Covanta Holding (CVA) 10-Q 28 Jul 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 21, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Trading Symbol	CVA
Entity Registrant Name	COVANTA HOLDING CORP
Entity Central Index Key	225,648
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		131,024,826

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
OPERATING REVENUES:
Waste and service revenues	$ 310	$ 297	$ 596	$ 576
Energy revenues	75	86	161	187
Recycled metals revenues	15	17	31	30
Other operating revenues	24	18	40	28
Total operating revenues	424	418	828	821
OPERATING EXPENSES:
Plant operating expenses	319	314	651	629
Other operating expenses	2	19	17	31
General and administrative expenses	30	25	58	48
Depreciation and amortization expense	52	51	104	103
Impairment Charges	1	4	1	19
Operating expenses	404	413	831	830
Operating income (loss)	20	5	(3)	(9)
Other income (expense):
Interest expense	(35)	(34)	(71)	(68)
Gain (loss) on asset sales	(2)	0	(6)	0
Loss on extinguishment of debt	(13)	0	(13)	0
Other Nonoperating Income (Expense)	0	2	0	0
Nonoperating Income (Expense)	(50)	(32)	(90)	(68)
Income (loss) before income tax (expense) benefit and equity in net income from unconsolidated investments	(30)	(27)	(93)	(77)
Income Tax (Expense) Benefit	(8)	(3)	3	7
Equity in net income (loss) from unconsolidated investments	1	1	1	4
NET INCOME (LOSS) ATTRIBUTABLE TO COVANTA HOLDING CORPORATION	$ (37)	$ (29)	$ (89)	$ (66)
Weighted Average Common Shares Outstanding:
Basic	130	129	129	129
Diluted	130	129	129	129
Earnings Per Share Attributable to Covanta Holding Corporation stockholders':
Basic	$ (0.28)	$ (0.23)	$ (0.69)	$ (0.51)
Diluted	(0.28)	(0.23)	(0.69)	(0.51)
Cash Dividend Declared Per Share:	$ 0.25	$ 0.25	$ 0.50	$ 0.50

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS) ATTRIBUTABLE TO COVANTA HOLDING CORPORATION	$ (37)	$ (29)	$ (89)	$ (66)
Foreign currency translation	9	(3)	12	6
Net unrealized gain (loss) on derivative instruments, net of tax	3	(13)	3	(20)
Other comprehensive (loss) income attributable to Covanta Holding Corporation	12	(16)	15	(14)
Comprehensive loss attributable to Covanta Holding Corporation	$ (25)	$ (45)	$ (74)	$ (80)

CONDENSED CONSOLIDATED STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - Parenthetical - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Unrealized gain (loss) on derivative instruments, tax	$ 1	$ (5)	$ 1	$ (5)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Current Assets:
Cash and cash equivalents	$ 48	$ 84
Restricted funds held in trust	50	56
Receivables (less allowances of $10 million and $9 million, respectively)	302	332
Prepaid expenses and other current assets	77	72
Total Current Assets	477	544
Property, Plant and Equipment, Net	3,113	3,024
Restricted funds held in trust	55	54
Waste, service and energy contracts, net	257	263
Other intangible assets, net	39	34
Goodwill	312	302
Other assets	67	63
Total Assets	4,320	4,284
Current Liabilities:
Current portion of long-term debt	10	9
Current portion of project debt	22	22
Accounts payable	54	98
Accrued expenses and other current liabilities	292	289
Total Current Liabilities	378	418
Long-term debt	2,368	2,243
Project debt	436	361
Deferred income taxes	606	617
Other liabilities	186	176
Total Liabilities	3,974	3,815
Commitments and Contingencies (Note 12)
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	816	807
Accumulated other comprehensive (loss) income	(47)	(62)
Accumulated deficit	(436)	(289)
Treasury Stock, at par	(1)	(1)
Total Covanta Holding Corporation stockholders' equity	346	469
Total Liabilities and Equity	$ 4,320	$ 4,284

CONDENSED CONSOLIDATED BALANCE6

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Receivables, allowances	$ 10	$ 9
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	130

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
OPERATING ACTIVITIES:
Net (loss) income	$ (89)	$ (66)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization expense	104	103
Amortization of long-term debt deferred financing costs	3	4
Gain (loss) on asset sales	(6)	0
Impairment charges	1	19
Loss on extinguishment of debt	13	0
Provision for doubtful accounts	3	0
Stock-based compensation expense	11	9
Equity in net income (loss) from unconsolidated investments	(1)	(4)
Dividends from unconsolidated investments	0	1
Deferred income taxes	(6)	(8)
Other, net	(3)	1
Change in restricted funds held in trust	(1)	3
Change in working capital, net of effects of acquisitions	(15)	0
Net cash provided by operating activities	26	62
INVESTING ACTIVITIES:
Purchase of property, plant and equipment	(152)	(184)
Acquisition of business, net of cash acquired	(16)	(9)
Property insurance proceeds	5	0
Other, net	(3)	2
Net cash (used in) provided by investing activities	(166)	(191)
FINANCING ACTIVITIES:
Proceeds from borrowings on long-term debt	400	0
Proceeds from borrowings on revolving credit facility	633	515
Proceeds from borrowings on Dublin project financing	60	77
Payments of borrowings on revolving credit facility	(501)	(370)
Payments on long-term debt	(412)	(1)
Payments on equipment financing capital lease	(2)	(2)
Payments on project debt	(12)	(9)
Payments of deferred financing costs	(9)	(3)
Cash dividends paid to stockholders	(65)	(65)
Change in restricted funds held in trust	5	18
Common stock repurchased	0	(20)
Other, net	4	(1)
Net cash provided by (used in) financing activities	101	139
Effect of exchange rate changes on cash and cash equivalents	3	2
Net (decrease) increase in cash and cash equivalents	(36)	12
Cash and cash equivalents at beginning of period	84	96
Cash and cash equivalents at end of period	$ 48	$ 108

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION (Notes)	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	ORGANIZATION AND BASIS OF PRESENTATION The terms “we,” “our,” “ours,” “us”, "Covanta" 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, processing and disposal assets. 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 42 energy-from-waste facilities, which are primarily located in North America. 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. In addition to our core EfW business, we offer a variety of sustainable waste management solutions in response to customer demand, including on site clean-up services, wastewater treatment, transportation and logistics, recycling and depackaging. Together with our processing of non-hazardous "profiled waste" for purposes of assured destruction or sustainability goals in our EfW facilities, we offer these services under our Covanta Environmental Solutions brand. 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 energy-from-waste facility in Dublin, Ireland, which we own and will operate upon completion. We hold interests in an energy-from-waste facility in Italy and an infrastructure business in China which is engaged in energy-from-waste operations. For additional information regarding our reportable segment, see Note 5. Financial Information by Business Segments . Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and notes thereto required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for fair presentation have been included in our condensed consolidated financial statements. All intra-entity accounts and transactions have been eliminated. Operating results for the interim period are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2017 . The condensed consolidated balance sheet at December 31, 2016 , was derived from audited annual consolidated financial statements, but does not contain all of the notes thereto from the annual consolidated financial statements. This Form 10-Q should be read in conjunction with the Audited Consolidated Financial Statements and accompanying Notes in our Annual Report on Form 10-K for the year ended December 31, 2016 (“Form 10-K”). Change in Accounting Principle In March 2016, the Financial Accounting Standards Board ("FASB") issued an update to simplify the accounting for employee share-based payments, including income tax impacts, classification on the statement of cash flows, and forfeitures. We adopted this guidance effective January 1, 2017. The new guidance requires excess tax benefits and deficiencies to be recognized in the income statement rather than in additional paid-in capital on the balance sheet. As a result of applying this change prospectively, we recognized $0 and $0.5 million of tax expense in our provision for income taxes during the three and six months ended June 30, 2017 , respectively. In addition, adoption of the new guidance resulted in a $9 million decrease to Accumulated deficit as of January 1, 2017, to recognize the cumulative effect of deferred income taxes for U.S. Federal net operating loss and other carryforwards attributable to excess tax benefits. Excess tax benefits were not recognized for financial reporting purposes in the prior period. We prospectively applied the guidance which requires presentation of excess tax benefits as an operating activity on the statement of cash flows rather than as a financing activity. Cash paid on employees’ behalf related to shares withheld for tax purposes was retrospectively applied and required reclassifying $4 million from cash provided by operating activities to cash provided by financing activities on our condensed consolidated statement of cash flows as of June 30, 2016 . We have elected to account for forfeitures as they occur, rather than to estimate them; adoption of this accounting policy election resulted in a $1 million increase to Accumulated deficit as of January 1, 2017 to recognize the cumulative-effect of removing the forfeiture estimate. In January 2017, the FASB issued updated guidance regarding business combinations, specifically on clarifying the definition of a business and provided a screen to determine whether or not an integrated set of assets and activities constitutes a business. We are required to adopt the updates in this standard in annual periods beginning after December 15, 2017, including interim periods therein. The standard must be applied prospectively on or after the effective date, and no disclosures for a change in accounting principle are required at transition. Early adoption is permitted for transactions (i.e., acquisitions or dispositions) that occurred before the issuance date or effective date of the standard if the transactions were not reported in financial statements that have been issued or made available for issuance. We early adopted this guidance as of January 1, 2017. Reclassifications Certain amounts have been reclassified in our prior period condensed consolidated balance sheet to conform to current year presentation and such amounts were not material to current and prior periods. Also, as discussed above under Change in Accounting Principle , certain amounts have been reclassified in our prior period condensed consolidated statement of cash flows to conform to current year presentation.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS (Notes)	6 Months Ended
	Jun. 30, 2017
Notes To Financial Statements [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS In May 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-10 “Service Concession Arrangements (Topic 853): Determining the Customer of the Operation Services (a consensus of the FASB Emerging Issues Task Force),” which provides clarity on determining the customer in a service concession arrangement. The guidance, which is required to be adopted in the first quarter of 2018, 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 May 2017, the FASB issued ASU 2017-09, “Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting,” which provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. This standard is required to be adopted in the first quarter of 2018. We are currently evaluating the impact this guidance will have on our consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-04, “Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” which updated guidance to eliminate the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge (referred to as Step 2). As a result, an impairment charge will equal the amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the amount of goodwill allocated to the reporting unit. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The amendment should be applied on a prospective basis. The guidance is effective for goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for goodwill impairment tests performed after January 1, 2017. The impact of this guidance for the Company will depend on the outcomes of future goodwill impairment tests. In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash,” requiring that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The guidance is required to be adopted in the first quarter of 2018 on a retrospective basis. Adoption of this guidance will eliminate the disclosure of Change in restricted funds held in trust, which we currently include in Net cash provided by operating activities and Net cash provided by financing activities on our condensed consolidated statement of cash flows. In October 2016, the FASB issued ASU 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory,” requiring comprehensive recognition of current and deferred income taxes on intra-entity asset transfers other than inventory, which was previously prohibited. The guidance now requires us to recognize the tax expense from the intra-entity transfer of an asset when the transfer occurs, even though the pre-tax effects of that transaction are eliminated in consolidation. We are required to adopt this guidance in the first quarter of 2018 on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. Early adoption is permitted. We are currently evaluating the impact this guidance will have on our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments,” which updated guidance on eight specific cash flow issues with regard to how cash receipts and cash payments are presented and classified in the statement of cash flows in order to clarify existing guidance and reduce diversity in practice. The guidance is required to be adopted in the first quarter of 2018 on a retrospective basis, unless it is impracticable to apply, in which case it should be applied prospectively as of the earliest date practicable. Early adoption is permitted. We are currently evaluating the impact this guidance will have on our consolidated statement of cash flows. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” which 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 January 2016, the FASB issued ASU 2016-01, “Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities,” which requires equity investments not accounted for as an equity method investment or that result in consolidation to be recorded at their fair value with changes in fair value recognized in our consolidated statements of operations. Those equity investments that do not have a readily determinable fair value may be measured at cost less impairment, if any, plus or minus changes resulting from observable price changes. This standard is required to be adopted in the first quarter of 2018, with early adoption prohibited. We are currently evaluating the impact this guidance will have on our consolidated financial statements and related disclosures. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers.” The standard is 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 addition, the standard requires disclosure of the nature, amount, timing, and certainty of revenue arising from contracts with customers. In August 2015, the FASB deferred the effective date by one year to January 1, 2018 and we will adopt the standard on January 1, 2018, as required. The standard can be adopted using either a full retrospective or modified retrospective approach as of the date of adoption. We continue to determine the impacts of the standard on our consolidated financial statements and have decided to adopt the standard using a modified retrospective approach which would result in a cumulative effect adjustment as of the date of adoption. Our implementation approach includes performing a detailed review of key contracts representative of the services that we provide and assessing the conformance of historical accounting policies and practices with the standard. Because the standard may impact our business processes, systems and controls, we continue to make progress on executing on a comprehensive change management project plan to implement the standard.

