Covanta Holding (CVA) 10-Q 28 Jul 21 2021 FY Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Jul. 23, 2021
Document Documentand Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	1-06732
Entity Registrant Name	COVANTA HOLDING CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-6021257
Entity Address, Address Line One	445 South Street
Entity Address, City or Town	Morristown,
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07960
City Area Code	862
Local Phone Number	345-5000
Title of 12(b) Security	Common Stock, $0.10 par value per share
Trading Symbol	CVA
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		133,009,182
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Central Index Key	0000225648
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands, shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
OPERATING REVENUES:
Total operating revenue	$ 506,000	$ 454,000	$ 1,004,000	$ 922,000
OPERATING EXPENSES:
Cost of operations	390,000	351,000	788,000	722,000
Other operating expense, net	3,000	2,000	(1,000)	4,000
General and administrative expense	33,000	27,000	66,000	57,000
Depreciation and amortization expense	55,000	56,000	112,000	114,000
Impairment charges	0	0	0	19,000
Total operating expense	481,000	436,000	965,000	916,000
Operating income	25,000	18,000	39,000	6,000
Other income (expense):
Interest expense	(32,000)	(34,000)	(63,000)	(68,000)
Net gain on sale of business and investments	0	0	0	9,000
Other expense	0	(1,000)	0	(2,000)
Total expense	(32,000)	(35,000)	(63,000)	(61,000)
Loss before income tax (expense) benefit and equity in net income from unconsolidated investments	(7,000)	(17,000)	(24,000)	(55,000)
Income tax (expense) benefit	(12,000)	4,000	6,000	9,000
Equity in net income from unconsolidated investments	0	0	1,000	1,000
Net loss	$ (19,000)	$ (13,000)	$ (17,000)	$ (45,000)
Weighted Average Common Shares Outstanding:
Basic	133	132	133	132
Diluted	133	132	133	132
Earnings Per Share Attributable to Covanta Holding Corporation stockholders':
Basic	$ (0.14)	$ (0.10)	$ (0.13)	$ (0.34)
Diluted	(0.14)	(0.10)	(0.13)	(0.34)
Cash Dividend Declared Per Share	$ 0.08	$ 0.08	$ 0.16	$ 0.33
Waste revenue
OPERATING REVENUES:
Total operating revenue	$ 364,000	$ 337,000	$ 707,000	$ 677,000
Energy revenue
OPERATING REVENUES:
Total operating revenue	86,000	78,000	190,000	171,000
Materials sales revenue
OPERATING REVENUES:
Total operating revenue	38,000	20,000	74,000	37,000
Services revenue
OPERATING REVENUES:
Total operating revenue	$ 18,000	$ 19,000	$ 33,000	$ 37,000

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net Income (Loss) Attributable to Parent	$ (19)	$ (13)	$ (17)	$ (45)
Foreign currency translation	3	6	(7)	0
Net unrealized loss on derivative instruments, net of tax benefit of ($5), ($2), ($8) and ($2), respectively	(18)	(11)	(20)	(15)
Other comprehensive loss			(27)	(16)
Comprehensive loss	(34)	(19)	(44)	(61)
Pension and postretirement plan unrecognized benefits, net of tax expense of $0, $0, respectively	$ 0	$ (1)	$ 0	$ (1)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - Parenthetical - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Unrealized gain (loss) on derivative instruments, tax	$ (5)	$ (2)	$ (8)	$ (2)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 54	$ 55
Restricted funds held in trust	8	11
Receivables (less allowances of $7 and $8, respectively)	242	260
Prepaid expenses and other current assets	85	117
Total Current Assets	389	443
Property, plant and equipment, net	2,398	2,421
Restricted funds held in trust	10	6
Intangible assets, net	227	237
Goodwill	303	302
Other assets	300	297
Total Assets	3,627	3,706
Current Liabilities:
Current portion of long-term debt	27	18
Current portion of project debt	9	9
Accounts payable	79	75
Accrued Liabilities, Current	307	303
Total Current Liabilities	422	405
Long-term debt	2,375	2,396
Project debt	111	116
Deferred income taxes	346	362
Other liabilities	119	117
Total Liabilities	3,373	3,396
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 136 shares, outstanding 133 shares and 132 shares, respectively)	14	14
Additional paid-in capital	892	882
Accumulated other comprehensive loss	(59)	(32)
Accumulated deficit	(593)	(554)
Treasury stock, at par	0	0
Total Equity	254	310
Total Liabilities and Equity	$ 3,627	$ 3,706

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Receivables, allowances	$ 7	$ 8
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	133	132

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
OPERATING ACTIVITIES:
Net loss			$ (17,000)	$ (45,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization expense	$ 55,000	$ 56,000	112,000	114,000
Amortization of deferred debt financing costs			2,000	2,000
Net gain on sale of business and investments	0	0	0	(9,000)
Impairment charges	0	0	0	19,000
Stock-based compensation expense	9,000	6,000	18,000	14,000
Provision for expected credit losses			0	1,000
Equity in net income from unconsolidated investments	0	0	(1,000)	(1,000)
Deferred income taxes			(9,000)	(9,000)
Dividends from unconsolidated investments			4,000	3,000
Other, net			(2,000)	3,000
Changes in working capital			47,000	62,000
Changes in noncurrent assets and liabilities, net			3,000	1,000
Net cash provided by operating activities			157,000	155,000
INVESTING ACTIVITIES:
Purchase of property, plant and equipment			(84,000)	(79,000)
Proceeds from asset sales			0	3,000
Investment in equity affiliates			(4,000)	(10,000)
Other, net			(1,000)	(8,000)
Net cash used in investing activities			(89,000)	(94,000)
FINANCING ACTIVITIES:
Proceeds from Other Debt			0	9,000
Proceeds from borrowings on revolving credit facility			179,000	256,000
Payments on long-term debt			(9,000)	(9,000)
Payments on revolving credit facility			(183,000)	(237,000)
Payments on project debt			(5,000)	(5,000)
Cash dividends paid to stockholders			(24,000)	(68,000)
Proceeds from related party note			0	9,000
Payments of insurance premium financing			(19,000)	(16,000)
Other, net			(7,000)	(5,000)
Net cash used in financing activities			(68,000)	(66,000)
Effect of exchange rate changes on cash, cash equivalents and restricted cash			0	(1,000)
Net decrease in cash, cash equivalents and restricted cash			0	(6,000)
Cash, cash equivalents and restricted cash at beginning of period			72,000	63,000
Cash, cash equivalents and restricted cash at end of period	72,000	57,000	72,000	57,000
Cash, cash equivalents and restricted cash at end of period	54,000	39,000	54,000	39,000
Restricted funds held in trust	8,000	10,000	8,000	10,000
Restricted funds held in trust	$ 10,000	$ 8,000	$ 10,000	$ 8,000

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY Statement - USD ($) shares in Millions, $ in Millions	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings, Unappropriated [Member]	Treasury Stock [Member]	Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member]	Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member]	Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member]
Shares, Outstanding		136
Common Stock, Value, Issued		$ 14
Additional Paid in Capital			$ 857
Accumulated other comprehensive loss	$ (35)			$ (35)			$ (30)	$ 3	$ (8)
Accumulated deficit					$ (460)
Treasury Stock, Shares						5
Treasury Stock, Value						$ 0
Stockholders' Equity Attributable to Noncontrolling Interest	376
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	8		8
Dividends, Common Stock	$ (34)				(34)
Stock Issued During Period, Shares, Issued for Services	(1)
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation	$ (5)		(5)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent				(10)
Stockholders' Equity, Other					(32)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	(42)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(16)						0	(1)	(15)
Net Income (Loss) Attributable to Parent	(45)
Shares, Outstanding		136
Common Stock, Value, Issued		$ 14
Additional Paid in Capital			860
Accumulated other comprehensive loss				(45)
Accumulated deficit					(526)
Treasury Stock, Shares						4
Treasury Stock, Value						$ 0
Stockholders' Equity Attributable to Noncontrolling Interest	303
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	6		6
Dividends, Common Stock	(11)				(11)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent				(6)
Stockholders' Equity, Other	1		1		0	$ 0
Net Income (Loss) Attributable to Parent	(13)				(13)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	(19)
Shares, Outstanding		136
Common Stock, Value, Issued		$ 14
Additional Paid in Capital			867
Accumulated other comprehensive loss	(51)			(51)			(30)	2	(23)
Accumulated deficit					(550)
Treasury Stock, Shares						4
Treasury Stock, Value						$ 0
Stockholders' Equity Attributable to Noncontrolling Interest	280
Shares, Outstanding		136
Common Stock, Value, Issued		$ 14
Additional Paid in Capital			882
Accumulated other comprehensive loss	(32)			(32)			(8)	(3)	(27)
Accumulated deficit	(554)				(554)
Treasury Stock, Shares						4
Treasury Stock, Value	0					$ 0
Stockholders' Equity Attributable to Noncontrolling Interest	310
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	9		9
Dividends, Common Stock	$ (11)				(11)
Stock Issued During Period, Shares, Issued for Services	(1)
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation	$ (8)		(8)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent				(12)
Stockholders' Equity, Other					2
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	(10)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(27)						(7)	0	(20)
Net Income (Loss) Attributable to Parent	(17)
Shares, Outstanding		136
Common Stock, Value, Issued		$ 14
Additional Paid in Capital			883
Accumulated other comprehensive loss				(44)
Accumulated deficit					(563)
Treasury Stock, Shares						3
Treasury Stock, Value						$ 0
Stockholders' Equity Attributable to Noncontrolling Interest	290
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	9		9
Dividends, Common Stock	(11)				(11)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent				(15)
Stockholders' Equity, Other					(19)
Net Income (Loss) Attributable to Parent	(19)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	(34)
Shares, Outstanding		136
Common Stock, Value, Issued		$ 14
Additional Paid in Capital			$ 892
Accumulated other comprehensive loss	(59)			$ (59)			$ (15)	$ 3	$ (47)
Accumulated deficit	(593)				$ (593)
Treasury Stock, Shares						3
Treasury Stock, Value	0					$ 0
Stockholders' Equity Attributable to Noncontrolling Interest	$ 254

