BOARD OF COMMISSIONERS Agenda Item Summary

Agenda Category: ORDER Item No: Meeting Date: JUNE 16, 2020

Originating Department: COMMUNITY DEVELOPMENT DEPARTMENT-SOLID WASTE

Issue: In the matter of the Board approving the Order to accept and authorizing a written request to transfer a collection franchise holder.

Background: LaPine Disposal & Recycling, Inc. dba Wilderness Garbage & Recycling Service (“Wilderness”) is the current collection franchise holder of a Franchise Agreement renewal with Klamath County effective December 1, 2016 (“the Franchise”) for areas within the North County franchise area. Klamath Code chapter 400.490 allows a collection franchise holder to transfer its franchise to other persons upon written approval and application. Allied Waste Transfer Services of Oregon, LLC dba Republic Services of Oregon (“Republic”) entered into agreement with Wilderness to sell its operational assets to Republic to include the exclusive franchise. An Order for the Board to authorize the transfer is attached along with the collector franchise application, as Exhibit (A); the transfer will be effective June 30, 2020.

Fiscal Impact: None

Recommended Motion: Sign and approve the attached Order; for the Board of Commissioners to accept the franchise collection application submitted and attached as Exhibit (A); and authorize the transfer of the original Franchise Agreement and all Amendments to Allied Waste Transfer Services of Oregon, LLC dba Republic Services (“Republic”). This transfer will be effective June 30, 2020 or upon closing of the transaction, whichever comes first; there is no fiscal impact.

DONE AND DATED this ______day of ______, 20___.

______Chair Vice-Chair Commissioner Approved  Approved  Approved  Denied  Denied  Denied 

BOARD OF COUNTY COMMISSIONERS

KLAMATH COUNTY OREGON

IN THE MATTER OF TRANSFERRING A ) HOLDER OF A COLLECTION FRANCHISE ) ORDER 2020-

WHEREAS, Klamath County Code 400.490 allows a collection franchise holder, upon written application, to transfer its franchise or a portion thereof, to other persons only upon written approval by the Board of County Commissioners (“Board”); and

WHEREAS, LaPine Disposal & Recycling, Inc. dba Wilderness Garbage & Recycling Service (“Wilderness”) is the current collection franchise holder of a Franchise Agreement renewal with Klamath County effective December 1, 2016 (“the Franchise”) for areas within the North County franchise area; and

WHEREAS, Wilderness has entered into an agreement to sell its operational assets to Allied Waste Transfer Services of Oregon, LLC dba Republic Services of Oregon (“Republic”); included in the assets to be acquired is the exclusive franchise currently held by Wilderness; and

WHEREAS, on May 14, 2020 Wilderness submitted a written request to the Board requesting approval to transfer their current franchise agreement to Republic and designate Republic the holder of the Franchise; and

WHEREAS, Republic submitted a collection franchise application dated May 20, 2020 which supports Republic as being qualified to seamlessly assume the role of the solid waste franchisee;

THEREFORE, IT IS HEREBY ORDERED, that the Klamath County Board of Commissioners accepts the franchise collection application submitted and attached as Exhibit (A); and authorize the transfer of the original Franchise Agreement and all Amendments to Allied Waste Transfer Services of Oregon, LLC dba Republic Services of Oregon (“Republic”). This transfer will be effective June 30, 2020 or upon closing of the transaction, whichever comes first; there is no fiscal impact.

DONE AND DATED this______day of ______2020.

Chair

Commissioner

Commissioner

Exhibit A

2019 Summary Annual Report

3 | Republic Services, Inc. 2019 Summary Annual Report Table of Contents

A Message to Our Shareholders 2

Awards & Recognition 4

Company Overview 5

Our Blue Planet®: 2030 Goals 6

Board of Directors Executive Leadership Team Corporate Information 8

7KLV6XPPDU\$QQXDO5HSRUWUHȵHFWVUHVXOWVDVRIDQGIRU WKH\HDUHQGHG'HFHPEHUH[FHSWZKHUHQRWHG The Republic Services team is passionate about our role as responsible stewards of our nation’s waste. We believe in a cleaner, safer and healthier world where people thrive – not just for today, but for generations to come. That's why – We Work for Earth.®

1 | Republic Services, Inc. 2019 Summary Annual Report A Message to Our Shareholders 7KH5HSXEOLF6HUYLFHVWHDPȴQLVKHGVWURQJRXWSHUIRUPLQJRXUȴQDQFLDOJRDOVVHWDWWKHEHJLQQLQJ RIWKH\HDU7KHFXPXODWLYHLQYHVWPHQWVZHȇYHPDGHLQRXUSHRSOHWKHFXVWRPHUH[SHULHQFHRSHUDWLRQDO H[FHOOHQFHDQGRXUPDUNHWSRVLWLRQFRQWLQXHWRGHOLYHUWKHWDQJLEOHUHVXOWVKLJKOLJKWHGLQWKLVUHSRUW$V ZHHQWHUDQHZGHFDGHZHEHOLHYHWKHXQGHUO\LQJVWUHQJWKLQRXUEXVLQHVVSRVLWLRQVXVIRUFRQWLQXHG JURZWKDQGZHFRQWLQXHWRPDQDJHRXURSHUDWLRQVWRFUHDWHORQJWHUPYDOXHIRUDOORIRXUVWDNHKROGHUVȂ LQFOXGLQJRXUHPSOR\HHVRXUFXVWRPHUVRXUFRPPXQLWLHVDQGRXUVKDUHKROGHUV

2019 Financial Performance The hard work, passion and commitment from our team resulted In addition, our commitment to durable operational excellence LQPXOWLSOHȴQDQFLDODFKLHYHPHQWVWKURXJKRXWWKH\HDU:H enabled us to deliver consistent, high-quality service while lowering RXWSHUIRUPHGRXUXSZDUGO\UHYLVHG(36DQGIUHHFDVKȵRZ RSHUDWLQJFRVWVΖQZHVXFFHVVIXOO\PDQDJHGRXUFRVWLQȵDWLRQ guidance, despite continued headwinds from lower recycled and drove solid operating leverage in the business. FRPPRGLW\SULFHV:HDOVRJHQHUDWHGELOOLRQRIFDVKȵRZ IURPRSHUDWLRQVDQGELOOLRQRIDGMXVWHGIUHHFDVKȵRZ throughout the year. Continued Profitable Growth Through Differentiation The underlying momentum in the business resulted in adjusted EBITDA of $2.9 billion and adjusted EBITDA margin of 28.3 percent. 2XUVWUDWHJ\RI3URȴWDEOH*URZWKWKURXJK'L΍HUHQWLDWLRQLVGHVLJQHG Total shareholder return at the close of the year was 27 percent. WRJHQHUDWHFRQVLVWHQWHDUQLQJVDQGFDVKȵRZJURZWKZKLOH continually improving return on invested capital and creating long- In 2019, we invested more than $525 million in value-enhancing term shareholder value. We continued to successfully execute this acquisitions, which increased operating density in existing markets, VWUDWHJ\LQWKURXJKȴYHVWUDWHJLFSLOODUV expanded our footprint to new geographic markets and increased WKHVFDOHRIRXUGRZQVWUHDPHQYLURQPHQWDOVHUYLFHVR΍HULQJV Market Position – develop the best vertically integrated We also returned approximately $900 million to our shareholders infrastructure to build density, expand margins and improve returns; through dividends and opportunistic share repurchases. Operating ModelȂGHOLYHU7KH5HSXEOLF:D\VWDQGDUGL]HG best practices resulting in a consistent, high level of service to all 14% Increase in Adjusted EPS of our customers; People and Talent Agenda – create an environment that attracts of Adjusted Free Cash and retains the best talent; 1.2B Flow Generated Customer Zeal ȂGULYHFXVWRPHUOR\DOW\E\R΍HULQJGL΍HUHQWLDWHG SURGXFWVDQGVHUYLFHVVSHFLȴFDOO\GHVLJQHGWRPHHWRXUFXVWRPHUVȇ 900M Returned to Shareholders needs; Digital Platform – provide a consistent experience across the Total Shareholder Return company while enabling customers to do business with us the way 27% they prefer.

