the review is now in its initial stages and the first execution steps are anticipated to be announced in the first half of 2021. in 2021 and beyond , we expect that our financial results will be affected by several factors , including : market prices , contract transitions , new contracts , new project development and construction , acquisitions , potential divestitures , potential non-renewal of certain contracts and the organic growth of earnings and cash flow generated by our existing assets . in 2021 , the following specific factors are expected to impact our financial results as compared to 2020 : positive factors include : waste markets are modestly improving given the lessening impact of the pandemic on waste volumes , as well as the ongoing secular trends of increasing demand for sustainable waste disposal and decreasing landfill capacity in certain of our core markets ; and the market prices for ferrous and non-ferrous metals increased in the latter part of 2020 , and to the extent that these higher price continue , they would lead to improvement in recycled metals revenue in 2021. negative factors include : the cessation of temporary pandemic-related cost reduction initiatives , which generated approximately $ 24 million in savings during 2020 , is expected to result in higher year-over-year operating costs ; and higher insurance costs . 45 table of contents liquidity and capital resources our principal sources of liquidity are our unrestricted cash and cash equivalents , cash flow generated from our ongoing operations , and unutilized capacity under our $ 1.3 billion senior secured credit facilities , consisting of a $ 400 million term loan ( `` term loan `` ) and a $ 900 million revolving credit facility ( the “ revolving credit facility ” ) ( collectively referred to as the `` credit facilities `` ) , which we believe will allow us to meet our liquidity needs . our business is capital intensive and our ability to successfully implement our strategy is , in part , dependent on the continued availability of capital on desirable terms . for additional information regarding our credit facilities and other debt , see item 8. financial statements and supplementary data — note 16. consolidated debt . in 2021 , we expect to generate net cash from operating activities that will be sufficient to meet our cash requirements including funding capital expenditures to maintain our existing assets and paying our ongoing dividends to stockholders . if there were any shortfalls , we have available liquidity under our revolving credit facility . see results of operations — business outlook above for discussion of the factors impacting our 2021 business outlook . we generally intend to refinance our debt instruments prior to maturity with like-kind financing in the bank and or debt capital markets in order to maintain a capital structure comprised primarily of long-term debt , which we believe appropriately matches the long-term nature of our assets and contracts . 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 covenants under the credit facilities as of december 31 , 2020. further , we do not anticipate our existing debt covenants to restrict our ability to meet future liquidity needs . as of december 31 , 2020 , our potential sources of near-term liquidity included ( in millions ) : as of december 31 , 2020 story_separator_special_tag id= `` i2edf8caece16418ab0522238000bc88a_94 `` > supplementary financial information — free cash flow ( non-gaap discussion ) to supplement our results prepared in accordance with gaap , we use the measure of free cash flow which is a non-gaap measure as defined by the sec . this non-gaap financial measure is not intended as a substitute and should not be considered in isolation from measures of liquidity prepared in accordance with gaap . in addition , our use of free cash flow may be different from similarly identified non-gaap measures used by other companies , limiting its usefulness for comparison purposes . the presentation of free cash flow is intended to enhance the usefulness of our financial information by providing a measure which management internally uses to assess and evaluate the overall performance of its business and those of possible acquisition candidates , and highlight trends in the overall business . we use the non-gaap financial measures of free cash flow as criteria of liquidity and performance-based components of employee compensation . free cash flow is defined as cash flow provided by operating activities , less maintenance capital expenditures , which are capital expenditures primarily to maintain our existing facilities . we use free cash flow as a measure of liquidity to determine amounts we can reinvest in our core businesses , such as amounts available to make acquisitions , invest in construction of new projects , make principal payments on debt , or return capital to our stockholders through dividends and or stock repurchases . for additional discussion related to management 's use of non-gaap measures , see results of operations — supplementary financial information — adjusted ebitda ( non-gaap discussion ) above . in order to provide a meaningful basis for comparison , we are providing information with respect to our free cash flow for the years ended december 31 , 2020 and 2019 , reconciled for each such period to cash flow provided by operating activities , which we believe to be the most directly comparable measure under gaap . story_separator_special_tag the total estimated project cost is £210 million ( $ 277 million ) of which £147 million ( $ 194 million ) will be financed through non-recourse project-based debt . ( 3 ) we have a 40 % indirect ownership of rookery through our 50/50 joint venture with gig , covanta green . the total estimated project cost is £457 million ( $ 603 million ) of which £310 million ( $ 409 million ) will be financed through non-recourse project-based debt . ( 4 ) we have a 26 % interest in zhao county through our venture with longking energy development co. ltd. the total estimated project cost is rmb 650 million ( $ 93 million ) , of which rmb 488 million ( $ 75 million ) will be financed through non-recourse project debt . covanta energy asia pacific holdings ltd. , a wholly owned covanta entity , issued a parent guarantee for $ 15 million of the total debt . the fair market value of the guarantee liability is deemed to be immaterial . ( 5 ) we have a 25 % indirect ownership of newhurst through our 50/50 joint venture with gig , covanta green . the total estimated project cost is £341 million ( $ 422 million ) of which £251 million ( $ 311 million ) will be financed through non-recourse project-based debt . ( 6 ) we have a 37.5 % indirect ownership of protos through our 50/50 joint venture with gig , covanta green protos holding ltd. the total estimated project cost is £400 million ( $ 546 million ) of which £277 million ( $ 378 million ) will be financed through non-recourse project-based debt . for additional information on our unconsolidated equity investments , see item 8. financial statements and supplementary data — note 3. new business and asset management and note 13. equity method investments . 