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION (Notes)	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	NOTE 1. 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 (“WtE”), and also owns and operates related waste transport, processing and disposal assets. WtE serves 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 WtE facilities earn revenue from the disposal of waste, generally under long-term contracts, the generation of electricity, and from the sale of metals recovered during the WtE process. We operate and/or have ownership positions in 41 WtE facilities currently in commercial operation, 39 of which are located in North America. In total, these facilities process approximately 21 million tons of solid waste annually, equivalent to 8% of the post-recycled municipal solid waste generated in the United States ("U.S."). Our facilities produce approximately 10 million megawatt hours (“MWh”) of baseload electricity annually. We also operate waste management infrastructure, including 13 waste transfer stations, 20 material processing facilities, four landfills (primarily for ash disposal), one metals processing facility, and one ash processing facility (currently in start-up and testing phase), all of which are complementary to our core WtE business. We also have ownership positions in several projects currently in development and/or under construction in the United Kingdom ("UK"). In addition, we offer a variety of sustainable waste management solutions, including industrial, consumer products and healthcare waste handling, treatment and assured destruction, industrial wastewater treatment and disposal, product depackaging and recycling, on-site cleaning services, and transportation services. Together with our processing of non-hazardous "profiled waste" for purposes of assured destruction or sustainability goals in our WtE facilities, we offer these services under our Covanta Environmental Solutions ("CES") brand. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. 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 condensed consolidated financial statements. In the opinion of management, all adjustments considered necessary for fair presentation have been included in our condensed consolidated financial statements. All intercompany 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 year ending December 31, 2021. The condensed consolidated balance sheet at December 31, 2020, 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 2020 Annual Report on Form 10-K. Reclassifications Beginning in the first quarter of 2021, we revised our presentation of revenue to distinguish our waste and service activities between (a) revenue received in connection with accepting waste for processing or disposal and (b) revenue received for performing other services. We also aligned costs for all revenue producing activities, including construction services, under Cost of operations. The change in presentation did not affect our total operating revenue, total operating expense, or operating loss. The impact of the reclassifications on our unaudited condensed consolidated statement of operations were as follows (in millions): For the Three Months Ended June 30, 2020 As previously reported Reclassifications As adjusted OPERATING REVENUE: Waste and service revenue (1) (3) $ 344 $ (7) Waste revenue (1) (3) $ 337 Energy revenue 78 — Energy revenue 78 Recycled metals revenue (2) (3) 20 — Materials sales revenue (2) (3) 20 Other operating revenue (1) (4) 12 7 Services revenue (1) (4) 19 Total operating revenue $ 454 $ — Total operating revenue $ 454 OPERATING EXPENSE: Plant operating expense (5) $ 340 $ 11 Cost of operations (5) $ 351 Other operating expense, net (5) 14 (12) Other operating expense, net (5) 2 General and administrative expense 26 1 General and administrative expense 27 Depreciation and amortization expense 56 — Depreciation and amortization expense 56 Impairment charges — — Impairment charges — Total operating expense $ 436 $ — Total operating expense $ 436 Operating loss $ 18 $ — Operating loss $ 18 For the Six Months Ended June 30, 2020 As previously reported Reclassifications As adjusted OPERATING REVENUE: Waste and service revenue (1) (3) $ 690 $ (13) Waste revenue (1) (3) $ 677 Energy revenue 171 — Energy revenue 171 Recycled metals revenue (2) (3) 37 — Materials sales revenue (2) (3) 37 Other operating revenue (1) (4) 24 13 Services revenue (1) (4) 37 Total operating revenue $ 922 $ — Total operating revenue $ 922 OPERATING EXPENSE: Plant operating expense (5) $ 701 $ 21 Cost of operations (5) $ 722 Other operating expense, net (5) 26 (22) Other operating expense, net (5) 4 General and administrative expense 56 1 General and administrative expense 57 Depreciation and amortization expense 114 — Depreciation and amortization expense 114 Impairment charges 19 — Impairment charges 19 Total operating expense $ 916 $ — Total operating expense $ 916 Operating loss $ 6 $ — Operating loss $ 6 (1) Reflects reclassification of certain services performed by CES from the former Waste and service revenue category to the new Services revenue category. (2) Reflects reclassification of the former Recycled metals revenue category to the new Materials sales revenue category. (3) Reflects reclassification of E-waste recycling revenue from the former Waste and service revenue category to the new Materials sales revenue category. (4) Reflects reclassification of construction related revenue from the former Other operating revenue category to the new Services revenue category. (5) Expense classified under the former Plant operating expense category is now included in the new Cost of operations category, which also reflects the reclassification of construction related expense from the Other operating expense, net category. Accounting Pronouncements Recently Adopted In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this update remove exceptions to the general principles in Topic 740 for allocating tax expense between financial statement components, accounting basis differences stemming from an ownership change in foreign investments, and interim period income tax accounting for year-to-date losses that exceed projected losses. We adopted this guidance on January 1, 2021 on a prospective basis. The adoption of this guidance did not have an impact on our consolidated financial statements.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS (Notes)	6 Months Ended
	Jun. 30, 2021
Notes To Financial Statements [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	The following table summarizes recent ASU's issued by the FASB that could have a material impact on our consolidated financial statements. Standard Description Effective Date Effect on the financial statements ASU 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting as amended by ASU 2021-01 This standard provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting due to the cessation of the London Interbank Offered Rate (LIBOR). The amendments are elective and apply to all entities that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued. The amendment in ASU 2021-01 clarifies that all derivative instruments affected by changes to interest rates used for discounting, margining or contract price alignment are in the scope of ASC 848. First quarter of 2020 through December 31, 2022. Generally, our debt agreements and interest rate derivatives contracts include a transition clause in the event LIBOR is discontinued, as such, we do not expect the transition of LIBOR to have a material impact on our consolidated financial statements.

EARNINGS PER SHARE ("EPS") AND

EARNINGS PER SHARE ("EPS") AND EQUITY (Notes)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
EARNINGS PER SHARE AND EQUITY	EPS We calculate basic 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 EPS 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 EPS 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, 2021 2020 2021 2020 Basic weighted average common shares outstanding 133 132 133 132 Dilutive effect of stock options, restricted stock and restricted stock units — — — — Diluted weighted average common shares outstanding 133 132 133 132 Anti-dilutive stock options, restricted stock and restricted stock units excluded from the calculation of EPS 4 4 4 3

REVENUES (Notes)

REVENUES (Notes)	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue	Disaggregation of Revenue A disaggregation of revenue from contracts with customers is presented in our condensed consolidated statements of operations for the three and six months ended June 30, 2021 and 2020. We have one reportable segment which comprises our entire operating business. Beginning in the first quarter of 2021, we revised our presentation of revenue and reclassified the prior years' amounts to conform to the current year's presentation. For additional information, see Note 1. Organization and Basis of Presentation. Performance Obligations and Transaction Price Allocated to Remaining Performance Obligations ASC 606 requires disclosure of the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied as of June 30, 2021. The guidance provides certain conditions (identified as "practical expedients") that limit this disclosure requirement. We have contracts that meet the following practical expedients provided by ASC 606: 1. The performance obligation is part of a contract that has an original expected duration of one year or less; 2. Revenue is recognized from the satisfaction of the performance obligations in the amount billable to our customer that corresponds directly with the value to the customer of our performance completed to date (i.e. “right-to-invoice” practical expedient); and/or 3. The variable consideration is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct service or a series of distinct services that are substantially the same and that have the same pattern of transfer to our customer (i.e. “series practical expedient”). Our remaining performance obligations primarily consist of the fixed consideration contained in our contracts. As of June 30, 2021, our total remaining performance obligation was $5.6 billion, of which we expect to recognize 6% for the remainder of 2021 and 11% in 2022. Contract Balances The following table reflects the balance in our contract assets, which we classify as unbilled receivables and present in Receivables in our condensed consolidated balance sheets, and our contract liabilities, which we classify as deferred revenue and present in Accrued expenses and other liabilities in our condensed consolidated balance sheets (in millions): June 30, 2021 December 31, 2020 Unbilled receivables $ 27 $ 23 Deferred revenue $ 19 $ 17 For the six months ended June 30, 2021, revenue recognized that was included in deferred revenue in our condensed consolidated balance sheet at the beginning of the period totaled $5 million.