ACQUISITIONS AND DISPOSITIONS (

ACQUISITIONS AND DISPOSITIONS (Notes)	6 Months Ended
	Jun. 30, 2017
Assets Held for Sale [Abstract]
ACQUISITIONS AND DISPOSITIONS	ACQUISITIONS AND DISPOSITIONS The acquisitions in the section below are not material to our condensed 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 the six months ended June 30, 2017 , we acquired three environmental services businesses (one of which was accounted for as an asset purchase), in separate transactions, for approximately $17 million . These acquisitions expand our Covanta Environmental Solutions capabilities and client service offerings, and allow us to direct additional non-hazardous profiled waste volumes into our EfW facilities, and therefore are highly synergistic with our existing business. China Investments Prior to 2016, our interests in China included 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. During 2016, we completed the exchange of our ownership interests in China for a 15% ownership interest in Chongqing Sanfeng Covanta Environmental Industrial Group, Co., Ltd ("Sanfeng Environment") and subsequently sold approximately 90% of the aforementioned ownership interest in Sanfeng Environment to a third-party, a subsidiary of CITIC Limited ("CITIC"), a leading Chinese industrial conglomerate and investment company, pursuant to agreements entered into in July 2015. As a result, during the year ended December 31, 2016, we recorded a pre-tax gain of $41 million . We received pre-tax proceeds of $105 million . The gain resulted from the excess of pre-tax proceeds over the cost-method book value of $70 million , plus $5 million of realized gains on the related cumulative foreign currency translation adjustment, that were reclassified out of other comprehensive income. Subsequent to completing the exchange, Sanfeng Environment has made certain claims for indemnification under the agreement related to the condition of the facility in Taixing. During the three and six months ended June 30, 2017 , we recorded a $2 million and $6 million charge, respectively, related to these claims, which is included in loss on asset sales on our condensed consolidated statement of operations. In 2016, in connection with these transactions, we entered into foreign currency exchange collars and forwards to hedge against rate fluctuations that impacted the cash proceeds in U.S. dollar terms. For more information, see Note 11. Derivative Instruments . As of June 30, 2017 and December 31, 2016, our remaining cost-method investment in Sanfeng Environment totaled $6 million and was included in our condensed consolidated balance sheet as a component of "Other assets." There were no impairment indicators related to our cost-method investment during the six months ended June 30, 2017 .

EARNINGS PER SHARE ("EPS") AND

EARNINGS PER SHARE ("EPS") AND EQUITY (Notes)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
EARNINGS PER SHARE AND EQUITY	EARNINGS PER SHARE (“EPS”) AND EQUITY Earnings Per Share We calculate basic earnings per share ("EPS") using net earnings for the period and the weighted average number of outstanding shares of our common stock, par value $0.10 per share, during the period. 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 and restricted stock units whether or not currently exercisable. Diluted earnings per share does not include securities if their effect was anti-dilutive. Basic and diluted weighted average shares outstanding were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Basic weighted average common shares outstanding 130 129 129 129 Dilutive effect of stock options, restricted stock and restricted stock units (1) — — — — Diluted weighted average common shares outstanding 130 129 129 129 (1) Excludes the following securities because their inclusion would have been anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Stock options — 1 1 1 Restricted stock — — 1 — Restricted stock units 1 1 1 1 Equity Dividends per Share Dividends declared per share were $0.25 for each of the three month periods ended June 30, 2017 and 2016 and $0.50 for each of the six month periods ended June 30, 2017 and 2016 . Cash dividends declared totaled $33 million for each of the three month periods ended June 30, 2017 and 2016 and $66 million for each of the six month periods ended June 30, 2017 and 2016 . Accumulated Other Comprehensive Income (Loss) ("AOCI") The changes in accumulated other comprehensive loss are as follows (in millions): Foreign Currency Translation Pension and Other Postretirement Plan Unrecognized Net Gain Net Unrealized (Loss) Gain on Derivatives Total Balance at December 31, 2015 $ (34 ) $ 2 $ (2 ) $ (34 ) Other comprehensive income (loss) before reclassifications 6 — (20 ) (14 ) Net current period comprehensive income (loss) 6 — (20 ) (14 ) Balance at June 30, 2016 $ (28 ) $ 2 $ (22 ) $ (48 ) Balance at December 31, 2016 $ (41 ) $ 2 $ (23 ) $ (62 ) Other comprehensive income before reclassifications 12 — 3 15 Net current period comprehensive income 12 — 3 15 Balance at June 30, 2017 $ (29 ) $ 2 $ (20 ) $ (47 )

FINANCIAL INFORMATION BY BUSINE

FINANCIAL INFORMATION BY BUSINESS SEGMENTS (Notes)	6 Months Ended
	Jun. 30, 2017
Notes To Financial Statements [Abstract]
FINANCIAL INFORMATION BY BUSINESS SEGMENTS	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 Three Months Ended June 30, 2017 Operating revenue $ 424 $ — $ 424 Depreciation and amortization expense 52 — 52 Impairment charges 1 — 1 Operating income (loss) 22 (2 ) 20 Three Months Ended June 30, 2016 Operating revenue $ 418 $ — $ 418 Depreciation and amortization expense 51 — 51 Impairment charges 4 — 4 Operating income (loss) 7 (2 ) 5 North America All Other (1) Total Six Months Ended June 30, 2017 Operating revenue $ 828 $ — $ 828 Depreciation and amortization expense 104 — 104 Impairment charges 1 — 1 Operating income (loss) 1 (4 ) (3 ) Six Months Ended June 30, 2016 Operating revenue $ 814 $ 7 $ 821 Depreciation and amortization expense 103 — 103 Impairment charges 19 — 19 Operating loss (7 ) (2 ) (9 ) (1) All other is comprised of the financial results of our operations outside of North America.

