statements of equity, includes unrealized gains and losses excluded from the consolidated statements of operations. These unrealized gains and losses consisted of the following (in millions): As of December 31, 2015 2014 Foreign currency translation $ (34 ) $ (12 ) Pension and other postretirement plan unrecognized net gain 2 2 Net unrealized loss on derivatives (2 ) (12 ) Accumulated other comprehensive loss $ (34 ) $ (22 )
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]	The changes in accumulated other comprehensive (loss) income are as follows (in millions): Foreign Currency Translation Pension and Other Postretirement Plan Unrecognized Net Gain Net Unrealized Loss on Derivatives Net Unrealized Gain (Loss) on Securities Total Balance December 31, 2013 $ — $ 2 $ (5 ) $ 1 $ (2 ) Other comprehensive (loss) before reclassifications (12 ) — (7 ) (1 ) (20 ) Amounts reclassified from accumulated other comprehensive income — — — — — Net current period comprehensive loss (12 ) — (7 ) (1 ) (20 ) Balance December 31, 2014 $ (12 ) $ 2 $ (12 ) $ — $ (22 ) Other comprehensive (loss) income before reclassifications (22 ) — 10 — (12 ) Amounts reclassified from accumulated other comprehensive loss — — — — — Net current period comprehensive (loss) income (22 ) — 10 — (12 ) Balance December 31, 2015 $ (34 ) $ 2 $ (2 ) $ — $ (34 )
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]	The adoption of this guidance had the following effect on our consolidated statement of operations for the year ended December 31, 2015 (in millions, except per share amounts): Increase (Decrease) Plant operating expense $ 31 Depreciation and amortization $ (22 ) Income tax expense $ (4 ) Net income attributable to Covanta Holding Corporation $ (5 ) Basic and Diluted income per share $ (0.04 )

DISPOSITIONS AND DISCONTINUED32

DISPOSITIONS AND DISCONTINUED OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 2015
Dispositions [Abstract]
Disclosure of Long Lived Assets Held-for-sale [Table Text Block]	The following table sets forth the assets and liabilities of the Assets Held for Sale included in the consolidated balance sheets as of the dates indicated (in millions): As of December 31, 2015 2014 Cash and cash equivalents $ 2 $ 7 Receivables 3 3 Prepaid expenses and other current assets 1 2 Property, plant and equipment, net 49 46 Investments in investees and joint ventures 39 34 Other noncurrent assets 3 4 Assets held for sale $ 97 $ 96 Current portion of project debt $ 3 $ 5 Accounts payable 3 1 Accrued expenses and other current liabilities 5 4 Project debt 12 16 Liabilities held for sale $ 23 $ 26
Schedule Of Disposal Groups Including Discontinued Operations Income Statement Disclosures [Text Block]	The following table summarizes the operating results of the discontinued operations for the periods indicated (in millions): For the Years Ended 2015 2014 2013 Revenue $ — $ 1 $ 6 Operating expense, including net gain on disposal of assets held for sale (1) $ — $ 1 $ 60 Loss before income tax expense and equity in net income from unconsolidated investments $ — $ — $ (53 ) Equity in net income from unconsolidated investments $ — $ — $ — Loss from discontinued operations, net of income tax benefit of $0, $0 and $1, respectively $ — $ — $ (52 ) (1) For the year ended December 31, 2013, operating expense includes the write-down of capitalized development costs of $47 million

EQUITY AND EARNINGS PER SHARE33

EQUITY AND EARNINGS PER SHARE ("EPS") (Tables)	12 Months Ended
	Dec. 31, 2015
Notes To Financial Statements [Abstract]
Class of Treasury Stock [Table Text Block]	During the years ended December 31, 2015, 2014 and 2013 common shares repurchased and dividends declared were as follows (in millions, except per share amounts): For the Years Ended December 31, 2015 2014 2013 Total repurchases (1) $ 32 $ — $ 34 Shares repurchased 2.1 — 1.7 Weighted average cost per share $ 15.33 $ — $ 19.37 Dividends declared $ 133 $ 114 $ 87 Per share $ 1.00 $ 0.86 $ 0.66
Basic and Diluted Earnings Per Share Computations and Antidilutive Securities Excluded	Diluted earnings per share for each of the periods presented does not include securities if their effect was anti-dilutive. Net income (loss) and earnings (loss) per share attributable to Covanta Holding Corporation are as follows (in millions, except per share amounts): For the Years Ended 2015 2014 2013 Net income (loss) from continuing operations $ 68 $ (2 ) $ 43 Net loss from discontinued operations — — (52 ) Net income (loss) attributable to Covanta Holding Corporation $ 68 $ (2 ) $ (9 ) Basic earnings (loss) per share: Weighted average basic common shares outstanding 132 130 129 Continuing operations 0.52 (0.01 ) $ 0.33 Discontinued operations — — (0.40 ) Covanta Holding Corporation $ 0.52 $ (0.01 ) $ (0.07 ) Diluted earnings (loss) per share: Weighted average basic common shares outstanding 132 130 129 Dilutive effect of stock options — — — Dilutive effect of restricted stock — — 1 Dilutive effect of restricted stock units 1 — — Dilutive effect of convertible debentures — — — Dilutive effect of warrants — — — Weighted average diluted common shares outstanding 133 130 130 Continuing operations 0.51 (0.01 ) $ 0.33 Discontinued operations — — (0.40 ) Covanta Holding Corporation $ 0.51 $ (0.01 ) $ (0.07 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	For the Years Ended 2015 2014 2013 Securities excluded from the weighted average dilutive common shares outstanding because their inclusion would have been anti-dilutive: Stock options 1 1 2 Restricted stock — 1 — Restricted stock units — — — Warrants — 25 29

FINANCIAL INFORMATION BY BUSI34

FINANCIAL INFORMATION BY BUSINESS SEGMENTS (Tables)	12 Months Ended
	Dec. 31, 2015
Notes To Financial Statements [Abstract]
Results of Reportable Segment	The results of our reportable segment are as follows (in millions): North America All Other (1) Total Year Ended December 31, 2015: Operating revenue $ 1,607 $ 38 $ 1,645 Depreciation and amortization expense $ 197 $ 1 $ 198 Net write-offs $ 43 $ — $ 43 Operating income (loss) $ 101 $ (1 ) $ 100 Interest expense, net $ 53 $ 72 $ 125 Equity in net income from unconsolidated investments $ — $ 13 $ 13 As of December 31, 2015: Total assets (includes goodwill of $301 in the North America segment) $ 3,861 $ 398 $ 4,259 Capital additions $ 175 $ 201 $ 376 Year Ended December 31, 2014: Operating revenue $ 1,641 $ 41 $ 1,682 Depreciation and amortization expense $ 208 $ 3 $ 211 Net write-offs $ 50 $ 14 $ 64 Operating income $ 159 $ (15 ) $ 144 Interest expense, net $ 54 $ 83 $ 137 Equity in net income from unconsolidated investments $ — $ 10 $ 10 As of December 31, 2014: Total assets (includes goodwill of $274 in the North America segment) $ 3,908 $ 298 $ 4,206 Capital additions $ 188 $ 28 $ 216 Year Ended December 31, 2013: Operating revenue $ 1,595 $ 35 $ 1,630 Depreciation and amortization expense $ 207 $ 2 $ 209 Net gains $ 15 $ — $ 15 Operating income (loss) $ 231 $ (9 ) $ 222 Interest expense, net $ 52 $ 94 $ 146 Equity in net income from unconsolidated investments $ — $ 6 $ 6 (1) All other is comprised of the financial results of our insurance subsidiaries’ operations through the date of disposal and our international assets.
Schedule Of Revenue And Total Assets By Geographic Location Table [Text Block]	A summary of operating revenue and total assets by geographic area is as follows (in millions): United States Other Total Operating Revenue: Year Ended December 31, 2015 $ 1,589 $ 56 $ 1,645 Year Ended December 31, 2014 $ 1,567 $ 115 $ 1,682 Year Ended December 31, 2013 $ 1,478 $ 152 $ 1,630 United States Assets Held for Sale Other Total Total Assets: As of December 31, 2015 $ 3,870 $ 97 $ 292 $ 4,259 As of December 31, 2014 $ 3,828 $ 96 $ 282 $ 4,206

AMORTIZATION OF WASTE, SERVIC35

AMORTIZATION OF WASTE, SERVICE AND ENERGY CONTRACTS (Tables)	12 Months Ended
	Dec. 31, 2015
Notes To Financial Statements [Abstract]
Summary of Waste, Service and Energy Contracts	Waste, service and energy contracts consisted of the following (in millions): As of December 31, 2015 As of December 31, 2014 Remaining Weighted Average Useful Life Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Waste, service and energy contracts (asset) 23 years $ 531 $ 247 $ 284 $ 542 $ 228 $ 314 Waste and service contracts (liability) 3 years $ (131 ) $ (118 ) $ (13 ) $ (131 ) $ (112 ) $ (19 )
Schedule Of Amortization Expense [Table Text Block]	The following table details the amount of the actual/estimated amortization expense and contra-expense associated with these intangible assets and liabilities as of December 31, 2015 included or expected to be included in our consolidated statements of operations for each of the years indicated (in millions): Waste, Service and Energy Contracts (Amortization Expense) Waste and Service Contracts (Contra-Expense) Year ended December 31, 2015 $ 25 $ (6 ) 2016 21 (6 ) 2017 14 (4 ) 2018 13 (2 ) 2019 13 (1 ) 2020 13 — Thereafter 210 — Total $ 284 $ (13 )

OTHER INTANGIBLE ASSETS AND G36

OTHER INTANGIBLE ASSETS AND GOODWILL (Tables)	12 Months Ended
	Dec. 31, 2015
OTHER INTANGIBLE ASSETS AND GOODWILL [Abstract]
Schedule Of Other Intangible Assets By Major Class Table [Text Block]	Other intangible assets consisted of the following (in millions): As of December 31, 2015 As of December 31, 2014 Remaining Weighted Average Useful Life Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer relationships and other 13 years $ 40 $ 6 $ 34 $ 16 $ 3 $ 13 Other intangibles Indefinite 4 — 4 4 — 4 Intangible assets, net $ 44 $ 6 $ 38 $ 20 $ 3 $ 17
Other Intangible Assets Amortization Expense Table [Text Block]	The following table details the amount of the actual/estimated amortization expense associated with other intangible assets as of December 31, 2015 expected to be included in our statements of operations for each of the years indicated (in millions): 2016 2017 2018 2019 2020 Thereafter Total Annual remaining amortization $3 $ 3 $ 3 $ 3 $ 3 $ 19 $ 34
Changes In Goodwill Table [Text Block]	The following table details the changes in carrying value of goodwill (in millions): Total Balance as of December 31, 2013 $ 268 Goodwill related to acquisitions 6 Balance as of December 31, 2014 274 Goodwill related to acquisitions 27 Balance as of December 31, 2015 $ 301

EQUITY METHOD INVESTMENTS (Tabl

EQUITY METHOD INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2015
EQUITY METHOD INVESTMENTS [Abstract]
Schedule of Equity Method Investments [Table Text Block]	As of December 31, 2015 and 2014 , investments in investees and joint ventures accounted for under the equity method were as follows (dollars in millions): Ownership Interest as of December 31, 2015 2015 Ownership Interest as of December 31, 2014 2014 South Fork Plant (U.S.) 50% $ — 50% $ 1 Koma Kulshan Plant (U.S.) 50% 5 50% 5 TARTECH (U.S.) 50% 5 50% 5 Ambiente 2000 (Italy) 40% — 40% 1 Total investments in investees and joint ventures $ 10 $ 12 Investments in investees and joint ventures classified as held for sale: (1) Sanfeng (China) 40% 17 40% $ 12 Chengdu (China) 49% 22 49% 22 Total investments in investees and joint ventures classified as held for sale $ 39 $ 34 (1) See Note 4. Dispositions, Assets Held for Sale and Discontinued Operations .

OPERATING LEASES LEASES (Tables

OPERATING LEASES LEASES (Tables)	12 Months Ended
	Dec. 31, 2015
Leases [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	The following is a schedule, by year, of future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2015 (in millions): 2016 2017 2018 2019 2020 Thereafter Total Future Minimum Rental Payments $ 19 $ 17 $ 16 $ 16 $ 15 $ 74 $ 157 Non-Recourse Portion of Future Minimum Rental Payments $ 11 $ 10 $ 10 $ 10 $ 9 $ 56 $ 106

CONSOLIDATED DEBT (Tables)