STOCK-BASED AWARD PLANS (Notes)

STOCK-BASED AWARD PLANS (Notes)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
STOCK-BASED AWARD PLANS	During the six months ended June 30, 2021, we awarded certain employees grants of 1,205,316 restricted stock units ("RSUs"). The RSUs will be expensed over the requisite service period. The terms of the RSUs include vesting provisions based solely on continued service. If the service criteria are satisfied, the RSUs will generally vest during March of 2022, 2023, and 2024. During the six months ended June 30, 2021, we awarded 74,399 RSUs and 14,746 restricted stock awards ("RSAs") for annual director compensation. In addition, during the six months ended June 30, 2021, we issued 13,023 RSUs for quarterly director fees to certain of our directors who elected to receive RSUs in lieu of cash payments. We determined the service vesting condition of the director awards 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, 2021, we awarded certain employees grants of 319,762 cumulative Free Cash Flow ("FCF") per share and total shareholder return ("TSR") performance awards. The FCF awards and the TSR awards will each cliff vest at the end of the 3 year performance period, however, the number of shares delivered will vary based upon the attained level of performance and may range from 0 to 2 times the number of target units awarded. During the six months ended June 30, 2021, we withheld 555,345 shares of our common stock in connection with tax withholding 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, 2021 2020 2021 2020 Stock-based compensation expense $ 9 $ 6 $ 18 $ 14 Unrecognized stock-based compensation expense and weighted-average years to be recognized are as follows (in millions, except for weighted average years): June 30, 2021 Unrecognized stock-based compensation Weighted-average years to be recognized Restricted stock units $ 15 1.6 Performance awards $ 9 2.0 Stock options $ 1 1.6

SUPPLEMENTARY INFORMATION (Note

SUPPLEMENTARY INFORMATION (Notes)	6 Months Ended
	Jun. 30, 2021
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTARY INFORMATION	NOTE 6. SUPPLEMENTARY INFORMATION Pass through costs Pass through costs are costs for which we receive a direct contractually committed reimbursement from the public sector client that sponsors a WtE project. These costs generally include utility charges, insurance premiums, ash residue transportation and disposal, and certain chemical costs. These costs are recorded net of public sector client reimbursements as a reduction to Cost of operations in our condensed consolidated statement of operations. Pass through costs were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Pass through costs $ 12 $ 10 $ 23 $ 23 Impairment Charges Due to the marginal outcome of our review of goodwill recorded for our CES reporting unit as of October 1, 2019, we continued to monitor the CES reporting unit for impairment through the end of the first quarter of 2020. We considered the economic impacts of the novel coronavirus ("COVID-19") pandemic and the decline in waste volumes from the commercial and industrial sectors to be a triggering event and reviewed the goodwill held at the CES reporting unit. We performed an interim impairment test via a quantitative valuation as of March 31, 2020. As a result, in the first quarter of 2020, we recorded an impairment of $16 million, net of tax benefit of $3 million, which represented the carrying amount of our CES reporting unit in excess of its estimated fair value as of the testing date. We performed the required annual impairment review of our recorded goodwill for our two reporting units as of October 1, 2020. We performed a qualitative assessment and concluded that the fair value of the reporting units exceed the carrying value as of the testing date. For the six months ended June 30, 2021, there were no indicators of impairment identified. Equity Method Investments Investments in investees and joint ventures accounted for under the equity method, included in Other assets on our condensed consolidated balance sheets, were as follows (in millions, except percentages): Ownership interest as of June 30, 2021 June 30, 2021 Ownership interest as of December 31, 2020 December 31, 2020 Dublin (Ireland) 50 % $ 145 50 % $ 153 Ambiente 2000 S.r.l. (Italy) 40 % 1 40 % — Earls Gate (UK) 25 % 10 25 % 9 Rookery (UK) 40 % 10 40 % 4 Newhurst (UK) 25 % 14 25 % 9 Protos (UK) 37.5 % 3 37.5 % 6 Zhao County (China) 26 % 7 26 % 7 $ 190 $ 188 For certain of our investment projects, a portion of the consideration received at financial close remained in the project. These amounts are expected to be utilized for future equity contributions in projects in the UK. The consideration receivable balances included in prepaid expenses and other assets on our condensed consolidated balance sheets were as follows (in millions): June 30, 2021 December 31, 2020 Rookery (UK) $ 13 $ 17 Newhurst (UK) 4 4 Protos (UK) — 6 $ 17 $ 27 In connection with certain equity method investments we made contributions in the form of shareholder loans. Our shareholder loan balances included in other assets - long term on our condensed consolidated balance sheets were as follows (in millions): June 30, 2021 December 31, 2020 Earls Gate (UK) $ 16 $ 16 Newhurst (UK) 5 3 Protos (UK) 4 1 Zhao County (China) 9 9 $ 34 $ 29 For additional information on our shareholder loans in connection with our equity method investments, see Note 9. Credit Losses.

INCOME TAXES (Notes)

INCOME TAXES (Notes)	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	We generally record our interim tax provision based upon a projection of our annual effective tax rate ("AETR"). This AETR is applied to the year-to-date consolidated pre-tax income to determine the interim provision for income taxes before discrete items. We update the AETR on a quarterly basis as the pre-tax income projections are revised and tax laws are enacted. The effective tax rate ("ETR") each period is impacted by a number of factors, including the relative mix of domestic and international earnings, adjustments to the valuation allowances and discrete items. The currently forecasted ETR may vary from the actual year-end due to the changes in these factors. Our global ETR for the six months ended June 30, 2021 and 2020 was 25% and 16%, including discrete tax items. The current year increase in the ETR was primarily due to the effect of the overall increase in pre-tax income.

ACCOUNTS RECEIVABLE SECURITIZAT

ACCOUNTS RECEIVABLE SECURITIZATION	6 Months Ended
	Jun. 30, 2021
Receivables [Abstract]
ACCOUNTS RECEIVABLE SECURITIZATION	NOTE 8. ACCOUNTS RECEIVABLE SECURITIZATION We regularly sell certain receivables on a revolving basis to third-party financial institutions (the “Purchasers”) up to an aggregate purchase limit of $120 million. Transfers under the Receivables Purchase Agreement ("RPA") meet the requirements to be accounted for as sales in accordance with FASB ASC 860, Transfers and Servicing. We receive a discounted purchase price for each receivable sold under the RPA and will continue to service and administer the subject receivables. The weighted-average discount rate paid on accounts receivable sold was 1.03% for the six months ended June 30, 2021. Amounts recognized in connection with the RPA were as follows (in millions): Six Months Ended June 30, 2021 2020 Accounts receivable sold and derecognized $ 436 $ 373 Cash proceeds received (1) $ 435 $ 372 June 30, 2021 December 31, 2020 Pledged receivables (2) $ 110 $ 128 (1) Represents proceeds from collections reinvested in revolving-period transfers. This amount was included in Net cash provided by operating activities on our condensed consolidated statement of cash flows. (2) Secures our obligations under the RPA and provides a guarantee for the prompt payment, not collection, of all payment obligations relating to the sold receivables.

CREDIT LOSSES (Notes)

CREDIT LOSSES (Notes)	6 Months Ended
	Jun. 30, 2021
Credit Loss [Abstract]
CREDIT LOSSES	NOTE 9. CREDIT LOSSES For our trade receivables, we assess each counterparty’s ability to pay for service by conducting a credit review. The credit review considers the counterparty’s established credit rating or our assessment of the counterparty’s creditworthiness based on our analysis of their financial statements when a credit rating is not available. We monitor our ongoing credit exposure through active review of counterparty balances against contract terms and due dates. Our activities include timely account reconciliation, dispute resolution, payment confirmation and monitoring current economic conditions and future forecast of economic conditions, to the extent that they impact the credit loss determination and can be reasonably estimated. Changes in the allowance for credit losses of our trade receivables for the six months ended June 30, 2021 were as follows (in millions): Balance as of December 31, 2020 $ 8 Write-offs charged against the allowance (1) Balance as of June 30, 2021 $ 7 We held the following receivables in connection with our equity method investments (in millions): June 30, 2021 December 31, 2020 Included in prepaid expenses and other assets $ 17 $ 27 Included in other assets - long term 34 29 $ 51 $ 56 We assess the collectability of the receivables from our equity method investments each reporting period through the impairment analysis procedures of our equity method investments which considers the loss history of the investments and the viability of the associated development projects. As of June 30, 2021 there were no expected credit losses associated with our equity method investment receivables.