CONSOLIDATED DEBT (Notes)

CONSOLIDATED DEBT (Notes)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
CONSOLIDATED DEBT	CONSOLIDATED DEBT Consolidated debt is as follows (in millions): June 30, December 31, LONG-TERM DEBT: Revolving credit facility (3.42% - 3.67%) $ 475 $ 343 Term loan, net (2.87%) 194 195 Credit Facilities Sub-total $ 669 $ 538 7.25% Senior notes due 2020 $ — $ 400 6.375% Senior notes due 2022 400 400 5.875% Senior notes due 2024 400 400 5.875% Senior notes due 2025 400 — Less: deferred financing costs related to senior notes (17 ) (14 ) Senior Notes Sub-total $ 1,183 $ 1,186 4.00% - 5.25% Tax-exempt bonds due 2024 through 2045 $ 464 $ 464 Less: deferred financing costs related to tax-exempt bonds (5 ) (5 ) Tax-Exempt Bonds Sub-total $ 459 $ 459 3.48% - 4.52% Equipment financing capital leases due 2024 through 2027 67 69 Total long-term debt $ 2,378 $ 2,252 Less: current portion (10 ) (9 ) Noncurrent long-term debt $ 2,368 $ 2,243 PROJECT DEBT: North America project debt: 4.00% - 5.00% project debt related to service fee structures due 2017 through 2035 $ 68 $ 78 5.00% Union capital lease due 2017 through 2053 97 99 5.25% - 6.20% project debt related to tip fee structures due 2017 through 2020 16 16 Unamortized debt premium, net 4 4 Less: deferred financing costs related to North America project debt (1 ) (1 ) Total North America project debt $ 184 $ 196 Other project debt: Dublin senior loan due 2021 (5.72% - 6.41%) (1) $ 235 $ 155 Debt discount related to Dublin senior loan (5 ) (6 ) Less: deferred financing cost related to Dublin senior loan (19 ) (18 ) Dublin senior loan, net $ 211 $ 131 Dublin junior loan due 2022 (9.23% - 9.73%) $ 64 $ 58 Debt discount related to Dublin junior loan — (1 ) Less: deferred financing costs related to Dublin junior loan (1 ) (1 ) Dublin junior loan, net $ 63 $ 56 Total other project debt, net $ 274 $ 187 Total project debt $ 458 $ 383 Less: Current portion (22 ) (22 ) Noncurrent project debt $ 436 $ 361 TOTAL CONSOLIDATED DEBT $ 2,836 $ 2,635 Less: Current debt (32 ) (31 ) TOTAL NONCURRENT CONSOLIDATED DEBT $ 2,804 $ 2,604 (1) Reflects hedged fixed rates. 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"). Revolving Credit Facility As of June 30, 2017 , we had unused capacity under the Revolving Credit Facility as follows (in millions): Total Direct Borrowings as of Outstanding Letters of Credit as of Unused Capacity as of Credit Facility Expiring (1) June 30, 2017 June 30, 2017 June 30, 2017 Revolving Credit Facility $ 1,000 2020 $ 475 $ 190 $ 335 (1) The Revolving Credit Facility consists of two tranches; Tranche A ( $950 million ), which expires in 2020, and Tranche B ( $50 million ), which expires in March 2019. Repayment Terms As of June 30, 2017 , the Term Loan has mandatory remaining amortization payments of $3 million in 2017, $5 million in both of the years 2018 and 2019 and $181 million in 2020. The Credit Facilities are pre-payable at par at our option at any time. Guarantees and Security 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; 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 foreign subsidiaries which are directly owned, 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 (financial ratios), 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 June 30, 2017 . 5.875% Senior Notes due 2025 (the "5.875% Notes") In March 2017, we sold $400 million aggregate principal amount of 5.875% Senior Notes due July 2025. Interest on the 5.875% Notes is payable semi-annually on January 1 and July 1 of each year, commencing on July 1, 2017, and the 5.875% Notes will mature on July 1, 2025 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. On April 3, 2017, we used a portion of the net proceeds of the 5.875% Notes offering to fund the redemption of the 7.25% Senior Notes due 2020. For additional information see Redemption of 7.25% Senior Notes due 2020 below . The 5.875% Notes are senior unsecured obligations, ranking equally in right of payment with any of the current and future senior unsecured indebtedness of Covanta Holding Corporation. The 5.875% Notes rank junior to our existing and future secured indebtedness, including any guarantee of indebtedness under the Credit Facilities. The 5.875% 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 5.875% Notes are subject to redemption at our option, at any time on or after July 1, 2020, 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 July 1, 2020, 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 July 1, 2020, 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.” 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 5.875% Notes at a price equal to 101% of the principal amount, plus accrued and unpaid interest. In addition, certain asset dispositions would be triggering events that may require us to use the proceeds from those asset dispositions to make an offer to purchase the 5.875% Notes at 100% of the principal amount, plus 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. Redemption of 7.25% Senior Notes due 2020 (7.25% Senior Notes) On April 3, 2017, we redeemed our 7.25% Senior Notes due 2020 using a portion of net proceeds from the issuance of the 5.875% Senior Notes due 2025 and borrowings under our credit facility. During the three months ended June 30, 2017 , as a result of the redemption, we recorded a prepayment charge of $9 million and a write-off of the remaining deferred financing costs of $4 million recognized in our condensed consolidated statements of operations as a loss on extinguishment of debt. Other Non-current Liabilities As of June 30, 2017 , the Dublin convertible preferred instrument of $97 million ( €85 million ) was included as a component of "Other noncurrent liabilities" in our condensed consolidated balance sheet. Capitalized Interest Interest expense paid and costs amortized to interest expense related to project financing are capitalized during the construction and start-up phase of the project. Total interest expense capitalized was as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Capitalized interest $ 12 $ 7 $ 20 $ 13

INCOME TAXES (Notes)

INCOME TAXES (Notes)	6 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES We have record our interim tax provision based upon our estimated annual effective tax rate ("EAETR") and account for tax effects of discrete events in the period in which they occur. We review the EAETR on a quarterly basis as projections are revised and laws are enacted. The effective tax rate ("ETR") was 4% and 9% for the six months ended June 30, 2017 and June 30, 2016 , respectively.

SUPPLEMENTARY INFORMATION (Note

SUPPLEMENTARY INFORMATION (Notes)	6 Months Ended
	Jun. 30, 2017
Notes To Financial Statements [Abstract]
SUPPLEMENTARY INFORMATION	SUPPLEMENTARY INFORMATION Pass through costs Pass through costs are costs for which we receive a direct contractually committed reimbursement from the municipal client which sponsors an energy-from-waste 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 condensed consolidated financial statements. Pass through costs were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Pass through costs $ 13 $ 9 $ 23 $ 19 Insurance Recoveries Plymouth Energy-from-Waste Facility In May 2016, our Plymouth energy-from-waste facility experienced a turbine generator failure. Damage to the turbine generator was extensive and operations at the facility were suspended promptly to assess the cause and extent of damage. The facility is capable of processing waste without utilizing the turbine generator to generate electricity, and we resumed waste processing operations in early June of 2016. The facility resumed generating electricity early in the first quarter of 2017 after the generator and other damaged equipment were replaced. Fairfax County Energy-from-Waste Facility In February 2017, our Fairfax County energy-from-waste facility located in Lorton, Virginia experienced a fire in the front-end receiving portion of the facility. During the first quarter of 2017, we completed our evaluation of the impact of this event and recorded an immaterial asset impairment, which we have since recovered from insurance proceeds. We expect the facility to resume operations in the fourth quarter of 2017. We expect receipt of insurance recoveries for both property loss and business interruption to continue through the balance of 2017 and into the first half of 2018. The overall impact of the fire, net of insurance, on financial results in 2017 will be impacted by the timing of receipt of insurance recoveries. The cost of repair or replacement and business interruption losses for the above matters are insured under the terms of applicable insurance policies, subject to deductibles.We recorded insurance recoveries, as a reduction to Other operating expense, net, in our consolidation statement of operations as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Insurance recoveries for property costs, net of impairment charges $ 3 $ — $ 3 $ — Insurance recoveries for business interruption and clean-up costs, net of costs incurred $ 17 $ — $ 18 $ — Impairment charges We are party to a joint venture that was formed to recover and recycle metals from EfW ash monofills in North America. During the three months ended June 30, 2016, due to operational difficulties and the decline in the scrap metals market, a valuation of the entity was conducted. As a result, we recorded a net impairment of our investment in this joint venture of $3 million , pre-tax, which represents our portion of the carrying value of the entity in excess of the fair value. Such amount was calculated based on the estimated liquidation value of the tangible equipment utilizing Level 3 inputs. For more information regarding fair value measurements, see Note 10. Financial Instruments . In March 2016, we exercised an early termination option available under the steam sale agreement at our Pittsfield EfW facility that would have been effective in March 2017. Upon termination of the steam agreement, we intended to cease operations at the Pittsfield facility. As a result, during the six months ended June 30, 2016 , we recorded a non-cash impairment charge of $13 million , pre-tax, which was calculated based on the estimated cash flows for this facility during its remaining operations utilizing Level 3 inputs. For more information regarding fair value measurements, see Note 10. Financial Instruments. In October 2016, we withdrew our termination notice. The City of Pittsfield has agreed to fund upgrades to the facility and the State of Massachusetts will provide energy tax credits, both of which will serve to improve the economics of the facility. In addition, we will continue to sell steam generated by the facility under an amended agreement.