CONSOLIDATED DEBT (Tables)	12 Months Ended
	Dec. 31, 2015
Notes To Financial Statements [Abstract]
Consolidated Debt	Consolidated debt is as follows (in millions): As of December 31, 2015 2014 LONG-TERM DEBT: Revolving Credit Facility $ 348 $ 145 Term loan 200 198 Debt discount related to Term loan — (1 ) Term loan, net 200 197 Credit Facilities Sub-total $ 548 $ 342 7.25% Senior Notes due 2020 $ 400 $ 400 6.375% Senior Notes due 2022 400 400 5.875% Senior Notes due 2024 400 400 Notes Sub-total $ 1,200 $ 1,200 4.00% - 5.25% Tax-Exempt Bonds due from 2024 to 2045 $ 464 $ 335 Variable Rate Tax-Exempt Bonds due 2043 — 34 Tax-Exempt Bonds Sub-total $ 464 $ 369 3.48% - 4.52% Equipment Financing Capital Lease Arrangements due 2024 through 2027 $ 73 $ 62 Total long-term debt $ 2,285 $ 1,973 Less: current portion (8 ) (5 ) Noncurrent long-term debt $ 2,277 $ 1,968 PROJECT DEBT: North America segment project debt 1.75% - 6.45% Americas Project Debt related to Service Fee structures due 2016 through 2035 $ 117 $ 135 5.248% - 6.20% Americas Project Debt related to Tip Fee structures due 2019 through 2020 23 29 Unamortized debt premium, net 5 1 Total North America segment project debt 145 165 Other project debt: Dublin Junior Term Loan due 2022 57 61 Debt discount related to Dublin Junior Term Loan (1 ) (1 ) Dublin Junior Term Loan, net 56 60 Total project debt 201 225 Less: Current project debt (includes $1 and $(2) of unamortized premium (discount), respectively) (16 ) (35 ) Noncurrent project debt $ 185 $ 190 TOTAL CONSOLIDATED DEBT $ 2,486 $ 2,198 Less: Current debt (24 ) (40 ) TOTAL NONCURRENT CONSOLIDATED DEBT $ 2,462 $ 2,158
Available Credit for Liquidity	As of December 31, 2015 , we had availability under the Revolving Credit Facility as follows (in millions): Total Facility Commitment Expiring (1) Direct Borrowings as of Outstanding Letters of Credit as of Available Capacity as of Revolving Credit Facility $ 1,000 2020 $ 348 $ 184 $ 468
Schedule of Tax Exempt Bonds [Table Text Block]	In August 2015, we issued two new series of fixed rate tax-exempt corporate bonds totaling $130 million Proceeds from the offerings were utilized to refinance tax-exempt project debt at our Delaware Valley facility and to fund certain capital improvements at our Essex County facility. Financing costs were not material. Details of the issues and the use of proceeds are as follows (dollars in millions): Series Amount Maturity Coupon Use of Proceeds Massachusetts Series 2012A $ 20 2027 4.875% New proceeds for qualifying capital expenditures in Massachusetts Massachusetts Series 2012B 67 2042 4.875% Redeem SEMASS project debt Massachusetts Series 2012C 82 2042 5.25% Redeem Haverhill project debt Niagara Series 2012A 130 2042 5.25% Redeem Niagara project debt Niagara Series 2012B 35 2024 4.00% Redeem Niagara project debt New Jersey Series 2015A 90 2045 5.25% Finance qualifying expenditures at Essex County facility Pennsylvania Series 2015A 40 2043 5.00% Refinance outstanding tax-exempt debt $ 464
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block]	2016 2017 2018 2019 2020 Thereafter Annual Remaining Amortization $ 4 $ 4 $ 5 $ 5 $ 5 $ 50 Depreciation associated with this equipment is included in Depreciation and amortization expense on our consolidated statement of operations. For additional information see Note 1. Organization and Summary of Significant Accounting Policies - Property, Plant and Equipment .
Schedule Of Maturities Of Project Debt Table [Text Block]	The maturities of long-term project debt as of December 31, 2015 are as follows (in millions): Thereafter Total Less: Current Portion Total Noncurrent Project Debt Debt $ 15 $ 17 $ 19 $ 14 $ 4 $ 128 $ 197 $ (15 ) $ 182 Premium 1 — — — — 3 4 (1 ) 3 Total $ 16 $ 17 $ 19 $ 14 $ 4 $ 131 $ 201 $ (16 ) $ 185

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2015
Notes To Financial Statements [Abstract]
Fair Value Measurement of Assets and Liabilities	The following financial instruments are recorded at their estimated fair value. The following table presents information about the fair value measurement of our assets and liabilities as of December 31, 2015 and 2014 : As of December 31, Financial Instruments Recorded at Fair Value on a Recurring Basis: Fair Value Measurement Level 2015 2014 (In millions) Assets: Cash and cash equivalents: Bank deposits and certificates of deposit 1 $ 89 $ 79 Money market funds 1 5 5 Total cash and cash equivalents: 94 84 Restricted funds held in trust: Bank deposits and certificates of deposit 1 7 67 Money market funds 1 66 36 U.S. Treasury/agency obligations (1) 1 18 2 State and municipal obligations 1 59 87 Commercial paper/guaranteed investment contracts/repurchase agreements 1 8 4 Total restricted funds held in trust: 158 196 Restricted funds — other: Bank deposits and certificates of deposit (2) 1 2 1 Investments: Mutual and bond funds (2) 1 2 2 Derivative asset — energy hedges (2)(3) 2 21 5 Total assets: $ 277 $ 288 Liabilities: Derivative liability — interest rate swaps 2 14 15 Liability — contingent consideration related to acquisition 3 — 2 Total liabilities: $ 14 $ 17 The following financial instruments are recorded at their carrying amount (in millions): As of December 31, 2015 As of December 31, 2014 Financial Instruments Recorded at Carrying Amount: Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets: Accounts receivables (4) $ 314 $ 314 $ 323 $ 323 Liabilities: Long-term debt $ 2,285 $ 2,266 $ 1,973 $ 2,039 Project debt $ 201 $ 209 $ 225 $ 234 (1) The U.S. Treasury/agency obligations in restricted funds held in trust are primarily comprised of Federal Home Loan Mortgage Corporation securities at fair value. (2) Included in other noncurrent assets in the consolidated balance sheets. (3) Included in prepaid expenses and other current assets in the consolidated balance sheets. (4) Includes $2 million and $24 million of noncurrent receivables in other noncurrent assets in the consolidated balance sheets as of December 31, 2015 and 2014 .

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2015
Notes To Financial Statements [Abstract]
Derivative Instruments Not Designated as Hedging Instruments	The following disclosures summarize the fair value of derivative instruments not designated as hedging instruments in the consolidated balance sheets and the effect of changes in fair value related to those derivative instruments not designated as hedging instruments on the consolidated statements of operations (in millions): Derivative Instruments Not Designated As Hedging Instruments Fair Value as of December 31, Balance Sheet Location 2015 2014 Asset Derivatives: Foreign currency hedges Prepaid expenses and other current assets $ 6 $ — Amount of Gain (Loss) Recognized In Income on Derivatives Effect on Income of Derivative Instruments Not Designated As Hedging Instruments Location of Gain or (Loss) Recognized in Income on Derivatives For the Years Ended 2015 2014 2013 Foreign currency hedge Other (expense) income, net $ 6 $ — $ — Note hedge Non-cash convertible debt related expense — 5 (26 ) Cash conversion option Non-cash convertible debt related expense — (5 ) 27 Effect on income of derivative instruments not designated as hedging instruments $ 6 $ — $ 1

SUPPLEMENTARY INFORMATION (Tabl

SUPPLEMENTARY INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2015
Notes To Financial Statements [Abstract]
Schedule Of Net Write-Offs [Table Text Block]	components of net write-offs are as follows (in millions): For the Years Ended 2015 2014 2013 North America segment: Write-off of intangible assets (1) $ — $ 16 $ — Write-down of biomass facilities and biomass equity investment (2) 43 34 2 Write-down of EfW facility assets (3) — — 9 Write-off of loan issued to fund certain facility improvements (4) — — 4 North America segment sub-total: 43 50 15 Other: Write-down of insurance business (5) — 14 — Total net write-offs $ 43 $ 64 $ 15 (1) Write-offs related to intangible assets are related to the following: • On June 30, 2014, our service agreement with the Dutchess County Resource Recovery Agency under which we operated the Hudson Valley EfW facility expired. In 2014, we recorded a $9 million non-cash impairment write-off of the intangible asset that was recorded upon acquisition in 2009 based on the expected cash flows over the remaining life of the contract utilizing Level 3 inputs. • On April 3, 2014, the Montgomery County (PA) Commissioners (the “County”) unanimously voted to dissolve the Waste System Authority of Eastern Montgomery County (the “WSA”). The Abington transfer station was constructed by the County and subsequently deeded to the WSA, which was responsible for its operation. We operated the transfer station through the end of the current contract, which expired on December 31, 2014. However, due to the dissolution of the WSA, it was not able to renew our current contract to operate the Abington transfer station. During the year ended December 31, 2014, we recorded a non-cash impairment write-off of $7 million of the service contract intangible with the WSA that was recorded upon acquisition in 2009 based on the expected cash flows over the remaining life of the contract utilizing Level 3 inputs. (2) Write-downs related to our biomass assets are as follows: • During year ended December 31, 2015, we identified indicators of impairment associated with our biomass facilities, primarily due to a decline in energy market pricing. As a result of these developments, we recorded a non-cash impairment charge of $43 million , pre-tax, which was calculated based on estimated cash flows for these facilities utilizing Level 3 inputs. Assumptions used in determining future operating results and cash flows include current and expected market conditions and future operations forecasts. It is reasonably possible that these assumptions and estimates may change resulting in the need to adjust our determination of fair value. • During year ended December 31, 2014, we identified indicators of impairment associated with our California Biomass facilities, primarily that we were unsuccessful in securing new long-term power purchase agreements to replace the current power purchase agreements, which were approaching the end of their terms. Based on expected cash flows utilizing Level 3 inputs, we recorded a non-cash write-down of $34 million to reduce the carrying value of the California Biomass assets to their estimated fair value. • During 2013, we recorded a non-cash write-down of $2 million related to our 55% equity investment in the Pacific Ultrapower Chinese Station biomass facility in California, which we subsequently sold in the fourth quarter of 2013. (3) During 2013, we recorded a non-cash write-down of $9 million resulting from an impairment charge related to our Wallingford EfW facility assets in Connecticut, reducing the carrying value of the net assets to the present value of the expected cash flows to be recovered utilizing Level 3 inputs. (4) In 2008, we agreed to loan The Harrisburg Authority up to $26 million for certain facility improvements in connection with our engagement as project operator. By 2010, we had advanced $22 million of the loan, of which $20 million was outstanding, The Harrisburg Authority had defaulted in its repayment, and the City of Harrisburg’s financial crisis had deepened. In 2010, we recorded a non-cash impairment charge of $7 million , pre-tax, to write-down the receivable to $13 million . In 2013, in connection with an anticipated settlement of the matter for a $9 million partial payment of the loan, we recorded an additional non-cash write-off of $4 million , pre-tax, to write-down the receivable to $9 million . This settlement, which included the transfer of the facility to the Lancaster County Solid Waste Management Authority and our continuation as operator, closed during the quarter ended December 31, 2013. (5) During 2014, we sold our insurance subsidiaries and recorded a non-cash write-down of $14 million comprised of the write-down of the carrying amount in excess of the realizable fair value of $12 million , plus $2 million in disposal costs. Non-
Components of Non-Cash Convertible Debt Related Expense	components of non-cash convertible debt related expense are as follows (in millions): For the Years Ended 2015 2014 2013 Debt discount accretion related to the 3.25% Notes $ — $ 13 $ 29 Fair value changes related to the cash convertible note hedge — (5 ) 26 Fair value changes related to the cash conversion option derivative — 5 (27 ) Total non-cash convertible debt related expense $ — $ 13 $ 28
Supplementary Balance Sheet information [Table Text Block]	cted supplementary balance sheet information is as follows (in millions): As of December 31, 2015 2014 Prepaid expenses $ 37 $ 30 Hedge receivables 25 7 Spare parts 17 20 Renewable energy credits 15 17 Other 28 28 Total prepaid expenses and other current assets $ 122 $ 102 Operating expenses, payroll and related expenses $ 114 $ 171 Deferred revenue 13 15 Accrued liabilities to client communities 22 29 Interest payable 24 22 Dividends payable 34 34 Other 27 35 Total accrued expenses and other current liabilities $ 234 $ 306

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Notes To Financial Statements [Abstract]
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	The components of income tax expense were as follows (in millions): For the Years Ended December 31, 2015 2014 2013 Current: Federal $ (91 ) $ (1 ) $ 3 State 16 4 12 Foreign 2 3 — Total current (73 ) 6 15 Deferred: Federal 7 (4 ) 20 State (11 ) 16 7 Foreign (7 ) (3 ) 1 Total deferred (11 ) 9 28 Total income tax (benefit) expense $ (84 ) $ 15 $ 43
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]	Domestic and foreign pre-tax (loss) income was as follows (in millions): For the Years Ended December 31, 2015 2014 2013 Domestic $ 6 $ 14 $ 91 Foreign (34 ) (10 ) (12 ) Total $ (28 ) $ 4 $ 79
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	A reconciliation of our income tax (benefit) expense at the federal statutory income tax rate of 35% to income tax expense at the effective tax rate is as follows (in millions): For the Years Ended December 31, 2015 2014 2013 Income tax (benefit) expense at the federal statutory rate $ (10 ) $ 1 $ 28 State and other tax expense 1 8 11 Tax rate differential on foreign earnings 8 5 5 Permanent differences 4 4 1 Worthless stock deduction — — (4 ) Production tax credits/R&E tax credits (3 ) (4 ) (5 ) Change in valuation allowance (7 ) 3 — Liability for uncertain tax positions (82 ) 5 4 Basis adjustment to unconsolidated investment 4 (9 ) 4 Other 1 2 (1 ) Total income tax (benefit) expense $ (84 ) $ 15 $ 43
Summary of Operating Loss Carryforwards [Table Text Block]	We had consolidated federal NOLs estimated to be approximately $309 million for federal income tax purposes as of the end of 2015 . These consolidated federal NOLs will expire, if not used, in the following amounts in the following years (in millions): Amount of Carryforward Expiring 2028 $ 83 2029 — 2030 29 2031 1 2032 1 2033 195 $ 309
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]		The tax effects of temporary differences that give rise to the deferred tax assets and liabilities are presented as follows (in millions): As of December 31, 2015 2014 Deferred tax assets: Capital loss carryforward $ 3 $ 2 Net operating loss carryforwards 157 142 Accrued expenses 24 2 Prepaid and other costs 36 35 Deferred tax assets attributable to pass-through entities 17 10 Retirement benefits — 2 Other 4 7 AMT and other credit carryforwards 67 64 Total gross deferred tax asset 308 264 Less: valuation allowance (73 ) (96 ) Total deferred tax asset 235 168 Deferred tax liabilities: Unbilled accounts receivable 4 6 Property, plant and equipment 725 737 Intangible assets 18 9 Deferred tax liabilities attributable to pass-through entities 26 77 Deferred gain on convertible debt 20 27 Swap income 2 — Prepaid expenses 23 19 Other, net 11 4 Total gross deferred tax liability 829 879 Net deferred tax liability $ 594 $ 711
Reconciliation Of Beginning And Ending Amounts Of Unrecognized Tax Benefits [Text Block]	A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions): Balance at December 31, 2012 $ 124 Additions based on tax positions related to the current year 3 Additions for tax positions of prior years 4 Reductions for lapse in applicable statute of limitations (2 ) Reductions for tax positions of prior years (1 ) Balance at December 31, 2013 128 Additions based on tax positions related to the current year 8 Additions for tax positions of prior years — Reductions for lapse in applicable statute of limitations (3 ) Reductions for tax positions of prior years — Balance at December 31, 2014 133 Additions based on tax positions related to the current year 12 Additions for tax positions of prior years — Reductions for lapse in applicable statute of limitations — Reductions for tax positions of prior years (109 ) Balance at December 31, 2015 $ 36