FINANCIAL INSTRUMENTS (Notes)

FINANCIAL INSTRUMENTS (Notes)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
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 marketable securities, the carrying value of these amounts is a reasonable estimate of their fair value. • Fair values for long-term debt and project debt are determined using quoted market prices (Level 1). • The fair value of our floating to fixed rate interest rate swaps is determined using discounted cash flow valuation methodologies that apply the appropriate forward floating rate curve observable in the market to the contractual terms of our swap agreements. The fair value of the interest rate swaps is adjusted to reflect counterparty risk of non-performance and is 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 estimated fair value amounts have been determined using available market information and appropriate valuation methodologies. However, considerable judgment is required in interpreting market data to develop estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that we would realize in a current market exchange and are based on pertinent information available to us as of June 30, 2021. Such amounts have not been comprehensively revalued for purposes of these financial statements and current estimates of fair value may differ significantly from the amounts presented herein. The following financial instruments were recorded at their estimated fair value. The recurring fair value measurement of our assets and liabilities were as follows (in millions): Financial Instruments Recorded at Fair Value on a Recurring Basis: Fair Value Measurement Level June 30, 2021 December 31, 2020 Assets: Investments — mutual and bond funds (1) 1 $ 2 $ 2 Derivative asset — energy hedges (2) 2 — 11 Total assets $ 2 $ 13 Liabilities: Derivative liability — energy hedges (3) 2 $ 20 $ — Derivative liability — interest rate swaps (3) 2 7 10 Total liabilities $ 27 $ 10 (1) Included in Other assets in the condensed consolidated balance sheets. (2) The short-term balance was included in Prepaid expenses and other current assets and the long-term balance was included in Other assets in the condensed consolidated balance sheets. (3) The short-term balance was included in Accrued expenses and other current liabilities and the long-term balance was included in Other liabilities in the condensed consolidated balance sheets. The following financial instruments were recorded at their carrying amount (in millions): As of June 30, 2021 As of December 31, 2020 Financial Instruments Recorded at Carrying Amount: Carrying Estimated Carrying Estimated Liabilities: Long-term debt $ 2,402 $ 2,487 $ 2,414 $ 2,492 Project debt $ 120 $ 125 $ 125 $ 130 We are required to disclose the fair value of financial instruments for which it is practicable to estimate that value. The fair value of short-term financial instruments such as cash and cash equivalents, restricted cash, accounts receivables, prepaid expenses and other assets, accounts payable and accrued expenses approximates their carrying value on the condensed consolidated balance sheets due to their short-term nature. 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. Long-lived assets, such as property and equipment and identifiable intangibles with finite useful lives, are periodically evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For the purpose of impairment testing, we review the recoverable amount of individual assets or groups of assets at the lowest level of which there are there are identifiable cash flows, which is generally at the facility level. Assets are reviewed using factors including, but not limited to, our future operating plans and projected cash flows. The determination of whether impairment has occurred is based on the fair value of assets as compared to their carrying value. Fair value is generally determined using an income approach, which requires discounting the estimated future cash flows associated with the asset. If the asset carrying amount exceeds its fair value, an impairment charge is recognized in the amount by which the carrying amount exceeds the fair value of the asset.

DERIVATIVE INSTRUMENTS (Notes)

DERIVATIVE INSTRUMENTS (Notes)	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	Energy Price Risk We have entered into a variety of contractual hedging arrangements, designated as cash flow hedges, in order to mitigate our exposure to energy market risk, and will continue to do so in the future. Our efforts in this regard involve only mitigation of price volatility for the energy we produce and do not involve taking positions (either long or short) on energy prices in excess of our physical generation. The amount of energy generation which we have hedged on a forward basis under agreements with various financial institutions as of June 30, 2021 is indicated in the following table (in millions): Calendar Year Hedged MWh 2021 1.1 2022 1.1 2023 0.2 Total 2.4 As of June 30, 2021, the fair value of the energy derivative liability was $20 million. For the six months ended June 30, 2021, we recorded a $31 million loss for the change in fair value as a component of AOCI. During the six months ended June 30, 2021, cash provided by and used in energy derivative settlements of $9 million and $3 million, 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, 2020, cash provided by and used in energy derivative settlements of $27 million and zero, respectively, was included in net cash provided by operating activities on our condensed consolidated statement of cash flows. Interest Rate Swaps We may utilize derivative instruments to reduce our exposure to fluctuations in cash flows due to changes in variable interest rates paid on our direct borrowings under a senior secured credit facility consisting of a revolving credit facility ("Revolving Credit Facility") and a term loan (“Term Loan”) of our subsidiary Covanta Energy (collectively referred to as the "Credit Facilities"). To achieve that objective, we entered into pay-fixed, receive-variable swap agreements on $200 million notional amount of our variable rate debt under the Credit Facilities. The interest rate swaps are designated specifically to the Credit Facilities as a cash flow hedge and are recorded at fair value with changes in fair value recorded as a component of AOCI. For further information on our Credit Facilities, see Note 12. Consolidated Debt . As of June 30, 2021, the fair value of the interest rate swap derivative liability of $7 million was recorded in short-term and long-term liabilities on our condensed consolidated balance sheets. For the six months ended June 30, 2021, we recorded a $3 million gain for the change in fair value as a component of AOCI.

CONSOLIDATED DEBT (Notes)

CONSOLIDATED DEBT (Notes)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
CONSOLIDATED DEBT	Consolidated debt is as follows (in millions, except percentages): Average Rate (1) June 30, 2021 December 31, 2020 LONG-TERM DEBT: Revolving credit facility 1.99% $ 218 $ 222 Term loan, net 2.82% 369 374 Credit facilities subtotal $ 587 $ 596 Senior notes, net of deferred financing costs 1,185 1,184 Tax-exempt bonds, net of deferred financing costs 539 540 Equipment financing arrangements 75 78 Finance leases (2) 7 7 China venture loan 9 9 Total long-term debt $ 2,402 $ 2,414 Less: current portion (27) (18) Noncurrent long-term debt $ 2,375 $ 2,396 PROJECT DEBT: Total project debt $ 120 $ 125 Less: current portion (9) (9) Noncurrent project debt $ 111 $ 116 TOTAL CONSOLIDATED DEBT $ 2,522 $ 2,539 Less: current debt (36) (27) TOTAL NONCURRENT CONSOLIDATED DEBT $ 2,486 $ 2,512 (1) Includes the effects of the interest rate swap agreement to swap to a fixed rate the variable portion of our interest rate expense on $200 million of notional amount of debt under the Credit Facilities. See Note 11. Derivative Instruments for further information. (2) Excludes Union County WtE facility finance lease which is presented within project debt in our condensed consolidated balance sheets. Our subsidiary, Covanta Energy, is the borrower of the Revolving Credit Facility and the Term Loan (collectively referred to as the "Credit Facilities"). The nature and terms of our Credit Facilities, Senior Notes, Tax-Exempt Bonds, project debt and other long-term debt are described in detail in Note 16. Consolidated Debt in our 2020 Annual Report on Form 10-K. Unutilized Capacity under Revolving Credit Facility As of June 30, 2021, we had unutilized capacity under the Revolving Credit Facility as follows (in millions, except years): Total Facility Commitment Expiring Year Direct Borrowings Outstanding Letters of Credit Unutilized Capacity Revolving Credit Facility $ 900 2023 $ 218 $ 229 $ 453 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, 2021.

LEASES

LEASES	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
LEASES	NOTE 13. LEASES The components of lease expense were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Finance leases: Amortization of assets, included in Depreciation and amortization expense $ 2 $ 2 $ 4 $ 4 Interest on lease liabilities, included in Interest expense 1 1 2 2 Operating leases: Amortization of assets, included in Total operating expense 2 2 4 4 Interest on lease liabilities, included in Total operating expense — — 1 1 Total net lease cost $ 5 $ 5 $ 11 $ 11 Supplemental balance sheet information related to leases was as follows (in millions, except lease term and discount rate): June 30, 2021 December 31, 2020 Operating leases: Operating lease right-of-use ("ROU") assets, included in Other assets $ 40 $ 43 Current operating lease liabilities, included in Accrued expenses and other current liabilities $ 7 $ 6 Noncurrent operating lease liabilities, included in Other liabilities 40 43 Total operating lease liabilities $ 47 $ 49 Finance leases: Property and equipment, at cost $ 170 $ 170 Accumulated amortization (37) (33) Property and equipment, net $ 133 $ 137 Current obligations of finance leases, included in Current portion of project debt $ 6 $ 6 Finance leases, net of current obligations, included in Project debt 69 72 Current obligations of finance leases, included in Current portion of long-term debt 1 1 Finance leases, net of current obligations, included in Long-term debt 6 6 Total finance lease liabilities $ 82 $ 85 Supplemental cash flow and other information related to leases was as follows (in millions, except lease term and discount rate): Six Months Ended June 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows related to operating leases $ 5 $ 4 Financing cash flows related to finance leases $ 4 $ 3 Weighted average remaining lease term (in years): Operating leases 11.2 11.4 Finance leases 30.6 31.5 Weighted average discount rate: Operating leases 4.54 % 4.59 % Finance leases 5.06 % 5.06 % Maturities of lease liabilities were as follows (in millions): June 30, 2021 Operating Leases Finance Leases Remainder of 2021 $ 5 $ 6 2022 8 11 2023 7 11 2024 7 11 2025 6 10 2026 and thereafter 27 94 Total lease payments 60 143 Less: Amounts representing interest (13) (61) Total lease obligations $ 47 $ 82
LEASES	The components of lease expense were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Finance leases: Amortization of assets, included in Depreciation and amortization expense $ 2 $ 2 $ 4 $ 4 Interest on lease liabilities, included in Interest expense 1 1 2 2 Operating leases: Amortization of assets, included in Total operating expense 2 2 4 4 Interest on lease liabilities, included in Total operating expense — — 1 1 Total net lease cost $ 5 $ 5 $ 11 $ 11 Supplemental balance sheet information related to leases was as follows (in millions, except lease term and discount rate): June 30, 2021 December 31, 2020 Operating leases: Operating lease right-of-use ("ROU") assets, included in Other assets $ 40 $ 43 Current operating lease liabilities, included in Accrued expenses and other current liabilities $ 7 $ 6 Noncurrent operating lease liabilities, included in Other liabilities 40 43 Total operating lease liabilities $ 47 $ 49 Finance leases: Property and equipment, at cost $ 170 $ 170 Accumulated amortization (37) (33) Property and equipment, net $ 133 $ 137 Current obligations of finance leases, included in Current portion of project debt $ 6 $ 6 Finance leases, net of current obligations, included in Project debt 69 72 Current obligations of finance leases, included in Current portion of long-term debt 1 1 Finance leases, net of current obligations, included in Long-term debt 6 6 Total finance lease liabilities $ 82 $ 85 Supplemental cash flow and other information related to leases was as follows (in millions, except lease term and discount rate): Six Months Ended June 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows related to operating leases $ 5 $ 4 Financing cash flows related to finance leases $ 4 $ 3 Weighted average remaining lease term (in years): Operating leases 11.2 11.4 Finance leases 30.6 31.5 Weighted average discount rate: Operating leases 4.54 % 4.59 % Finance leases 5.06 % 5.06 % Maturities of lease liabilities were as follows (in millions): June 30, 2021 Operating Leases Finance Leases Remainder of 2021 $ 5 $ 6 2022 8 11 2023 7 11 2024 7 11 2025 6 10 2026 and thereafter 27 94 Total lease payments 60 143 Less: Amounts representing interest (13) (61) Total lease obligations $ 47 $ 82