52 table of contents discussion of critical accounting policies and estimates in preparing our consolidated financial statements in accordance with gaap , we are required to use judgment in making estimates and assumptions that affect the amounts reported in our consolidated financial statements and related notes . we base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances . these estimates form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources . many of our critical accounting policies are subject to significant judgments and uncertainties that could potentially result in materially different results under different conditions and assumptions . future events rarely develop exactly as forecast , and the best estimates routinely require adjustment . policy judgments and estimates effect if actual results differ from assumptions revenue and expense recognition the company recognizes revenue in accordance with the asc 606 , revenue from contracts with customers . the core principle of asc 606 is that an entity will recognize revenue at an amount that reflects the consideration to which the entity expects to be entitled in exchange for transferring goods or services to a customer . revenue is recognized by applying the five steps described below : step 1 : identify the contract ( s ) with a customer . step 2 : identify the performance obligations in the contract . step 3 : determine the transaction price . step 4 : allocate the transaction price to the performance obligation in the contract . step 5 : recognize revenue when ( or as ) the entity satisfies a performance obligation . when a performance obligation is satisfied over time , the output or input method may be used to determine an appropriate method of progress . the output method recognizes revenue on the basis of direct measurements of the value to the customer of the goods or services transferred to date relative to the remaining goods or services promised under the contract . the input method utilizes the entities inputs towards the satisfaction of a performance obligation ( for example , costs incurred ) . both methods may include estimates within the transaction price , contracts with customers may contain different types of variable consideration that we estimate through probability based approaches . there are certain constraining factors relating to variable consideration that may preclude us from booking revenue in order to prevent over estimating revenue . determining whether a factor is constrained requires judgment . there is a degree of uncertainty that exists in determining the variable component of consideration in a contract . a significant revenue reversal is not expected but amounts recognized for revenue are adjusted based on actual performance obligations delivered which will cause fluctuations in operating income recognized . further estimates may change on long term construction contracts based on better information becoming available which can cause fluctuations in revenue and operating income . equity method investments we evaluate our equity investments to determine if we have the ability to exercise significant influence over the entity but not control , generally assumed to be 20 % -50 % ownership . under the equity method , original investments are recorded at cost and adjusted by our share of earnings or losses of these companies . distributions received from the investee reduce our carrying value of the investment and are recorded in the consolidated statements of cash flows using the cumulative earnings approach . the determination and degree of our ability to control , or exert significant influence over , an entity involves the use of judgment . the consolidation guidance requires qualitative and quantitative analysis to determine whether our involvement , through holding interests directly or indirectly in an entity , would give us the ability to exercise significant influence over an entity but not control . subsequent changes to the interests of the entity through equity ownership levels or otherwise may require a reassessment of our conclusions of whether we have the ability to exercise significant

cash $ 55 unutilized capacity under the revolving credit facility 443 total cash and unutilized capacity under the revolving credit facility $ 498 as of december 31 , 2020 , we held unrestricted cash balances of $ 55 million , of which $ 48 million was held by international subsidiaries and not generally available for near-term liquidity in our domestic operations . in addition , as of december 31 , 2020 , we held restricted cash balances of $ 17 million . restricted funds held in trust are generally amounts received and held by third-party trustees relating to certain projects we own . we generally do not control these accounts and these funds may be used only for specified purposes . for additional information on restricted funds held in trust , see item 8. financial statements and supplementary data — note 1. organization and summary of significant accounting policies — restricted funds held in trust . our primary future cash requirements will be to fund capital expenditures to maintain our existing businesses , service our debt , invest in the growth of our business , and return capital to our stockholders . we believe that our liquidity position and ongoing cash flow from operations will be sufficient to finance these requirements for at least the next twelve months . the following summarizes our key financing activities completed during the year ended december 31 , 2020 : in december 2020 , we amended our existing receivables purchase agreement ( “ rpa ” ) to , among other things , increase the aggregate purchase limit from $ 100 million to $ 120 million . for additional information , see item 8. financial statements and supplementary data — note 10. accounts receivable securitization for further information .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```cash $ 55 unutilized capacity under the revolving credit facility 443 total cash and unutilized capacity under the revolving credit facility $ 498 as of december 31 , 2020 , we held unrestricted cash balances of $ 55 million , of which $ 48 million was held by international subsidiaries and not generally available for near-term liquidity in our domestic operations . in addition , as of december 31 , 2020 , we held restricted cash balances of $ 17 million . restricted funds held in trust are generally amounts received and held by third-party trustees relating to certain projects we own . we generally do not control these accounts and these funds may be used only for specified purposes . for additional information on restricted funds held in trust , see item 8. financial statements and supplementary data — note 1. organization and summary of significant accounting policies — restricted funds held in trust . our primary future cash requirements will be to fund capital expenditures to maintain our existing businesses , service our debt , invest in the growth of our business , and return capital to our stockholders . we believe that our liquidity position and ongoing cash flow from operations will be sufficient to finance these requirements for at least the next twelve months . the following summarizes our key financing activities completed during the year ended december 31 , 2020 : in december 2020 , we amended our existing receivables purchase agreement ( “ rpa ” ) to , among other things , increase the aggregate purchase limit from $ 100 million to $ 120 million . for additional information , see item 8. financial statements and supplementary data — note 10. accounts receivable securitization for further information .
