Performance Tables
Economic Data1 | |||||
(data for Covanta Holding Corp., including all global operations, in millions, except per share amounts, USD)2 | 2019 | 2018 | 2017 | 2016 | 2015 |
Operating Revenue | |||||
Waste and service revenue | 1,393 | 1,327 | 1,231 | 1,187 | 1,104 |
Energy revenue | 329 | 343 | 334 | 370 | 421 |
Recycled metals revenue | 86 | 95 | 82 | 61 | 61 |
Other operating revenue | 62 | 103 | 105 | 81 | 59 |
Total operating revenue | 1,870 | 1,868 | 1,752 | 1,699 | 1,645 |
operating expense | |||||
Total operating expense | 1,780 | 1,805 | 1,651 | 1,590 | 1,536 |
income tax | |||||
Income tax expense (benefit) | (7) | (29) | (191) | 22 | (84) |
net income | |||||
Net (loss) income attributable to Covanta Holding | 10 | 152 | 57 | (4) | 68 |
Cash flow provided by operating activities | 226 | 238 | 242 | 264 | 226 |
Non-GAAP Financial Measures | |||||
Adjusted EBITDA | 428 | 457 | 408 | 410 | 428 |
Free Cash Flow | 140 | 100 | 132 | 176 | 152 |
dividends | |||||
Annualized Cash Dividends per Share | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Community Investment | |||||
Total donations | 1.9 | 1.8 | 2.0 | 1.9 | 1.7 |
1 For complete information, please refer to Covanta’s Form 10-K filings.
2 For the years ended December 31
Workforce Data | |||||
2019 | 2018 | 2017 | 2016 | 2015 | |
Employees | |||||
Total employees | 3,881 | 3,911 | 3,719 | 3,582 | 3,539 |
Salaried | 1,228 | 1,230 | 1,193 | 1,157 | 1,142 |
Hourly3 | 2,653 | 2,683 | 2,526 | 2,425 | 2,397 |
Global Head count | |||||
North America | 3,803 | 3,834 | 3,649 | 3,537 | 3,511 |
United States | 3,638 | 3,676 | 3,520 | 3,454 | 3,431 |
Canada | 165 | 158 | 129 | 83 | 80 |
Asia | 13 | 15 | 14 | 15 | 21 |
Europe | 65 | 62 | 56 | 30 | 7 |
Safety and Health4 | |||||
DART (Days Away/ Restricted/ Transfer Rate) | 0.44 | 0.61 | 0.77 | 0.81 | 0.73 |
TCIR (Total Case Incident Rate) | 0.80 | 0.81 | 1.06 | 1.00 | 1.26 |
Fatality Rate | 0 | 0 | 0.02 | 0.02 | 0 |
Number of sites in OSHA VPP program | 32 | 33 | 35 | 37 | 38 |
Contractor DART5 | 1.08 | 1.19 | 0.90 | 0.89 | 0.70 |
Contractor TCIR5 | 1.63 | 1.80 | 1.40 | 1.48 | 1.22 |
Diversity | |||||
Women (% of total workforce) | 11% | 11% | 11% | 10% | 10% |
Minorities (% of total workforce) | 28% | 28% | 26% | 26% | 25% |
2019 Employee Data | |||
Total6 | Female | Male | |
Employees | 3,881 | 431 | 3,448 |
Part-time | 48 | 15 | 32 |
Full-time | 3,831 | 415 | 3,415 |
Contractors | 2 | 1 | 1 |
Collective bargaining | |||
Employees | 298 | 8 | 290 |
Percent of workforce | 7.5% | 0.2% | 7.3% |
Employee geography | |||
Americas | 3,638 | 377 | 3,260 |
Region 1 | 921 | 45 | 876 |
Region 2 | 853 | 45 | 808 |
Region 3 | 737 | 23 | 714 |
Transfer Station | 132 | 9 | 123 |
Covanta Field Services | 123 | 1 | 122 |
Corporate Headquarters | 510 | 170 | 339 |
Covanta Environmental Solutions | 498 | 125 | 372 |
Asia | 13 | 6 | 7 |
Canada | 165 | 44 | 120 |
Europe | 65 | 6 | 59 |
2019 Diversity by EEO Category | |||||||||
race/ethnic composition of our employees | |||||||||