STOCK-BASED AWARD PLANS (Notes)

STOCK-BASED AWARD PLANS (Notes)	6 Months Ended
	Jun. 30, 2017
Notes To Financial Statements [Abstract]
STOCK-BASED AWARD PLANS	STOCK-BASED AWARD PLANS During the six months ended June 30, 2017 we awarded certain employees grants of 802,613 shares of restricted stock and 77,541 restricted stock units ("RSUs"). The restricted stock awards and RSUs will be expensed over the requisite service period. The terms of the restricted stock awards and the RSUs include vesting provisions based solely on continued service. If the service criteria are satisfied, the restricted stock awards and RSUs will generally vest during March of 2018 , 2019 , and 2020 . Additionally, during the six , months ended June 30, 2017 , we awarded certain employees grants of 440,070 performance based RSUs that will vest based upon the Company’s cumulative Free Cash Flow per share over a three year performance period. On May 4, 2017, we awarded 14,286 shares of restricted stock and 82,144 RSUs for annual director compensation. Additionally, on June 15, 2017, we awarded 4,701 shares of RSUs for quarterly director fees for certain of our directors who elected to receive RSUs in lieu of cash payments. We determined the service vesting condition of these restricted stock awards and restricted stock units to be non-substantive and, in accordance with accounting principles for stock compensation, recorded the entire fair value of the awards as compensation expense on the grant date. During the six months ended June 30, 2017 , we withheld 235,066 shares of our common stock in connection with tax withholdings for vested stock awards. Compensation expense related to our stock-based awards was as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Share based compensation expense $ 6 $ 4 $ 11 $ 9 Unrecognized stock-based compensation expense and weighted-average years to be recognized are as follows (in millions, except for weighted average years): As of June 30, 2017 Unrecognized stock- based compensation Weighted-average years to be recognized Restricted stock awards $ 14 1.6 Restricted stock units $ 13 2.1

FINANCIAL INSTRUMENTS (Notes)

FINANCIAL INSTRUMENTS (Notes)	6 Months Ended
	Jun. 30, 2017
Notes To Financial Statements [Abstract]
FINANCIAL INSTRUMENTS	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, marketable securities and accounts receivable, 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 (Level 1). • The fair value for interest rate swaps was 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 fair values of our energy hedges were determined using the spread between our fixed price and the forward curve information available within the market. • The fair value of our foreign currency hedge was determined by obtaining quotes from two counterparties and is based on market accepted option pricing methodology which utilizes inputs such as the currency spot rate as of the balance sheet date, the strike price of the options and volatility. The estimated fair value amounts have been determined using available market information and appropriate valuation methodologies. However, considerable judgment is necessarily 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 June 30, 2017 . Such amounts have not been comprehensively revalued for purposes of these financial statements since June 30, 2017 and current estimates of fair value may differ significantly from the amounts presented herein. The following table presents information about the fair value measurement of our assets and liabilities as of June 30, 2017 and December 31, 2016 : Financial Instruments Recorded at Fair Value on a Recurring Basis: Fair Value Measurement Level June 30, 2017 December 31, 2016 (In millions) Assets: Cash and cash equivalents: Bank deposits and certificates of deposit 1 $ 44 $ 79 Money market funds 1 4 5 Total cash and cash equivalents: 48 84 Restricted funds held in trust: Bank deposits and certificates of deposit 1 17 12 Money market funds 1 30 36 U.S. Treasury/Agency obligations (1) 1 10 14 State and municipal obligations 1 36 46 Commercial paper/Guaranteed investment contracts/Repurchase agreements 1 12 2 Total restricted funds held in trust: 105 110 Investments — mutual and bond funds (2) 1 2 2 Derivative asset — energy hedges (3) 2 4 3 Total assets: $ 159 $ 199 Liabilities: Derivative liability — energy hedges (4) 2 $ — $ 1 Derivative liability — interest rate swaps (4), (5) 2 $ 18 $ 20 Total liabilities: $ 18 $ 21 The following financial instruments are recorded at their carrying amount (in millions): As of June 30, 2017 As of December 31, 2016 Financial Instruments Recorded at Carrying Amount: Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets: Accounts receivable (6) $ 303 $ 303 $ 333 $ 333 Liabilities: Long-term debt $ 2,378 $ 2,375 $ 2,252 $ 2,237 Project debt $ 458 $ 464 $ 383 $ 387 (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 condensed consolidated balance sheets. (3) Included in prepaid expenses and other current assets in the condensed consolidated balance sheets. (4) Included in accrued expenses and other current liabilities in the condensed consolidated balance sheets. (5) Included in other noncurrent liabilities in the condensed consolidated balance sheets. (6) Includes $1 million of noncurrent receivables recorded in "Other assets" in the condensed consolidated balance sheets as June 30, 2017 and December 31, 2016 . In addition to the recurring fair value measurements, certain assets are measured at fair value on a non-recurring basis when an indication of impairment is identified and the asset's fair value is determined to be less than its carrying value. See Note 8. Supplementary Information - Impairment charges for additional information.

DERIVATIVE INSTRUMENTS (Notes)

DERIVATIVE INSTRUMENTS (Notes)	6 Months Ended
	Jun. 30, 2017
Derivative Instruments [Abstract]
DERIVATIVE INSTRUMENTS	DERIVATIVE INSTRUMENTS The following disclosures summarize the effect of changes in fair value related to those derivative instruments not designated as hedging instruments on the condensed consolidated statements of operations (in millions): Amount of Gain or (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 Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Foreign currency Other income (expense), net $ — $ 3 $ — $ (1 ) Effect on income of derivative instruments not designated as hedging instruments $ — $ 3 $ — $ (1 ) Foreign Exchange Risk During 2016, in order to hedge the risk of adverse foreign currency exchange rate fluctuations impacting the sale proceeds from our equity transfer agreement in China (See Note 3. Acquisitions and Dispositions ), we entered into foreign currency exchange forwards with two financial institutions, covering approximately $100 million of notional, to protect against rate fluctuations pending the close of the sale of our ownership interest to CITIC. The foreign currency forwards were accounted for as derivative instruments and, accordingly, were recorded at fair value quarterly with any change in fair value recognized in our condensed consolidated statements of operations as "Other expense, net." As of December 31, 2016, we received $105 million of gross sale proceeds relating to the aforementioned sale of our ownership interests to CITIC and therefore, settled or canceled the remaining foreign currency exchange derivatives related to this hedged transaction, resulting in a current asset balance of zero. During the six months ended June 30, 2016 , cash provided by foreign currency exchange settlements totaled $3 million , and was included in net cash used in investing activities on our condensed consolidated statement of cash flows. 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. The amount of energy generation for which we have hedged on a forward basis under agreements with various financial institutions as of June 30, 2017 is indicated in the following table (in millions): Calendar Year Hedged MWh 2017 1.4 2018 2.6 2019 0.1 Total 4.1 As of June 30, 2017 , the net fair value of the energy derivatives of $4 million , pre-tax, was recorded as a $4 million current asset on our condensed consolidated balance sheet. The change in fair value was recorded as a component of AOCI. As of June 30, 2017 , the amount of hedge ineffectiveness was not material. During the six months ended June 30, 2017 , cash provided by and used in energy derivative settlements of $12 million and zero , respectively, was included in net cash provided by operating activities on our condensed consolidated statement of cash flows. During the six months ended June 30, 2016 , cash provided by and used in energy derivative settlements of $22 million and zero , respectively, was included in the change in net cash provided by operating activities on our condensed 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 with various financial institutions terminating between 2017 and 2021, denominated in Euros, for the full €250 million loan amount. This interest rate swap is designated as a cash flow hedge which is recorded at fair value with changes in fair value recorded as a component of AOCI. As of June 30, 2017 , the fair value of the interest rate swap derivative of $18 million , pre-tax, was recorded as a $3 million and $15 million current and noncurrent liability, respectively. As of December 31, 2016 , the fair value of the interest rate swap derivative of $20 million , pre-tax, was recorded as a $2 million and $18 million current and noncurrent liability, respectively. There was an immaterial amount of ineffectiveness recognized in our condensed consolidated statements of operations as a component of "Interest expense, net" during the three and six months ended June 30, 2017 and June 30, 2016 .

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Notes)	6 Months Ended
	Jun. 30, 2017
Notes To Financial Statements [Abstract]
COMMITMENTS AND CONTINGENCIES	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. As of June 30, 2017 and December 31, 2016 , accruals for our loss contingencies were approximated $17 million and $11 million , respectively. 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 divested operations, the contractual arrangement with the 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 condensed consolidated financial position or results of operations. Lower Passaic River Matter. In August 2004, the United States Environmental Protection Agency (the “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’s LPRSA costs to date are not material to its financial position and results of operations; however, to date the EPA has not sought any LPRSA remedial costs or natural resource damages against PRPs. On March 3, 2016, the EPA released the Record of Decision (“ROD”) for its Focused Feasibility Study of the lower 8 miles of the LPRSA; the EPA’s selected remedy includes capping/dredging of sediment, institutional controls and long-term monitoring. 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. 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 our subsidiary, Covanta Tulsa Renewable Energy LLC, is the target of a criminal investigation being conducted by the EPA. We understand that the 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, cash flows or results of operations. Other Matters Durham-York Contractor Arbitration We are seeking to resolve outstanding disputes with our primary contractor for the Durham-York construction project regarding (i) claims by the contractor for change orders and other expense reimbursement and (ii) claims by us for charges and liquidated damages for project completion delays. Our contract with this contractor contemplates binding arbitration to resolve these disputes, which we expect may conclude in 2017. While we do not expect resolution of these disputes to have a material adverse impact on our financial position, it could be material to our results of operations and/or cash flows in any given accounting period. China Indemnification Claims Subsequent to completing the exchange of our project ownership interests in China for a 15% ownership interest in Sanfeng Environment, Sanfeng Environment made certain claims for indemnification under the agreement related to the condition of the facility in Taixing. For additional information, see N ote 3. Acquisitions and Dispositions. Other Commitments Other commitments as of June 30, 2017 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 $ 190 $ — $ 190 Letters of credit - other 67 — 67 Surety bonds 168 — 168 Total other commitments — net $ 425 $ — $ 425 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 6.375% Notes due 2022, 5.875% Notes due 2024, 5.875% Notes due 2025 and Tax-Exempt Bonds. Holders may require us to repurchase their 6.375% Notes due 2022, 5.875% Notes due 2024, 5.875% Notes due 2025 and Tax-Exempt Bonds if a fundamental change occurs. For specific criteria related to the redemption features of the 5.875% Notes due 2025, see Note 6. Consolidated Debt . For specific criteria related to the redemption features of the 6.375% Notes and 5.875% Notes due 2024, see Item 8. Financial Statements And Supplementary Data — Note 11. Consolidated Debt of our Annual Report on Form 10-K. We have 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. Benefit Obligations - Defined Contribution Plans Substantially all of our employees in the United States are eligible to participate in defined contribution plans we sponsor. Our costs related to defined contribution plans were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Costs related to defined contribution plans $ 4 $ 4 $ 9 $ 8 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). New York City Waste Transport and Disposal Contract In 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 pending approval from New York City. As of June 30, 2017 , we expect to incur approximately $33 million of additional capital expenditures, primarily for transportation equipment.