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 Suspicious Activity Report : the review is now in its initial stages and the first execution steps are anticipated to be announced in the first half of 2021. in 2021 and beyond , we expect that our financial results will be affected by several factors , including : market prices , contract transitions , new contracts , new project development and construction , acquisitions , potential divestitures , potential non-renewal of certain contracts and the organic growth of earnings and cash flow generated by our existing assets . in 2021 , the following specific factors are expected to impact our financial results as compared to 2020 : positive factors include : waste markets are modestly improving given the lessening impact of the pandemic on waste volumes , as well as the ongoing secular trends of increasing demand for sustainable waste disposal and decreasing landfill capacity in certain of our core markets ; and the market prices for ferrous and non-ferrous metals increased in the latter part of 2020 , and to the extent that these higher price continue , they would lead to improvement in recycled metals revenue in 2021. negative factors include : the cessation of temporary pandemic-related cost reduction initiatives , which generated approximately $ 24 million in savings during 2020 , is expected to result in higher year-over-year operating costs ; and higher insurance costs . 45 table of contents liquidity and capital resources our principal sources of liquidity are our unrestricted cash and cash equivalents , cash flow generated from our ongoing operations , and unutilized capacity under our $ 1.3 billion senior secured credit facilities , consisting of a $ 400 million term loan ( `` term loan `` ) and a $ 900 million revolving credit facility ( the “ revolving credit facility ” ) ( collectively referred to as the `` credit facilities `` ) , which we believe will allow us to meet our liquidity needs . our business is capital intensive and our ability to successfully implement our strategy is , in part , dependent on the continued availability of capital on desirable terms . for additional information regarding our credit facilities and other debt , see item 8. financial statements and supplementary data — note 16. consolidated debt . in 2021 , we expect to generate net cash from operating activities that will be sufficient to meet our cash requirements including funding capital expenditures to maintain our existing assets and paying our ongoing dividends to stockholders . if there were any shortfalls , we have available liquidity under our revolving credit facility . see results of operations — business outlook above for discussion of the factors impacting our 2021 business outlook . we generally intend to refinance our debt instruments prior to maturity with like-kind financing in the bank and or debt capital markets in order to maintain a capital structure comprised primarily of long-term debt , which we believe appropriately matches the long-term nature of our assets and contracts . 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 covenants under the credit facilities as of december 31 , 2020. further , we do not anticipate our existing debt covenants to restrict our ability to meet future liquidity needs . as of december 31 , 2020 , our potential sources of near-term liquidity included ( in millions ) : as of december 31 , 2020 story_separator_special_tag id= `` i2edf8caece16418ab0522238000bc88a_94 `` > supplementary financial information — free cash flow ( non-gaap discussion ) to supplement our results prepared in accordance with gaap , we use the measure of free cash flow which is a non-gaap measure as defined by the sec . this non-gaap financial measure is not intended as a substitute and should not be considered in isolation from measures of liquidity prepared in accordance with gaap . in addition , our use of free cash flow may be different from similarly identified non-gaap measures used by other companies , limiting its usefulness for comparison purposes . the presentation of free cash flow is intended to enhance the usefulness of our financial information by providing a measure which management internally uses to assess and evaluate the overall performance of its business and those of possible acquisition candidates , and highlight trends in the overall business . we use the non-gaap financial measures of free cash flow as criteria of liquidity and performance-based components of employee compensation . free cash flow is defined as cash flow provided by operating activities , less maintenance capital expenditures , which are capital expenditures primarily to maintain our existing facilities . we use free cash flow as a measure of liquidity to determine amounts we can reinvest in our core businesses , such as amounts available to make acquisitions , invest in construction of new projects , make principal payments on debt , or return capital to our stockholders through dividends and or stock repurchases . for additional discussion related to management 's use of non-gaap measures , see results of operations — supplementary financial information — adjusted ebitda ( non-gaap discussion ) above . in order to provide a meaningful basis for comparison , we are providing information with respect to our free cash flow for the years ended december 31 , 2020 and 2019 , reconciled for each such period to cash flow provided by operating activities , which we believe to be the most directly comparable measure under gaap . story_separator_special_tag the total estimated project cost is £210 million ( $ 277 million ) of which £147 million ( $ 194 million ) will be financed through non-recourse