American Indian | Black | White | Hispanic | Asian | Pacific Islander | Two or more races | N/A | Total | |
Executives | 0 | 2 | 50 | 1 | 2 | 0 | 0 | 2 | 57 |
Directors | 0 | 7 | 211 | 4 | 9 | 0 | 2 | 7 | 240 |
Managers | 1 | 10 | 235 | 20 | 23 | 0 | 2 | 24 | 315 |
Professionals/ administrative | 3 | 57 | 551 | 38 | 42 | 6 | 9 | 55 | 761 |
Hourly3 | 13 | 354 | 1,537 | 282 | 91 | 58 | 51 | 122 | 2,508 |
Total | 17 | 430 | 2,584 | 345 | 167 | 64 | 64 | 210 | 3,881 |
age composition of our employees | |||||||||
Executives | Directors | Managers | Professionals/ administrative |
Hourly3 | Total | ||||
Under 30 years old | 0 | 0 | 6 | 78 | 407 | 491 | |||
30-50 years old | 13 | 79 | 166 | 353 | 1,266 | 1,877 | |||
Over 50 years old | 44 | 161 | 143 | 330 | 835 | 1,513 | |||
Total | 57 | 240 | 315 | 761 | 2,508 | 3,881 | |||
Gender composition of our employees | |||||||||
Female | 9 | 26 | 86 | 238 | 73 | 432 | |||
Male | 48 | 214 | 229 | 522 | 2,434 | 3,447 | |||
Total6 | 57 | 240 | 315 | 761 | 2,508 | 3,881 |
2019 Governance Body Diversity | |
gender composition within our board of directors | |
Female | 3 |
Male | 9 |
Age composition of our board of directors | |
Under 30 years old | 0 |
30-50 years old | 0 |
Over 50 years old | 12 |
2019 Employee Statistics | ||||||||
2019 Employee Turnover Statistics | ||||||||
Salaried | Hourly3 | Total | Average Service (years) | # of Voluntary Separations | # of Involuntary Separations | Total # of Separations | Total Rate (%) | |
Total6 | 203 | 592 | 805 | 6.1 | 547 | 258 | 805 | 21% |
Female | 43 | 90 | 139 | 4.7 | 97 | 42 | 139 | 4% |
Male | 160 | 501 | 665 | 6.4 | 449 | 216 | 665 | 17% |
Age less than 30 | 13 | 207 | 223 | 0.9 | 180 | 43 | 223 | 6% |
Age 30-50 | 89 | 227 | 321 | 4.0 | 217 | 104 | 321 | 8% |
Age over 50 | 101 | 158 | 261 | 12.8 | 150 | 111 | 261 | 7% |
United States | 188 | 558 | 754 | 6.3 | 504 | 250 | 754 | 19% |
Asia | 3 | 0 | 3 | 2.3 | 3 | 0 | 3 | 0.1% |
Canada | 4 | 30 | 36 | 4.1 | 30 | 6 | 36 | 1% |
Europe | 8 | 4 | 12 | 1.2 | 10 | 2 | 12 | 0.3% |
2019 New hire Statistics | ||||||||
Salaried | Hourly3 | Total | ||||||
Total6 | 171 | 562 | 733 | |||||
Female | 52 | 79 | 131 | |||||
Male | 119 | 482 | 601 | |||||
Age less than 30 | 25 | 220 | 245 | |||||
Age 30-50 | 91 | 269 | 360 | |||||
Age over 50 | 55 | 73 | 128 | |||||
United States | 151 | 529 | 680 | |||||
Asia | 1 | 0 | 1 | |||||
Canada | 8 | 28 | 36 | |||||
Europe | 11 | 5 | 16 |
2019 Employee Safety, Health and Environmental (SHE) Training | |
EfW facility peronnel | |
Average Training Hours | |
Environmental | 12 |
Safety and Health | 24 |
Corporate supply chain personnel | |
Combined Safety, Health and Environmental | 16 |
covanta environmental solutions personnel | |
Safety, Health and Transportation | 5.5 |
Environmental | 4.5 |
3 Hourly = Technicians/ sales workers/ admin support workers/ craft workers/ operatives/ laborers/ helpers.
4 Safety and Health data is for U.S. and Canada only.
5 Contractor safety performance rates reflect the overall safety performance of the contractors employed by Covanta, not their specific performance on Covanta’s sites.
