CONSOLIDATED DEBT (Tables)

12 Months Ended

Dec. 31, 2012

Notes To Financial Statements [Abstract]

Consolidated debt is as follows (in millions):



	As of December 31,
	2012			2011
LONG-TERM DEBT:
Revolving credit facility	$	60		$	—

Term loan	298			619
Debt discount related to Term loan	(1		)	—
Term loan, net	297			619

Credit Facilities Sub-total	$	357		$	619

7.25% Senior Notes due 2020	$	400		$	400

6.375% Senior Notes due 2022	400			—

3.25% Cash Convertible Senior Notes due 2014	460			460
Debt discount related to 3.25% Cash Convertible Senior Notes	(42		)	(67		)
Cash conversion option derivative at fair value	105			49
3.25% Cash Convertible Senior Notes, net	523			442

1.00% Senior Convertible Debentures due 2027	—			25

Notes and Debentures Sub-total	$	1,323		$	867

4.00% - 5.25% Tax-Exempt Bonds due from 2024 to 2042	$	335		$	—

Total long-term debt	$	2,015		$	1,486
Less: current portion	(3		)	(32		)
Noncurrent long-term debt	$	2,012		$	1,454

PROJECT DEBT:
Americas project debt
3.00-7.00% Americas project debt related to Service Fee structures due 2013 through 2022	$	223		$	291
5.875% Americas project debt related to Tip Fee structures due 2013 through 2014	68			355
Unamortized debt premium, net	3			8
Total Americas project debt	294			654
Other project debt	23			26
Total project debt	317			680
Less: Current project debt (includes $1 and $3 of unamortized premium, respectively)	(80		)	(147		)
Noncurrent project debt	$	237		$	533

TOTAL CONSOLIDATED DEBT	$	2,332		$	2,166
Less: Current debt	(83		)	(179		)
TOTAL NONCURRENT CONSOLIDATED DEBT	$	2,249		$	1,987

Comparison of Previously Existing Credit Facilities and 2012 Credit Facilities Issued by subsidiary, Covanta Energy

The following is a comparison of our previously existing credit facilities and the 2012 Credit Facilities issued by our subsidiary, Covanta Energy (in millions):



	Credit Facilities As of December 31,
	2012		2011
Term loan	$	300	$	650
Revolving credit facility total capacity	$	900	$	300
Funded letter of credit facility	N/A		$	320
Total capacity to issue letters of credit	$	900	$	520

Available Credit for Liquidity

As of December 31, 2012, we had availability under the Revolving Credit Facility as follows (in millions):



	Total Available Under Credit Facility		Maturing	Outstanding Borrowings as of December 31, 2012		Outstanding Letters of Credit as of December 31, 2012		Available as of December 31, 2012
Revolving Credit Facility	$	900	2017	$	60	$	256	$	584

Amortization of Term Loan Facility

As of December 31, 2012, the Term Loan has mandatory amortization payments remaining as follows (in millions):



	2013		2014		2015		2016		2017		2018		2019		Total
Annual Remaining Amortization	$	3	$	3	$	3	$	3	$	3	$	3	$	280	$	298

Schedule of Tax Exempt Bonds [Table Text Block]

Details of the new issues and redeemed project debt are as follows (dollars in millions):



Series	Amount		Maturity	Coupon	Use of Proceeds
Massachusetts Series 2012A	$	20	2027	4.875%	New proceeds for qualifying capital expenditures in Massachusetts
Massachusetts Series 2012B	67		2042	4.875%	Redeem SEMASS project debt
Massachusetts Series 2012C	83		2042	5.25%	Redeem Haverhill project debt
Niagara Series 2012A	130		2042	5.25%	Redeem Niagara project debt
Niagara Series 2012B	35		2024	4.00%	Redeem Niagara project debt
	$	335

Schedule Of Maturities Of Project Debt Table [Text Block]

The maturities of long-term project debt as of December 31, 2012 are as follows (in millions):



	2013		2014		2015		2016		2017		Thereafter		Total		Less: Current Portion			Total Noncurrent Project Debt
Debt	$	79	$	57	$	40	$	17	$	19	$	102	$	314	$	(79	)	$	235
Premium	1		1		1		—		—		—		3		(1		)	2
Total	$	80	$	58	$	41	$	17	$	19	$	102	$	317	$	(80	)	$	237

Schedule of Loss on Extinguishment of Debt [Table Text Block]

The components of loss on extinguishment of debt are as follows (in millions):



	For the Years Ended December 31,
	2012		2011		2010
2012 Credit Facility refinancing ⁽¹⁾	$	2	$	—	$	—
2012 Project Debt refinancing ⁽²⁾	1		—		—
Tender offer to purchase outstanding Debentures ⁽³⁾	—		1		15
Total loss on extinguishment of debt	$	3	$	1	$	15


(1)	Comprised of the write-off of deferred financing costs in connection with previously existing financing arrangements. See 2012 Credit Facilities discussion above.


(2)	Comprised of the write-off of financing costs in connection with the new tax-exempt bonds, offset by the write-off of unamortized premiums on the previously existing financing arrangements. See Tax-Exempt Bonds discussion above.


(3)	Comprised of the difference between the fair value and carrying value of the liability component of the Debentures tendered, a write-off of deferred financing costs and fees incurred in conjunction with the tender offer.