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Notes)	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
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 to determine whether losses are considered probable and reasonably estimable prior to recording 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, 2021 and December 31, 2020, accruals for our loss contingencies recorded in Accrued expenses and other current liabilities in our condensed consolidated balance sheets were $3 million and $4 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 consolidated results of operations, financial position or cash flows. Lower Passaic River Matter. In August 2004, the U.S. Environmental Protection Agency (the “EPA”) notified our subsidiary, Covanta Essex Company (“Essex”) that it was a potentially responsible party (“PRP”) for Superfund response actions in the Lower Passaic River Study Area (“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. In March 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. In June 2018, PRP Occidental Chemical Corporation (“OCC”) filed a federal Superfund lawsuit against 120 PRPs including Essex with respect to past and future response costs expended by OCC with respect to the LPRSA. 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. Other Commitments Other commitments as of June 30, 2021 were as follows (in millions): Letters of credit issued under the Revolving Credit Facility $ 229 Letters of credit — other 80 Surety bonds 137 Total other commitments — net $ 446 We issue letters of credit to secure our performance under various contractual undertakings related to our domestic and international projects or to secure obligations under our insurance programs. 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. The bonds do not have stated expiration dates. Rather, we are released from the bonds as the underlying performance is completed. We have certain contingent obligations related to our Senior Notes and Tax-Exempt Bonds. Holders may require us to repurchase their Senior Notes and Tax-Exempt Bonds if a fundamental change occurs. Under the taxable note indentures, a Change of Control Offer to purchase the Bonds at a purchase price in cash equal to 101% of the principal amount of the Notes would need to be made if (a) a Change of Control (“CoC”) occurs and (b) the Notes are downgraded by either Rating Agency on any date during the period commencing 60 days prior to the consummation of such CoC and ending 60 days following consummation of such CoC. Under the tax-exempt indentures, a Change of Control Offer to purchase the Bonds at a purchase price in cash equal to 101% of the principal amount of the Notes would need to be made, if, inter alia, the long-term credit rating on the tax-exempt bonds is lower than the rating on the Bonds immediately prior to such transaction. For specific criteria related to the redemption features of the Senior Notes and Tax-Exempt Bonds, see Item 8. Financial Statements And Supplementary Data — Note 16. Consolidated Debt of our 2020 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 WtE 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. We have entered into certain guarantees of performance in connection with our recent divestiture activities. Under the terms of the arrangements, we guarantee performance should the guaranteed party fail to fulfill its obligations under the specified arrangements.

SUBSEQUENT EVENT

SUBSEQUENT EVENT	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENT	NOTE 15. SUBSEQUENT EVENT On July 14, 2021, we announced that we had entered into a definitive agreement with EQT Infrastructure (“EQT”) whereby EQT will acquire all shares of Covanta common stock for $20.25 per share. The acquisition is subject to Covanta shareholder approval, as well as customary government approvals, and is expected to close in the fourth quarter of this year. The agreement resulted from a competitive sale process and is not subject to a financing condition.

ORGANIZATION AND BASIS OF PRE_2

ORGANIZATION AND BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2021
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 U.S. 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 condensed consolidated financial statements. In the opinion of management, all adjustments considered necessary for fair presentation have been included in our condensed consolidated financial statements. All intercompany 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 year ending December 31, 2021. The condensed consolidated balance sheet at December 31, 2020, 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 2020 Annual Report on Form 10-K.
Reclassifications	Reclassifications Beginning in the first quarter of 2021, we revised our presentation of revenue to distinguish our waste and service activities between (a) revenue received in connection with accepting waste for processing or disposal and (b) revenue received for performing other services. We also aligned costs for all revenue producing activities, including construction services, under Cost of operations. The change in presentation did not affect our total operating revenue, total operating expense, or operating loss.
Accounting Pronouncements Recently Adopted Accounting Pronouncements Recently Adopted Accounting Pronouncements Recently Adopted Acounting Pronouncements Recently Adopted	Accounting Pronouncements Recently Adopted In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this update remove exceptions to the general principles in Topic 740 for allocating tax expense between financial statement components, accounting basis differences stemming from an ownership change in foreign investments, and interim period income tax accounting for year-to-date losses that exceed projected losses. We adopted this guidance on January 1, 2021 on a prospective basis. The adoption of this guidance did not have an impact on our consolidated financial statements.
Earnings Per Share	EPS We calculate basic 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 EPS 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 EPS 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 public sector client that sponsors a WtE project. These costs generally include utility charges, insurance premiums, ash residue transportation and disposal, and certain chemical costs. These costs are recorded net of public sector client reimbursements as a reduction to Cost of operations in our condensed consolidated statement of operations.
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 marketable securities, the carrying value of these amounts is a reasonable estimate of their fair value. • Fair values for long-term debt and project debt are determined using quoted market prices (Level 1). • The fair value of our floating to fixed rate interest rate swaps is determined using discounted cash flow valuation methodologies that apply the appropriate forward floating rate curve observable in the market to the contractual terms of our swap agreements. The fair value of the interest rate swaps is adjusted to reflect counterparty risk of non-performance and is 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 estimated fair value amounts have been determined using available market information and appropriate valuation methodologies. However, considerable judgment is required in interpreting market data to develop estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that we would realize in a current market exchange and are based on pertinent information available to us as of June 30, 2021. Such amounts have not been comprehensively revalued for purposes of these financial statements and current estimates of fair value may differ significantly from the amounts presented herein.
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 to determine whether losses are considered probable and reasonably estimable prior to recording 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.

ORGANIZATION AND BASIS OF PRE_3

ORGANIZATION AND BASIS OF PRESENTATION ORGANIZATION AND BASIS OF PRESENTATION (Tables)	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reconciliation of Revenue from Segments to Consolidated	The impact of the reclassifications on our unaudited condensed consolidated statement of operations were as follows (in millions): For the Three Months Ended June 30, 2020 As previously reported Reclassifications As adjusted OPERATING REVENUE: Waste and service revenue (1) (3) $ 344 $ (7) Waste revenue (1) (3) $ 337 Energy revenue 78 — Energy revenue 78 Recycled metals revenue (2) (3) 20 — Materials sales revenue (2) (3) 20 Other operating revenue (1) (4) 12 7 Services revenue (1) (4) 19 Total operating revenue $ 454 $ — Total operating revenue $ 454 OPERATING EXPENSE: Plant operating expense (5) $ 340 $ 11 Cost of operations (5) $ 351 Other operating expense, net (5) 14 (12) Other operating expense, net (5) 2 General and administrative expense 26 1 General and administrative expense 27 Depreciation and amortization expense 56 — Depreciation and amortization expense 56 Impairment charges — — Impairment charges — Total operating expense $ 436 $ — Total operating expense $ 436 Operating loss $ 18 $ — Operating loss $ 18 For the Six Months Ended June 30, 2020 As previously reported Reclassifications As adjusted OPERATING REVENUE: Waste and service revenue (1) (3) $ 690 $ (13) Waste revenue (1) (3) $ 677 Energy revenue 171 — Energy revenue 171 Recycled metals revenue (2) (3) 37 — Materials sales revenue (2) (3) 37 Other operating revenue (1) (4) 24 13 Services revenue (1) (4) 37 Total operating revenue $ 922 $ — Total operating revenue $ 922 OPERATING EXPENSE: Plant operating expense (5) $ 701 $ 21 Cost of operations (5) $ 722 Other operating expense, net (5) 26 (22) Other operating expense, net (5) 4 General and administrative expense 56 1 General and administrative expense 57 Depreciation and amortization expense 114 — Depreciation and amortization expense 114 Impairment charges 19 — Impairment charges 19 Total operating expense $ 916 $ — Total operating expense $ 916 Operating loss $ 6 $ — Operating loss $ 6 (1) Reflects reclassification of certain services performed by CES from the former Waste and service revenue category to the new Services revenue category. (2) Reflects reclassification of the former Recycled metals revenue category to the new Materials sales revenue category. (3) Reflects reclassification of E-waste recycling revenue from the former Waste and service revenue category to the new Materials sales revenue category. (4) Reflects reclassification of construction related revenue from the former Other operating revenue category to the new Services revenue category.