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	12 Months Ended
	Dec. 31, 2015
Notes To Financial Statements [Abstract]
Schedule of Changes in Fair Value of Plan Assets [Table Text Block]	The following table is a reconciliation of the changes in the benefit obligations and fair value of assets for our non-qualified defined benefit pension plan and other postretirement benefit plan, the funded status (using a December 31 measurement date) of the plans and the related amounts recognized in our consolidated balance sheets (in millions, except percentages as noted): Non-qualified Pension Benefits Other Benefits For the Year Ended December 31, For the Year Ended December 31, 2015 2014 2015 2014 Change in benefit obligation: Benefit obligation at beginning of year $ 4 $ 5 $ 5 $ 5 Service cost — — — — Interest cost — — — — Amendments — — — — Actuarial gain — — (1 ) — Benefits paid — (1 ) — — Settlement — — — — Benefit obligation at end of year $ 4 $ 4 $ 4 $ 5 Change in plan assets: Plan assets at fair value at beginning of year $ — $ — $ — $ — Actual return on plan assets — — — — Contributions — 1 — — Benefits paid — (1 ) — — Settlement — — — — Plan assets at fair value at end of year $ — $ — $ — $ — Reconciliation of accrued benefit liability and net amount recognized: Funded status of the plan $ (4 ) $ (4 ) $ (4 ) $ (5 ) Unrecognized net gain — — — — Net amount recognized $ (4 ) $ (4 ) $ (4 ) $ (5 ) Accumulated other comprehensive (income) loss recognized: Net actuarial gain $ — $ — $ (4 ) $ (4 ) Net prior service cost (1 ) (1 ) — — Total as of December 31, $ (1 ) $ (1 ) $ (4 ) $ (4 ) Weighted average assumptions used to determine net periodic benefit expense for years ending December 31: Discount rate 4.05 % 4.95 % 3.50 % 4.10 % Weighted average assumptions used to determine projected benefit obligations as of December 31: Discount rate 4.35 % 4.05 % 3.75 % 3.50 %

STOCK-BASED AWARD PLANS (Tables

STOCK-BASED AWARD PLANS (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share Based Compensation Expense By Award Type [Text Block]	Stock-based compensation expense is as follows (in millions, except for weighted average years): As of December 31, 2015 Total Compensation Expense for the Years Ended December 31, Unrecognized stock-based compensation expense Weighted-average years to be recognized 2015 2014 2013 Restricted Stock Awards $ 11 $ 11 $ 11 $ 7 1.4 Restricted Stock Units $ 6 $ 6 $ 4 $ 4 2.4
Schedule Of Share Based Compensation Restricted Stock Awards Activity Table [Text Block]	Changes in nonvested restricted stock awards were as follows (in thousands, except per share amounts): As of December 31, 2015 2014 2013 Number of Shares Weighted- Average Grant Date Fair Value Number of Shares Weighted- Average Grant Date Fair Value Number of Shares Weighted- Average Grant Date Fair Value Nonvested at the beginning of the year 1,240 $ 17.67 1,166 $ 17.85 1,418 $ 16.38 Granted 573 $ 21.88 721 $ 17.20 634 $ 19.51 Vested (661 ) $ 17.69 (608 ) $ 17.27 (718 ) $ 16.52 Forfeited (92 ) $ 19.36 (39 ) $ 17.80 (168 ) $ 17.40 Nonvested at the end of the year 1,060 $ 19.79 1,240 $ 17.67 1,166 $ 17.85
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]	Changes in nonvested restricted stock units were as follows (in thousands, except per share amounts): As of December 31, 2015 2014 2013 Number of Shares Weighted- Average Grant Date Fair Value Number of Shares Weighted- Average Grant Date Fair Value Number of Shares Weighted- Average Grant Date Fair Value Nonvested at the beginning of the year 894 $ 15.93 691 $ 16.66 1,016 $ 16.59 Granted 322 $ 21.95 247 $ 14.60 219 $ 16.91 Vested (8 ) $ 19.42 (44 ) $ 16.51 (544 ) $ 16.64 Forfeited (6 ) $ 21.99 — $ — — $ — Nonvested at the end of the year 1,202 $ 17.60 894 $ 15.93 691 $ 16.66
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	The following table summarizes activity and balance information of the options under the 2014 Stock Option Plan: As of December 31, 2015 2014 2013 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price 2014 Stock Option Plan (in thousands, except per share amounts) Outstanding at the beginning of the year 1,113 $ 21.25 1,686 $ 20.42 1,789 $ 20.01 Granted — $ — 25 $ 20.58 — $ — Exercised (13 ) $ 11.40 (532 ) $ 18.53 (84 ) $ 11.75 Expired — $ — (66 ) $ 20.52 (19 ) $ 20.52 Forfeited — $ — — $ — — $ — Outstanding at the end of the year 1,100 $ 21.37 1,113 $ 21.25 1,686 $ 20.42 Options exercisable at year end 1,100 $ 21.37 1,100 $ 21.26 1,686 $ 20.42 Options available for future grant 5,652 6,548 1,541
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]	As of December 31, 2015 , options for shares were in the following price ranges (in thousands, except years and per share amounts): Weighted Average Remaining Contractual Life (Years) Options Outstanding Options Exercisable Exercise Price Range Number of Shares Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price $20.52 — $20.58 870 $ 20.52 1.4 870 $ 20.52 $23.30 — $26.84 230 $ 24.57 2.4 230 $ 24.57 1,100 1,100

COMMITMENTS AND CONTINGENCIES46

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2015
Notes To Financial Statements [Abstract]
Other Commitments	Other commitments as of December 31, 2015 were as follows (in millions): Commitments Expiring by Period Total Less Than One Year More Than One Year Letters of credit issued under the Revolving Credit Facility $ 184 $ 41 $ 143 Letters of credit - other 63 — 63 Surety bonds 429 — 429 Total other commitments — net $ 676 $ 41 $ 635

QUARTERLY DATA (UNAUDITED) (Tab

QUARTERLY DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2015
QUARTERLY DATA (UNAUDITED) [Abstract]
Schedule of Quarterly Financial Information [Table Text Block]	The following table presents quarterly unaudited financial data for the periods presented on the consolidated statements of operations (in millions, except per share amounts): Calendar Quarter Ended March 31, June 30, September 30, December 31, 2015 2014 2015 2014 2015 2014 2015 2014 Operating revenue $ 383 $ 401 $ 408 $ 432 $ 422 $ 414 $ 432 $ 435 Operating income (loss) $ 5 $ 15 $ (20 ) $ 47 $ 71 $ 19 $ 44 $ 63 Net (loss) income $ (37 ) $ (9 ) $ (6 ) $ 5 $ 34 $ 7 $ 78 $ (4 ) Net (loss) income attributable to Covanta Holding Corporation $ (37 ) $ (9 ) $ (6 ) $ 5 $ 34 $ 7 $ 77 $ (5 ) Earnings (loss) per share attributable to Covanta Holding Corporation stockholders: Basic $ (0.28 ) $ (0.07 ) $ (0.05 ) $ 0.04 $ 0.26 $ 0.05 $ 0.59 $ (0.04 ) Diluted $ (0.28 ) $ (0.07 ) $ (0.05 ) $ 0.04 $ 0.25 $ 0.05 $ 0.58 $ (0.04 ) Cash dividend declared per share: $ 0.25 $ 0.18 $ 0.25 $ 0.18 $ 0.25 $ 0.25 $ 0.25 $ 0.25

SCHEDULE II VALUATION AND QUA48

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Tables)	12 Months Ended
	Dec. 31, 2015
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS [Abstract]
Summary of Valuation Allowance [Table Text Block]	Additions Balance Beginning of Year Charged to Costs and Expense Charged to Other Accounts Deductions Balance at End of Period (In millions) 2015 – Reserves for doubtful accounts $ 6 $ 1 $ — $ — $ 7 2014 – Reserves for doubtful accounts $ 4 $ 4 $ — $ 2 $ 6 2013 – Reserves for doubtful accounts $ 6 $ 3 $ — $ 5 $ 4

RECENT ACCOUNTING PRONOUNCEME49

RECENT ACCOUNTING PRONOUNCEMENTS Recent Accounting Pronouncements (Details) $ in Millions	Dec. 31, 2015USD ($)
New Accounting Pronoucements Not yet Adopted [Abstract]
Unamortized debt issuance expense, current	$ 8
Unamortized Debt Issuance Expense	$ 49

Organization and Summary of S50

Organization and Summary of Significant Accounting Policies - Additional Information (Details) $ / shares in Thousands, ton in Millions, MW in Millions, $ in Millions		3 Months Ended								12 Months Ended							60 Months Ended
		Dec. 31, 2015USD ($)MWtonFacility	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2015USD ($)MWtonFacility	Dec. 31, 2015USD ($)MWtonFacility$ / shares	Dec. 31, 2015USD ($)MWtonFacility	Dec. 31, 2015USD ($)MWtonFacility	Dec. 31, 2015USD ($)MWtonFacilitySegment	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2015USD ($)MWtonFacility
Organization (additional details) [Abstract]
Number of Reportable Segments													1	1
Segment Reporting, Additional Information about Entity's Reportable Segments										North America, which is comprised of waste and energy services operations located primarily in the United States and Canada.
Pass Through Costs [Abstract]
Pass through costs												$ 50			$ 59	$ 73
Restricted Funds Held in Trust [Abstract]
Restricted funds held in trust, current		$ 77				$ 105				$ 77	$ 77	77	$ 77	$ 77	105		$ 77
Restricted funds held in trust, noncurrent		81				91				81	81	81	81	81	91		81
Restricted funds held in trust		158								158	158	158	158	158			158
Deferred Revenue [Abstract]
Deferred Revenue, Current		13				15				13	13	13	13	13	15		13
Deferred Revenue, Noncurrent		0				1				0	0	0	0	0	1		0
Property, Plant and Equipment [Abstract]
Land		22				21				22	22	22	22	22	21		22
Facilities And Equipment Gross		3,885				3,807				3,885	3,885	3,885	3,885	3,885	3,807		3,885
Landfill Gross		64				62				64	64	64	64	64	62		64
Construction in Progress, Gross		266				175				266	266	266	266	266	175		266
Property, Plant and Equipment, Gross		4,237				4,065				4,237	4,237	4,237	4,237	4,237	4,065		4,237
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment		(1,547)				(1,458)				(1,547)	(1,547)	(1,547)	(1,547)	(1,547)	(1,458)		(1,547)
Property, plant and equipment, net		2,690				2,607				2,690	2,690	2,690	2,690	2,690	2,607		2,690
Depreciation												177			191	184
Capital Expenditures Incurred but Not yet Paid												24			37
Asset Retirement Obligation [Abstract]
Asset Retirement Obligation, Liabilities Settled		30				28				30	30	30	30	30	28	28	30
Asset Retirement Obligation, Accretion Expense												2			2
Asset Retirement Obligation, Liabilities Incurred	[1]											0			(2)
Asset Retirement Obligation, Current		(3)				(4)				(3)	(3)	(3)	(3)	(3)	(4)		(3)
Asset Retirement Obligations, Noncurrent		27				24				27	27	27	27	27	24		27
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax		(34)				(12)				(34)	(34)	(34)	(34)	(34)	(12)	0	(34)
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax		2				2				2	2	2	2	2	2	2	2
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax		(2)				(12)				(2)	(2)	(2)	(2)	(2)	(12)	(5)	(2)
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax		0				0				0	0	0	0	0	0	1	0
Accumulated Other Comprehensive Income (Loss), Net of Tax		(34)				(22)				(34)	(34)	(34)	(34)	(34)	(22)	(2)	(34)
Other Comprehensive Income Before Reclassification Adjustments												(12)			(20)
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax												0			0
Other Comprehensive Income Reclassified from AOCI												0			0
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Net of Tax												0			0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent												(22)			(12)	(4)
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax												0			0
Net unrealized (loss) gain on derivative instruments, net of tax												10			(7)	(5)
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax												0			(1)	0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent												(12)			(20)	(9)
Accounting Changes [Abstract]
Loss on Contracts												20					14
Cumulative Effect of New Accounting Principle in Period of Adoption		(45)								(45)	(45)	(45)	(45)	(45)			(45)
Deferred income taxes		595				743				595	595	595	595	595	743		595
Plant operating expenses												1,129			1,055	992
Depreciation and amortization expense												198			211	209
Income Tax Expense (Benefit)												(84)			15	43
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest		78	$ 34	$ (6)	$ (37)	(4)	$ 7	$ 5	$ (9)			69			(1)	$ (10)
Up-front Payment Arrangement [Member]
Deferred Revenue [Abstract]
Deferred Revenue, Current		6				8				6	6	6	6	6	8		6
Deferred Revenue, Noncurrent		0				0				0	0	0	0	0	0		0
All Other [Member]
Deferred Revenue [Abstract]
Deferred Revenue, Current		7				7				7	7	7	7	7	7		7
Deferred Revenue, Noncurrent		0				1				0	0	0	0	0	1		0
Debt Service Funds [Member]
Restricted Funds Held in Trust [Abstract]
Restricted funds held in trust, current		10				80				10	10	10	10	10	80		10
Restricted funds held in trust, noncurrent		8				8				8	8	8	8	8	8		8
Debt Service Funds [Member] | Principal Amount [Member]
Restricted Funds Held in Trust [Abstract]
Restricted funds held in trust, current		9				78				9	9	9	9	9	78		9
Restricted funds held in trust, noncurrent		8				8				8	8	8	8	8	8		8
Restricted funds held in trust		17								17	17	17	17	17			17
Debt Service Funds [Member] | Interest Amount [Member]
Restricted Funds Held in Trust [Abstract]
Restricted funds held in trust, current		1				2				1	1	1	1	1	2		1
Restricted funds held in trust, noncurrent		0				0				0	0	0	0	0	0		0
Revenue Funds [Member]
Restricted Funds Held in Trust [Abstract]
Restricted funds held in trust, current		4				2				4	4	4	4	4	2		4
Restricted funds held in trust, noncurrent		0				0				0	0	0	0	0	0		0
Other Funds [Member]
Restricted Funds Held in Trust [Abstract]
Restricted funds held in trust, current		63				23				63	63	63	63	63	23		63
Restricted funds held in trust, noncurrent		$ 73				83				$ 73	$ 73	$ 73	$ 73	$ 73	83		$ 73
Energy From Waste Process [Member]
Organization (additional details) [Abstract]
Annual processing capacity | ton		20								20	20	20	20	20			20
Annual generation capacity of megawatt hours | MW		10								10	10	10	10	10			10
Energy From Waste Facilities [Member]
Organization (additional details) [Abstract]
Number of Operate and/or ownership positions in energy generation facilities | Facility		45								45	45	45	45	45			45
Other Energy Generation Facilities [Member]
Organization (additional details) [Abstract]
Number of Operate and/or ownership positions in energy generation facilities | Facility		11								11	11	11	11	11			11
Computer Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Abstract]
Original useful lives for equipment										3 years
Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Abstract]
Original useful lives for equipment										50 years
Foreign Currency Translation [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Other Comprehensive Income Before Reclassification Adjustments												$ (22)			(12)
Other Comprehensive Income Reclassified from AOCI												0			0
Unrealized Gain Loss on Derivatives [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Other Comprehensive Income Before Reclassification Adjustments												10			(7)
Other Comprehensive Income Reclassified from AOCI												0			0
Accumulated Net Unrealized Investment Gain (Loss) [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Other Comprehensive Income Before Reclassification Adjustments												0			(1)
Other Comprehensive Income Reclassified from AOCI												0			0
Insurance Subsidiary [Member]
Organization (additional details) [Abstract]
Investments in subsidiaries engaged in insurance operations													1.00%
Scenario, Previously Reported [Member]
Accounting Changes [Abstract]
Retained Earnings (Accumulated Deficit)						15									15
Accounting Standards Update 2014-05 [Member]
Property, Plant and Equipment [Abstract]
Property, plant and equipment, net						75									75
Accounting Changes [Abstract]
Retained Earnings (Accumulated Deficit)						60									60
Cumulative Effect of New Accounting Principle in Period of Adoption						45									45
Deferred income taxes						$ 30									$ 30
Plant operating expenses												31
Depreciation and amortization expense												(22)
Income Tax Expense (Benefit)												(4)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest												(5)
Earnings Per Share, Basic and Diluted | $ / shares											$ (40)
New Accounting Pronouncement, Early Adoption, Effect [Member]
Accounting Changes [Abstract]
Deferred Tax Assets, Net, Current		$ 67								$ 67	$ 67	$ 67	$ 67	$ 67			$ 67
[1]	(1)Comprised of expenditures and settlements of the asset retirement obligation liability, net revisions based on current estimates of the liability and revised expected cash flows and life of the liability