project-based debt . ( 3 ) we have a 40 % indirect ownership of rookery through our 50/50 joint venture with gig , covanta green . the total estimated project cost is £457 million ( $ 603 million ) of which £310 million ( $ 409 million ) will be financed through non-recourse project-based debt . ( 4 ) we have a 26 % interest in zhao county through our venture with longking energy development co. ltd. the total estimated project cost is rmb 650 million ( $ 93 million ) , of which rmb 488 million ( $ 75 million ) will be financed through non-recourse project debt . covanta energy asia pacific holdings ltd. , a wholly owned covanta entity , issued a parent guarantee for $ 15 million of the total debt . the fair market value of the guarantee liability is deemed to be immaterial . ( 5 ) we have a 25 % indirect ownership of newhurst through our 50/50 joint venture with gig , covanta green . the total estimated project cost is £341 million ( $ 422 million ) of which £251 million ( $ 311 million ) will be financed through non-recourse project-based debt . ( 6 ) we have a 37.5 % indirect ownership of protos through our 50/50 joint venture with gig , covanta green protos holding ltd. the total estimated project cost is £400 million ( $ 546 million ) of which £277 million ( $ 378 million ) will be financed through non-recourse project-based debt . for additional information on our unconsolidated equity investments , see item 8. financial statements and supplementary data — note 3. new business and asset management and note 13. equity method investments . 52 table of contents discussion of critical accounting policies and estimates in preparing our consolidated financial statements in accordance with gaap , we are required to use judgment in making estimates and assumptions that affect the amounts reported in our consolidated financial statements and related notes . we base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances . these estimates form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources . many of our critical accounting policies are subject to significant judgments and uncertainties that could potentially result in materially different results under different conditions and assumptions . future events rarely develop exactly as forecast , and the best estimates routinely require adjustment . policy judgments and estimates effect if actual results differ from assumptions revenue and expense recognition the company recognizes revenue in accordance with the asc 606 , revenue from contracts with customers . the core principle of asc 606 is that an entity will recognize revenue at an amount that reflects the consideration to which the entity expects to be entitled in exchange for transferring goods or services to a customer . revenue is recognized by applying the five steps described below : step 1 : identify the contract ( s ) with a customer . step 2 : identify the performance obligations in the contract . step 3 : determine the transaction price . step 4 : allocate the transaction price to the performance obligation in the contract . step 5 : recognize revenue when ( or as ) the entity satisfies a performance obligation . when a performance obligation is satisfied over time , the output or input method may be used to determine an appropriate method of progress . the output method recognizes revenue on the basis of direct measurements of the value to the customer of the goods or services transferred to date relative to the remaining goods or services promised under the contract . the input method utilizes the entities inputs towards the satisfaction of a performance obligation ( for example , costs incurred ) . both methods may include estimates within the transaction price , contracts with customers may contain different types of variable consideration that we estimate through probability based approaches . there are certain constraining factors relating to variable consideration that may preclude us from booking revenue in order to prevent over estimating revenue . determining whether a factor is constrained requires judgment . there is a degree of uncertainty that exists in determining the variable component of consideration in a contract . a significant revenue reversal is not expected but amounts recognized for revenue are adjusted based on actual performance obligations delivered which will cause fluctuations in operating income recognized . further estimates may change on long term construction contracts based on better information becoming available which can cause fluctuations in revenue and operating income . equity method investments we evaluate our equity investments to determine if we have the ability to exercise significant influence over the entity but not control , generally assumed to be 20 % -50 % ownership . under the equity method , original investments are recorded at cost and adjusted by our share of earnings or losses of these companies . distributions received from the investee reduce our carrying value of the investment and are recorded in the consolidated statements of cash flows using the cumulative earnings approach . the determination and degree of our ability to control , or exert significant influence over , an entity involves the use of judgment . the consolidation guidance requires qualitative and quantitative analysis to determine whether our involvement , through holding interests directly or indirectly in an entity , would give us the ability to exercise significant influence over an entity but not control . subsequent changes to the interests of the entity through equity ownership levels or otherwise may require a reassessment of our conclusions of whether we have the ability to exercise significant