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2 | Republic Services, Inc. 2019 Summary Annual Report A Commitment to Excellence We developed our new 2030 goals through a comprehensive assessment that included an analysis of global trends, :HNQRZWKDWE\R΍HULQJGL΍HUHQWLDWHGSURGXFWVVHUYLFHVDQG LGHQWLȴFDWLRQRIEXVLQHVVPRGHOGHSHQGHQFLHVDQGHQJDJHPHQW experiences designed to meet our customers’ wants and needs, with key stakeholders, including shareholders. This resulted in a we drive customer loyalty and increase willingness to pay. In far-reaching platform aligning with the United Nations’ Sustainable 2019, we continued to invest in and enhance our customer-facing 'HYHORSPHQW*RDOVZKLFKDGGUHVVFULWLFDOJOREDOPDFURWUHQGV technology, including our website and mobile app. Notably, our greenhouse gas goal has been approved by We also unveiled our new “RISE” platform to transform our WKH6FLHQFH%DVHG7DUJHWVLQLWLDWLYH 6%7L &'3WKHJOREDO dispatch operations. This technology equips our dispatchers HQYLURQPHQWDOLPSDFWQRQSURȴWDOVRUHFHQWO\QDPHG5HSXEOLF with real-time routing information and enhanced data WRWKHSUHVWLJLRXV&OLPDWHȊ$/LVWȋIRURXUVFLHQFHEDVHGJRDOV YLVXDOL]DWLRQWRROV2YHUWLPHWKLVSODWIRUPZLOOVLJQLȴFDQWO\ strategies and actions to lower greenhouse gas emissions and increase connectivity with our customers – which will also mitigate climate risks. further empower our employees, improve productivity and ΖQWKH5HSXEOLF6HUYLFHV&KDULWDEOH)RXQGDWLRQVXSSRUWHG transform our overall operations. 23 National Neighborhood Promise projects focused on We know our customers care about recycling, and they have QHLJKERUKRRGUHYLWDOL]DWLRQSRVLWLYHO\LPSDFWLQJQHDUO\RQH demonstrated a willingness to pay for it. We continue to make million residents. This is in addition to ongoing charitable giving progress working with our municipal partners in transforming E\WKH&RPSDQ\DWWKHEXVLQHVVXQLWOHYHOLQNLQGFRQWULEXWLRQV recycling into a more durable, economically sustainable business and employee giving and volunteerism. model. Recycling is essential to our sustainability platform, and

We believe there will always Culture and Human Capital Management be more we can do to enhance The workforce is evolving, and we embrace these changes. The our sustainability efforts, composite strength of our employees’ unique ideas, experiences and and, in the process, strengthen backgrounds helps us connect our business to the external world. We know that our business units with higher employee our business. engagement experience fewer safety incidents, provide better FXVWRPHUVHUYLFHDQGGHOLYHUEHWWHUȴQDQFLDOSHUIRUPDQFH:H measure employee engagement annually and compensate Our Blue Planet: 2030 Sustainability Goals many of our leaders based on their teams’ scores. As a result, We believe there will always be more we can do to enhance we continue to outperform industry benchmarks, and in 2019 RXUVXVWDLQDELOLW\H΍RUWVDQGLQWKHSURFHVVVWUHQJWKHQRXU improved our overall employee engagement score by 100 basis business. Our multifaceted, enterprise-wide sustainability platform points to 86 percent, which is well above national norms and is 1 FRQWLQXHVWRUHYROYHDURXQGȴYHHOHPHQWV6DIHW\3HRSOH high-performing for the industry. 2SHUDWLRQV0DWHULDOV0DQDJHPHQWDQG&RPPXQLWLHV We are particularly proud of being the sole recycling and solid We have been steadily building on our sustainability performance ZDVWHVHUYLFHVSURYLGHUQDPHGWR)RUEHVȇOLVWRI%HVW for several years, and in 2019 unveiled a new set of ambitious, Employers for Women. Today, our employee Business Resource long-term goals that build on the success of the time-bound goals *URXSVLQFOXGH:RPHQRI5HSXEOLF9$/25 9HWHUDQ$GYRFDF\ ZHDFKLHYHGLQ7KHVHQHZJRDOVDUHGHVLJQHGWRVLJQLȴFDQWO\ /HDUQLQJ2XWUHDFKDQG5HFUXLWLQJ DQGRXUQHZHVWJURXS%ODFN EHQHȴWWKHHQYLURQPHQWDQGVRFLHW\ZKLOHHQKDQFLQJWKH Employee Network. IRXQGDWLRQDQGSURȴWDELOLW\RIRXUEXVLQHVVIRUWKHORQJWHUP We’re committed to creating a company where the best people come to work, because we believe an engaged, inclusive and diverse workforce is vital to our success.

The opportunities associated with today’s waste stream require bold leadership, innovation and vision. I thank the Republic team and our Board of Directors for their continued passion and commitment. Together, we’re working for the preservation of a cleaner, safer and healthier world.

Donald W. Slager &KLHI([HFXWLYH2ɝFHU

1. As reported by Willis Towers Watson Republic Services, Inc. 2019 Summary Annual Report | 3 Awards & Recognition

Sustainability Award Bronze Class 2019

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8 | Republic Services, Inc. 2019 Summary Annual Report UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 Commission file number: 1-14267 REPUBLIC SERVICES, INC. (Exact Name of Registrant as Specified in its Charter)

Delaware 65-0716904 (State or Other Jurisdiction of Incorporation or Organization) (IRS Employer Identification No.) 18500 North Allied Way Phoenix, Arizona 85054 (Address of Principal Executive Offices) (Zip Code) Registrant’s telephone number, including area code: (480) 627-2700

Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Trading Symbol(s) Name of Each Exchange On Which Registered Common Stock, par value $0.01 RSG The New York per share Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes Í No ‘ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ‘ No Í Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes Í No ‘ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes Í No ‘ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer Í Accelerated filer ‘ Smaller reporting company ‘ Emerging growth company ‘ Non-accelerated filer ‘ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ‘ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ‘ No Í As of June 30, 2019, the aggregate market value of the shares of the Common Stock held by non-affiliates of the registrant was $27.8 billion. As of February 7, 2020, the registrant had outstanding 319,062,963 shares of Common Stock (excluding treasury shares of 34,451,735). DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s Proxy Statement relative to the 2020 Annual Meeting of Shareholders are incorporated by reference in Part III hereof. TABLE OF CONTENTS

PART I Item 1. Business ...... 1 Item 1A. Risk Factors ...... 18 Item 1B. Unresolved Staff Comments ...... 30 Item 2. Properties ...... 30 Item 3. Legal Proceedings ...... 30 Item 4. Mine Safety Disclosures ...... 31 PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities ...... 31 Item 6. Selected Financial Data ...... 34 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations ...... 35 Item 7A. Quantitative and Qualitative Disclosures About Market Risk ...... 65 Item 8. Financial Statements and Supplementary Data ...... 67 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure ...... 135 Item 9A. Controls and Procedures ...... 135 Item 9B. Other Information ...... 136 PART III Item 10. Directors, Executive Officers and Corporate Governance ...... 136 Item 11. Executive Compensation ...... 136 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters ...... 136 Item 13. Certain Relationships and Related Transactions, and Director Independence ...... 137 Item 14. Principal Accounting Fees and Services ...... 137 PART IV Item 15. Exhibits, Financial Statement Schedules ...... 137 Item 16. Form 10-K Summary ...... 143 Signatures ...... 144 Unless the context requires otherwise, all references in this Form 10-K to Republic, the Company, we, us and our refer to Republic Services, Inc. and its consolidated subsidiaries.

PART I

ITEM 1. BUSINESS

Overview

Republic is the second largest provider of non-hazardous solid waste collection, transfer, disposal, recycling, and environmental services in the United States, as measured by revenue. As of December 31, 2019, we operated facilities in 41 states and Puerto Rico through 340 collection operations, 212 transfer stations, 189 active landfills, 79 recycling processing centers, 7 treatment, recovery and disposal facilities, 15 salt water disposal wells, and 4 deep injection wells. We are engaged in 75 landfill gas-to-energy and renewable energy projects and had post-closure responsibility for 130 closed landfills. We were incorporated in Delaware in 1996.

Our operations are national in scope, but the physical collection and recycling or disposal of waste is very much a local business and the dynamics and opportunities differ in each of our markets. By combining local operating management with standardized business practices, we drive greater overall operating efficiency across the Company while maintaining day-to-day operating decisions at the local level, closest to the customer.