EARNINGS PER SHARE ("EPS") AN_2

EARNINGS PER SHARE ("EPS") AND EQUITY (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Income	The changes in AOCI are as follows (in millions): Foreign Currency Translation Pension and Other Postretirement Plan Unrecognized Net Gain (Loss) Net Unrealized Loss on Derivatives Total Balance at December 31, 2019 $ (30) $ 3 $ (8) $ (35) Other comprehensive loss — (1) (15) (16) Balance at June 30, 2020 $ (30) $ 2 $ (23) $ (51) Balance at December 31, 2020 $ (8) $ 3 $ (27) $ (32) Other comprehensive loss (7) — (20) (27) Balance at June 30, 2021 $ (15) $ 3 $ (47) $ (59)
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, 2021 2020 2021 2020 Basic weighted average common shares outstanding 133 132 133 132 Dilutive effect of stock options, restricted stock and restricted stock units — — — — Diluted weighted average common shares outstanding 133 132 133 132 Anti-dilutive stock options, restricted stock and restricted stock units excluded from the calculation of EPS 4 4 4 3

REVENUES (Tables)

REVENUES (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction	Our remaining performance obligations primarily consist of the fixed consideration contained in our contracts. As of June 30, 2021, our total remaining performance obligation was $5.6 billion, of which we expect to recognize 6% for the remainder of 2021 and 11% in 2022.
Contract with Customer, Asset and Liability	condensed consolidated balance sheets (in millions): June 30, 2021 December 31, 2020 Unbilled receivables $ 27 $ 23 Deferred revenue $ 19 $ 17

STOCK-BASED AWARD PLANS (Tables

STOCK-BASED AWARD PLANS (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Compensation Expense Related to Stock-Based Awards	Compensation expense related to our stock-based awards was as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Stock-based compensation expense $ 9 $ 6 $ 18 $ 14
Unrecognized 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): June 30, 2021 Unrecognized stock-based compensation Weighted-average years to be recognized Restricted stock units $ 15 1.6 Performance awards $ 9 2.0 Stock options $ 1 1.6

SUPPLEMENTARY INFORMATION Suppl

SUPPLEMENTARY INFORMATION Supplementary Information (Tables)	6 Months Ended
	Jun. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Schedule of Pass Through Costs	Pass through costs were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Pass through costs $ 12 $ 10 $ 23 $ 23
Equity Method Investments	Investments in investees and joint ventures accounted for under the equity method, included in Other assets on our condensed consolidated balance sheets, were as follows (in millions, except percentages): Ownership interest as of June 30, 2021 June 30, 2021 Ownership interest as of December 31, 2020 December 31, 2020 Dublin (Ireland) 50 % $ 145 50 % $ 153 Ambiente 2000 S.r.l. (Italy) 40 % 1 40 % — Earls Gate (UK) 25 % 10 25 % 9 Rookery (UK) 40 % 10 40 % 4 Newhurst (UK) 25 % 14 25 % 9 Protos (UK) 37.5 % 3 37.5 % 6 Zhao County (China) 26 % 7 26 % 7 $ 190 $ 188 The consideration receivable balances included in prepaid expenses and other assets on our condensed consolidated balance sheets were as follows (in millions): June 30, 2021 December 31, 2020 Rookery (UK) $ 13 $ 17 Newhurst (UK) 4 4 Protos (UK) — 6 $ 17 $ 27 June 30, 2021 December 31, 2020 Earls Gate (UK) $ 16 $ 16 Newhurst (UK) 5 3 Protos (UK) 4 1 Zhao County (China) 9 9 $ 34 $ 29

ACCOUNTS RECEIVABLE SECURITIZ_2

ACCOUNTS RECEIVABLE SECURITIZATION (Tables)	6 Months Ended
	Jun. 30, 2021
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	Amounts recognized in connection with the RPA were as follows (in millions): Six Months Ended June 30, 2021 2020 Accounts receivable sold and derecognized $ 436 $ 373 Cash proceeds received (1) $ 435 $ 372 June 30, 2021 December 31, 2020 Pledged receivables (2) $ 110 $ 128 (1) Represents proceeds from collections reinvested in revolving-period transfers. This amount was included in Net cash provided by operating activities on our condensed consolidated statement of cash flows. (2) Secures our obligations under the RPA and provides a guarantee for the prompt payment, not collection, of all payment obligations relating to the sold receivables.

CREDIT LOSSES (Tables)

CREDIT LOSSES (Tables)	6 Months Ended
	Jun. 30, 2021
Credit Loss [Abstract]
Schedule of Changes in Allowance fr Credit Loss	Changes in the allowance for credit losses of our trade receivables for the six months ended June 30, 2021 were as follows (in millions): Balance as of December 31, 2020 $ 8 Write-offs charged against the allowance (1) Balance as of June 30, 2021 $ 7
Schedule of Shareholder Loans	We held the following receivables in connection with our equity method investments (in millions): June 30, 2021 December 31, 2020 Included in prepaid expenses and other assets $ 17 $ 27 Included in other assets - long term 34 29 $ 51 $ 56

FINANCIAL INSTRUMENTS Financial

FINANCIAL INSTRUMENTS Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements of Assets and Liabilities	The recurring fair value measurement of our assets and liabilities were as follows (in millions): Financial Instruments Recorded at Fair Value on a Recurring Basis: Fair Value Measurement Level June 30, 2021 December 31, 2020 Assets: Investments — mutual and bond funds (1) 1 $ 2 $ 2 Derivative asset — energy hedges (2) 2 — 11 Total assets $ 2 $ 13 Liabilities: Derivative liability — energy hedges (3) 2 $ 20 $ — Derivative liability — interest rate swaps (3) 2 7 10 Total liabilities $ 27 $ 10 (1) Included in Other assets in the condensed consolidated balance sheets. (2) The short-term balance was included in Prepaid expenses and other current assets and the long-term balance was included in Other assets in the condensed consolidated balance sheets. (3) The short-term balance was included in Accrued expenses and other current liabilities and the long-term balance was included in Other liabilities in the condensed consolidated balance sheets. The following financial instruments were recorded at their carrying amount (in millions):

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Energy Generation Amounts	The amount of energy generation which we have hedged on a forward basis under agreements with various financial institutions as of June 30, 2021 is indicated in the following table (in millions): Calendar Year Hedged MWh 2021 1.1 2022 1.1 2023 0.2 Total 2.4

CONSOLIDATED DEBT (Tables)

CONSOLIDATED DEBT (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Consolidated Debt	Consolidated debt is as follows (in millions, except percentages): Average Rate (1) June 30, 2021 December 31, 2020 LONG-TERM DEBT: Revolving credit facility 1.99% $ 218 $ 222 Term loan, net 2.82% 369 374 Credit facilities subtotal $ 587 $ 596 Senior notes, net of deferred financing costs 1,185 1,184 Tax-exempt bonds, net of deferred financing costs 539 540 Equipment financing arrangements 75 78 Finance leases (2) 7 7 China venture loan 9 9 Total long-term debt $ 2,402 $ 2,414 Less: current portion (27) (18) Noncurrent long-term debt $ 2,375 $ 2,396 PROJECT DEBT: Total project debt $ 120 $ 125 Less: current portion (9) (9) Noncurrent project debt $ 111 $ 116 TOTAL CONSOLIDATED DEBT $ 2,522 $ 2,539 Less: current debt (36) (27) TOTAL NONCURRENT CONSOLIDATED DEBT $ 2,486 $ 2,512 (1) Includes the effects of the interest rate swap agreement to swap to a fixed rate the variable portion of our interest rate expense on $200 million of notional amount of debt under the Credit Facilities. See Note 11. Derivative Instruments for further information.
Revolving Credit Facility	As of June 30, 2021, we had unutilized capacity under the Revolving Credit Facility as follows (in millions, except years): Total Facility Commitment Expiring Year Direct Borrowings Outstanding Letters of Credit Unutilized Capacity Revolving Credit Facility $ 900 2023 $ 218 $ 229 $ 453