6 Reported genders may not add up to the totals due to undisclosed/non-binary gendered employees
Operations Data | |||||
2019 | 2018 | 2017 | 2016 | 2015 | |
Facilities (owned, equity investments in, and/ or operated) | |||||
Number of EfW operations | 44 | 45 | 43 | 43 | 46 |
Total electrical generation capacity (MW) | 1,791 | 1,714 | 1,574 | 1,557 | 1,541 |
Total capacity (TPD) | 65,172 | 63,294 | 58,938 | 58,249 | 59,288 |
Number of material processing facilities | 20 | 20 | 19 | 15 | 12 |
Number of transfer stations | 14 | 16 | 17 | 17 | 18 |
Number of landfills | 4 | 4 | 4 | 4 | 4 |
Number of electronic waste recycling facilities | 1 | 1 | 1 | 1 | 1 |
Waste Processed | |||||
Total waste processed (million tons) | 22.3 | 21.2 | 19.5 | 20.4 | 21.6 |
Municipal waste processed (thousand tons) | 21,584 | 20,574 | 18,976 | 19,992 | 21,247 |
Commercial and industrial waste (thousand tons) | 1,638 | 1,571 | 1,475 | 1,357 | 1,288 |
Waste recycled (thousand tons) | 1,062 | 939.0 | 858.1 | 789.2 | 744.2 |
Waste processed as EfW (million tons) | 21.6 | 20.6 | 19.0 | 20.0 | 21.2 |
Waste incinerated, no energy recovery (thousand tons) | 0.035 | 0.056 | 0.068 | 0 | 0 |
Waste sent to landfill7 (thousand tons) | 174 | 140 | 139 | 97 | 109 |
Total hazardous waste processed (thousand tons) | 7.2 | 0.0 | 0.0 | 0.0 | 0.0 |
EfW ash sent to landfill (million tons) | 5.0 | 4.8 | 4.4 | 4.7 | 4.6 |
Metals recycled (tons) | 571,483 | 501,795 | 464,421 | 512,290 | 495,835 |
E-waste recycled (million lbs.)8 | 13.6 | 14.5 | 16.5 | 15.0 | 13.8 |
Energy Generation | |||||
Net electricity exported to the grid (million MW hours) | 10.1 | 9.5 | 8.7 | 9.1 | 9.8 |
Steam exported (billion lbs.) | 9.1 | 9.8 | 9.1 | 9.1 | 12.0 |
Total energy, million MWh electrical equivalent | 10.8 | 10.3 | 9.5 | 9.9 | 10.8 |
RECs, value recognized ($M) | 12.2 | 12.1 | 12.9 | 11.5 | 22.0 |
energy use | |||||
Total energy consumption (GJ)9 | 204,548,034 | 205,556,141 | 194,119,485 | 200,601,106 | 220,642,869 |
Waste (GJ) | 200,476,717 | 200,887,072 | 189,942,310 | 196,149,302 | 202,908,655 |
Fossil fuel (GJ) | 3,666,449 | 4,240,422 | 3,769,015 | 3,839,415 | 7,398,593 |
Biogenic fuel (GJ) | 0 | 22,031 | 18,466 | 16,842 | 10,032,220 |
Fossil fuel (% of total energy input) | 1.8% | 2.1% | 1.9% | 1.9% | 3.4% |
Fleet fuel consumption (GJ)10 | 169,998 | 135,349 | 149,735 | – | – |
Natural gas as fleet fuel (%) | 0% | 0% | 0% | 0% | 0% |
Renewable fuel as fleet fuel (%) | 0% | 0% | 0% | 0% | 0% |
7 Not including ash from WTE facilities, reported separately.
8 Reflects total e-waste received for processing. Earlier reports attempted to estimate tons recycled, which impacted comparability between years.