The Five Pillars of Our Strategy – Profitable Growth through Differentiation

We believe that our products and services are valuable, and that by developing a superior team and delivering superior products, we can differentiate ourselves from our competitors. Differentiation allows us to attract and retain the best talent, win more customers, increase customer loyalty, and ultimately drive higher revenue and profits. Our strategy of Profitable Growth through Differentiation is built on five key pillars, including (1) market position, (2) operating model, (3) people and talent agenda, (4) customer zeal, and (5) digital platform.

Market Position

The goal of our market position pillar is to develop the best vertically integrated market position to enable us to build density and improve returns. We strive to have a number one or number two market position in each of the markets we serve, or have a clear path on how we will achieve a leading market position over time. In situations where we cannot establish a leading market position, or where operations are not generating acceptable returns, we may decide to divest certain assets and reallocate resources to other markets.

We have a robust market planning process to identify opportunities to grow internally through capital investments and infrastructure development, and externally through acquisitions and public-private partnerships. Additionally, our market planning process allows us to analyze market conditions and proactively adjust to trends as they emerge, including the effects of demographic shifts, and changes in the market and the competitive landscape.

Internal Growth

• Volume Growth – We believe waste volumes are driven by population growth, household formation and new business formation. Volume growth through increases in our customer base and service offerings is the most capital efficient method to grow our business. We seek to obtain long-term contracts for collecting solid waste and recyclable materials under residential collection contracts with municipalities, exclusive franchise agreements, and small-container and large-container contracts. We also look to enter into long-term disposal and recycling processing contracts with municipalities and other third parties. By obtaining such long-term agreements, we can grow our contracted revenue base at a rate consistent with the underlying economic growth in these markets. In addition, by securing long-term agreements, we are better able to help ensure we earn an appropriate return on the capital deployed.

1 • Price Increases – We seek to secure price increases necessary to offset increased costs, improve our operating margins and earn an appropriate return on our substantial investments in vehicles, equipment, landfills, transfer stations and recycling processing centers.

• Expansion of Recycling Capabilities – Based on the most recent U.S. Environmental Protection Agency (EPA) data, we believe approximately 35% of municipal solid waste is recycled, and we expect that percentage to increase over the long-term. While there are examples of communities cancelling their recycling programs, many more have committed to enhance and expand their recycling programs for their residents. We continue to focus on innovative material handling processes and programs to help our customers achieve their goals related to sustainability and environmentally sound waste practices while also generating an appropriate return. We will continue to look for opportunities to expand or enhance our recycling capabilities in markets where customers are demanding these services and demonstrating a willingness to pay, and we can earn an appropriate return on our investment.

• Infrastructure Development – We seek to identify opportunities to further our position as a vertically integrated service provider in markets where we are not fully integrated. Our goal is to create market-specific, vertically integrated operations typically consisting of one or more collection operations, transfer stations, landfills and recycling processing centers. Where appropriate, we seek to obtain permits to build transfer stations, recycling processing centers and landfills that would vertically integrate our waste services or expand the service areas for our existing disposal sites. Additionally, we seek opportunities to expand and permit new airspace at our existing landfills in order to replace airspace consumed. Development projects, while generally less capital intensive than acquisitions, typically require extensive permitting efforts that can take years to complete with no assurance of success. We undertake development projects when we believe there is a reasonable probability of success and where reasonably priced acquisition opportunities are not available.

External Growth

• Acquisitions and Public – Private Partnerships - Our acquisition growth strategy focuses primarily on acquiring privately held solid waste and recycling companies that complement our existing business platform. We believe our ability to successfully complete these acquisitions is enhanced by the challenges facing many privately-held companies, including increasing competition in the solid waste industry, increasing capital requirements due to changes in solid waste regulatory requirements and technology and the limited number of exit strategies for privately-held companies. We also evaluate opportunities to acquire operations and facilities that are being divested by other publicly-owned waste companies.

We continue to invest in value-enhancing acquisitions in existing markets. Generally, we expect to maintain a steady pace of tuck-in acquisition investment of approximately $200 million annually. Given our free cash flow, availability under our credit facilities and our ability to access the public capital markets, we have the financial flexibility to make additional acquisitions that will complement our existing business platform, including larger acquisitions if the right opportunities present themselves.

We also focus on growth through public-private partnerships, which include the waste and recycling operations and facilities of municipal and other local governments. We believe over time we have an opportunity to acquire operations and facilities from municipalities and other local governments, as they seek to raise capital and/or reduce risk.

We realize synergies from consolidating businesses into our existing operations, whether through acquisitions or public-private partnerships, which allows us to reduce capital expenditures and expenses associated with truck routing, personnel, fleet maintenance, inventories and back-office administration.

Operating Model

The goal of our operating model pillar is to deliver a consistent, high-quality service to all of our customers through the Republic Way: One Way. Everywhere. Every day. This approach of developing standardized

2 processes with rigorous controls and tracking allows us to leverage our scale and deliver durable operational excellence. The Republic Way is the key to harnessing the best of what we do as operators and translating that across all facets of our business.

Organizational Structure

A key enabler of the Republic Way operating model is our organizational structure that fosters a high performance culture by maintaining 360-degree accountability and full profit and loss responsibility with local management, supported by a functional structure to provide subject matter expertise. This structure allows us to take advantage of our scale by coordinating functionally across all of our markets, while empowering local management to respond to unique market dynamics.

Through this operating model, we have rolled out several productivity and cost control initiatives designed to deliver the best service possible to our customers in an efficient and environmentally sound way.

Fleet Automation

Approximately 76% of our residential routes have been converted to automated single-driver trucks. By converting our residential routes to automated service, we reduce labor costs, improve driver productivity, decrease emissions and create a safer work environment for our employees. Additionally, communities using automated vehicles have higher participation rates in recycling programs, thereby complementing our initiative to expand our recycling capabilities.

Fleet Conversion to Compressed Natural Gas (CNG)

Approximately 20% of our fleet operates on natural gas. We expect to continue our gradual fleet conversion to CNG as part of our ordinary annual fleet replacement process. We believe a gradual fleet conversion is the most prudent approach to realizing the full value of our previous fleet investments. Approximately 13% of our replacement vehicle purchases during 2019 were CNG vehicles. We believe using CNG vehicles provides us a competitive advantage in communities with strict clean emission initiatives that focus on protecting the environment. Although upfront capital costs are higher, using CNG reduces our overall fleet operating costs through lower fuel expenses. As of December 31, 2019, we operated 39 CNG fueling stations.

We are also monitoring and influencing a number of alternative fuel technologies, such as electrification, to improve the total cost of ownership of our fleet and reduce our environmental impact through lower fleet emissions.

Standardized Maintenance

Based on an industry trade publication, we operate the eighth largest vocational fleet in the United States. As of December 31, 2019, our average fleet age in years, by line of business, was as follows:

Approximate Number Approximate of Vehicles Average Age Residential 6,900 7.4 Small-container 4,700 6.8 Large-container 4,400 8.6 Total 16,000 7.6

OneFleet, our standardized vehicle maintenance program, enables us to use best practices for fleet management, truck care and maintenance. Through standardization of core functions, we believe we can minimize variability in our maintenance processes, resulting in higher vehicle quality and a lower environmental footprint, while

3 extending the average service life of our fleet. We believe operating a more reliable, greener, safer and more efficient fleet will lower our operating costs. Additionally, our focus on preventative maintenance is improving the reliability of our fleet and enabling us to provide superior service to our customers, differentiating us from our competition. The entire fleet was certified under OneFleet by the second quarter of 2017.

People and Talent Agenda

The goal of our people and talent agenda pillar is to create an environment to attract and retain the best talent. Our people continue to be the most critical component in successfully executing our strategy. We strive to make Republic a desirable place to work for our approximately 36,000 full-time employees by creating learning experiences and programs that develop, train, engage and motivate, as well as compensation and benefits that attract and retain the best workforce. With a focus on safety, employee engagement, learning and talent development, and inclusion and diversity, we aspire to be a company where the best people want to work and are engaged every day.

Safety

Republic is dedicated to the safety of our employees, customers and the communities we serve. We have a dedicated team of safety professionals at our corporate headquarters and in our field operations, the leader of which reports directly to our Chief Operating Officer. Due to the nature of our industry, we prioritize safety above all else and we recognize and reward employees for outstanding safety records. Over the past 10 years, our safety performance (based on OSHA recordable rates) has been 39% better than the industry average. Our Think, Choose, Live slogan encapsulates our everyday safety messaging to our employees to: Think about what you are doing, Choose the safe answer, and Live to go home to your family. With the phrase printed on numerous items, including hard hats and the equipment our employees touch, there are constant reminders for employees to go home in the same condition in which they came to work. Our goal is to ensure every one of our employees returns home safely each night.