New Business and Asset Manage51

New Business and Asset Management (Details) € in Millions, CAD in Millions, $ in Millions	12 Months Ended					60 Months Ended
	Dec. 31, 2015CADton	Dec. 31, 2015USD ($)MWton	Dec. 31, 2015EUR (€)ton	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2015USD ($)MWton	Dec. 31, 2015EUR (€)MWton
Business Acquisition [Line Items]
Property, plant and equipment, net		$ 2,690		$ 2,607		$ 2,690
Loss on Contracts		20				$ 14
Environmental Services [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross		$ 69
New Jersey Transfer Station [Member]
Business Acquisition [Line Items]
Capacity Per Day | ton		2,500				2,500	2,500
Business Acquisition, Description of Acquired Entity					In 2013, we acquired two strategically-located transfer stations in New Jersey
Camden Resource Recovery Facility [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross				$ 49
Capacity Per Day | ton		1,050				1,050	1,050
Business Acquisition, Description of Acquired Entity				The EfW facility provides sustainable waste management services to Camden County and surrounding communities while generating approximately 21 MW of renewable energy, which is sold at prevailing market rates.
Property, plant and equipment, net				$ 53
Acquired Finite Lived Intangible Liability				5
Pinellas County EfW [Member]
Business Acquisition [Line Items]
Contract Duration	10 years	10 years	10 years
Capacity Per Day | ton		3,150				3,150	3,150
Dublin EfW Facility [Member]
Business Acquisition [Line Items]
Contract Duration	45 years	45 years	45 years
Capacity Of Facility | ton	600,000	600,000	600,000
Total Electricity Produced | MW		58				58	58
Percentage Of Production Capacity		50.00%				50.00%	50.00%
Estimated Investment For Project | €			€ 500
Capital Invested In Project | €			€ 125
Non-Recourse Debt | €							€ 375
NYC Waste Contract [Member]
Business Acquisition [Line Items]
Contract Duration	20 years	20 years	20 years
Estimated Investment For Project		$ 150
Capital Invested In Project		$ 31		$ 59	$ 23
Estimated Total Annual Waste | ton	800,000	800,000	800,000
Estimated Capital Expenditures For Project		$ 114
Estimated Capital Improvements		$ 36
Durham York EfW Facility [Member]
Business Acquisition [Line Items]
Contract Duration	20 years	20 years	20 years
Capacity Of Facility | ton	140,000	140,000	140,000
Estimated Construction Cost | CAD	CAD 250

Dispositions and Other (additio

Dispositions and Other (additional information) (Details) - USD ($) $ in Millions		6 Months Ended	12 Months Ended
		Jun. 30, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Dividends from unconsolidated investments			$ 5	$ 11	$ 7
Insurance business [Member]
Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other Nonrecurring (Income) Expense			$ 0	14
Restructuring Costs				2
Pacific Ultrapower Chinese Station Plant [Member]
Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage Of Ownership Interests Sold					55.00%
Proceeds from Sales of Business, Affiliate and Productive Assets				$ 0.1	$ 0.2
Taixing [Member]
Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity Method Investment, Ownership Percentage			85.00%
Chengdu [Member]
Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity Method Investment, Ownership Percentage	[1]		49.00%	49.00%
Sanfeng [Member]
Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity Method Investment, Ownership Percentage	[1]		40.00%	40.00%
Scenario, Forecast [Member] | Sanfeng Environmental [Member]
Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale of Stock, Percentage of Ownership after Transaction		15.00%
Percentage of Investment Sold		90.00%
Proceeds from Sale of Other Investments		$ 110
Dividends from unconsolidated investments		$ 5
Fair Value, Measurements, Nonrecurring [Member] | Insurance business [Member]
Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other Nonrecurring (Income) Expense				$ 12
[1]	(1) See Note 4. Dispositions, Assets Held for Sale and Discontinued Operations.

Assets Held for Sale Summary (D

Assets Held for Sale Summary (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group Investments	$ 39	$ 34
Disposal Group, Including Discontinued Operation, Liabilities	23	26
CHINA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents	2	7
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net	3	3
Disposal Group, Including Discontinued Operation, Prepaid and Other Assets	1	2
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment	49	46
Disposal Group Investments	39	34
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent	3	4
Disposal Group, Including Discontinued Operation, Assets	97	96
Disposal Group, Project Debt Current	3	5
Disposal Group, Including Discontinued Operation, Accounts Payable	3	1
Disposal Group, Including Discontinued Operation, Accrued Liabilities, Current	5	4
Disposal Group, Project Debt Noncurrent	12	16
Disposal Group, Including Discontinued Operation, Liabilities	$ 23	$ 26

Discontinued Operations Income

Discontinued Operations Income Statements (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Assets Held for Sale Income Statement [Abstract]
Revenues		$ 0	$ 1	$ 6
Disposal Group, Including Discontinued Operation, Operating Expense	[1]	0	1	60
(Loss) income before income tax expense and equity in net income from unconsolidated investments		0	0	(53)
Equity in net income from unconsolidated investments		0	0	0
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest		0	0	(52)
Capitalized Development Costs Expense				47
Discontinued Operation, Tax Effect of Discontinued Operation		$ 0	$ 0	$ (1)
[1]	(1)For the year ended December 31, 2013, operating expense includes the write-down of capitalized development costs of $47 million

Equity - Additional Information

Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended								12 Months Ended
		Jan. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Repurchased In Period											239,495
Common Stock Repurchased - Amount	[1]										$ 32	$ 0	$ 34
Common Stock Repurchased - Shares Repurchased											2,100,000	0	1,700,000
Common Stock Repurchased - Weighted Average Cost Per Share											$ 15.33	$ 0	$ 19.37
Dividends, Common Stock											$ 133	$ 114	$ 87
Common Stock, Dividends, Per Share, Declared			$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.18	$ 0.18	$ 1	$ 0.86	$ 0.66
Common Stock, Shares, Issued			136,000,000				136,000,000				136,000,000	136,000,000
Common stock, shares outstanding			131,000,000				133,000,000				131,000,000	133,000,000
Treasury Stock, Shares			5,000,000								5,000,000
Common Stock, Capital Shares Reserved for Future Issuance			5,700,000								5,700,000
Preferred stock, shares authorized			10,000,000				10,000,000				10,000,000	10,000,000
Common Stock, Par or Stated Value Per Share			$ 0.10				$ 0.10				$ 0.10	$ 0.10	$ 0.10
Preferred Stock, Shares Issued			0				0				0	0
Preferred Stock, Shares Outstanding			0				0				0	0
Restricted Stock [Member]
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period											573,280
Restricted Stock Units (RSUs) [Member]
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period											322,168
Subsequent Event [Member]
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Common Stock Repurchased - Amount	[1]	$ 18
Common Stock Repurchased - Shares Repurchased		1,200,000
Common Stock Repurchased - Weighted Average Cost Per Share		$ 15.29
[1]	(1) Additionally, in January 2016, we repurchased 1.2 million shares of our common stock at a weighted average cost of $15.29 per share for an aggregate amount of $18 million.

Earnings Per Share Computations

Earnings Per Share Computations (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Net income (loss) from continuing operations									$ 68	$ (2)	$ 43
Net (loss) income from discontinued operations									0	0	(52)
NET INCOME ATTRIBUTABLE TO COVANTA HOLDING CORPORATION	$ 77	$ 34	$ (6)	$ (37)	$ (5)	$ 7	$ 5	$ (9)	$ 68	$ (2)	$ (9)
Basic earnings per share:
Weighted average basic common shares outstanding									132,000,000	130,000,000	129,000,000
Continuing operations	$ 0.59	$ 0.26	$ (0.05)	$ (0.28)	$ (0.04)	$ 0.05	$ 0.04	$ (0.07)	$ 0.52	$ (0.01)	$ 0.33
Discontinued operations									0	0	(0.40)
Covanta Holding Corporation									$ 0.52	$ (0.01)	$ (0.07)
Diluted earnings per share:
Weighted average basic common shares outstanding									132,000,000	130,000,000	129,000,000
Dilutive effect of stock options									0	0	0
Dilutive effect of restricted stock									0	0	1,000,000
Increment of Common Shares Attributable To Restricted Stock Unit									1,000,000	0	0
Dilutive effect of convertible debentures									0	0	0
Dilutive effect of warrants									0	0	0
Weighted average diluted common shares outstanding									133,000,000	130,000,000	130,000,000
Continuing operations	$ 0.58	$ 0.25	$ (0.05)	$ (0.28)	$ (0.04)	$ 0.05	$ 0.04	$ (0.07)	$ 0.51	$ (0.01)	$ 0.33
Discontinued operations									0	0	(0.40)
Covanta Holding Corporation									$ 0.51	$ (0.01)	$ (0.07)
Shares issuable from warrant exercises										1,430,870
Stock Options [Member]
Diluted earnings per share:
Securities excluded from the weighted average dilutive common shares outstanding because their inclusion would have been anti-dilutive:									1,000,000	1,000,000	2,000,000
Restricted stock
Diluted earnings per share:
Securities excluded from the weighted average dilutive common shares outstanding because their inclusion would have been anti-dilutive:									0	1,000,000	0
Restricted Stock Units (RSUs) [Member]
Diluted earnings per share:
Securities excluded from the weighted average dilutive common shares outstanding because their inclusion would have been anti-dilutive:									0	0	0
Warrants [Member]
Diluted earnings per share:
Securities excluded from the weighted average dilutive common shares outstanding because their inclusion would have been anti-dilutive:									0	25,000,000	29,000,000

Financial Information by Busi57

Financial Information by Business Segments - Additional Information (Details) - 12 months ended Dec. 31, 2015	Total	Total	Segment
Disclosure FINANCIAL INFORMATION BY BUSINESS SEGMENTS Additional Information [Abstract]
Number of reportable segments		1	1
Segment Reporting, Additional Information about Entity's Reportable Segments	North America, which is comprised of waste and energy services operations located primarily in the United States and Canada.

Results of Reportable Segment (

Results of Reportable Segment (Details) - USD ($) $ in Millions		3 Months Ended								12 Months Ended
		Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Operating revenues		$ 432	$ 422	$ 408	$ 383	$ 435	$ 414	$ 432	$ 401	$ 1,645	$ 1,682	$ 1,630
Depreciation and amortization expense										198	211	209
Net write-offs (gains)										43	64	15
Operating Income (Loss)		44	$ 71	$ (20)	$ 5	63	$ 19	$ 47	$ 15	100	144	222
Segment Interest Expense Including Net Interest On Project Debt										125	137	146
Equity in net income from unconsolidated investments										13	10	6
Assets		4,259				4,206				4,259	4,206
Payments to Acquire Productive Assets										376	216
Disposal Group, Including Discontinued Operation, Assets, Current		97				96				97	96
Goodwill		301				274				301	274	268
Assets Held-for-sale [Member]
Segment Reporting Information [Line Items]
Disposal Group, Including Discontinued Operation, Assets, Current		97				96				97	96
United States [Member]
Segment Reporting Information [Line Items]
Operating revenues										1,589	1,567	1,478
Assets		3,870				3,828				3,870	3,828
Other Countries [Member]
Segment Reporting Information [Line Items]
Operating revenues										56	115	152
Assets		292				282				292	282
North America [Member]
Segment Reporting Information [Line Items]
Operating revenues										1,607	1,641	1,595
Depreciation and amortization expense										197	208	207
Net write-offs (gains)										43	50	15
Operating Income (Loss)										101	159	231
Segment Interest Expense Including Net Interest On Project Debt										53	54	52
Equity in net income from unconsolidated investments										0	0	0
Assets		3,861				3,908				3,861	3,908
Payments to Acquire Productive Assets										175	188
Goodwill		301				274				301	274
All Other [Member]
Segment Reporting Information [Line Items]
Operating revenues	[1]									38	41	35
Depreciation and amortization expense	[1]									1	3	2
Net write-offs (gains)	[1]									0	14	0
Operating Income (Loss)	[1]									(1)	(15)	(9)
Segment Interest Expense Including Net Interest On Project Debt	[1]									72	83	94
Equity in net income from unconsolidated investments	[1]									13	10	$ 6
Assets	[1]	$ 398				$ 298				398	298
Payments to Acquire Productive Assets	[1]									$ 201	$ 28
[1]	(1)All other is comprised of the financial results of our insurance subsidiaries’ operations through the date of disposal and our international assets.

