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CVA > SEC Filings for CVA > Form 8-K/A on 2-Jul-2013All Recent SEC Filings

Show all filings for COVANTA HOLDING CORP



Material Impairments

Item 2.06. Material Impairments.

On April 24, 2013, Covanta Holding Corporation ("Covanta" or the "Company"), filed a Current Report on Form 8-K (the "Original 8-K") reporting that the Company expects to record a non-cash impairment charge related to its United Kingdom development efforts in the second quarter ended June 30, 2013. At the time the Original 8-K was filed, the Company was unable in good faith to make a determination of an estimate of the amount or range of amounts of the non-cash impairment charge. The Company is filing this Form 8-K/A to amend the Original 8-K to update the disclosure therein under Item 2.06.

On July 1, 2013, based on its evaluation of recoverability of the capitalized costs related to the United Kingdom development efforts, the Company determined the non-cash impairment charge to be approximately $45 million, which is based on an analysis of potential outcomes regarding the recoverability of the assets. Additionally, the Company is recording approximately $3 million of severance and other restructuring expenses related to its United Kingdom development office. The combined $48 million of estimated charges will be reflected in the Company's Form 10-Q as of and for the quarter ended June 30, 2013.

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