Through our Safety Amplified program, we are providing even more tools and driving even greater awareness to help our teams better execute our safety standards. Continual training, multifaceted programs and strategic partnerships are key components of our platform. It’s simple by design and comprised of actions and activities that ensure safety is embedded in all we do. The program includes six initiatives to help us achieve our goal to have zero employee fatalities and reduce our OSHA Total Recordable Incident Rate.

• Focus Together: This is our core safety program created for our frontline employees and designed to help eliminate six types of serious incidents. We recently extended the scope and reach of the program to include all employees across the company.

• Lead Together: This focus area brings best-in-class communication channels to our employees and includes advanced training techniques for all supervisors and managers.

• Partner Together: We’re initiating more frequent and higher quality leadership visits and interaction with frontline employees. These visits are designed to pull together leaders from a variety of departments to support the divisions’ safety goals.

• Celebrate Together: We take pride in recognizing employees who demonstrate a relentless commitment to safety. Employees with the best driving records are eligible for the industry’s most prestigious award, the National Waste & Recycling Association’s Driver of the Year. Republic drivers have won 70% of the Driver of the Year awards issued for the large truck category since 2009. In addition, our best drivers are recognized and rewarded with competing in our National Road-EO competition.

• Analyze Together: We analyze real-time data to make short- and long-term decisions and identify opportunities for improvement. Examples include analysis of roadway awareness training, data mapping and other employee protection and preparedness insights. With these analytics we will be able to make proactive safety decisions to generate better results.

4 • Innovate Together: We leverage the latest technologies, including automation, and take a data-driven approach to support our employees. These innovations include rear cameras, in-cab backing alarm systems and event recording systems throughout our fleet. We’re also working with equipment manufacturers to incorporate safety elements such as seat belt alarms, blind spot awareness, lane departure alarms and other potentially lifesaving equipment in our fleet.

We believe our Safety Amplified program will deliver additional positive impacts for our Company and stakeholders including:

1. Further strengthen relationships within the communities we service

2. Enhance customer trust

3. Streamline operational processes and increase productivity

4. Deliver a reputational advantage, including positioning our Company as an employer-of-choice

5. Build and sustain a safety culture in all areas of our business

6. Contribute to employee engagement

Employee Engagement

We believe an engaged and diverse workforce is the greatest indicator of our success. We have found that business units with a highly engaged workforce experience approximately 59% less turnover. Additionally, we know that engaged employees deliver better customer service and are more productive and safe drivers. We measure employee engagement annually through a third party survey and compensate our General Managers on their employee engagement scores. We improved our employee engagement score from 85% in 2018 to 86% in 2019 and continued to outperform industry benchmarks.

Learning and Talent Development

We are committed to developing our employees throughout their careers. Targeted onboarding experiences, including our Driver Training Center, Sales Acceleration, General Manager and Operations Onboarding programs, focus on providing the fundamental skills each employee needs to succeed in his or her role. Our Leadership Trainee program, an 18-month rotational experience for recent college graduates, is another example of our commitment to providing opportunities for growth.

Developing our leaders is also a critical part of our people and talent agenda. From our Leadership Fundamentals program, a program for all leaders of people, to our Leadership Trainee and General Manager Acceleration programs for early career leaders, we have developed programs and experiences to help ensure that as our leaders progress, they are accumulating the skills necessary to be successful at each level.

Our Leadership Fundamentals program was awarded the 2018 Brandon Hall Group Excellence award for best advance in leadership development. Our Leadership Trainee program has enabled us to place new leaders in key positions in the field and at our Phoenix headquarters. The General Manager Acceleration program is designed to enable its participants to become the next generation of General Managers with a deep knowledge of the business and the skills necessary to build and lead successful teams. Ongoing support for leaders is provided by way of a bi-weekly leadership video-cast that reinforces the concepts from our leadership trainings, challenges employees to continue to apply the key learnings, and offers ongoing tools for addressing the more seasonal aspects of leading throughout the year. Over the last five years, more than 5,200 leaders have completed our Leadership Fundamentals program, creating a common language and toolkit for how we coach and develop employees.

5 Our leadership programs are the driving force behind our talent engine and are critical to our business strategy. We are developing leaders that are strategically minded and foster an inclusive culture.

Inclusion and Diversity

We strive to create an inclusive and diverse culture where all employees can thrive and feel welcomed and valued. Our Mission of Supporting an Inclusive Culture (M.O.S.A.I.C.) is driven by our office of inclusion and diversity and supported by the M.O.S.A.I.C. Council. Our approach enables us to continue to develop new strategies and activities to create a more inclusive work environment and diverse workforce. Through these efforts, we can leverage our best thinking to improve our culture and better serve our customers. In 2017, the M.O.S.A.I.C. Council launched the Women of Republic business resource group, which was developed to provide a platform to empower members and enrich a diverse culture that values, develops and advances women in leadership. Advancing women in leadership roles will provide greater diversity of thought and perspective which has been proven to drive better decision making.

In 2019, we launched our Veterans, Advocacy, Learning, Outreach and Recruiting (V.A.L.O.R.) business resource group, which is focused on creating an inclusive culture that attracts, retains, develops and values veterans and their families throughout the organization and in our communities. We believe there is no better way to protect our planet than to recruit and hire the heroes who have protected our country. We actively recruit and hire veterans – those transitioning from military life as well as those long discharged from active duty. We value the skills, experience and operational excellence they bring to our organization, as well as their commitment to a better tomorrow. Historically, we have had great success hiring veterans. In 2019, approximately 2,500 veterans served in a variety of roles, ranging from drivers to senior leaders.

In 2020 and beyond, we expect to launch additional business resource groups.

Customer Zeal

The goal of our customer zeal pillar is to drive customer loyalty by offering differentiated products and services specifically designed to meet our customers’ needs. We believe this increases customer loyalty and willingness to pay for a higher value service.

To help our sales team identify specific customer needs and configure the right offering, we use a Priority Based Selling (PBS) technique and our Capture pricing tool nationwide.

• PBS enables us to identify and segment customers’ buying priorities, and attract customers that are willing to pay for enhanced offerings.

• Capture is a cloud-based pricing tool that creates a more professional sales experience, helps realize better pricing levels at the point of sale and provides enhanced controls over the price quoting process.

In response to our customers’ requests, we expanded our suite of products to include electronics recycling with BlueGuard®, universal recycling and All-in-One Office®. For those services that we don’t provide, we fulfill demand through our alliance partnerships while maintaining the customer facing relationship.

To help ensure a consistent customer experience, we invested in our customer service capabilities and consolidated over 100 customer service locations into three Customer Resource Centers. These state-of-the-art facilities and the technology deployed provide our customer service employees with the tools and capabilities they need to provide better levels of service though a variety of communication channels. The state-of-the-art centers enhance the customer experience and provide us a platform to reduce the cost to service our customers.

To help ensure our efforts are making an impact and building customer loyalty, we solicit feedback from our customers, including net promoter score, so that every General Manager receives recent, relevant feedback that allows him or her the ability to reach out to customers directly and address issues immediately.

6 Digital Platform

The goal of our digital platform pillar is to allow us to provide a consistent experience across our business while enabling our customers to do business with us through more channels and with better access to information.

We are responding to our customers’ requests for options to do business with us digitally. By increasing the ease of use and functionality of our web-based market presence, we believe we enhance customer satisfaction, interaction, and connectivity while lowering our costs. These tools reinforce to our customers that they can rely on us to handle their recycling and waste service needs in a way that is easy and convenient for them.

• Our website and mobile app are online account management tools, allowing customers access to their accounts and our services.

• Our e-commerce sales channel allows customers to secure services on a real-time basis, provides capabilities to meet our customer’s evolving buying preferences, and provides a lower cost sales channel.

We are also leveraging technology to digitally connect our customers, drivers, dispatchers, supervisors and trucks via our “RISE” dispatch platform and in-cab technology. We are utilizing an agile iterative approach to the development and multi-year roll-out of this technology to ensure durable adoption and an appropriate return on our investment. With the roll-out of this technology we will improve productivity through more real-time routing information and data visualization tools; increase customer connectivity and enable automated service verification communications; and enhance the employee experience by providing better tools and technology designed around how our employees will interact with it.