Amortization of Waste Service E

Amortization of Waste Service Energy Contract Intangible (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Waste Service Energy Contract Intangible [Line Items]
Finite-Lived Intangible Assets, Remaining Amortization Period	13 years
Finite-Lived Intangible Assets, Net	$ 284
Waste And Service Contracts Noncurrent	$ (13)	$ (19)
Waste Service And Energy Contracts Intangible Assets [Member]
Waste Service Energy Contract Intangible [Line Items]
Finite-Lived Intangible Assets, Remaining Amortization Period	23 years
Finite-Lived Intangible Assets, Gross	$ 531	542
Finite-Lived Intangible Assets, Accumulated Amortization	247	228
Finite-Lived Intangible Assets, Net	$ 284	314
Waste And Service Contracts Intangible Liabilities [Member]
Waste Service Energy Contract Intangible [Line Items]
Finite-Lived Intangible Assets, Remaining Amortization Period	3 years
Waste And Service Contracts Gross Noncurrent	$ (131)	(131)
Waste And Service Contracts Accumulated Amortization Noncurrent	(118)	(112)
Waste And Service Contracts Noncurrent	$ (13)	$ (19)

Amortization of Waste Service60

Amortization of Waste Service Energy Contract Intangible Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Waste Service Energy Contract Intangible Expense [Line Items]
Cost of Services, Amortization	$ 2	$ 1	$ 3
Finite-Lived Intangible Assets, Net	284
Waste And Service Contracts Noncurrent	$ 13	19
Finite-Lived Intangible Asset, Weighted Average Period before Next Renewal or Extension	7 years
Waste Service And Energy Contracts Intangible Assets [Member]
Waste Service Energy Contract Intangible Expense [Line Items]
Cost of Services, Amortization	$ 25
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year	21
Finite-Lived Intangible Assets, Amortization Expense, Year Two	14
Finite-Lived Intangible Assets, Amortization Expense, Year Three	13
Finite-Lived Intangible Assets, Amortization Expense, Year Four	13
Finite-Lived Intangible Assets, Amortization Expense, Year Five	13
Finite-Lived Intangible Assets, Amortization Expense, after Year Five	210
Finite-Lived Intangible Assets, Net	284	314
Waste And Service Contracts Intangible Liabilities [Member]
Waste Service Energy Contract Intangible Expense [Line Items]
Cost Of Services Accretion	(6)
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	(6)
Future Accretion Expense Year Two	(4)
Future Accretion Expense Year Three	(2)
Future Accretion Expense Year Four	(1)
Future Accretion Expense Year Five	0
Future Accretion Expense After Year Five	0
Waste And Service Contracts Noncurrent	$ 13	19
Contract-Based Intangible Assets [Member]
Waste Service Energy Contract Intangible Expense [Line Items]
Other Nonrecurring (Income) Expense		$ 16	$ 0

Other Intangible Assets (Detail

Other Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Other Finite and Infinite Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Remaining Amortization Period	13 years
Intangible Assets Gross Excluding Goodwill	$ 44	$ 20
Intangible Assets Accumulated Amortization	6	3
Other intangible assets, net	38	17
Cost of Services, Amortization	2	1	$ 3
Other Intangible Assets [Member]
Schedule of Other Finite and Infinite Intangible Assets [Line Items]
Intangible Assets Gross Excluding Goodwill	4	4
Intangible Assets Accumulated Amortization	0	0
Other intangible assets, net	4	4
Customer Relationships [Member]
Schedule of Other Finite and Infinite Intangible Assets [Line Items]
Intangible Assets Gross Excluding Goodwill	40	16
Intangible Assets Accumulated Amortization	6	3
Other intangible assets, net	34	$ 13
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year	3
Finite-Lived Intangible Assets, Amortization Expense, Year Two	3
Finite-Lived Intangible Assets, Amortization Expense, Year Three	3
Finite-Lived Intangible Assets, Amortization Expense, Year Four	3
Finite-Lived Intangible Assets, Amortization Expense, Year Five	3
Finite-Lived Intangible Assets, Amortization Expense, after Year Five	$ 19

Schedule of Goodwill (Details)

Schedule of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Goodwill [Abstract]
Goodwill Deductible For Federal Income Tax Purpose	$ 59
Goodwill	301	$ 274	$ 268
Goodwill, Acquired During Period	$ 27	$ 6

Equity Method Investments (Deta

Equity Method Investments (Details) - USD ($) $ in Millions		Dec. 31, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Investments in investees and joint ventures		$ 10	$ 12
Disposal Group Investments		$ 39	$ 34
South Fork Plant [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage		50.00%	50.00%
Investments in investees and joint ventures		$ 0	$ 1
Koma Kulshan Plant [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage		50.00%	50.00%
Investments in investees and joint ventures		$ 5	$ 5
TARTECH (U.S.) [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage		50.00%	50.00%
Investments in investees and joint ventures		$ 5	$ 5
Ambiente 2000 [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage		40.00%	40.00%
Investments in investees and joint ventures		$ 0	$ 1
Sanfeng [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	[1]	40.00%	40.00%
Disposal Group Investments	[1]	$ 17	$ 12
Chengdu [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	[1]	49.00%	49.00%
Disposal Group Investments	[1]	$ 22	$ 22
[1]	(1) See Note 4. Dispositions, Assets Held for Sale and Discontinued Operations.

Leases (Details)

Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating Leased Assets [Line Items]
Operating Leases, Rent Expense	$ 16	$ 15	$ 17
Operating Leases, Future Minimum Payments Due, Next Twelve Months	19
Operating Leases, Future Minimum Payments, Due in Two Years	17
Operating Leases, Future Minimum Payments, Due in Three Years	16
Operating Leases, Future Minimum Payments, Due in Four Years	16
Operating Leases, Future Minimum Payments, Due in Five Years	15
Operating Leases, Future Minimum Payments, Due Thereafter	74
Operating Leases, Future Minimum Payments Due	157
Non Recourse [Member]
Operating Leased Assets [Line Items]
Operating Leases, Future Minimum Payments Due, Next Twelve Months	11
Operating Leases, Future Minimum Payments, Due in Two Years	10
Operating Leases, Future Minimum Payments, Due in Three Years	10
Operating Leases, Future Minimum Payments, Due in Four Years	10
Operating Leases, Future Minimum Payments, Due in Five Years	9
Operating Leases, Future Minimum Payments, Due Thereafter	56
Operating Leases, Future Minimum Payments Due	$ 106

Consolidated Debt Table (Detail

Consolidated Debt Table (Details) - USD ($) $ in Millions	Dec. 31, 2015	Aug. 01, 2015	Dec. 31, 2014	Dec. 31, 2012
Line of Credit Facility, Amount Outstanding	$ 548		$ 342
Long-term Debt	2,285		1,973
Total Long Term Debt, Senior Notes and Debentures	1,200		1,200
Total Long Term Debt, Tax Exempt Bonds	464		369
Capital Lease Obligations	73		62
Long-term Debt, Current Maturities	8		5
Long-term Debt, Excluding Current Maturities	2,277		1,968
Project Debt	201		225
Current portion of project debt	(16)		(35)
Project Debt Noncurrent	185		190
Debt, Total	2,486		2,198
Debt, Current	(24)		(40)
Debt, Noncurrent	2,462		2,158
North America [Member]
Project Debt	145		165
Project Debt Type [Member]
Debt Premium, current	1
Project Debt	201
Debt Instrument, Unamortized Premium	4
Current portion of project debt	(16)
Project Debt Noncurrent	185
Debt Discount, current			(2)
Term Loan due 2019 [Member]
Line of Credit Facility, Amount Outstanding	198
Revolving Credit Facility [Member]
Line of Credit Facility, Amount Outstanding	348		145
Term Loan [Member]
Line of Credit Facility, Amount Outstanding	200		198
Debt Instrument, Unamortized Discount	0		(1)
Long-term Debt	200		197
Senior Notes 7.25 Percent Due 2020 [Member]
Long-term Debt	400		400
Senior Notes 6.375 Percent Due 2022 [Member]
Long-term Debt	400		400	$ 400
Senior Notes 5.875 Percent Due 2024 [Member]
Long-term Debt	400		400
Tax Exempt Bonds due 2024 to 2045 [Member]
Long-term Debt	464
Tax Exempt Bonds due 2024 to 2042 [Member]
Long-term Debt			335
Americas Project Debt Related To Service Fee Structures [Member]
Project Debt	117		135
Americas Project Debt Related To Tip Fee Structures [Member]
Project Debt	23		29
Debt Instrument, Unamortized Premium	5		1
Covanta Delaware Valley L P [Member] | Variable Rate Tax Exempt Bond due 2043 [Member]
Long-term Debt	0	$ 34	34
Long-term Debt, Current Maturities	6
Dublin EfW Facility [Member] | Junior Loans [Member]
Debt Instrument, Unamortized Discount	(1)		(1)
Other Project Debt	57		61
Other Project Debt, net	$ 56		$ 60

Credit Facilities (Details)

Credit Facilities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Mar. 31, 2015USD ($)
Credit Facilities (Additional Information) [Abstract]
Credit Facilities	$ 1,200,000
Proceeds from Long-term Capital Lease Obligations	15,000	$ 63,000	$ 0
Line of Credit Facility, Amount Outstanding	548,000	342,000
Repayments of Long-term Debt	196,000	557,000	3,000
Deferred Finance Costs, Gross	3,000
Line of Credit Facility, Increase, Additional Borrowings	$ 895,000	531,000	645,000
Leverage Ratio Maximum	2.75
Availability under Revolving Credit Facility [Abstract]
Repayments of Lines of Credit	$ 692,000	496,000	$ 595,000
Credit Facilities Repayment Terms [Abstract]
Debt Future Amortization Expense	$ 1,250
Credit Facilities Interest and Fees Guarantees Cov Cal [Abstract]
Debt Instrument Covenant Total Leverage Ratio Maximum	4
Debt Instrument Covenant Permitted Interest Ratio Minimum	3
Revolving Credit Facility [Member]
Credit Facilities (Additional Information) [Abstract]
Credit Facilities	$ 1,000,000
Line of Credit Facility, Amount Outstanding	$ 348,000	145,000
Availability under Revolving Credit Facility [Abstract]
Line of Credit Facility, Expiration Date	Apr. 10, 2020
Letters of Credit Outstanding, Amount	$ 184,000
Line of Credit Facility, Remaining Borrowing Capacity	468,000
Term Loan [Member]
Credit Facilities (Additional Information) [Abstract]
Line of Credit Facility, Amount Outstanding	200,000	$ 198,000
Incremental Credit Facility [Member]
Credit Facilities (Additional Information) [Abstract]
Line of Credit Facility, Increase, Additional Borrowings	500,000
Letters of credit [Member]
Credit Facilities (Additional Information) [Abstract]
Credit Facilities	$ 600,000			$ 1,000,000
Credit Facilities Interest and Fees Guarantees Cov Cal [Abstract]
Percentage Of Fronting Fee	0.15%
Revolving Credit Facility Tranche A [Member]
Credit Facilities (Additional Information) [Abstract]
Credit Facilities	$ 950,000
Revolving Credit Facility Tranche B [Member]
Credit Facilities (Additional Information) [Abstract]
Credit Facilities	50,000
Swingline Loans [Member] | Revolving Credit Facility [Member]
Credit Facilities (Additional Information) [Abstract]
Credit Facilities	$ 50,000
Federal Funds Rate [Member]
Credit Facilities Interest and Fees Guarantees Cov Cal [Abstract]
Debt Instrument, Basis Spread on Variable Rate	0.50%
One Month L I B O R [Member]
Credit Facilities Interest and Fees Guarantees Cov Cal [Abstract]
Debt Instrument, Basis Spread on Variable Rate	1.00%
L I B O R [Member] | Term Loan [Member]
Credit Facilities Interest and Fees Guarantees Cov Cal [Abstract]
L I B O R Interest Rate Floor	2.00%
Minimum [Member] | Revolving Credit Facility [Member]
Credit Facilities Interest and Fees Guarantees Cov Cal [Abstract]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.30%
Minimum [Member] | Base Rate [Member] | Term Loan [Member]
Credit Facilities Interest and Fees Guarantees Cov Cal [Abstract]
Debt Instrument, Basis Spread on Variable Rate	0.75%
Minimum [Member] | Base Rate [Member] | Base Rate Loans [Member] | Revolving Credit Facility [Member]
Credit Facilities Interest and Fees Guarantees Cov Cal [Abstract]
Debt Instrument, Basis Spread on Variable Rate	0.75%
Minimum [Member] | L I B O R [Member] | Euro Dollar Rate [Member] | Revolving Credit Facility [Member]
Credit Facilities Interest and Fees Guarantees Cov Cal [Abstract]
Debt Instrument, Basis Spread on Variable Rate	1.75%
Maximum [Member] | Revolving Credit Facility [Member]
Credit Facilities Interest and Fees Guarantees Cov Cal [Abstract]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.50%
Maximum [Member] | Base Rate [Member] | Base Rate Loans [Member] | Revolving Credit Facility [Member]
Credit Facilities Interest and Fees Guarantees Cov Cal [Abstract]
Debt Instrument, Basis Spread on Variable Rate	1.75%
Maximum [Member] | Base Rate [Member] | Base Rate Loans [Member] | Term Loan [Member]
Credit Facilities Interest and Fees Guarantees Cov Cal [Abstract]
Debt Instrument, Basis Spread on Variable Rate	1.00%
Maximum [Member] | L I B O R [Member] | Term Loan [Member]
Credit Facilities Interest and Fees Guarantees Cov Cal [Abstract]
Debt Instrument, Basis Spread on Variable Rate	1.75%
Maximum [Member] | L I B O R [Member] | Euro Dollar Rate [Member] | Revolving Credit Facility [Member]
Credit Facilities Interest and Fees Guarantees Cov Cal [Abstract]
Debt Instrument, Basis Spread on Variable Rate	2.75%
Foreign Subsidiaries [Member]
Credit Facilities Interest and Fees Guarantees Cov Cal [Abstract]
Guarantee Percent	65.00%
Fiscal Year 2016 [Member]
Credit Facilities Repayment Terms [Abstract]
Debt Future Amortization Expense	$ 4,000
Fiscal Year 2017 [Member]
Credit Facilities Repayment Terms [Abstract]
Debt Future Amortization Expense	5,000
Fiscal Year 2018 [Member]
Credit Facilities Repayment Terms [Abstract]
Debt Future Amortization Expense	5,000
Fiscal Year 2019 [Member]
Credit Facilities Repayment Terms [Abstract]
Debt Future Amortization Expense	5,000
Fiscal Year 2020 [Member]
Credit Facilities Repayment Terms [Abstract]
Debt Future Amortization Expense	$ 181,000