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Lease Expense and Supplemental Cash Flow Information	The components of lease expense were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Finance leases: Amortization of assets, included in Depreciation and amortization expense $ 2 $ 2 $ 4 $ 4 Interest on lease liabilities, included in Interest expense 1 1 2 2 Operating leases: Amortization of assets, included in Total operating expense 2 2 4 4 Interest on lease liabilities, included in Total operating expense — — 1 1 Total net lease cost $ 5 $ 5 $ 11 $ 11
Supplemental Balance Sheet Information	Supplemental balance sheet information related to leases was as follows (in millions, except lease term and discount rate): June 30, 2021 December 31, 2020 Operating leases: Operating lease right-of-use ("ROU") assets, included in Other assets $ 40 $ 43 Current operating lease liabilities, included in Accrued expenses and other current liabilities $ 7 $ 6 Noncurrent operating lease liabilities, included in Other liabilities 40 43 Total operating lease liabilities $ 47 $ 49 Finance leases: Property and equipment, at cost $ 170 $ 170 Accumulated amortization (37) (33) Property and equipment, net $ 133 $ 137 Current obligations of finance leases, included in Current portion of project debt $ 6 $ 6 Finance leases, net of current obligations, included in Project debt 69 72 Current obligations of finance leases, included in Current portion of long-term debt 1 1 Finance leases, net of current obligations, included in Long-term debt 6 6 Total finance lease liabilities $ 82 $ 85
Schedule of Cash Flow, Supplemental Disclosures	Supplemental cash flow and other information related to leases was as follows (in millions, except lease term and discount rate): Six Months Ended June 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows related to operating leases $ 5 $ 4 Financing cash flows related to finance leases $ 4 $ 3 Weighted average remaining lease term (in years): Operating leases 11.2 11.4 Finance leases 30.6 31.5 Weighted average discount rate: Operating leases 4.54 % 4.59 % Finance leases 5.06 % 5.06 %
Maturity of Lease Liabilities, Finance	Maturities of lease liabilities were as follows (in millions): June 30, 2021 Operating Leases Finance Leases Remainder of 2021 $ 5 $ 6 2022 8 11 2023 7 11 2024 7 11 2025 6 10 2026 and thereafter 27 94 Total lease payments 60 143 Less: Amounts representing interest (13) (61) Total lease obligations $ 47 $ 82
Maturity of Lease Liabilities, Operating	Maturities of lease liabilities were as follows (in millions): June 30, 2021 Operating Leases Finance Leases Remainder of 2021 $ 5 $ 6 2022 8 11 2023 7 11 2024 7 11 2025 6 10 2026 and thereafter 27 94 Total lease payments 60 143 Less: Amounts representing interest (13) (61) Total lease obligations $ 47 $ 82

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Other Commitments	Other commitments as of June 30, 2021 were as follows (in millions): Letters of credit issued under the Revolving Credit Facility $ 229 Letters of credit — other 80 Surety bonds 137 Total other commitments — net $ 446

Organization and Basis of Pre_4

Organization and Basis of Presentation (Details) T in Millions, MW in Millions, $ in Millions	3 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)MWTFacility	Dec. 31, 2020USD ($)
Organization And Summary Of Significant Accounting Policies [Line Items]
Solid waste processed (in tons) | T		21
Number Of Energy From Waste Facilities | Facility		41
Annual Output | MW		10
Goodwill		$ 303	$ 302
Right of use asset		40	43
Total operating lease liabilities		$ 47	$ 49
Goodwill, Impairment Loss	$ 16
Goodwill impairment tax benefit	$ 3

ORGANIZATION AND BASIS OF PRE_5

ORGANIZATION AND BASIS OF PRESENTATION - Reclassification (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Organization And Summary Of Significant Accounting Policies [Line Items]
Total operating revenue	$ 506,000	$ 454,000	$ 1,004,000	$ 922,000
Cost of operations	390,000	351,000	788,000	722,000
Other operating expense, net	3,000	2,000	(1,000)	4,000
General and administrative expense	33,000	27,000	66,000	57,000
Depreciation and amortization expense	55,000	56,000	112,000	114,000
Impairment charges	0	0	0	19,000
Total operating expense	481,000	436,000	965,000	916,000
Operating income	25,000	18,000	39,000	6,000
Waste revenue
Organization And Summary Of Significant Accounting Policies [Line Items]
Total operating revenue	364,000	337,000	707,000	677,000
Energy revenue
Organization And Summary Of Significant Accounting Policies [Line Items]
Total operating revenue	86,000	78,000	190,000	171,000
Materials sales revenue
Organization And Summary Of Significant Accounting Policies [Line Items]
Total operating revenue	38,000	20,000	74,000	37,000
Services revenue
Organization And Summary Of Significant Accounting Policies [Line Items]
Total operating revenue	$ 18,000	19,000	$ 33,000	37,000
Previously Reported
Organization And Summary Of Significant Accounting Policies [Line Items]
Total operating revenue		454,000		922,000
Cost of operations		340,000		701,000
Other operating expense, net		14,000		26,000
General and administrative expense		26,000		56,000
Depreciation and amortization expense		56,000		114,000
Impairment charges		0		19,000
Total operating expense		436,000		916,000
Operating income		18,000		6,000
Previously Reported | Waste revenue
Organization And Summary Of Significant Accounting Policies [Line Items]
Total operating revenue		344,000		690,000
Previously Reported | Energy revenue
Organization And Summary Of Significant Accounting Policies [Line Items]
Total operating revenue		78,000		171,000
Previously Reported | Materials sales revenue
Organization And Summary Of Significant Accounting Policies [Line Items]
Total operating revenue		20,000		37,000
Previously Reported | Services revenue
Organization And Summary Of Significant Accounting Policies [Line Items]
Total operating revenue		12,000		24,000
Reclassifications
Organization And Summary Of Significant Accounting Policies [Line Items]
Total operating revenue		0		0
Cost of operations		11,000		21,000
Other operating expense, net		(12,000)		(22,000)
General and administrative expense		1,000		1,000
Depreciation and amortization expense		0		0
Impairment charges		0		0
Total operating expense		0		0
Operating income		0		0
Reclassifications | Waste revenue
Organization And Summary Of Significant Accounting Policies [Line Items]
Total operating revenue		(7,000)		(13,000)
Reclassifications | Energy revenue
Organization And Summary Of Significant Accounting Policies [Line Items]
Total operating revenue		0		0
Reclassifications | Materials sales revenue
Organization And Summary Of Significant Accounting Policies [Line Items]
Total operating revenue		0		0
Reclassifications | Services revenue
Organization And Summary Of Significant Accounting Policies [Line Items]
Total operating revenue		$ 7,000		$ 13,000

EARNINGS PER SHARE ("EPS") AN_3

EARNINGS PER SHARE ("EPS") AND EQUITY Narrative (Details) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Common stock, par value	$ 0.10	$ 0.10

EARNINGS PER SHARE ("EPS") AN_4

EARNINGS PER SHARE ("EPS") AND EQUITY Schedule of Basic and Diluted Earnings per Share (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Accumulated other comprehensive loss	$ (59)	$ (51)	$ (59)	$ (51)	$ (32)	$ (35)
Basic	133	132	133	132
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	0	0	0	0
Diluted	133	132	133	132
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	4	4	4	3

EARNINGS PER SHARE ("EPS") AN_5

EARNINGS PER SHARE ("EPS") AND EQUITY Schedule of Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive loss	$ 59	$ 51	$ 32	$ 35
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(27)	(16)
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive loss	15	30	8	30
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(7)	0
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive loss	(3)	(2)	3	(3)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	0	(1)
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive loss	47	23	$ 27	$ 8
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	$ (20)	$ (15)

REVENUES (Details)

REVENUES (Details) $ in Billions	Jun. 30, 2021USD ($)
Revenue from Contract with Customer [Abstract]
Revenue, Remaining Performance Obligation, Amount	$ 5.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Percentage	6.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Percentage	11.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year

REVENUES Contract Balances (Det

REVENUES Contract Balances (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract with Customer, Asset, before Allowance for Credit Loss	$ 27	$ 23
Contract with Customer, Liability	19	$ 17
Contract with Customer, Liability, Revenue Recognized	$ 5

STOCK-BASED AWARD PLANS Narrati

STOCK-BASED AWARD PLANS Narrative (Details)	6 Months Ended
	Jun. 30, 2021shares
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	555,345
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	1,205,316
Performance Shares [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	319,762
Director | 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	74,399
Director | 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	14,746

STOCK-BASED AWARD PLANS Schedul

STOCK-BASED AWARD PLANS Schedule of Compensation Expense Related to Stock-Based Awards (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Noncash Expense	$ 9	$ 6	$ 18	$ 14
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			1,205,316
Director | 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			74,399
Director | Quarterly Compensation [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			13,023

STOCK-BASED AWARD PLANS Unrecog

STOCK-BASED AWARD PLANS Unrecognized Stock-based Compensation Expense (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 15
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	1 year 7 months 6 days
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 9
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years
Share-based Payment Arrangement, Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 1
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	1 year 7 months 6 days

SUPPLEMENTARY INFORMATION Sched

SUPPLEMENTARY INFORMATION Schedule of Pass Through Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Other Operating Expenses [Line Items]
Cost of operations	$ 390,000	$ 351,000	$ 788,000	$ 722,000
Pass through costs [Member]
Other Operating Expenses [Line Items]
Cost of operations	$ 12,000	$ 10,000	$ 23,000	$ 23,000

SUPPLEMENTARY INFORMATION Narra

SUPPLEMENTARY INFORMATION Narrative (Details) $ in Millions	3 Months Ended
	Jun. 30, 2020USD ($)
Supplemental Cash Flow Elements [Abstract]
Goodwill, Impairment Loss	$ 16
Goodwill impairment tax benefit	$ 3