ORGANIZATION AND BASIS OF PRE20

ORGANIZATION AND BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and notes thereto required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for fair presentation have been included in our condensed consolidated financial statements. All intra-entity accounts and transactions have been eliminated.
Change in Accounting Principle	Change in Accounting Principle In March 2016, the Financial Accounting Standards Board ("FASB") issued an update to simplify the accounting for employee share-based payments, including income tax impacts, classification on the statement of cash flows, and forfeitures. We adopted this guidance effective January 1, 2017. The new guidance requires excess tax benefits and deficiencies to be recognized in the income statement rather than in additional paid-in capital on the balance sheet. As a result of applying this change prospectively, we recognized $0 and $0.5 million of tax expense in our provision for income taxes during the three and six months ended June 30, 2017 , respectively. In addition, adoption of the new guidance resulted in a $9 million decrease to Accumulated deficit as of January 1, 2017, to recognize the cumulative effect of deferred income taxes for U.S. Federal net operating loss and other carryforwards attributable to excess tax benefits. Excess tax benefits were not recognized for financial reporting purposes in the prior period. We prospectively applied the guidance which requires presentation of excess tax benefits as an operating activity on the statement of cash flows rather than as a financing activity. Cash paid on employees’ behalf related to shares withheld for tax purposes was retrospectively applied and required reclassifying $4 million from cash provided by operating activities to cash provided by financing activities on our condensed consolidated statement of cash flows as of June 30, 2016 . We have elected to account for forfeitures as they occur, rather than to estimate them; adoption of this accounting policy election resulted in a $1 million increase to Accumulated deficit as of January 1, 2017 to recognize the cumulative-effect of removing the forfeiture estimate. In January 2017, the FASB issued updated guidance regarding business combinations, specifically on clarifying the definition of a business and provided a screen to determine whether or not an integrated set of assets and activities constitutes a business. We are required to adopt the updates in this standard in annual periods beginning after December 15, 2017, including interim periods therein. The standard must be applied prospectively on or after the effective date, and no disclosures for a change in accounting principle are required at transition. Early adoption is permitted for transactions (i.e., acquisitions or dispositions) that occurred before the issuance date or effective date of the standard if the transactions were not reported in financial statements that have been issued or made available for issuance. We early adopted this guidance as of January 1, 2017.
Reclassifications	Reclassifications Certain amounts have been reclassified in our prior period condensed consolidated balance sheet to conform to current year presentation and such amounts were not material to current and prior periods. Also, as discussed above under Change in Accounting Principle , certain amounts have been reclassified in our prior period condensed consolidated statement of cash flows to conform to current year presentation.
Earnings Per Share	Earnings Per Share We calculate basic earnings per share ("EPS") using net earnings for the period and the weighted average number of outstanding shares of our common stock, par value $0.10 per share, during the period. 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 and restricted stock units whether or not currently exercisable. Diluted earnings per share does not include securities if their effect was anti-dilutive.
Pass Through Costs	Pass through costs Pass through costs are costs for which we receive a direct contractually committed reimbursement from the municipal client which sponsors an energy-from-waste 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 condensed consolidated financial statements.
Fair Value Measurements	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, marketable securities and accounts receivable, 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 (Level 1). • The fair value for interest rate swaps was 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 fair values of our energy hedges were determined using the spread between our fixed price and the forward curve information available within the market. • The fair value of our foreign currency hedge was determined by obtaining quotes from two counterparties and is based on market accepted option pricing methodology which utilizes inputs such as the currency spot rate as of the balance sheet date, the strike price of the options and volatility. The estimated fair value amounts have been determined using available market information and appropriate valuation methodologies. However, considerable judgment is necessarily 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 June 30, 2017 . Such amounts have not been comprehensively revalued for purposes of these financial statements since June 30, 2017 and current estimates of fair value may differ significantly from the amounts presented herein.
Energy Price Risk	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.
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.

EARNINGS PER SHARE ("EPS") AN21

EARNINGS PER SHARE ("EPS") AND EQUITY (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings per Share	Basic and diluted weighted average shares outstanding were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Basic weighted average common shares outstanding 130 129 129 129 Dilutive effect of stock options, restricted stock and restricted stock units (1) — — — — Diluted weighted average common shares outstanding 130 129 129 129 (1) Excludes the following securities because their inclusion would have been anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Stock options — 1 1 1 Restricted stock — — 1 — Restricted stock units 1 1 1 1
Schedule of Changes in Accumulated Other Comprehensive Income	The changes in accumulated other comprehensive loss are as follows (in millions): Foreign Currency Translation Pension and Other Postretirement Plan Unrecognized Net Gain Net Unrealized (Loss) Gain on Derivatives Total Balance at December 31, 2015 $ (34 ) $ 2 $ (2 ) $ (34 ) Other comprehensive income (loss) before reclassifications 6 — (20 ) (14 ) Net current period comprehensive income (loss) 6 — (20 ) (14 ) Balance at June 30, 2016 $ (28 ) $ 2 $ (22 ) $ (48 ) Balance at December 31, 2016 $ (41 ) $ 2 $ (23 ) $ (62 ) Other comprehensive income before reclassifications 12 — 3 15 Net current period comprehensive income 12 — 3 15 Balance at June 30, 2017 $ (29 ) $ 2 $ (20 ) $ (47 )

FINANCIAL INFORMATION BY BUSI22

FINANCIAL INFORMATION BY BUSINESS SEGMENTS (Tables)	6 Months Ended
	Jun. 30, 2017
Notes To Financial Statements [Abstract]
Schedule of Results of Reportable Segments	The results of our reportable segment are as follows (in millions): North America All Other (1) Total Three Months Ended June 30, 2017 Operating revenue $ 424 $ — $ 424 Depreciation and amortization expense 52 — 52 Impairment charges 1 — 1 Operating income (loss) 22 (2 ) 20 Three Months Ended June 30, 2016 Operating revenue $ 418 $ — $ 418 Depreciation and amortization expense 51 — 51 Impairment charges 4 — 4 Operating income (loss) 7 (2 ) 5 North America All Other (1) Total Six Months Ended June 30, 2017 Operating revenue $ 828 $ — $ 828 Depreciation and amortization expense 104 — 104 Impairment charges 1 — 1 Operating income (loss) 1 (4 ) (3 ) Six Months Ended June 30, 2016 Operating revenue $ 814 $ 7 $ 821 Depreciation and amortization expense 103 — 103 Impairment charges 19 — 19 Operating loss (7 ) (2 ) (9 ) (1) All other is comprised of the financial results of our operations outside of North America.

CONSOLIDATED DEBT (Tables)

CONSOLIDATED DEBT (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Schedule of Consolidated Debt	Consolidated debt is as follows (in millions): June 30, December 31, LONG-TERM DEBT: Revolving credit facility (3.42% - 3.67%) $ 475 $ 343 Term loan, net (2.87%) 194 195 Credit Facilities Sub-total $ 669 $ 538 7.25% Senior notes due 2020 $ — $ 400 6.375% Senior notes due 2022 400 400 5.875% Senior notes due 2024 400 400 5.875% Senior notes due 2025 400 — Less: deferred financing costs related to senior notes (17 ) (14 ) Senior Notes Sub-total $ 1,183 $ 1,186 4.00% - 5.25% Tax-exempt bonds due 2024 through 2045 $ 464 $ 464 Less: deferred financing costs related to tax-exempt bonds (5 ) (5 ) Tax-Exempt Bonds Sub-total $ 459 $ 459 3.48% - 4.52% Equipment financing capital leases due 2024 through 2027 67 69 Total long-term debt $ 2,378 $ 2,252 Less: current portion (10 ) (9 ) Noncurrent long-term debt $ 2,368 $ 2,243 PROJECT DEBT: North America project debt: 4.00% - 5.00% project debt related to service fee structures due 2017 through 2035 $ 68 $ 78 5.00% Union capital lease due 2017 through 2053 97 99 5.25% - 6.20% project debt related to tip fee structures due 2017 through 2020 16 16 Unamortized debt premium, net 4 4 Less: deferred financing costs related to North America project debt (1 ) (1 ) Total North America project debt $ 184 $ 196 Other project debt: Dublin senior loan due 2021 (5.72% - 6.41%) (1) $ 235 $ 155 Debt discount related to Dublin senior loan (5 ) (6 ) Less: deferred financing cost related to Dublin senior loan (19 ) (18 ) Dublin senior loan, net $ 211 $ 131 Dublin junior loan due 2022 (9.23% - 9.73%) $ 64 $ 58 Debt discount related to Dublin junior loan — (1 ) Less: deferred financing costs related to Dublin junior loan (1 ) (1 ) Dublin junior loan, net $ 63 $ 56 Total other project debt, net $ 274 $ 187 Total project debt $ 458 $ 383 Less: Current portion (22 ) (22 ) Noncurrent project debt $ 436 $ 361 TOTAL CONSOLIDATED DEBT $ 2,836 $ 2,635 Less: Current debt (32 ) (31 ) TOTAL NONCURRENT CONSOLIDATED DEBT $ 2,804 $ 2,604 (1) Reflects hedged fixed rates.
Revolving Credit Facility	As of June 30, 2017 , we had unused capacity under the Revolving Credit Facility as follows (in millions): Total Direct Borrowings as of Outstanding Letters of Credit as of Unused Capacity as of Credit Facility Expiring (1) June 30, 2017 June 30, 2017 June 30, 2017 Revolving Credit Facility $ 1,000 2020 $ 475 $ 190 $ 335 (1) The Revolving Credit Facility consists of two tranches; Tranche A ( $950 million ), which expires in 2020, and Tranche B ( $50 million ), which expires in March 2019.
Schedule of Capitalized Costs of Unproved Properties Excluded from Amortization [Table Text Block]	Capitalized Interest Interest expense paid and costs amortized to interest expense related to project financing are capitalized during the construction and start-up phase of the project. Total interest expense capitalized was as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Capitalized interest $ 12 $ 7 $ 20 $ 13