7.25% Senior Notes (Details)

7.25% Senior Notes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2010
Debt Instrument [Line Items]
Proceeds from borrowings on long-term debt	$ 294	$ 412	$ 22
Senior Notes 7.25 Percent Due 2020 [Member]
Debt Instrument [Line Items]
Proceeds from borrowings on long-term debt				$ 400
Debt Instrument, Maturity Date	Dec. 1, 2020
Scenario 1 [Member] | Maximum [Member] | Senior Notes 7.25 Percent Due 2020 [Member]
Debt Instrument [Line Items]
Debt Redemption Price Percent Of Principal Amount	101.00%
Scenario 2 [Member] | Maximum [Member] | Senior Notes 7.25 Percent Due 2020 [Member]
Debt Instrument [Line Items]
Debt Redemption Price Percent Of Principal Amount	100.00%

6.375% Senior Notes (Details)

6.375% Senior Notes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2012	Dec. 31, 2014
Debt Instrument [Line Items]
Long-term Debt	$ 2,285		$ 1,973
Senior Notes 6.375 Percent Due 2022 [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 400	$ 400	$ 400
Debt Instrument, Maturity Date	Oct. 1, 2022
Proceeds from Debt, Net of Issuance Costs		392
Gross Proceeds From Issuance Of Debt		400
Offering Expense		$ 8
Scenario 1 [Member] | Senior Notes 6.375 Percent Due 2022 [Member]
Debt Instrument [Line Items]
Debt Redemption Price Percent Of Principal Amount	100.00%

CONSOLIDATED DEBT 5.875% Senior

CONSOLIDATED DEBT 5.875% Senior Notes due 2024 (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Long-term Debt	$ 2,285	$ 1,973
Senior Notes 5.875 Percent Due 2024 [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 400	$ 400
Debt Instrument, Maturity Date	Mar. 1, 2024
Debt Instrument, Date of First Required Payment		Sep. 1, 2014
Proceeds from Debt, Net of Issuance Costs		$ 393
Gross Proceeds From Issuance Of Debt		400
Offering Expense		$ 7
Debt Instrument Percent Of Principal Amount	35.00%
3.25% Cash Convertible Senior Notes due 2014 [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date		Jun. 1, 2014
Scenario 1 [Member] | Senior Notes 5.875 Percent Due 2024 [Member]
Debt Instrument [Line Items]
Debt Redemption Price Percent Of Principal Amount	105.875%
Scenario 2 [Member] | Senior Notes 5.875 Percent Due 2024 [Member]
Debt Instrument [Line Items]
Debt Redemption Price Percent Of Principal Amount	100.00%

3.25% Cash Convertible Senior N

3.25% Cash Convertible Senior Notes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2009
Debt Instrument [Line Items]
Debt Instrument, Convertible, Terms of Conversion Feature		During the period from March 1, 2014 to May 30, 2014, and under certain additional limited circumstances, the 3.25% Notes were cash convertible by holders thereof (the "Cash Conversion Option"). The conversion rate was 64.6669 shares of our common stock (which represented a conversion price of approximately $15.46 per share) for the period from March 17, 2014 through March 21, 2014, and 65.3501 shares of our common stock (which represented a conversion price of approximately $15.30 per share), as adjusted for the dividend paid on April 2, 2014, for the period from March 24, 2014 to May 30, 2014.
Payments related to cash conversion option	$ 0	$ 83	$ 0
Derivative, Cash Received on Hedge	17
Shares issuable from warrant exercises		1,430,870
3.25% Cash Convertible Senior Notes due 2014 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount				$ 460
Debt Instrument, Maturity Date		Jun. 1, 2014
Repayments of Debt		$ 460
Note Hedge [Member]
Debt Instrument [Line Items]
Derivative, Cash Received on Hedge	83	83
Option on Securities [Member]
Debt Instrument [Line Items]
Payments related to cash conversion option	$ 83	$ 83

Tax-Exempt Bonds (Details)

Tax-Exempt Bonds (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Aug. 01, 2015
Debt Instrument [Line Items]
Offering Expense	$ 11	$ 36	$ 1
Long-term Debt	2,285	1,973
Long-term Debt, Current Maturities	8	5
Tax Exempt Bonds due 2024 to 2045 [Member]
Debt Instrument [Line Items]
Proceeds from Issuance of Unsecured Tax Exempt Debt	130			$ 335
Offering Expense				7
Long-term Debt	464
Massachusetts Series 2012A [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 20
Debt Instrument Maturity Year	2,027
Debt Instrument, Interest Rate, Stated Percentage	4.875%
Massachusetts Series 2012B [Member] [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 67
Debt Instrument Maturity Year	2,042
Debt Instrument, Interest Rate, Stated Percentage	4.875%
Massachusetts Series 2012C [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 82
Debt Instrument Maturity Year	2,042
Debt Instrument, Interest Rate, Stated Percentage	5.25%
Niagara Series 2012A [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 130
Debt Instrument Maturity Year	2,042
Debt Instrument, Interest Rate, Stated Percentage	5.25%
Niagara Series 2012B [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 35
Debt Instrument Maturity Year	2,024
Debt Instrument, Interest Rate, Stated Percentage	4.00%
New Jersey Series 2015A [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 90
Debt Instrument Maturity Year	2,045
Debt Instrument, Interest Rate, Stated Percentage	5.25%
Pennsylvania Series 2015A [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 40
Debt Instrument Maturity Year	2,043
Debt Instrument, Interest Rate, Stated Percentage	5.00%
Debt Offering Costs Expensed [Member] | Tax Exempt Bonds due 2024 to 2045 [Member]
Debt Instrument [Line Items]
Offering Expense				3
Debt Offering Costs Deferred [Member] [Member] | Tax Exempt Bonds due 2024 to 2045 [Member]
Debt Instrument [Line Items]
Offering Expense				$ 4
Covanta Delaware Valley L P [Member] | Variable Rate Tax Exempt Bond due 2043 [Member]
Debt Instrument [Line Items]
Proceeds from Issuance of Unsecured Tax Exempt Debt		22	$ 12
Long-term Debt	$ 0	$ 34			$ 34
Long-term Debt, Current Maturities	$ 6

CONSOLIDATED DEBT Equipment Fin

CONSOLIDATED DEBT Equipment Financing Capital Lease (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Capital Leased Assets [Line Items]
Proceeds from Long-term Capital Lease Obligations	$ 15	$ 63	$ 0
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum	3.48%
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum	4.52%
Capital Lease Obligations	$ 73	$ 62
Capital Leases, Future Minimum Payments Due	4
Capital Leases, Future Minimum Payments Due in Two Years	4
Capital Leases, Future Minimum Payments Due in Three Years	5
Capital Leases, Future Minimum Payments Due in Four Years	5
Capital Leases, Future Minimum Payments Due in Five Years	5
Capital Leases, Future Minimum Payments Due Thereafter	$ 50
Maximum [Member]
Capital Leased Assets [Line Items]
Debt Instrument, Term	12 years
Minimum [Member]
Capital Leased Assets [Line Items]
Debt Instrument, Term	10 years

Project Debt (Details)

Project Debt (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Restricted funds held in trust, noncurrent	$ 81	$ 91
Current portion of project debt	(16)	(35)
Project Debt	201	225
Project Debt Noncurrent	185	190
Client Community Revenue Bonds Collateralized By Property Plant And Equipment	597
Client Community Revenue Bonds Collateralized By Restricted Funds Held In Trust	104
Repayments Of Project Debt	85	$ 52	$ 83
Deferred Finance Costs, Gross	$ 3
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum	3.48%
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum	4.52%
Project Debt Type [Member]
Debt Instrument [Line Items]
Long-term Debt, Maturities, Repayment Terms	$ (15)
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Two	17
Long-term Debt, Maturities, Repayments of Principal in Year Three	19
Long-term Debt, Maturities, Repayments of Principal in Year Four	14
Long-term Debt, Maturities, Repayments of Principal in Year Five	4
Long-term Debt, Maturities, Repayments of Principal after Year Five	128
Debt Instrument, Face Amount	$ 197
Debt, Noncurrent	182
Debt Instrument, Unamortized Premium	$ 4
Debt Discount, current	$ (1)
Expected Accretion Of Debt Discount, noncurrent	3
Current portion of project debt	$ (16)
Project Debt	201
Project Debt Noncurrent	185
Fiscal Year 2015 [Member] | Project Debt Type [Member]
Debt Instrument [Line Items]
Amount of the accretion of debt discount expected	1
Current portion of project debt	(16)
Fiscal Year 2016 [Member] | Project Debt Type [Member]
Debt Instrument [Line Items]
Amount of the accretion of debt discount expected	0
Project Debt	17
Fiscal Year 2017 [Member] | Project Debt Type [Member]
Debt Instrument [Line Items]
Amount of the accretion of debt discount expected	0
Project Debt	19
Fiscal Year 2018 [Member] | Project Debt Type [Member]
Debt Instrument [Line Items]
Amount of the accretion of debt discount expected	0
Project Debt	14
Fiscal Year 2019 [Member] | Project Debt Type [Member]
Debt Instrument [Line Items]
Amount of the accretion of debt discount expected	0
Project Debt	4
Fiscal Year After 2019 [Domain] | Project Debt Type [Member]
Debt Instrument [Line Items]
Amount of the accretion of debt discount expected	3
Project Debt	131
Onondaga [Member]
Debt Instrument [Line Items]
Restricted funds held in trust, noncurrent	15
Deferred Finance Costs, Gross	2
Onondaga [Member] | Project Debt Type [Member]
Debt Instrument [Line Items]
Debt Instrument, Unamortized Premium	5
Repayments Of Project Debt	42
Proceeds from Issuance of Unsecured Tax Exempt Debt	$ 54
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum	1.75%
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum	5.00%

CONSOLIDATED DEBT Dublin Projec

CONSOLIDATED DEBT Dublin Project Financing (Details) € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2015EUR (€)	Dec. 31, 2015USD ($)	Dec. 31, 2015EUR (€)	Dec. 31, 2014USD ($)	Dec. 31, 2014EUR (€)
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity | $		$ 1,200
Restricted funds held in trust | $		$ 77		$ 105
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum	3.48%
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum	4.52%
Dublin EfW Facility [Member]
Debt Instrument [Line Items]
Non-Recourse Debt			€ 375
Expected Equity Investment In Project	€ 125
Dublin EfW Facility [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			300
Dublin EfW Facility [Member] | Convertible Preferred [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			€ 75
Debt Instrument, Maturity Date	Sep. 30, 2032
Debt Instrument, Interest Rate, Stated Percentage		13.50%	13.50%
Dublin EfW Facility [Member] | Senior Loans [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			€ 250
Debt Instrument, Maturity Date	Sep. 30, 2021
Line of Credit Facility, Commitment Fee Percentage	2.25%
Dublin EfW Facility [Member] | Junior Loans [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Other Project Debt		$ 56	€ 50
Restricted funds held in trust | $		$ 2
Debt Instrument, Maturity Date	Mar. 31, 2022
Debt Instrument, Interest Rate, Stated Percentage		5.23%	5.23%
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum	9.23%
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum	9.73%
Euro Member Countries, Euro | Dublin EfW Facility [Member] | Junior Loans [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Other Project Debt			€ 52		€ 50
Restricted funds held in trust			€ 2
Minimum [Member] | Dublin EfW Facility [Member] | Senior Loans [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	4.00%
Maximum [Member] | Dublin EfW Facility [Member] | Convertible Preferred [Member]
Debt Instrument [Line Items]
Percentage of Shares Outstanding		24.99%	24.99%
Maximum [Member] | Dublin EfW Facility [Member] | Senior Loans [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	4.50%

CONSOLIDATED DEBT Deferred Fina

CONSOLIDATED DEBT Deferred Financing Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net interest expense on project debt	$ 3
Amortization of Financing Costs	8	$ 8	$ 8
Interest Expense [Member]
Net interest expense on project debt	$ 5

CONSOLIDATED DEBT Capitalized I

CONSOLIDATED DEBT Capitalized Interest (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Capitalized Interest [Abstract]
Capitalized Interest Cost	$ 13	$ 4

Fair Value Measurement of Asset

Fair Value Measurement of Assets and Liabilities (Detail) - Estimate of Fair Value Measurement [Member] - USD ($) $ in Millions		Dec. 31, 2015	Dec. 31, 2014
Assets:
Total assets:		$ 277	$ 288
Liabilities:
Total liabilities:		14	17
Fair Value, Inputs, Level 1 [Member]
Assets:
Cash and cash equivalents of continuing operations at end of period		94	84
Restricted funds held in trust		158	196
Bank deposits and certificates of deposit [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Bank deposits and certificates of deposit		89	79
Restricted funds held in trust		7	67
Restricted funds - other	[1]	2	1
Money market funds [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Money Market Funds, at Carrying Value		5	5
Restricted funds held in trust		66	36
U.S. Treasury/Agency obligations [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Restricted funds held in trust	[2]	18	2
State and municipal obligations [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Restricted funds held in trust		59	87
Commercial paper/Guaranteed investment contracts/Repurchase agreements [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Restricted funds held in trust		8	4
Mutual And Bond Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Investments	[1],[3]	2	2
Energy Hedges [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Derivative Asset, Fair Value, Amount Not Offset Against Collateral		21	5
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member]
Liabilities:
Derivative Financial Instruments, Liabilities, Fair Value Disclosure		14	15
Contingent Consideration Type [Domain] | Fair Value, Inputs, Level 3 [Member]
Liabilities:
Liabilities		$ 0
Contingent Consideration Classified as Equity [Member] | Fair Value, Inputs, Level 3 [Member]
Liabilities:
Liabilities			$ 2
[1]	(2)Included in other noncurrent assets in the consolidated balance sheets.
[2]	(1)The U.S. Treasury/agency obligations in restricted funds held in trust are primarily comprised of Federal Home Loan Mortgage Corporation securities at fair value.
[3]	(3)Included in prepaid expenses and other current assets in the consolidated balance sheets.