9 Energy consumption total includes heat input from MSW and auxiliary fuel, as well as purchased electricity. Purchased electricity is not reflected in the breakdown below.
10 Represents fleet operations, insignificant prior to 2017, predominately associated with Covanta Environmental Solutions (CES).
Environmental Data | |||||
Monetary fines and compliance frequency | 2019 | 2018 | 2017 | 2016 | 2015 |
EfW CEM fines | $19,092 | $83,172 | $108,504 | $95,423 | $64,998 |
EfW Stack test fines | $10,080 | $- | $- | $25,600 | $5,200 |
Other environmental fines, including biomass and other facilities | $1,250 | $86,350 | $423,228 | $1,000 | $177,800 |
Percent compliance–stack tests (EfW facilities) | 99.9% | 100% | 100% | 99.9% | 99.9% |
Percent compliance–CEMs (EfW facilities) | 99.97% | 99.95% | 99.96% | 99.95% | 99.92% |
Federal Standard | 2019 | 2018 | 2017 | 2016 | 2015 | |
Water | ||||||
Total potable water use (Mgal.) | – | 6,014 | 6,020 | 5,648 | 5,903 | 5,919 |
Reclaimed water use (Mgal.) | – | 3,499 | 2,649 | 2,331 | 2,749 | 2,672 |
Saline/other non-potable water use (Mgal.) | – | 31,524 | 58,276 | 1,052 | 1,089 | 1,030 |
Alternative freshwater use as % of total freshwater use | – | 38.9% | 32.9% | 31.5% | 33.8% | 33.1% |
Net EfW Life cycle GHG Benefit (thousand METRIC tonNEs CO2e reduced, net basis) | ||||||
Equity-share basis | – | 10,900 | 11,100 | 9,997 | 10,600 | 11,100 |
Operational control basis | – | 18,800 | 18,200 | 16,860 | 17,800 | 18,800 |
GHG Emissions (thousand METRIC tonNEs CO2e) (equity share basis) | ||||||
Total Scope 1, 2, and 3 GHG emissions | – | 4,542 | 4,599 | 4,142 | 4,548 | 4,865 |
Scope 1 | – | 4,345 | 4,449 | 3,997 | 4,402 | 4,744 |
Scope 2 | – | 24 | 23 | 25 | 28 | 8 |
Scope 3 | – | 124 | 129 | 120 | 118 | 112 |
Biogenic CO2 | – | 6,388 | 6,289 | 5,781 | 5,928 | 7,099 |
GHG emission intensity (metric tonnes CO2e/ $ revenue) | – | .0024 | 0.0025 | 0.0023 | 0.0026 | 0.0026 |
GHG emissions covered under an emissions-limiting regulation (%) | – | 2.4% | 2.3% | 1.6% | 1.4% | 2.2% |
Air Emissions | ||||||
Total landfill gas generated (MMBtu) | – | 63,217 | 58,236 | 68,687 | 76,234 | 60,863 |