SUPPLEMENTARY INFORMATION Suppl

SUPPLEMENTARY INFORMATION Supplementary Information (Tables)	6 Months Ended
	Jun. 30, 2017
Supplementary Information Table [Abstract]
Schedule of Pass Through Expense [Table Text Block]	Pass through costs were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Pass through costs $ 13 $ 9 $ 23 $ 19
Schedule of Other Operating Cost and Expense, by Component [Table Text Block]	We recorded insurance recoveries, as a reduction to Other operating expense, net, in our consolidation statement of operations as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Insurance recoveries for property costs, net of impairment charges $ 3 $ — $ 3 $ — Insurance recoveries for business interruption and clean-up costs, net of costs incurred $ 17 $ — $ 18 $ —

STOCK-BASED AWARD PLANS (Tables

STOCK-BASED AWARD PLANS (Tables)	6 Months Ended
	Jun. 30, 2017
Notes To Financial Statements [Abstract]
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	Compensation expense related to our stock-based awards was as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Share based compensation expense $ 6 $ 4 $ 11 $ 9
Stock-based Compensation Expense	Unrecognized stock-based compensation expense and weighted-average years to be recognized are as follows (in millions, except for weighted average years): As of June 30, 2017 Unrecognized stock- based compensation Weighted-average years to be recognized Restricted stock awards $ 14 1.6 Restricted stock units $ 13 2.1

FINANCIAL INSTRUMENTS Financial

FINANCIAL INSTRUMENTS Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements of Assets and Liabilities	The following table presents information about the fair value measurement of our assets and liabilities as of June 30, 2017 and December 31, 2016 : Financial Instruments Recorded at Fair Value on a Recurring Basis: Fair Value Measurement Level June 30, 2017 December 31, 2016 (In millions) Assets: Cash and cash equivalents: Bank deposits and certificates of deposit 1 $ 44 $ 79 Money market funds 1 4 5 Total cash and cash equivalents: 48 84 Restricted funds held in trust: Bank deposits and certificates of deposit 1 17 12 Money market funds 1 30 36 U.S. Treasury/Agency obligations (1) 1 10 14 State and municipal obligations 1 36 46 Commercial paper/Guaranteed investment contracts/Repurchase agreements 1 12 2 Total restricted funds held in trust: 105 110 Investments — mutual and bond funds (2) 1 2 2 Derivative asset — energy hedges (3) 2 4 3 Total assets: $ 159 $ 199 Liabilities: Derivative liability — energy hedges (4) 2 $ — $ 1 Derivative liability — interest rate swaps (4), (5) 2 $ 18 $ 20 Total liabilities: $ 18 $ 21 The following financial instruments are recorded at their carrying amount (in millions): As of June 30, 2017 As of December 31, 2016 Financial Instruments Recorded at Carrying Amount: Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets: Accounts receivable (6) $ 303 $ 303 $ 333 $ 333 Liabilities: Long-term debt $ 2,378 $ 2,375 $ 2,252 $ 2,237 Project debt $ 458 $ 464 $ 383 $ 387 (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 condensed consolidated balance sheets. (3) Included in prepaid expenses and other current assets in the condensed consolidated balance sheets. (4) Included in accrued expenses and other current liabilities in the condensed consolidated balance sheets. (5) Included in other noncurrent liabilities in the condensed consolidated balance sheets. (6) Includes $1 million of noncurrent receivables recorded in "Other assets" in the condensed consolidated balance sheets as June 30, 2017 and December 31, 2016 .

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2017
Derivative Instruments [Abstract]
Schedule of Other Derivatives Not Designated as Hedging Instruments	The following disclosures summarize the effect of changes in fair value related to those derivative instruments not designated as hedging instruments on the condensed consolidated statements of operations (in millions): Amount of Gain or (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 Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Foreign currency Other income (expense), net $ — $ 3 $ — $ (1 ) Effect on income of derivative instruments not designated as hedging instruments $ — $ 3 $ — $ (1 )
Schedule of Energy Generation Amounts	The amount of energy generation for which we have hedged on a forward basis under agreements with various financial institutions as of June 30, 2017 is indicated in the following table (in millions): Calendar Year Hedged MWh 2017 1.4 2018 2.6 2019 0.1 Total 4.1

COMMITMENTS AND CONTINGENCIES28

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2017
Notes To Financial Statements [Abstract]
Other Commitments	Other commitments as of June 30, 2017 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 $ 190 $ — $ 190 Letters of credit - other 67 — 67 Surety bonds 168 — 168 Total other commitments — net $ 425 $ — $ 425
Defined Contribution Plans	Substantially all of our employees in the United States are eligible to participate in defined contribution plans we sponsor. Our costs related to defined contribution plans were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Costs related to defined contribution plans $ 4 $ 4 $ 9 $ 8

Organization and Basis of Pre29

Organization and Basis of Presentation (Details) ton in Millions, MW in Millions, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2017USD ($)MWtonFacility	Jun. 30, 2017USD ($)MWtonSegmentFacility	Jun. 30, 2016USD ($)	Jan. 01, 2017USD ($)
Organization And Summary Of Significant Accounting Policies [Line Items]
Solid waste processed (in tons) | ton	20	20
Number Of Energy From Waste Facilities | Facility	42	42
Annual Output | MW	10	10
Number Of Reportable Business Segments | Segment		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.
Reconciliation of income tax provision	$ 0	$ 0.5
Net cash provided by operating activities		26	$ 62
Net cash provided by (used in) financing activities		$ (101)	(139)
Accounting Standards Update 2016-09, Tax Withholding Component [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Net cash provided by operating activities			4
Net cash provided by (used in) financing activities			$ 4
Retained Earnings [Member] | Accounting Standards Update 2016-09 [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Cumulative effect adjustment				$ (9)
Retained Earnings [Member] | Accounting Standards Update 2016-09, Forfeiture Rate Component [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Cumulative effect adjustment				$ 1

ACQUISITIONS AND DISPOSITIONS30

ACQUISITIONS AND DISPOSITIONS (Details) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)business	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Businesses Acquired | business			3
Payments to Acquire Businesses, Net of Cash Acquired			$ 16	$ 9
Gain on asset sales	$ 2	$ 0	6	$ 0
Cost Method Investments, Original Cost					$ 70
Disposal Group, Including Discontinued Operation, Foreign Currency Translation Gains (Losses)					$ 5
Taixing [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale of Stock, Percentage of Ownership before Transaction					85.00%
Chengdu [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale of Stock, Percentage of Ownership before Transaction					49.00%
Sanfeng [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale of Stock, Percentage of Ownership before Transaction					40.00%
Sanfeng Environmental [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale of Stock, Percentage of Ownership before Transaction					15.00%
Percentage of Investment Sold					90.00%
Gain on asset sales					$ (41)
Proceeds from Sales of Assets, Investing Activities					105
Cost Method Investments	$ 6		6		$ 6
Series of Individually Immaterial Business Acquisitions [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired			$ 17

Earnings Per Share (Detail)

Earnings Per Share (Detail) - $ / shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, par value	$ 0.10		$ 0.10		$ 0.10
Basic	130	129	129	129
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	0	0	0	0
Diluted	130	129	129	129
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	1	1	1
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	0	1	0
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1	1	1	1

Equity (Details)

Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2015
Cash Dividend Declared Per Share:	$ 0.25	$ 0.25	$ 0.50	$ 0.50
Dividends, Common Stock	$ 33	$ 33	$ 66	$ 66
Accumulated other comprehensive (loss) income	(47)		(47)		$ (62)	$ (34)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax			15	(14)
Other Comprehensive Income (Loss), Net of Tax			15	(14)
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax	(47)	(48)	(47)	(48)
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member]
Accumulated other comprehensive (loss) income					(41)	(34)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax			12	6
Other Comprehensive Income (Loss), Net of Tax			12	6
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax	(29)	(28)	(29)	(28)
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member]
Accumulated other comprehensive (loss) income					(2)	(2)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax			0	0
Other Comprehensive Income (Loss), Net of Tax			0	0
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax	(2)	(2)	(2)	(2)
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member]
Accumulated other comprehensive (loss) income					$ (23)	$ (2)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax			3	(20)
Other Comprehensive Income (Loss), Net of Tax			3	(20)
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax	$ (20)	$ (22)	$ (20)	$ (22)