Corporate Responsibility and Sustainability

At Republic, we believe in the preservation of our Blue Planet® – to support a cleaner, safer and healthier world. We’re passionate about our role as responsible stewards of our nation’s waste. In 2014, we identified five sustainability elements that remain deeply engrained within our business: Safety, People, Operations, Materials Management and Communities. These elements continue to guide our short- and long-term sustainability and business goals.

It was at this time that we also launched our sustainability platform and original sustainability goals. We achieved the three time-bound sustainability goals set in 2014, which included developing two landfill gas-to-energy projects per year by 2018; adding an additional 150,000 tons or more per year of recycling capability by 2018; and reducing absolute fleet emissions by 3% from our direct operational impacts by 2018.

As we grow, so does our opportunity to make a meaningful positive impact on the environment and society. Over the past year the Company undertook a comprehensive approach to the development of additional sustainability goals that build on these past achievements. This included an analysis of global trends, identification of our business model dependencies and engagement with key stakeholders.

In 2019 we unveiled additional, long-term goals that are ambitious by design and address critical global macro- trends as well as our greatest opportunities to create value at scale. Each of them is aligned with one of the Company’s five sustainability elements, and together they are designed to significantly benefit the environment and society while enhancing the foundation and profitability of our business for the long-term.

Our Blue Planet: 2030 Goals

• Safety Amplified: Zero annual employee fatalities and reduce OSHA Total Recordable Incident Rate (TRIR) to 2.0 or less by 2030

• Engaged Workforce: Achieve and maintain employee engagement scores at or above 88 percent by 2030

7 • Climate Leadership: Reduce absolute Scope 1 and 2 greenhouse gas emissions 35 percent by 2030(1), aligned with SBTi(1)

• Circular Economy: Increase recovery of key materials by 40 percent on a combined basis by 2030(1)

• Regenerative Landfills: Increase biogas sent to beneficial reuse by 50 percent by 2030(1)

• Charitable Giving: Positively impact 20 million people by 2030

Republic is the first U.S. recycling and solid waste services provider to have its emissions reduction target approved by the Science Based Targets Initiative(2). We also aligned our new sustainability goals with the United Nations General Assembly’s Sustainable Development Goals. These include the following United Nations initiatives: (8) Growth, (11) Sustainable Cities and Communities, (12) Responsible Consumption and Production and (13) Climate Action.

In addition to setting new goals in 2019, we increased our level of sustainability disclosure and transparency.

Our Board of Directors’ Sustainability and Corporate Responsibility Committee was created in 2015. This committee has oversight responsibility with respect to our sustainability performance, our corporate responsibilities, our role as a socially responsible organization and our enterprise risks, including cyber security, environmental and climate related risks and opportunities, and reputational risks. The entire Board conducts a formal comprehensive review of the Company’s performance in these areas on an annual basis.

Cash Utilization Strategy

We take a consistent and balanced approach to capital allocation to drive long-term, sustainable value for our shareholders. The predictability of our free cash flows allows us to efficiently execute our capital allocation strategy, which includes investing in acquisitions and returning a majority of free cash flow to our shareholders through dividends and share repurchases. We are committed to an efficient capital structure and maintaining our investment grade credit ratings on our senior debt, which was rated BBB+ by Standard & Poor’s Ratings Services, BBB by Fitch Ratings, Inc. and Baa2 by Moody’s Investors Service, Inc. as of December 31, 2019. Such ratings have allowed us, and should continue to allow us, to readily access capital markets at competitive rates.

We manage our free cash flow by ensuring that capital expenditures and operating asset levels are appropriate in light of our existing business and growth opportunities, and by closely managing our working capital, which consists primarily of accounts receivable, accounts payable, and accrued landfill and environmental costs.

Dividends

In July 2019, our Board of Directors approved an increase in the quarterly dividend to $0.405 per share, which represents an increase of approximately 8% over the prior year. Over the last five years, our dividends have increased at a compounded annual growth rate of 7.7%. We expect to continue paying quarterly cash dividends and may consider additional dividend increases if we believe they will enhance shareholder value.

Share Repurchases

In October 2017, our Board of Directors added $2.0 billion to the existing share repurchase authorization that now extends through December 31, 2020. As of December 31, 2019, there was $0.7 billion remaining under our share repurchase authorization. On a quarterly basis, our Board of Directors reviews the intrinsic value of our stock and the parameters around which we repurchase our shares.

(1) Data points used 2017 as the baseline year. (2) SBTi, or Science Based Targets initiative, is a collaboration between CDP, the United Nations Global Compact (UNGC), World Resources Institute (WRI) and the World Wide Fund for Nature (WWF).

8 Shareholder Value

We are committed to creating long-term shareholder value by generating consistent earnings and cash flow growth, while continually improving returns on invested capital. Our incentive compensation programs are aligned with these objectives at all levels of management. We have an active shareholder outreach program and routinely interact with shareholders on a number of matters, including governance, executive compensation, environmental and social matters.

Management Team

We believe that building and blending a diverse team of strong industry veterans, along with talented people from other industries who bring unique skill sets, will contribute to what we call our Composite Strength. Composite Strength combines the vast, varied experience and capability of both strong waste-industry veterans and talented people from other industries. Additionally, Composite Strength helps ensure the continuity of leadership and preservation of institutional knowledge, while also bringing in skills and new ideas from other companies outside of our industry – many of them from blue chip companies.

Donald W. Slager serves as the Company’s Chief Executive Officer, a position he has held since January 2011. He previously held the role of President and Chief Executive Officer from January 2011 to May 2019, and served as the Company’s President and Chief Operating Officer from the Allied Waste Industries, Inc. (Allied) acquisition in December 2008 until January 2011. Prior to the Allied acquisition, Mr. Slager worked for Allied from 1992 through 2008 and served in various management positions, including President and Chief Operating Officer from 2004 through 2008, and Executive Vice President and Chief Operating Officer from 2003 to 2004. From 2001 to 2003, Mr. Slager served as Senior Vice President, Operations. Mr. Slager held various management positions at Allied from 1992 to 2003, and was previously General Manager at National Waste Services, where he served in various management positions since 1985. Mr. Slager has over 35 years of experience in the solid waste industry. Mr. Slager has been a member of our Board of Directors since June 24, 2010.

Brian Bales was named Executive Vice President, Chief Development Officer in February 2015. Mr. Bales has been with Republic for over 20 years, serving as Executive Vice President, Business Development from December 2008 to February 2015, and Vice President, Corporate Development from 1998 until the Allied acquisition in December 2008. Prior to his time at Republic, Mr. Bales held roles of increasing responsibility in finance and business development for Ryder System, Inc. from 1993 to 1998, and served as chief financial officer for EDIFEX & VTA Communications from 1988 through 1993. Prior to that, Mr. Bales was an accountant for PwC (formerly Price Waterhouse) from 1986 to 1988.

Catharine D. Ellingsen was named Executive Vice President, Chief Legal Officer, Chief Ethics and Compliance Officer, and Corporate Secretary in June 2016. Ms. Ellingsen joined Allied as Corporate Counsel in August 2001 and has experience in a variety of roles of increasing responsibility. She was named Managing Corporate Counsel in January 2003, Director, Legal and Associate General Counsel in January 2005, and Vice President and Deputy General Counsel in June 2007. Ms. Ellingsen continued as Vice President and Deputy General Counsel at Republic following the Allied acquisition in December 2008. She was then named Senior Vice President, Human Resources in August 2011 and served in that position until June 2016. Before joining Allied, Ms. Ellingsen was an attorney at Steptoe & Johnson LLP from 1996 to 2001 and at Bryan Cave LLP from 1993 to 1996.

Jeffrey A. Hughes was named Executive Vice President, Chief Administrative Officer in December 2008. Before that, Mr. Hughes served as Senior Vice President, Eastern Region Operations for Allied from 2004 until the Allied acquisition in December 2008. Mr. Hughes served as Assistant Vice President of Operations Support for Allied from 1999 to 2004 and as a District Manager for Allied from 1988 to 1999. Mr. Hughes has over 29 years of experience in the solid waste industry.