SUPPLEMENTARY INFORMATION - Equ

SUPPLEMENTARY INFORMATION - Equity Method Investments (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Equity method investment	$ 190	$ 188
Equity method investment, consideration receivable	17	27
Shareholder loan	$ 34	$ 29
Dublin
Schedule of Equity Method Investments [Line Items]
Equity method investment, percent	50.00%	50.00%
Equity method investment	$ 145	$ 153
Ambiente 2000 S.r.l.
Schedule of Equity Method Investments [Line Items]
Equity method investment, percent	40.00%	40.00%
Equity method investment	$ 1	$ 0
Earls Gate
Schedule of Equity Method Investments [Line Items]
Equity method investment, percent	25.00%	25.00%
Equity method investment	$ 10	$ 9
Shareholder loan	$ 16	$ 16
Rookery
Schedule of Equity Method Investments [Line Items]
Equity method investment, percent	40.00%	40.00%
Equity method investment	$ 10	$ 4
Equity method investment, consideration receivable	$ 13	$ 17
Newhurst Energy Recovery Facility
Schedule of Equity Method Investments [Line Items]
Equity method investment, percent	25.00%	25.00%
Equity method investment	$ 14	$ 9
Equity method investment, consideration receivable	4	4
Shareholder loan	$ 5	$ 3
Protos
Schedule of Equity Method Investments [Line Items]
Equity method investment, percent	37.50%	37.50%
Equity method investment	$ 3	$ 6
Equity method investment, consideration receivable	0	6
Shareholder loan	$ 4	$ 1
Zhao County Investment
Schedule of Equity Method Investments [Line Items]
Equity method investment, percent	26.00%	26.00%
Equity method investment	$ 7	$ 7
Shareholder loan	$ 9	$ 9

INCOME TAXES (Details)

INCOME TAXES (Details)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	25.00%	16.00%

ACCOUNTS RECEIVABLE SECURITIZ_3

ACCOUNTS RECEIVABLE SECURITIZATION (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Receivables [Abstract]
Maximum amount of receivables repurchasable	$ 120
Weighted average discount rate on receivables repurchased	1.03%
Accounts receivable sold and derecognized	$ 436	$ 373
Cash proceeds received	435	$ 372
Pledged receivables	$ 110		$ 128

CREDIT LOSSES - Changes in Allo

CREDIT LOSSES - Changes in Allowance for Credit Loss (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 8
Write-offs charged against the allowance	(1)
Ending balance	$ 7

CREDIT LOSSES - Shareholder Loa

CREDIT LOSSES - Shareholder Loans (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Credit Loss [Abstract]
Equity method investment, consideration receivable	$ 17	$ 27
Shareholder loan	34	29
Total	$ 51	$ 56

Fair Value Measurements of Asse

Fair Value Measurements of Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Long-term debt	$ 2,402	$ 2,414
Project Debt	120	125
Estimate of Fair Value Measurement [Member]
Assets, Fair Value Disclosure	2	13
Financial and Nonfinancial Liabilities, Fair Value Disclosure	27	10
Long-term debt	2,487	2,492
Project Debt	125	130
Reported Value Measurement [Member]
Long-term debt	2,402	2,414
Project Debt	120	125
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	20	0
Energy Hedges [Member] | Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member]
Derivative Asset	0
Energy Hedges [Member] | Fair Value, Inputs, Level 2 [Member] | Energy Hedges [Member] | Estimate of Fair Value Measurement [Member]
Derivative Asset		11
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member]
Derivative Liability	$ 7	$ 10

DERIVATIVE INSTRUMENTS Narrativ

DERIVATIVE INSTRUMENTS Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Energy Hedges [Member]
Derivative [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	$ (31)
Proceeds from Hedge, Investing Activities	9	$ 27
Payments for (Proceeds from) Hedge, Investing Activities	3	$ 0
Interest Rate Swap [Member]
Derivative [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	3
Derivative, Notional Amount	200
Interest Rate Derivatives, at Fair Value, Net	7
Fair Value, Inputs, Level 2 [Member] | Energy Hedges [Member]
Derivative [Line Items]
Derivative Liability	20		$ 0
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative Liability	7		$ 10
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Energy Hedges [Member]
Derivative [Line Items]
Derivative Asset	$ 0

DERIVATIVE INSTRUMENTS Schedule

DERIVATIVE INSTRUMENTS Schedule of Energy Generation Amounts (Details) MW in Millions	Jun. 30, 2021MW
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount	2.4
Fiscal Year 2019 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount	1.1
Fiscal Year 2020 [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount	1.1
Fiscal Year 2021 [Member] [Member]
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount	0.2

Schedule of Consolidated Debt (

Schedule of Consolidated Debt (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term line of credit	$ 587	$ 596
Long-term debt	2,402	2,414
Total finance lease liabilities	82	85
Total Long Term Debt, Senior Notes	1,185	1,184
Total Long Term Debt, Tax Exempt Bonds	539	540
Current portion of long-term debt	(27)	(18)
Long-term debt, Noncurrent	2,375	2,396
Project Debt	120	125
Current portion of project debt	(9)	(9)
Project Debt Noncurrent	111	116
Debt, Total	2,522	2,539
Debt, Current	(36)	(27)
Debt, Noncurrent	$ 2,486	2,512
Revolving Credit Facility
Debt Instrument [Line Items]
Fixed interest rate	1.99%
Long-term line of credit	$ 218	222
Term Loan
Debt Instrument [Line Items]
Fixed interest rate	2.82%
Long-term debt	$ 369	374
China Venture Loan
Debt Instrument [Line Items]
Long-term debt	9	9
Equipment Financing
Debt Instrument [Line Items]
Long-term debt	75	78
Long-term Debt
Debt Instrument [Line Items]
Total finance lease liabilities	$ 7	$ 7

CONSOLIDATED DEBT Revolving Cre

CONSOLIDATED DEBT Revolving Credit Facility (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Long-term debt	$ 2,402	$ 2,414
Long-term line of credit	587	596
Revolving Credit Facility
Line of Credit Facility [Line Items]
Total facility commitment	900
Long-term line of credit	218	222
Line of credit facility, remaining borrowing capacity	453
Term Loan
Line of Credit Facility [Line Items]
Long-term debt	369	$ 374
Letter of Credit [Member]
Line of Credit Facility [Line Items]
Letters of credit outstanding	80
Letter of Credit [Member] | Revolving Credit Facility
Line of Credit Facility [Line Items]
Letters of credit outstanding	$ 229

LEASES - Supplemental Balance S

LEASES - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Operating lease right-of-use ("ROU") assets, included in Other assets	$ 40	$ 43
Current operating lease liabilities, included in Accrued expenses and other current liabilities	7	6
Noncurrent operating lease liabilities, included in Other liabilities	40	43
Total operating lease liabilities	47	49
Property and equipment, at cost	170	170
Accumulated amortization	(37)	(33)
Property and equipment, net	133	137
Total finance lease liabilities	82	85
Project Debt, Current
Lessee, Lease, Description [Line Items]
Current obligations of finance leases, included in Current portion of long-term debt	6	6
Project Debt, Noncurrent
Lessee, Lease, Description [Line Items]
Finance leases, net of current obligations, included in Long-term debt	69	72
Long Term Debt, Excluding Current Maturities
Lessee, Lease, Description [Line Items]
Finance leases, net of current obligations, included in Long-term debt	6	6
Long Term Debt, Current Maturities
Lessee, Lease, Description [Line Items]
Current obligations of finance leases, included in Current portion of long-term debt	$ 1	$ 1

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Leases [Abstract]
Property and equipment, at cost	$ 170		$ 170
Finance Lease, Right-Of-Use Asset, Accumulated Depreciation	37		$ 33
Operating cash flows related to operating leases	5	$ 4
Financing cash flows related to finance leases	$ 4	$ 3
Weighted average remaining lease term (in years): operating	11 years 2 months 12 days		11 years 4 months 24 days
Weighted average remaining lease term (in years): finance	30 years 7 months 6 days		31 years 6 months
Weighted average discount rate: operating	4.54%		4.59%
Weighted average discount rate: finance	5.06%		5.06%
Operating Lease, Liability, Noncurrent	$ 40		$ 43
Operating Lease, Liability	$ 47		$ 49

LEASES - Lease Maturity (Detail

LEASES - Lease Maturity (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Lessee, Operating Lease, Liability, to be Paid, Year One	$ 5
Finance Lease, Liability, to be Paid, Year One	6
Operating Leases
2020	8
2021	7
2022	7
2023	6
2026 and thereafter	27
Total lease payments	60
Less: Amounts representing interest	(13)
Total lease obligations	47	$ 49
Finance Leases
2020	11
2021	11
2022	11
2023	10
2026 and thereafter	94
Total lease payments	143
Less: Amounts representing interest	(61)
Total lease obligations	$ 82	$ 85

LEASES Lease Expense (Details)

LEASES Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Amortization of assets, included in Depreciation and amortization expense	$ 2	$ 2	$ 4	$ 4
Interest on lease liabilities, included in Interest expense	1	1	2	2
Amortization of assets, included in Total operating expense	2	2	4	4
Interest on lease liabilities, included in Total operating expense	0	0	1	1
Total net lease cost	$ 5	$ 5	$ 11	$ 11

COMMITMENTS AND CONTINGENCIES N

COMMITMENTS AND CONTINGENCIES Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Loss Contingencies [Line Items]
Loss Contingency Accrual	$ 3	$ 4
Other Commitment	446
Letter of Credit [Member]
Loss Contingencies [Line Items]
Letters of credit outstanding	80
Surety Bonds [Member]
Loss Contingencies [Line Items]
Other Commitment	$ 137

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details)	Jul. 14, 2021$ / shares
Subsequent Event
Subsequent Event [Line Items]
Sale of stock, price per share (in dollars per share)	$ 20.25