Financial Information By Busi33

Financial Information By Business Segments - Additional Information (Details)	6 Months Ended
	Jun. 30, 2017Segment
Disclosure FINANCIAL INFORMATION BY BUSINESS SEGMENTS Additional Information [Abstract]
Number Of Reportable Business Segments	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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Segment Reporting Information [Line Items]
Operating revenues	$ 424	$ 418	$ 828	$ 821
Depreciation and amortization expense	52	51	104	103
Impairment Charges	1	4	1	19
Operating income (loss)	20	5	(3)	(9)
North America [Member]
Segment Reporting Information [Line Items]
Operating revenues	424	418	828	814
Depreciation and amortization expense	52	51	104	103
Impairment Charges	1	4	1	19
Operating income (loss)	22	7	1	(7)
All Other [Member]
Segment Reporting Information [Line Items]
Operating revenues	0	0	0	7
Depreciation and amortization expense	0	0	0	0
Impairment Charges	0	0	0	0
Operating income (loss)	$ (2)	$ (2)	$ (4)	$ (2)

Consolidated Debt (Details)

Consolidated Debt (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Line of Credit Facility, Amount Outstanding	$ 669	$ 538
Long-term Debt	2,378	2,252
Total Long Term Debt, Senior Notes	1,183	1,186
Total Long Term Debt, Tax Exempt Bonds	459	459
Current portion of long-term debt	(10)	(9)
Long-term debt, Noncurrent	2,368	2,243
Project Debt	458	383
Other Project Debt	274	187
Current portion of project debt	(22)	(22)
Project Debt Noncurrent	436	361
Debt, Total	2,836	2,635
Debt, Current	(32)	(31)
Debt, Noncurrent	2,804	2,604
North America [Member]
Debt Instrument [Line Items]
Project Debt	184	196
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Amount Outstanding	475	343
Term Loan [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 194	195
Debt Instrument, Interest Rate, Stated Percentage	2.87%
Senior Notes 7.25 Percent Due 2020 [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 0	400
Senior Notes 6.375 Percent Due 2022 [Member]
Debt Instrument [Line Items]
Long-term Debt	400	400
Senior Notes 5.875 Percent Due 2024 [Member]
Debt Instrument [Line Items]
Long-term Debt	400	400
Senior Notes 5.875 Percent Due 2025 [Member]
Debt Instrument [Line Items]
Long-term Debt	400	0
Tax Exempt Bonds due 2024 to 2045 [Member]
Debt Instrument [Line Items]
Long-term Debt	464	464
3.63% - 4.25% Equipment Financing Capital Lease [Member]
Debt Instrument [Line Items]
Capital Lease Obligations	67	69
Americas Project Debt Related To Service Fee Structures [Member]
Debt Instrument [Line Items]
Project Debt	68	78
Project Debt Type [Member]
Debt Instrument [Line Items]
Capital Lease Obligations	97	99
Debt Instrument, Unamortized Premium	4	4
Americas Project Debt Related To Tip Fee Structures [Member]
Debt Instrument [Line Items]
Project Debt	16	16
Dublin EfW Facility [Member] | Senior Loans [Member]
Debt Instrument [Line Items]
Other Project Debt	235	155
Debt Instrument, Unamortized Discount	(5)	(6)
Other Project Debt, net	211	131
Dublin EfW Facility [Member] | Junior Loans [Member]
Debt Instrument [Line Items]
Other Project Debt	64	58
Debt Instrument, Unamortized Discount	0	(1)
Other Project Debt, net	63	56
Senior Notes [Member]
Debt Instrument [Line Items]
Debt Issuance Costs, Net	$ (17)	(14)
Senior Notes [Member] | Senior Notes 7.25 Percent Due 2020 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	7.25%
Senior Notes [Member] | Senior Notes 5.875 Percent Due 2025 [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 393
Debt Instrument, Interest Rate, Stated Percentage	5.875%
Project Debt Type [Member]
Debt Instrument [Line Items]
Debt Issuance Costs, Net	$ (1)	(1)
Project Debt Type [Member] | Dublin EfW Facility [Member]
Debt Instrument [Line Items]
Debt Issuance Costs, Net	(19)	(18)
Project Debt Type [Member] | Dublin EfW Facility [Member] | Junior Loans [Member]
Debt Instrument [Line Items]
Debt Issuance Costs, Net	(1)	(1)
TaxExemptBond [Member]
Debt Instrument [Line Items]
Debt Issuance Costs, Net	$ (5)	$ (5)
Minimum [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.42%
Minimum [Member] | Tax Exempt Bonds due 2024 to 2045 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.00%
Minimum [Member] | 3.63% - 4.25% Equipment Financing Capital Lease [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.48%
Minimum [Member] | Americas Project Debt Related To Service Fee Structures [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.00%
Minimum [Member] | Americas Project Debt Related To Tip Fee Structures [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.248%
Minimum [Member] | Dublin EfW Facility [Member] | Senior Loans [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.72%
Minimum [Member] | Dublin EfW Facility [Member] | Junior Loans [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	9.23%
Maximum [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.67%
Maximum [Member] | Tax Exempt Bonds due 2024 to 2045 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.25%
Maximum [Member] | 3.63% - 4.25% Equipment Financing Capital Lease [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.52%
Maximum [Member] | Americas Project Debt Related To Service Fee Structures [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.00%
Maximum [Member] | Americas Project Debt Related To Tip Fee Structures [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.20%
Maximum [Member] | Dublin EfW Facility [Member] | Senior Loans [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.41%
Maximum [Member] | Dublin EfW Facility [Member] | Junior Loans [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	9.73%

Credit Facilities (Details)

Credit Facilities (Details) - USD ($)		6 Months Ended
		Jun. 30, 2017	Dec. 31, 2016
Availability under Revolving Credit Facility [Abstract]
Line of Credit Facility, Maximum Borrowing Capacity		$ 1,200,000,000
Line of Credit Facility, Amount Outstanding		669,000,000	$ 538,000,000
Fiscal Year 2017 [Member]
Credit Facilities Repayment Terms [Abstract]
Debt Future Amortization Expense		3,000,000
Fiscal Year 2018 [Member]
Credit Facilities Repayment Terms [Abstract]
Debt Future Amortization Expense		5,000,000
Fiscal Year 2019 [Member]
Credit Facilities Repayment Terms [Abstract]
Debt Future Amortization Expense		5,000,000
Fiscal Year 2020 [Member]
Credit Facilities Repayment Terms [Abstract]
Debt Future Amortization Expense		181,000,000
Revolving Credit Facility [Member]
Availability under Revolving Credit Facility [Abstract]
Line of Credit Facility, Maximum Borrowing Capacity		$ 1,000,000,000
Line of Credit Facility, Expiration Date	[1]	Apr. 10, 2020
Line of Credit Facility, Amount Outstanding		$ 475,000,000	$ 343,000,000
Letters of Credit Outstanding, Amount		190,000,000
Line of Credit Facility, Remaining Borrowing Capacity		335,000,000
Term Loan [Member]
Availability under Revolving Credit Facility [Abstract]
Line of Credit Facility, Amount Outstanding		200,000,000
Revolving Credit Facility Tranche A [Member]
Availability under Revolving Credit Facility [Abstract]
Line of Credit Facility, Maximum Borrowing Capacity		950,000,000
Revolving Credit Facility Tranche B [Member]
Availability under Revolving Credit Facility [Abstract]
Line of Credit Facility, Maximum Borrowing Capacity		$ 50,000,000
Foreign Subsidiaries [Member]
Credit Facilities Interest and Fees [Abstract]
Guarantee Percent		65.00%
[1]	(1) The Revolving Credit Facility consists of two tranches; Tranche A ($950 million), which expires in 2020, and Tranche B ($50 million), which expires in March 2019.

CONSOLIDATED DEBT 5.875% Senior

CONSOLIDATED DEBT 5.875% Senior Notes due 2025 (the "5.875% Notes") (Details) - USD ($)	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Long-term Debt	$ 2,378,000,000	$ 2,252,000,000
Senior Notes 5.875 Percent Due 2025 [Member]
Debt Instrument [Line Items]
Long-term Debt	400,000,000	0
Senior Notes 7.25 Percent Due 2020 [Member]
Debt Instrument [Line Items]
Long-term Debt	0	$ 400,000,000
Senior Notes [Member] | Senior Notes 5.875 Percent Due 2025 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	400,000,000
Debt Issuance Costs, Gross	$ 7,000,000
Debt Instrument, Interest Rate, Stated Percentage	5.875%
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed	35.00%
Long-term Debt	$ 393,000,000
Senior Notes [Member] | Senior Notes 5.875 Percent Due 2025 [Member] | Debt Instrument, Redemption, Period Three [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	101.00%
Senior Notes [Member] | Senior Notes 5.875 Percent Due 2025 [Member] | Debt Instrument, Redemption, Period One [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	105.875%
Senior Notes [Member] | Senior Notes 5.875 Percent Due 2025 [Member] | Debt Instrument, Redemption, Period Two [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	100.00%
Senior Notes [Member] | Senior Notes 5.875 Percent Due 2025 [Member] | Debt Instrument, Redemption, Period Four [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	100.00%
Senior Notes [Member] | Senior Notes 7.25 Percent Due 2020 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	7.25%

CONSOLIDATED DEBT Redemption of

CONSOLIDATED DEBT Redemption of 7.25% Senior Notes due 2020 (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2016
Debt Instrument [Line Items]
Write off of Deferred Debt Issuance Cost		$ 13	$ 0
Senior Notes [Member] | Senior Notes 7.25 Percent Due 2020 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	7.25%	7.25%
Gain (Loss) on Extinguishment of Debt, before Write off of Debt Issuance Cost	$ 9
Write off of Deferred Debt Issuance Cost	$ 4
Senior Notes [Member] | Senior Notes 5.875 Percent Due 2025 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.875%	5.875%