9 Charles F. Serianni was appointed Executive Vice President, Chief Financial Officer in August 2014. Mr. Serianni has over 30 years of experience in a variety of roles of increasing responsibility. He was named Vice President, Region Controller for our former West Region in July 2013. Before that, Mr. Serianni served as our Assistant Controller starting in June 1998 and progressed to Senior Vice President, Chief Accounting Officer in December 2008. He served as the Accounting Operations Director for Republic Industries, Inc. (AutoNation) from February 1997 to June 1998. Before that, Mr. Serianni served as the Accounting Operations Director for Sunglass Hut International, Inc. from May 1993 to February 1997, and as Manager, Accounting and Auditing Services for Deloitte & Touche from September 1984 to May 1993.

Jon Vander Ark was named President in May 2019, and is responsible for overseeing the Company’s operations, sales, marketing and business development. Mr. Vander Ark served as the Company’s Executive Vice President, Chief Operating Officer from January 2018 to May 2019. Prior to that, Mr. Vander Ark served as the Company’s Executive Vice President, Operations from March 2016 to January 2018. Mr. Vander Ark joined the Company in January 2013 as Executive Vice President, Chief Marketing Officer. Prior to joining the Company, he served as a partner at McKinsey & Company’s Detroit office, managing clients across a variety of industries, including transportation, logistics, manufacturing and consumer products.

Tim Stuart was named Executive Vice President, Chief Operating Officer in May 2019. Prior to his current role, Mr. Stuart served as Executive Vice President, Operations from January 2016 to May 2019, where he was responsible for maximizing field performance, executing the operating plan, and achieving financial and operational results across the Company. Mr. Stuart previously served as the Company’s East Region President from September 2013 to January 2016. He joined Republic in April 2006 as Director of Operations, and has held a variety of roles with the Company, including Area President, Vice President of Customer Experience, and Region Vice President. Mr. Stuart has over 20 years of experience in the waste industry.

Our local and area management teams have extensive industry experience in growing, operating and managing solid waste and recycling companies and have substantial experience in their local geographic markets. This allows us to quickly respond to and meet our customers’ needs and stay in touch with local businesses and municipalities. We believe our strong area management teams allow us to effectively and efficiently drive our initiatives and help ensure consistency throughout the organization. Our area management teams and area presidents have extensive authority and responsibility over operations within their respective geographic markets. As a result of retaining experienced managers with extensive knowledge of and involvement in their local communities, we are proactive in anticipating customers’ needs and adjusting to changes in our markets. We also seek to implement the best practices of our various business units throughout our operations to continue improving our operations and our operating margins.

Integrated Operations

We have a strong, national, vertically-integrated operating platform that allows us to compete more effectively and efficiently in the local markets in which we operate. Where appropriate, we seek to achieve a high rate of internalization by controlling waste streams from the point of collection through recycling processing or disposal. During the year ended December 31, 2019, approximately 68% of the total waste volume we collected was disposed at landfills we own or operate (internalization). Our fully integrated markets generally have a lower cost of operations and more favorable cash flows than our markets that are not fully integrated. Through acquisitions, landfill operating agreements and other market development activities, we create market-specific, vertically- integrated operations typically consisting of one or more collection operations, transfer stations and landfills. We also operate recycling processing centers in markets where diversion of waste is a priority, customers are willing to pay for the service, and we can earn an appropriate return on our investment.

Our operations primarily consist of providing collection, transfer and disposal of non-hazardous solid waste, recovering and recycling of certain materials, and environmental services.

10 Collection Services

We provide residential, small-container, and large-container solid waste collection services through 340 collection operations. In 2019, approximately 75% of our total revenue was derived from our collection business, of which approximately 22% of our total revenue related to residential services, approximately 31% related to small-container services, and approximately 22% related to large-container services.

Our residential collection business involves the curbside collection of waste for transport to transfer stations, or directly to landfills or recycling processing centers. We typically perform residential solid waste collection services under contracts with municipalities, which we generally secure through competitive bids, which give us exclusive rights to service all or a portion of the homes in the municipalities. These contracts usually range in duration from one to five years, although some of our exclusive franchises are for significantly longer periods. We also perform residential services on a subscription basis, in which individual households contract directly with us. The fees received for subscription residential collection are based primarily on the market, collection frequency, type of service, the distance to the disposal facility and the cost of disposal. In general, subscription residential collection fees are paid quarterly in advance by the customers receiving the service.

In our small-container business, we supply our customers with waste and recycling containers of varying sizes. We typically perform small-container collection services under one- to three-year service agreements, and fees are determined based on a number of factors including the market, collection frequency, type of equipment furnished, type and volume or weight of the waste collected, transportation costs and the cost of processing or disposal. Our small-container services are typically offered to small business complexes, multi-family housing and strip malls, and include industries such as restaurants, retail, real-estate, and professional and other services.

Our large-container collection business includes both recurring and temporary customer relationships. For the recurring portion, we supply our customers with waste and recycling containers of varying sizes and rent compactors to large waste generators. We typically perform the collection services under one- to three-year service agreements, and fees are determined based on a number of factors including the market, collection frequency, type of equipment furnished, type and volume or weight of the waste collected, transportation costs and the cost of disposal. Our recurring large-container services are typically offered to larger facilities, hotels and office buildings, and include industries such as manufacturing, retail, hospitality, professional and other services.

For the temporary portion of our large-container collection business, the majority of the waste relates to construction and demolition activities and is typically event-driven. We provide temporary waste collection services on a contractual basis with terms ranging from a single pickup to one-year or longer.

Transfer Services

We own or operate 212 transfer stations. Revenue at our transfer stations is primarily generated by charging tipping or disposal fees, which accounted for approximately 6% of our revenue during 2019. Our collection operations deposit waste at these transfer stations, as do other private and municipal haulers, for compaction and transfer to disposal sites or recycling processing centers. Transfer stations provide collection operations with a cost effective means to consolidate waste and reduce transportation costs while providing our landfills with an additional gate to extend their geographic reach.

When our own collection operations use our transfer stations, this improves internalization by allowing us to retain fees we would otherwise pay to third-party disposal sites. It also allows us to manage costs associated with waste disposal because: (1) transfer trucks have larger capacities than collection trucks, allowing us to deliver more waste to the landfill or processing center in each trip; (2) waste is accumulated and compacted at strategically located transfer stations to increase efficiency; and (3) we can retain volume by managing the waste to one of our own landfills or processing centers rather than to a competitor’s.

11 Landfill Services

We own or operate 189 active landfills. Our tipping fees charged to third parties accounted for approximately 13% of our revenue during 2019. As of December 31, 2019, we had 38,494 permitted acres and total available permitted and probable expansion disposal capacity of approximately 5 billion in-place cubic yards. The in-place capacity of our landfills is subject to change based on engineering factors, requirements of regulatory authorities, our ability to continue to operate our landfills in compliance with applicable regulations, and our ability to successfully renew operating permits and obtain expansion permits at our sites. Some of our landfills accept non-hazardous special waste, including utility ash, asbestos and contaminated soils.

Most of our active landfill sites have the potential for expanded disposal capacity beyond the currently permitted acreage. We monitor the availability of permitted disposal capacity at each of our landfills and evaluate whether to pursue an expansion at a given landfill based on estimated future waste volumes and prices, market needs, remaining capacity and the likelihood of obtaining an expansion. To satisfy future disposal demand, we are seeking to expand permitted capacity at certain landfills; however, we cannot assure you that all proposed or future expansions will be permitted.

Republic is committed to harnessing landfill gas, the natural byproduct of decomposing waste, and converting it to energy. The use of landfill gas provides economic and environmental benefits, including reducing air pollution through the capture and use of methane. As of December 31, 2019, we operated 75 landfill gas and renewable energy projects. The majority of these projects were developed and are owned by a third party.

We also have responsibility for 130 closed landfills, for which we have associated closure and post-closure obligations.

Recycling Services

We own or operate 79 recycling processing centers. These facilities generate revenue through the processing and sale of old corrugated containers (OCC), old newsprint (ONP), aluminum, glass and other materials, which accounted for approximately 3% of our revenue during 2019. Approximately 79% of our total recycling processing center volume is fiber based and includes OCC, ONP and other mixed paper. During 2019, we processed and sold 2.2 million tons, excluding glass and organics, from our recycling processing centers. An additional 2.2 million tons were collected by us and delivered to third parties.

Changing market demand for recycled commodities causes volatility in commodity prices. At current volumes and mix of materials, we believe a $10 per ton change in the price of recycled commodities would change annual revenue and operating income by approximately $13 million and $13 million, respectively.