FINANCIAL INSTRUMENTS Financial

FINANCIAL INSTRUMENTS Financial Instruments Recorded at Carrying Amount (Details) - USD ($) $ in Millions		Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt		$ 2,285	$ 1,973
Project Debt		201	225
Accounts Receivable, Net, Noncurrent		2	24
Reported Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts Receivable, Fair Value Disclosure	[1]	314	323
Long-term Debt		2,285	1,973
Project Debt		201	225
Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts Receivable, Fair Value Disclosure	[1]	314	323
Long-term Debt		2,266	2,039
Project Debt		$ 209	$ 234
[1]	Includes $2 million and $24 million of noncurrent receivables in other noncurrent assets in the consolidated balance sheets as of December 31, 2015 and 2014.

Summary of Fair Value of Deriva

Summary of Fair Value of Derivative Instruments Not Designated as Hedging Instruments in Consolidated Balance Sheets (Detail) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Derivative [Line Items]
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal	$ 110
Note Hedge	6
Not Designated as Hedging Instrument [Member] | Note Hedge [Member]
Derivative [Line Items]
Note Hedge	$ 6
Not Designated as Hedging Instrument [Member] | Note Hedge [Member] | Note Hedge [Member]
Derivative Asset [Abstract]
Derivative asset		$ 0

Effect of Changes in Fair Value

Effect of Changes in Fair Value Related to Derivative Instruments on Consolidated Statements of Income (Detail) MW in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)MW	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Derivative [Line Items]
Derivative, Cash Received on Hedge	$ 17
Payments for Other Operating Activities	7
Note Hedge [Member]
Derivative [Line Items]
Derivative, Cash Received on Hedge	83	$ 83
Other Expense [Member] | Not Designated as Hedging Instrument [Member] | Currency Swap [Member]
Derivative [Line Items]
Effect on income of derivative instruments not designated as hedging instruments	6	0	$ 0
Non Cash Convertible Debt Related Expense [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Effect on income of derivative instruments not designated as hedging instruments	6	0	1
Non Cash Convertible Debt Related Expense [Member] | Not Designated as Hedging Instrument [Member] | Note Hedge [Member]
Derivative [Line Items]
Effect on income of derivative instruments not designated as hedging instruments	0	5	(26)
Non Cash Convertible Debt Related Expense [Member] | Not Designated as Hedging Instrument [Member] | Cash Conversion Option [Member]
Derivative [Line Items]
Effect on income of derivative instruments not designated as hedging instruments	$ 0	$ (5)	$ 27
Fiscal Year 2018 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount | MW	0.1

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Detail) € in Millions, MW in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)MW	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2015EUR (€)MW
Derivative [Line Items]
Derivative Asset, Current	$ 6
Payments related to cash conversion option	0	$ 83	$ 0
Derivative, Cash Received on Hedge	17
Line of Credit Facility, Maximum Borrowing Capacity	1,200
Energy Hedges [Member]
Derivative [Line Items]
Derivative Asset, Current	21
Interest Rate Swap [Member]
Derivative [Line Items]
Derivative Liability, Fair Value, Gross Liability	14
Dublin EfW Facility [Member] | Term Loan [Member]
Derivative [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity | €				€ 300
Dublin EfW Facility [Member] | Senior Loans [Member] | Term Loan [Member]
Derivative [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity | €				€ 250
Option on Securities [Member]
Derivative [Line Items]
Payments related to cash conversion option	83	83
Note Hedge [Member]
Derivative [Line Items]
Derivative, Cash Received on Hedge	$ 83	$ 83
Fiscal Year 2016 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount | MW	1.7			1.7
Fiscal Year 2017 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount | MW	1.1			1.1

Components of Other Operating E

Components of Other Operating Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Component of Operating Other Cost and Expense [Line Items]
Construction costs	$ 74	$ 98	$ 112

Components of Net (Gains) Write

Components of Net (Gains) Write-Offs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013		Dec. 31, 2010		Dec. 31, 2008
Net Write-Offs [Line Items]
Payment received for loan issued for the Harrisburg EfW facility	$ 0	$ 0	$ 9
Harrisburg EFW Facility [Member]
Net Write-Offs [Line Items]
Loans Issued For Facility Improvements Total Available							$ 26
Loans Issued For Facility Improvements					$ 22
Loans Issued For Facility Improvements Outstanding					20
Payment received for loan issued for the Harrisburg EfW facility			9
Facility Advance Net After Write Down			9		13
Contract-Based Intangible Assets [Member]
Net Write-Offs [Line Items]
Net (gains) write-offs		16	0
Contract-Based Intangible Assets [Member] | Hudson Valley [Member]
Net Write-Offs [Line Items]
Net (gains) write-offs	0	9
Contract-Based Intangible Assets [Member] | Transfer station [Member]
Net Write-Offs [Line Items]
Net (gains) write-offs		7
California biomass facilities [Member]
Net Write-Offs [Line Items]
Net (gains) write-offs	0
Other Energy Generation Facilities [Member]
Net Write-Offs [Line Items]
Net (gains) write-offs	43
Equity Method Investments [Member]
Net Write-Offs [Line Items]
Net (gains) write-offs		34	2
Facilities and Equipment [Member] | Wallingford EfW Facility [Member]
Net Write-Offs [Line Items]
Net (gains) write-offs		0	9
Accounts Receivable [Member] | Harrisburg EFW Facility [Member]
Net Write-Offs [Line Items]
Net (gains) write-offs	0		4	[1]	$ 7	[1]
Insurance business [Member]
Net Write-Offs [Line Items]
Net (gains) write-offs		14	0
Insurance business [Member]
Net Write-Offs [Line Items]
Net (gains) write-offs	0	14
Restructuring Costs		2
North America [Member]
Net Write-Offs [Line Items]
Net (gains) write-offs	43	50	15
Other Segments [Member]
Net Write-Offs [Line Items]
Net (gains) write-offs	$ 43	64	$ 15
Fair Value, Measurements, Nonrecurring [Member] | Insurance business [Member]
Net Write-Offs [Line Items]
Net (gains) write-offs		$ 12
[1]	In 2008, we agreed to loan The Harrisburg Authority up to $26 million for certain facility improvements in connection with our engagement as project operator. By 2010, we had advanced $22 million of the loan, of which $20 million was outstanding, The Harrisburg Authority had defaulted in its repayment, and the City of Harrisburg’s financial crisis had deepened. In 2010, we recorded a non-cash impairment charge of $7 million, pre-tax, to write-down the receivable to $13 million. In 2013, in connection with an anticipated settlement of the matter for a $9 million partial payment of the loan, we recorded an additional non-cash write-off of $4 million, pre-tax, to write-down the receivable to $9 million. This settlement, which included the transfer of the facility to the Lancaster County Solid Waste Management Authority and our continuation as operator, closed during the quarter ended December 31, 2013.

Components of Non-Cash Converti

Components of Non-Cash Convertible Debt Related Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Non Cash Convertible Debt Related Expense [Line Items]
Non-cash convertible debt related expense	$ 0	$ 13	$ 28
Convertible Note Hedge [Member]
Non Cash Convertible Debt Related Expense [Line Items]
Fair value changes related to the derivative	0	(5)	26
Cash Conversion Option [Member]
Non Cash Convertible Debt Related Expense [Line Items]
Fair value changes related to the derivative	0	5	(27)
3.25% Cash Convertible Senior Notes due 2014 [Member]
Non Cash Convertible Debt Related Expense [Line Items]
Debt discount accretion	$ 0	$ 13	$ 29

Supplementary Balance Sheet Inf

Supplementary Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Prepaid Expense, Current	$ 37	$ 30
Derivative Instruments and Hedges, Assets	25	7
Spare Parts, Assets	17	20
Renewable Energy Credits, Assets	15	17
Other Assets, Current	28	28
Prepaid Expense and Other Assets, Current	122	102
Accrued Operating Expenses Payroll And Related Expenses Current	114	171
Deferred Revenue	13	15
Accrued Liabilities To Client Communities Current	22	29
Interest Payable, Current	24	22
Dividends Payable, Current	34	34
Other Liabilities, Current	27	35
Accrued expenses and other current liabilities	$ 234	$ 306

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
Current Federal Tax Expense (Benefit)	$ (91)	$ (1)	$ 3
Current State and Local Tax Expense (Benefit)	16	4	12
Current Foreign Tax Expense (Benefit)	2	3	0
Current Income Tax Expense (Benefit)	(73)	6	15
Deferred Federal Income Tax Expense (Benefit)	7	(4)	20
Deferred State and Local Income Tax Expense (Benefit)	(11)	16	7
Deferred Foreign Income Tax Expense (Benefit)	(7)	(3)	1
Deferred income taxes	(11)	9	28
Income Tax Expense (Benefit)	(84)	15	43
Pre-tax income [Abstract]
Income (Loss) from Continuing Operations before Income Taxes, Domestic	6	14	91
Income (Loss) from Continuing Operations before Income Taxes, Foreign	(34)	(10)	(12)
Income from continuing operations before income tax expense and equity in net income from unconsolidated investments	$ (28)	$ 4	$ 79
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Effective income tax rate	302.00%	388.00%	55.00%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	35.00%
Income Tax Reconciliation, Income Tax Expense (Benefit), at Federal Statutory Income Tax Rate	$ (10)	$ 1	$ 28
Income Tax Reconciliation, State and Local Income Taxes	1	8	11
Income Tax Reconciliation, Change in Deferred Tax Assets Valuation Allowance	(7)	3	0
Income Tax Reconciliation, Other Reconciling Items	4	4	1
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Amount	0	0	(4)
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount	8	5	5
Income Tax Reconciliation, Tax Credits, Research	(3)	(4)	(5)
Income Tax Reconciliation Uncertain Tax Positions	(82)	5	4
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Amount	1	2	(1)
Income Tax Reconciliation, Other Adjustments	4	(9)	4
Deferred Tax Assets, Operating Loss Carryforwards, Components [Abstract]
Consolidated net operating loss carryforwards	309
Valuation allowance	(73)	(96)
Components of Deferred Tax Assets and Liabilities [Abstract]
Capital loss carryforwards	3	2
Deferred Tax Assets, Operating Loss Carryforwards	157	142
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities	24	2
Deferred Tax Assets Prepaid Expenses And Accruals	36	35
Deferred Tax Assets Attributable To Pass Through Entities	17	10
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits	0	2
Deferred Tax Assets, Other	4	7
Deferred Tax Assets, Tax Credit Carryforwards	67	64
Deferred Tax Assets, Gross	308	264
Deferred Tax Assets, Net of Valuation Allowance	235	168
Deferred Tax Liabilities Unbilled Receivables	4	6
Deferred Tax Liabilities, Property, Plant and Equipment	725	737
Deferred Tax Liabilities, Intangible Assets	18	9
Deferred Tax Liabilities Attributable To Pass Through Entities	26	77
Deferred Tax Liabilities Accrued Original Issue Discount	20	27
Deferred Tax Liabilities, Derivatives	2	0
Deferred Tax Liabilities, Prepaid Expenses	23	19
Deferred Tax Liabilities, Other	11	4
Deferred Tax Liabilities Gross	829	879
Deferred Tax Liabilities, Net	594	711
Deferred Tax Liabilities, Undistributed Foreign Earnings	264	271
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost	26	23
Disclosure Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits [Abstract]
Unrecognized Tax Benefits	36	133	128	$ 124
Unrecognized Tax Benefits, Increases Resulting from Current Period Tax Positions	12	8	3
Unrecognized Tax Benefits, Increases Resulting from Prior Period Tax Positions	0	0	4
Unrecognized Tax Benefits, Reductions Resulting from Lapse of Applicable Statute of Limitations	0	(3)	(2)
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions	(109)	0	$ (1)
Uncertain Tax Positions [Abstract]
Liability for Uncertain Tax Positions, Current	36	133
Accrued interest and penalties associated with liabilities for unrecognized tax positions	1	$ 2
State and Local Jurisdiction [Member]
Deferred Tax Assets, Operating Loss Carryforwards, Components [Abstract]
Consolidated net operating loss carryforwards	217
Foreign Tax Authority [Member]
Deferred Tax Assets, Operating Loss Carryforwards, Components [Abstract]
Consolidated net operating loss carryforwards	216
Federal Jurisdiction [Member]
Deferred Tax Assets, Operating Loss Carryforwards, Components [Abstract]
Tax credit carryforwards	$ 60
Minimum tax credits with no expiration	7
Valuation allowance	$ (73)
Status of IRS Audit [Abstract]
IRS Audit Period	The IRS audited our tax returns for the years 2004 through 2009
Minimum [Member] | State and Local Jurisdiction [Member]
Deferred Tax Assets, Operating Loss Carryforwards, Components [Abstract]
Operating Loss Carryforwards, Expiration Date	Jan. 1, 2023
Minimum [Member] | Foreign Tax Authority [Member]
Deferred Tax Assets, Operating Loss Carryforwards, Components [Abstract]
Operating Loss Carryforwards, Expiration Date	Jan. 1, 2016
Minimum [Member] | Federal Jurisdiction [Member]
Deferred Tax Assets, Operating Loss Carryforwards, Components [Abstract]
Other Tax Carryforward, Expiration Dates	Jan. 1, 2024
Maximum [Member] | State and Local Jurisdiction [Member]
Deferred Tax Assets, Operating Loss Carryforwards, Components [Abstract]
Operating Loss Carryforwards, Expiration Date	Dec. 31, 2036
Maximum [Member] | Foreign Tax Authority [Member]
Deferred Tax Assets, Operating Loss Carryforwards, Components [Abstract]
Operating Loss Carryforwards, Expiration Date	Dec. 31, 2036
Maximum [Member] | Federal Jurisdiction [Member]
Deferred Tax Assets, Operating Loss Carryforwards, Components [Abstract]
Other Tax Carryforward, Expiration Dates	Dec. 31, 2034
Period 1 [Member]
Deferred Tax Assets, Operating Loss Carryforwards, Components [Abstract]
Consolidated net operating loss carryforwards	$ 83
Period 2 [Member]
Deferred Tax Assets, Operating Loss Carryforwards, Components [Abstract]
Consolidated net operating loss carryforwards	0
Period 3 [Member]
Deferred Tax Assets, Operating Loss Carryforwards, Components [Abstract]
Consolidated net operating loss carryforwards	29
Period 4 [Member]
Deferred Tax Assets, Operating Loss Carryforwards, Components [Abstract]
Consolidated net operating loss carryforwards	1
Period 5 [Member]
Deferred Tax Assets, Operating Loss Carryforwards, Components [Abstract]
Consolidated net operating loss carryforwards	1
Period 6 [Member]
Deferred Tax Assets, Operating Loss Carryforwards, Components [Abstract]
Consolidated net operating loss carryforwards	$ 195