Other Non-current Liabilities (

Other Non-current Liabilities (Details) - Jun. 30, 2017 € in Millions, $ in Millions	USD ($)	EUR (€)
Other Non-Current Liabilities [Abstract]
Convertible Preferred Instrument	$ 97	€ 85

CONSOLIDATED DEBT Capitalized I

CONSOLIDATED DEBT Capitalized Interest (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Debt Disclosure [Abstract]
Interest Costs Capitalized	$ 12	$ 7	$ 20	$ 13

INCOME TAXES (Details)

INCOME TAXES (Details)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	(4.00%)	(9.00%)

SUPPLEMENTARY INFORMATION Pass

SUPPLEMENTARY INFORMATION Pass through (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Supplemental Cash Flow Elements [Abstract]
Cost of Reimbursable Expense	$ 13	$ 9	$ 23	$ 19

SUPPLEMENTARY INFORMATION Insur

SUPPLEMENTARY INFORMATION Insurance Recoveries (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Property Costs, net of impairment [Member]
Business Interruption Loss [Line Items]
Insurance Recoveries	$ 3	$ 0	$ 3	$ 0
Business interruption and clean up costs, net [Member]
Business Interruption Loss [Line Items]
Insurance Recoveries	$ 17	$ 0	$ 18	$ 0

SUPPLEMENTARY INFORMATION Impai

SUPPLEMENTARY INFORMATION Impairment charges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Impairment Charges	$ 1	$ 4	$ 1	$ 19
EfW Joint Venture [Member] [Member]
Impairment Charges				3
Pittsfield [Member]
Impairment Charges				$ 13

STOCK-BASED AWARD PLANS Stock-B

STOCK-BASED AWARD PLANS Stock-Based Compensation Grants (Details) - shares	Jun. 15, 2017	May 04, 2017	Jun. 30, 2017
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 Repurchased In Period			235,066
Restricted Stock [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			802,613
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			77,541
Performance Shares [Member] | 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			440,070
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			3 years
Director [Member] | Restricted Stock [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		14,286
Director [Member] | 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	4,701	82,144

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated Share-based Compensation Expense	$ 6	$ 4	$ 11	$ 9
Restricted Stock [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	14		$ 14
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition			1 year 7 months 21 days
Restricted Stock Units (RSUs) [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$ 13		$ 13
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition			2 years 1 month 2 days

Financial Instruments Fair Valu

Financial Instruments Fair Value Table (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Cash and cash equivalents	$ 48	$ 84	$ 108	$ 96
Long-term Debt	2,378	2,252
Project Debt	458	383
Accounts receivable noncurrent	1	1
Estimate of Fair Value Measurement [Member]
Assets, Fair Value Disclosure	159	199
Financial and Nonfinancial Liabilities, Fair Value Disclosure	18	21
Accounts Receivable, Fair Value Disclosure	303	333
Long-term Debt	2,375	2,237
Project Debt	464	387
Reported Value Measurement [Member]
Accounts Receivable, Fair Value Disclosure	303	333
Long-term Debt	2,378	2,252
Project Debt	458	383
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member]
Cash and cash equivalents	48	84
Restricted Cash and Investments	105	110
Fair Value, Inputs, Level 1 [Member] | Interest-bearing Deposits [Member] | Estimate of Fair Value Measurement [Member]
Certificates of Deposit, at Carrying Value	44	79
Restricted Cash and Investments	17	12
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | Estimate of Fair Value Measurement [Member]
Money Market Funds, at Carrying Value	4	5
Restricted Cash and Investments	30	36
Fair Value, Inputs, Level 1 [Member] | US Treasury and Government [Member] | Estimate of Fair Value Measurement [Member]
Restricted Cash and Investments	10	14
Fair Value, Inputs, Level 1 [Member] | US States and Political Subdivisions Debt Securities [Member] | Estimate of Fair Value Measurement [Member]
Restricted Cash and Investments	36	46
Fair Value, Inputs, Level 1 [Member] | Other Investments [Member] | Estimate of Fair Value Measurement [Member]
Restricted Cash and Investments	12	2
Fair Value, Inputs, Level 1 [Member] | Mutual And Bond Funds [Member] | Estimate of Fair Value Measurement [Member]
Investments, Fair Value Disclosure	2	2
Energy Hedges [Member] | Fair Value, Inputs, Level 2 [Member]
Derivative Liability	0	1
Energy Hedges [Member] | Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member]
Derivative Asset, Current	4
Energy Hedges [Member] | Fair Value, Inputs, Level 2 [Member] | Energy Hedges [Member] | Estimate of Fair Value Measurement [Member]
Derivative Asset, Current		3
Interest Rate Swap [Member]
Derivative Liability	3
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member]
Derivative Liability	$ 18	$ 20

Effect of Changes in Fair Value

Effect of Changes in Fair Value Related to Derivative Instruments on Consolidated Statements of Income (Detail) - Not Designated as Hedging Instrument - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 0	$ 3	$ 0	$ (1)
ERROR in label resolution. | Other Expense [Member]
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 0	$ 3	$ 0	$ (1)

Derivative Instruments Addition

Derivative Instruments Additional Information (Detail) € in Millions, MW in Millions	3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2017USD ($)MW	Jun. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)	Jun. 30, 2017EUR (€)MW
Derivative [Line Items]
Proceeds from Hedge, Investing Activities		$ 3,000,000
Derivative, Nonmonetary Notional Amount | MW	4.1				4.1
Payments for (Proceeds from) Hedge, Investing Activities	$ 0		$ 0
Line of Credit Facility, Maximum Borrowing Capacity	1,200,000,000
Senior Loans [Member] | Term Loan [Member] | Dublin EfW Facility [Member]
Derivative [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity | €					€ 250
Energy Hedges [Member]
Derivative [Line Items]
Proceeds from Hedge, Investing Activities	12,000,000		$ 22,000,000
Interest Rate Swap [Member]
Derivative [Line Items]
Derivative Liability	3,000,000
Derivative Liability, Noncurrent	$ 15,000,000			$ 18,000,000
Derivative Liability, Current				2,000,000
Sanfeng Environmental [Member]
Derivative [Line Items]
Derivative, Notional Amount				100,000,000
Proceeds from Sales of Assets, Investing Activities				105,000,000
Fiscal Year 2017 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount | MW	1.4				1.4
Fiscal Year 2018 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount | MW	2.6				2.6
Fiscal Year 2019 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount | MW	0.1				0.1
Fair Value, Inputs, Level 2 [Member] | Energy Hedges [Member]
Derivative [Line Items]
Derivative Liability	$ 0			1,000,000
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative Liability	18,000,000			$ 20,000,000
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Energy Hedges [Member]
Derivative [Line Items]
Derivative Asset, Current	4,000,000
Derivative Liability, Current	$ 4,000,000

Commitments and Contingencies50

Commitments and Contingencies (Details) € in Millions, $ in Millions	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2017EUR (€)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Loss Contingencies [Line Items]
Loss Contingency Accrual	$ 17			$ 17		$ 11
Other commitments - net	425			425
Defined Contribution Plan, Cost	4		$ 4	9	$ 8
Dublin EfW Facility [Member]
Loss Contingencies [Line Items]
Working Capital Loan | €		€ 25
Performance Shortfall Funding | €		€ 75
NYC Waste Contract [Member]
Loss Contingencies [Line Items]
Estimated Investment For Project	33
Letter of Credit [Member]
Loss Contingencies [Line Items]
Other commitments - net	67			67
Surety Bonds [Member]
Loss Contingencies [Line Items]
Other commitments - net	168			168
Revolving Credit Facility [Member] | Letter of Credit [Member]
Loss Contingencies [Line Items]
Other commitments - net	190			190
Expiring One Year From Balance Sheet Date [Member]
Loss Contingencies [Line Items]
Other commitments - net	0			0
Expiring One Year From Balance Sheet Date [Member] | Letter of Credit [Member]
Loss Contingencies [Line Items]
Other commitments - net	0			0
Expiring One Year From Balance Sheet Date [Member] | Surety Bonds [Member]
Loss Contingencies [Line Items]
Other commitments - net	0			0
Expiring One Year From Balance Sheet Date [Member] | Revolving Credit Facility [Member] | Letter of Credit [Member]
Loss Contingencies [Line Items]
Other commitments - net	0			0
Expiring After One Year From Balance Sheet Date [Member]
Loss Contingencies [Line Items]
Other commitments - net	425			425
Expiring After One Year From Balance Sheet Date [Member] | Letter of Credit [Member]
Loss Contingencies [Line Items]
Other commitments - net	67			67
Expiring After One Year From Balance Sheet Date [Member] | Surety Bonds [Member]
Loss Contingencies [Line Items]
Other commitments - net	168			168
Expiring After One Year From Balance Sheet Date [Member] | Revolving Credit Facility [Member] | Letter of Credit [Member]
Loss Contingencies [Line Items]
Other commitments - net	$ 190			$ 190
Sanfeng Environmental [Member]
Loss Contingencies [Line Items]
Sale of Stock, Percentage of Ownership before Transaction						15.00%

COMMITMENTS AND CONTINGENCIES D

COMMITMENTS AND CONTINGENCIES Defined Contribution Plan (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Defined Contribution Plan Costs [Abstract]
Defined Contribution Plan, Cost	$ 4	$ 4	$ 9	$ 8