In certain instances, we issue recycling rebates to our municipal or large-container customers, which can be based on the price we receive upon the final sale of recycled commodities, a fixed contractual rate or other measures. We also receive rebates when we dispose of recycled commodities at third-party processing facilities.

As consumer demand for recycling services has increased, we have met that demand by integrating recycling components to each of our collection service offerings. Our goal is to provide a complete waste stream management solution to our customers in a vertically integrated, environmentally sustainable way.

We continue to invest in proven technologies to control costs and to simplify and streamline recycling for our customers. For example, robotics and advanced sorting equipment, such as disk screens, magnets and optical sorters, identifies and separates different kinds of paper, metals, plastics and other materials to increase efficiency and maximize our recycling efforts.

Environmental Services

In addition to certain of our landfill disposal sites, we own or operate 7 treatment, recovery and disposal facilities, 15 salt water disposal wells and 4 deep injection wells. Environmental services waste is generated from

12 the by-products of oil and natural gas exploration and production activity. Additionally, it is generated by the daily operations of industrial, petrochemical and refining facilities, including maintenance, plant turnarounds and capital projects. We provide these customers with environmentally responsible solutions to manage their waste needs including disposal of non-hazardous solid and liquid waste and in-plant services, such as transportation and logistics. In 2019, approximately 2% of our revenue was derived from environmental services.

Other Services

Other revenue consists primarily of National Accounts revenue generated from nationwide or regional contracts in markets outside our operating areas where the associated waste handling services are subcontracted to local operators. Consequently, substantially all of this revenue is offset with related subcontract costs, which are recorded in cost of operations.

Competition

We operate in a competitive industry. Competition in the non-hazardous solid waste industry comes from a few other large, national publicly-owned companies, several regional publicly- and privately-owned companies, and thousands of small privately-owned companies. In any given market, competitors may have larger operations and greater resources. In addition, we compete with municipalities that maintain waste collection or disposal operations. These municipalities may have financial advantages due to the availability of tax revenue and greater opportunities for tax-exempt financing.

We compete for collection accounts primarily based on our product offering, quality of service and price. From time-to-time, our competitors reduce the price of their services in an effort to expand market share or to win a competitively bid municipal contract. Our ability to maintain and increase prices in certain markets may be impacted by our competitors’ pricing policies. This may have an effect on our future revenue and profitability.

Seasonality and Severe Weather

Our operating revenues tend to be somewhat higher in the summer months, primarily due to higher volumes of construction and demolition waste. The volumes of large-container and residential waste in certain regions of the country also tend to increase during the summer months. Our second and third quarter revenues and results of operations typically reflect this seasonality.

Our operations can be adversely affected by periods of inclement or severe weather, which could increase the volume of waste collected under our existing contracts (without corresponding compensation), delay the collection and disposal of waste, reduce the volume of waste delivered to our disposal sites or delay the construction or expansion of our landfill sites and other facilities. Our operations also can be favorably affected by severe weather, which could increase the volume of waste in situations where we are able to charge for our additional services.

Regulation

Our facilities and operations are subject to a variety of federal, state and local requirements that regulate, among other things, the environment, public health, safety, zoning and land use. Operating and other permits, licenses and other approvals generally are required for landfills and transfer stations, recycling facilities, certain solid waste collection vehicles, fuel storage tanks and other equipment and facilities that we own or operate. These permits are subject to denial, revocation, modification and renewal in certain circumstances. Federal, state and local laws and regulations vary, but generally govern wastewater or storm water discharges, air emissions, the handling, transportation, treatment, storage and disposal of hazardous and non-hazardous waste, and the remediation of contamination associated with the release or threatened release of hazardous substances. These laws and regulations provide governmental authorities with strict powers of enforcement, which include the ability to revoke or decline to renew any of our operating permits, obtain injunctions, or impose fines or penalties in the event of violations, including criminal penalties. The U.S. EPA and various other federal, state and local authorities administer these regulations.

13 We strive to conduct our operations in compliance with applicable laws, regulations and permits. However, from time to time we have been issued citations or notices from governmental authorities that have resulted in the need to expend funds for remedial work and related activities at various landfills and other facilities or in the need to expend funds for fines, penalties or settlements. We cannot assure you that citations and notices will not be issued in the future despite our strong regulatory compliance efforts. We have established final capping, closure, post-closure and remediation reserves that we believe, based on currently available information, will be adequate to cover our current estimates of regulatory costs; however, we cannot assure you that actual costs will not exceed our reserves.

Federal Regulation

The following summarizes the primary federal, environmental, and occupational health and safety-related statutes that affect our facilities and operations:

• The Solid Waste Disposal Act, including the Resource Conservation and Recovery Act (RCRA). RCRA establishes a framework for regulating the handling, transportation, treatment, storage and disposal of hazardous and non-hazardous solid waste, and requires states to develop programs to ensure the safe disposal of solid waste in sanitary landfills.

Subtitle D of RCRA establishes a framework for regulating the disposal of municipal solid waste. Regulations under Subtitle D currently include minimum comprehensive solid waste management criteria and guidelines, including location restrictions, facility design and operating criteria, final capping, closure and post-closure requirements, financial assurance standards, groundwater monitoring requirements and corrective action standards. All of the states in which we operate have implemented permit programs pursuant to RCRA and Subtitle D. These state permit programs may include landfill requirements that are more stringent than those of Subtitle D. Our failure to comply with any of these environmental requirements at any of our locations may lead to temporary or permanent loss of an operating permit, which would result in costs in connection with securing new permits, reduced revenue from lost operational time, and increased third party disposal costs.

All of our planned landfill expansions and new landfill development projects have been engineered to meet or exceed Subtitle D requirements, as applicable. Operating and design criteria for existing operations have been modified to comply with these regulations. Compliance with Subtitle D regulations has resulted in increased costs and may in the future require substantial additional expenditures in addition to other costs normally associated with our waste management activities.

• The Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA). CERCLA, among other things, provides for the cleanup of sites from which there is a release or threatened release of a hazardous substance into the environment. CERCLA may impose strict joint and several liability for the costs of cleanup and for damages to natural resources upon current owners and operators of a site, parties who were owners or operators of a site at the time the hazardous substances were disposed of, parties who transported the hazardous substances to a site, and parties who arranged for the disposal of the hazardous substances at a site. Under the authority of CERCLA and its implementing regulations, detailed requirements apply to the manner and degree of investigation and remediation of facilities and sites where hazardous substances have been or are threatened to be released into the environment. Liability under CERCLA is not dependent on the existence or disposal of only hazardous wastes, but also can be based upon the existence of small quantities of more than 700 substances characterized by the EPA as hazardous, many of which are found in common household waste. Among other things, CERCLA authorizes the federal government to investigate and remediate sites at which hazardous substances have been or are threatened to be released into the environment, or to order persons potentially liable for the cleanup of the hazardous substances to do so themselves. In addition, the EPA has established a National Priorities List of sites at which hazardous substances have been, or are threatened to be, released and which require investigation or cleanup.

CERCLA liability is strict liability. It can be founded upon the release or threatened release, even as a result of unintentional, non-negligent or lawful action, of hazardous substances, including very small quantities of

14 such substances. Thus, even if we have never knowingly transported or received hazardous substances, it is possible that hazardous substances have been deposited or released at landfills or other facilities that we presently or historically have owned or operated, or at properties owned by third parties to which we have transported waste. Therefore, we could be liable under CERCLA for the cost of cleaning up, or protecting against the release of, such hazardous substances at such sites and for damages to natural resources, even if those substances were deposited at our facilities before we acquired or operated them. The costs of a CERCLA cleanup can be very expensive and can include the costs of disposing of hazardous substances at appropriately-licensed facilities. Given the difficulty of obtaining insurance for environmental impairment liability, any such liability could have a material effect on our business, financial condition, results of operations and cash flows.

• The Federal Water Pollution Control Act of 1972 (the Clean Water Act). This act regulates the discharge of pollutants from a variety of sources, including solid waste disposal sites, into streams, rivers and other waters of the United States. Runoff from our landfills and transfer stations that is discharged into surface waters through discrete conveyances must be covered by discharge permits that generally require us to conduct sampling and monitoring, and, under certain circumstances, to reduce the quantity of pollutants in those discharges. Storm water discharge regulations under the Clean Water Act require a permit for certain construction activities and for runoff from industrial operations and facilities, which may affect our operations. If a landfill or transfer station discharges wastewater through a sewage system to a publicly-owned treatment works, the facility must comply with discharge limits imposed by that treatment works. In addition, states may adopt groundwater protection programs under the Clean Water Act or the Safe Drinking Water Act that could affect the manner in which our landfills monitor and control their waste management activities. Furthermore, if development at any of our facilities alters or affects wetlands, we may be required to secure permits before such development starts. In these situations, permitting agencies may require mitigation of wetland impacts.