Percentage flared (%)11 | – | 78% | 77% | 84% | 84% | 84% |
Percentage used for energy (%) | – | 0% | 0% | 0% | 0% | 0% |
Lead (μg/ dscm) | 400 | 9.8 | 10.7 | 11.5 | 12.1 | 12.3 |
Cadmium (μg/ dscm) | 35 | 1.2 | 1.2 | 1.2 | 1.2 | 1.3 |
Mercury (μg/ dscm) | 50 | 2.0 | 2.3 | 1.8 | 2.7 | 2.5 |
Total dioxins and furans (ng/ dscm) | 30 | 2.3 | 2.2 | 2.0 | 3.4 | 2.4 |
Particulate matter (mg/ dscm) | 25 | 3.3 | 2.7 | 2.4 | 2.8 | 3.0 |
Hydrogen chloride (ppm) | 29 | 6.2 | 7.0 | 7.0 | 6.8 | 6.7 |
Carbon monoxide (ppm) | 100 | 30.5 | 32.0 | 30.3 | 29.1 | 29.3 |
Sulfur oxides (ppm) | 29 | 8.4 | 7.5 | 7.0 | 7.5 | 8.0 |
Nitrogen oxides (ppm) | 205 | 128.9 | 132.1 | 134.3 | 136.4 | 138.1 |
11 Percentage flared based on LFG collection efficiency methodology in U.S. EPA Mandatory Reporting Rule, equation HH-3.
Non-GAAP Reconciliation (Adjusted EBITDA and Free Cash Flow)12,13 ($ in Millions) |
|||||
2019 | 2018 | 2017 | 2016 | 2015 | |
Net Income (Loss) Attributable to Covanta Holding Corporation | $10 | $152 | $57 | $(4) | $68 |
Operating loss related to insurance subsidiaries | – | – | – | – | – |
Depreciation and amortization expense | 221 | 218 | 215 | 207 | 198 |
Interest expense, net | 143 | 145 | 147 | 138 | 134 |
Income tax expense (benefit) | (7) | (29) | (191) | 22 | (84) |
Impairment charges | 2 | 86 | 2 | 20 | 43 |
Loss on extinguishment of debt | – | 15 | 84 | – | 2 |
(Gain) loss on sale of business and investments | (49) | (217) | 6 | (44) | – |
Property insurance recoveries (net) | – | (18) | (2) | – | – |
Net income (loss) attributable to noncontrolling interests in subsidiaries | – | – | – | – | 1 |
Other adjustments | |||||
Debt service billings in excess of revenue recognized | – | (1) | 5 | 4 | 1 |
Business development and transaction costs | 2 | 3 | 5 | 2 | 3 |
Severance and reorganization costs | 13 | 5 | 1 | 3 | 4 |
Capital type expenditures at service-fee operated facilities12 | 34 | 37 | 55 | 39 | 31 |
Non-cash compensation expense | 25 | 24 | 18 | 16 | 18 |
Adjustments to reflect Adjusted EBITDA from unconsolidated investments | 25 | 23 | – | – | – |
Other | 9 | 14 | 6 | 7 | 9 |
Subtotal other adjustments | 108 | 105 | 90 | 71 | 66 |
Total adjustments | 418 | 305 | 351 | 414 | 360 |
Adjusted EBITDA | 428 | $457 | $408 | $410 | $428 |
Cash paid for interest, net of capitalized interest | (152) | (136) | (132) | (135) | (131) |
Cash paid for taxes | (5) | (2) | – | (6) | (2) |
Equity in net income from unconsolidated investments | (6) | (6) | (1) | (4) | (13) |
Adjustments to reflect Adjusted EBITDA from unconsolidated investments | (25) | (23) | – | – | – |
Dividends from unconsolidated investments | 9 | 13 | 2 | 2 | 5 |
Capital-type expenditures at service-fee operated facilities14 | (34) | (37) | (55) | (39) | (31) |
Working capital/ other | 11 | (28) | 20 | 36 | (30) |
Cash flow provided by operating activities15 | $226 | $238 | $242 | $264 | $226 |
Plus: Changes in restricted funds–operating16 | 20 | 4 | $1 | $22 | $28 |
Plus: Cash flow provided by operating activities from insurance subsidiaries | – | – | – | – | – |
Less: Maintenance capital expenditures | (106) | (142) | (111) | (110) | (102) |
Free Cash Flow | $140 | $100 | $132 | $176 | $152 |
12 For complete information, please refer to Covanta’s Form 10-K filings.
13 For the years ended December 31.
14 Adjustment for impact of adoption of FASB ASC 853 — Service Concession Arrangements
15 Prior years were revised to reflect adoption of FASB ASU 2016-18 Statement of Cash Flows (Topic 230) —Restricted Cash adopted 1/1/2018 and FASB 2016-09 Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting adopted 1/1/2017.
16 Adjustment for impact of adoption of FASB ASU 2016-18 Statement of Cash Flows (Topic 230) — Restricted Cash