Employee Benefit Plans - Define

Employee Benefit Plans - Defined Contribution Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Employee Benefit Plans - Defined Contribution Plans [Abstract]
Defined Contribution Plan, Cost Recognized	$ 16	$ 16	$ 16

Employee Benefit Plans - Defi88

Employee Benefit Plans - Defined Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Pension and PBO - Additional Information [Abstract]
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements	$ 0	$ 0	$ 6
Defined Benefit Plan, Assumptions Used in Calculations [Abstract]
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate	6.50%
Defined Benefit Plan, Other Information	7.00%
Defined Benefit Plan, Ultimate Trend Rate	5.00%
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block]	$ 0.1
Defined Benefit Plan, Funded Status of Plan [Abstract]
Defined Benefit Plan Plans With Plan Assets In Excess Of Accumulated Benefit Obligations Aggregate Projected Benefit Obligation	4	4
Defined Benefit Plan Plans With Plan Assets In Excess Of Accumulated Benefit Obligations Aggregate Accumulated Benefit Obligation	$ 4	4
Defined Benefit Plan Plans With Plan Assets In Excess Of Accumulated Benefit Obligations Aggregate Fair Value Of Plan Assets		$ 0
Qualified Pension Plan [Member]
Defined Benefit Plan, Assumptions Used in Calculations [Abstract]
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate	4.35%	4.05%	4.95%
Pension Plan, Defined Benefit [Member]
Pension and PBO - Additional Information [Abstract]
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements			$ 6
Defined Benefit Plan, Funded Status of Plan [Abstract]
Defined Benefit Plan, Benefit Obligation	$ 4	$ 4	5
Defined Benefit Plan, Service Cost	0	0
Defined Benefit Plan, Interest Cost	0	0
Defined Benefit Plan, Plan Amendments	0	0
Defined Benefit Plan, Actuarial Gain (Loss)	0	0
Defined Benefit Plan, Benefits Paid	0	1
Defined Benefit Plan, Fair Value of Plan Assets	0	0
Defined Benefit Plan, Actual Return on Plan Assets	0	0
Defined Benefit Plan, Contributions by Employer	0	(1)
Defined Benefit Plan, Funded Status of Plan	(4)	(4)
Defined Benefit Plan Accumulated Other Comprehensive Income Gross Unrecognized Cost	0	0
Defined Benefit Plan, Amounts Recognized in Balance Sheet	(4)	(4)
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax	0	0
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax	(1)	(1)
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax	(1)	$ (1)
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter	$ 4
Other Postretirement Benefit Plans, Defined Benefit [Member]
Defined Benefit Plan, Assumptions Used in Calculations [Abstract]
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate	3.75%	3.50%
Defined Benefit Plan, Funded Status of Plan [Abstract]
Defined Benefit Plan, Benefit Obligation	$ 4	$ 5
Defined Benefit Plan, Service Cost	0	0
Defined Benefit Plan, Interest Cost	0	0
Defined Benefit Plan, Plan Amendments	0	0
Defined Benefit Plan, Actuarial Gain (Loss)	(1)	0
Defined Benefit Plan, Benefits Paid	0	0
Defined Benefit Plan, Fair Value of Plan Assets	0	0
Defined Benefit Plan, Actual Return on Plan Assets	0	0
Defined Benefit Plan, Contributions by Employer	0	0
Defined Benefit Plan, Funded Status of Plan	(4)	(5)
Defined Benefit Plan Accumulated Other Comprehensive Income Gross Unrecognized Cost	0	0
Defined Benefit Plan, Amounts Recognized in Balance Sheet	(4)	(5)
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax	(4)	(4)
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax	0	0
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax	$ (4)	$ (4)
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate	3.50%	4.10%
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter	$ 3
Qualified Pension Plan [Member]
Defined Benefit Plan, Funded Status of Plan [Abstract]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate	4.05%	4.95%
Medicare Part D [Member]
Defined Benefit Plan, Funded Status of Plan [Abstract]
Future Benefits Payable Attributable to Medicare Part D Subsidy	$ 0
Annuity Payment [Member] | Pension Plan, Defined Benefit [Member]
Defined Benefit Plan, Funded Status of Plan [Abstract]
Defined Benefit Plan, Benefits Paid		$ 0	$ 35
Annuity Payment [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member]
Defined Benefit Plan, Funded Status of Plan [Abstract]
Defined Benefit Plan, Benefits Paid		0
Annuity Payment [Member] | Change in Plan Assets [Domain]
Defined Benefit Plan, Funded Status of Plan [Abstract]
Defined Benefit Plan, Benefits Paid	0
Annuity Payment [Member] | Change in Benefit Obligation [Domain]
Defined Benefit Plan, Funded Status of Plan [Abstract]
Defined Benefit Plan, Benefits Paid	$ 0	$ 0

Stock-Based Award Plans (Detail

Stock-Based Award Plans (Details) shares in Millions	12 Months Ended
	Dec. 31, 2015shares
Stocd-Based Award Plans [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized	6

Stock Based Compensation (Addit

Stock Based Compensation (Additional Details) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	$ 18	$ 17	$ 15
Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Average Forfeiture Rate	12.00%
Share-based Compensation	$ 11	11	11
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$ 7
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition	1 year 4 months 24 days
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	$ 6	$ 6	$ 4
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$ 4
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition	2 years 4 months 24 days
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Average Forfeiture Rate	15.00%

Share Based Compensation - Rest

Share Based Compensation - Restricted Stock Awards (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Of Awards Vested	$ 9
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	573,000	721,000	634,000
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Average Forfeiture Rate	12.00%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	1,060,000	1,240,000	1,166,000	1,418,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(661,000)	(608,000)	(718,000)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(92,000)	(39,000)	(168,000)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 19.79	$ 17.67	$ 17.85	$ 16.38
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	21.88	17.20	19.51
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	17.69	17.27	16.52
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 19.36	$ 17.80	$ 17.40
Employee Restricted Equity Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	515,820
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights	The terms of the restricted stock awards include vesting provisions based solely on continued service. If the service criteria are satisfied, the restricted stock awards vest during March of 2014, 2015, and 2016.
Director Restricted Equity Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	57,460

Share Based Compensation - Re92

Share Based Compensation - Restricted Stock Units (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	322,168
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	1,202,000	894,000	691,000	1,016,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(8,000)	(44,000)	(544,000)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(6,000)	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 17.60	$ 15.93	$ 16.66	$ 16.59
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	21.95	14.60	16.91
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	19.42	16.51	16.64
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 21.99	$ 0	$ 0
Restricted Stock Units (RSUs) [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	1 year
Restricted Stock Units (RSUs) [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Project NPV rate	95.00%
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	322,000	247,000	219,000
Total Stock Return (TSR) [Domain] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	322,168

Stock Based Compensation - Stoc

Stock Based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Share Based Compensation Arrangement By Share Based Payment Award Options Expiration Term	10 years
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options		$ 10	$ 1
Share - Based Compensation Arrangement By Share - Based Payment Award Options Vested Aggregate Intrinsic Value	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value	$ 0	1	1
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	1,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price	$ 21.37
Share Based Compensation Arrangement By Share Based Payment Award Grant Date Fair Value Of Options	$ 0	$ 0	$ 1
Disclosure Options For Shares In Price Ranges [Abstract]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options	1,100
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options	1,100
Stock Options Fiscal 2004 Plan [Member] | Stock Option [Member]
Schedule of Options Rollfoward [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	1,100	1,113	1,686	1,789
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures	0	25	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	(13)	(532)	(84)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period	0	(66)	(19)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period	0	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	1,100	1,100	1,686
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	5,652	6,548	1,541
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 21.37	$ 21.25	$ 20.42	$ 20.01
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	0	20.58	0
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price	11.40	18.53	11.75
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price	0	20.52	20.52
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price	0	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price	$ 21.37	$ 21.26	$ 20.42
Minimum [Member] | Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Maximum [Member] | Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	5 years
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options	$ 1
Range 2 [Member] | Stock Option [Member]
Schedule of Options Rollfoward [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 20.52
Disclosure Options For Shares In Price Ranges [Abstract]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options	870
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term	1 year 4 months 24 days
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options	870
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price	$ 20.52
Range 2 [Member] | Minimum [Member]
Disclosure Options For Shares In Price Ranges [Abstract]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	20.52
Range 2 [Member] | Maximum [Member]
Disclosure Options For Shares In Price Ranges [Abstract]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	20.58
Range 3 [Member] | Stock Option [Member]
Schedule of Options Rollfoward [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 24.57
Disclosure Options For Shares In Price Ranges [Abstract]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options	230
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term	2 years 4 months 24 days
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options	230
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price	$ 24.57
Range 3 [Member] | Minimum [Member]
Disclosure Options For Shares In Price Ranges [Abstract]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	23.30
Range 3 [Member] | Maximum [Member]
Disclosure Options For Shares In Price Ranges [Abstract]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	$ 26.84

Commitments and Contingencies94

Commitments and Contingencies (Details) € in Millions	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2015EUR (€)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Loss Contingencies [Line Items]
Other Commitments	$ 676,000,000
Letters of credit [Member]
Loss Contingencies [Line Items]
Other Commitments	63,000,000
Surety Bonds [Member]
Loss Contingencies [Line Items]
Other Commitments	429,000,000
Commitments Expiring Less Than One Year [Member]
Loss Contingencies [Line Items]
Other Commitments	41,000,000
Commitments Expiring Less Than One Year [Member] | Letters of credit [Member]
Loss Contingencies [Line Items]
Other Commitments	0
Commitments Expiring Less Than One Year [Member] | Surety Bonds [Member]
Loss Contingencies [Line Items]
Other Commitments	0
Commitments Expiring More Than One Year [Member]
Loss Contingencies [Line Items]
Other Commitments	635,000,000
Commitments Expiring More Than One Year [Member] | Letters of credit [Member]
Loss Contingencies [Line Items]
Other Commitments	63,000,000
Commitments Expiring More Than One Year [Member] | Surety Bonds [Member]
Loss Contingencies [Line Items]
Other Commitments	429,000,000
Dublin EfW Facility [Member]
Loss Contingencies [Line Items]
Working Capital Loan | €		€ 25
Performance Shortfall Funding | €		75
Capital Invested In Project | €		€ 125
Essex EFW Facility [Member]
Loss Contingencies [Line Items]
Estimated Capital Expenditures For Project	90,000,000
NYC Waste Contract [Member]
Loss Contingencies [Line Items]
Estimated Capital Expenditures For Project	114,000,000
Capital Invested In Project	31,000,000		$ 59,000,000	$ 23,000,000
Capital Invested In Project Remaining	35,000,000
Revolving Credit Facility [Member] | Letters of credit [Member]
Loss Contingencies [Line Items]
Other Commitments	184,000,000
Revolving Credit Facility [Member] | Commitments Expiring Less Than One Year [Member] | Letters of credit [Member]
Loss Contingencies [Line Items]
Other Commitments	41,000,000
Revolving Credit Facility [Member] | Commitments Expiring More Than One Year [Member] | Letters of credit [Member]
Loss Contingencies [Line Items]
Other Commitments	143,000,000
Lower Passaic River Study Area [Member] | Essex EFW Facility [Member]
Loss Contingencies [Line Items]
Litigation Settlement, Amount	260,000
Litigation Settlement, Expense	40,000
Scenario, Plan [Member] | Essex EFW Facility [Member]
Loss Contingencies [Line Items]
Capital Invested In Project	$ 45,000,000

Quarterly Data (Unaudited) (Det

Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
QUARTERLY DATA (UNAUDITED) [Abstract]
Revenues	$ 432	$ 422	$ 408	$ 383	$ 435	$ 414	$ 432	$ 401	$ 1,645	$ 1,682	$ 1,630
Operating Income (Loss)	44	71	(20)	5	63	19	47	15	100	144	222
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	78	34	(6)	(37)	(4)	7	5	(9)	69	(1)	(10)
NET INCOME ATTRIBUTABLE TO COVANTA HOLDING CORPORATION	$ 77	$ 34	$ (6)	$ (37)	$ (5)	$ 7	$ 5	$ (9)	$ 68	$ (2)	$ (9)
Income (Loss) from Continuing Operations, Per Basic Share	$ 0.59	$ 0.26	$ (0.05)	$ (0.28)	$ (0.04)	$ 0.05	$ 0.04	$ (0.07)	$ 0.52	$ (0.01)	$ 0.33
Income (Loss) from Continuing Operations, Per Diluted Share	0.58	0.25	(0.05)	(0.28)	(0.04)	0.05	0.04	(0.07)	0.51	(0.01)	0.33
Common Stock, Dividends, Per Share, Declared	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.18	$ 0.18	$ 1	$ 0.86	$ 0.66

Schedule II Valuation and Qua96

Schedule II Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Valuation and Qualifying Accounts Disclosure [Line Items]
Valuation Allowances and Reserves, Balance	$ 7	$ 6	$ 4	$ 6
Valuation Allowances and Reserves, Charged to Cost and Expense	1	4	3
Valuation Allowances and Reserves, Adjustments	0	0	0
Valuation Allowances and Reserves, Deductions	$ 0	$ 2	$ 5