• The Clean Air Act. The Clean Air Act imposes limitations on emissions from various sources, including landfills. In March 1996, the EPA promulgated regulations that require large municipal solid waste landfills to install landfill gas monitoring systems along with landfill gas control systems unless emissions are below established thresholds. These regulations apply to landfills that commenced construction, reconstruction or modification on or after May 30, 1991, and, principally, to landfills that can accommodate 2.5 million cubic meters or more of municipal solid waste. The regulations apply whether the landfills are active or closed. The date by which each affected landfill must have a gas collection and control system installed and made operational varies depending on calculated emission rates at the landfill. On July 14, 2016, the EPA issued final amendments to its regulations that require large landfills that commenced construction, reconstruction, or modification on or after July 17, 2014 to capture additional landfill gas to reduce emissions of methane and certain non-methane gases, which are recognized as greenhouse gases. In a separate rule finalized that same day, the EPA issued updates to its 1996 Emission Guidelines to reduce emissions of landfill gas from existing active landfills. Both actions were part of the Obama Administration’s Climate Action Plan – Strategy to Reduce Methane Emissions. These and other efforts to curtail the emission of greenhouse gases and to ameliorate the effect of climate change may require our landfills to deploy more stringent emission controls and monitoring systems, with resulting capital or operating costs. Many state regulatory agencies also currently require monitoring systems for the collection and control of certain landfill gas. Certain of these state agencies are also implementing greenhouse gas control regulations that would also apply to landfill gas emissions. See Item 1A, Risk Factors – Regulation of greenhouse gas emissions could impose costs on our operations, the magnitude of which we cannot yet estimate, in this Form 10-K.

In addition, our vehicle fleet also may become subject to higher efficiency standards or other carbon-emission restrictions. Over the past several years, the EPA and the National Highway Traffic Safety Administration (NHTSA) have adopted regulations mandating the reduction of vehicle tail pipe emissions as a means of reducing greenhouse gas emissions. The regulations take the form of fuel economy standards. The EPA and the NHTSA have developed fuel economy standards in two vehicle categories: (1) passenger automobiles and light-duty trucks (collectively, light-duty vehicles); and (2) heavy-duty trucks, including solid waste

15 collection vehicles and tractor trailers. We own and operate vehicles in both categories. For light-duty vehicles, in May 2010 the EPA and the NHTSA finalized fuel economy standards for model years 2012 through 2016. In October 2011, the EPA and the NHTSA initiated a second round of rulemaking for light- duty vehicles for model years 2017 through 2025. In 2018, the EPA and the NHTSA proposed to revise the light-duty vehicle standards for model years 2021 through 2024 to make them less stringent; final action on the proposal is anticipated in 2020 but may be challenged in court. In August 2011, the EPA and the NHTSA finalized standards for heavy-duty trucks, including solid waste collection vehicles and tractor trailers, for model years 2014 through 2018. On August 16, 2016, the EPA and the NHTSA jointly issued additional regulations that would impose more stringent standards for heavy-duty vehicles through model-year 2027. In issuing the proposed fuel economy standards for heavy-duty trucks (including tractor trailers), the government estimated that the increased equipment cost would be recouped over a period of two years for a tractor/trailer combo, and over a period of 6 years for a garbage truck, and each vehicle would continue to save fuel costs over its operating life.

• The Occupational Safety and Health Act of 1970 (OSHA). This act authorizes the Occupational Safety and Health Administration of the U.S. Department of Labor to promulgate occupational safety and health standards. A number of these standards, including standards for notices of hazardous chemicals and the handling of asbestos, apply to our facilities and operations.

State and Local Regulation

Each state in which we operate has its own laws and regulations governing solid waste disposal, water and air pollution, and, in most cases, releases and cleanup of hazardous substances and liabilities for such matters. States also have adopted regulations governing the design, operation, maintenance and closure of landfills and transfer stations. Some counties, municipalities and other local governments have adopted similar laws and regulations. In addition, our operations may be affected by the trend in many states toward requiring solid waste reduction and recycling programs. For example, several states have enacted laws that require counties or municipalities to adopt comprehensive plans to reduce, through solid waste planning, composting, recycling or other programs, the volume of solid waste deposited in landfills. Additionally, laws and regulations restricting the disposal of certain waste in solid waste landfills, including yard waste, food waste, newspapers, beverage containers, unshredded tires, lead-acid batteries, electronic wastes and household appliances, have been adopted in several states and are being considered in others. Legislative and regulatory measures to mandate or encourage waste reduction at the source and waste recycling also have been considered, or are under consideration by, the U.S. Congress and the EPA.

To construct, operate and expand a landfill, we must obtain one or more construction or operating permits, as well as zoning and land use approvals. These permits and approvals may be burdensome to obtain and to comply with, are often opposed by neighboring landowners and citizens’ groups, may be subject to periodic renewal, and are subject to denial, modification, non-renewal and revocation by the issuing agency. Significant compliance disclosure obligations often accompany these processes. In connection with our acquisition of existing landfills, we may be required to spend considerable time, effort and money to bring the acquired facilities into compliance with applicable requirements and to obtain the permits and approvals necessary to increase their capacity.

Other Regulations

Many of our facilities own and operate underground storage tanks that are generally used to store petroleum- based products. These tanks can be subject to federal, state and local laws and regulations that mandate their periodic testing, upgrading, closure and removal. In the event of leaks or releases from these tanks, these regulations require that polluted groundwater and soils be remediated. If underground storage tanks we own or operate leak, we could be liable for response costs and, if the leakage migrates onto the property of others, we could be liable for damages to third parties. We are unaware of facts indicating that issues of compliance with regulations related to underground storage tanks will have a material adverse effect on our consolidated financial condition, results of operations or cash flows.

16 With regard to our solid waste transportation operations, we are subject to the jurisdiction of the Surface Transportation Board and are regulated by the Federal Highway Administration, Office of Motor Carriers, and by regulatory agencies in states that regulate such matters. Various state and local government authorities have adopted, or are considering adopting, laws and regulations that would restrict the transportation of solid waste across state, county, or other jurisdictional lines. In 1978, the U.S. Supreme Court ruled that a law that restricts the importation of out-of-state solid waste is unconstitutional; however, states have attempted to distinguish proposed laws from those involved in and implicated by that ruling. In 1994, the U.S. Supreme Court ruled that a flow control law, which attempted to restrict solid waste from leaving its place of generation, imposes an impermissible burden upon interstate commerce and is unconstitutional. In 2007, however, the U.S. Supreme Court upheld the right of a local government to direct the flow of solid waste to a publicly-owned and publicly- operated waste facility. A number of county and other local jurisdictions have enacted ordinances or other regulations restricting the free movement of solid waste across jurisdictional boundaries. Other governments may enact similar regulations in the future. These regulations may cause a decline in volumes of waste delivered to our landfills or transfer stations and may increase our costs of disposal, thereby adversely affecting our operations and our financial results.

Liabilities Established for Landfill and Environmental Costs

We have established reserves for landfill and environmental costs, which include landfill site final capping, closure and post-closure costs. We periodically reassess such costs based on various methods and assumptions regarding landfill airspace and the technical requirements of Subtitle D of RCRA, and we adjust our amortization rates used to expense final capping, closure and post-closure costs accordingly. Based on current information and regulatory requirements, we believe that our recorded reserves for such landfill and environmental expenditures are adequate; however, environmental laws may change, and we cannot assure you that our recorded reserves will be adequate to cover requirements under existing or new environmental laws and regulations, future changes or interpretations of existing laws and regulations, or adverse environmental conditions previously unknown to us. Refer to the Contractual Obligations section of our Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in Item 7 of this Form 10-K and to Note 2, Summary of Significant Accounting Policies, to our consolidated financial statements in Item 8 of this Form 10-K for further information.

Liability Insurance and Bonding

The nature of our business exposes us to the possible risk of liabilities arising out of our operations, including damages to the environment, property, employees or the general public. We focus on operating safely and prudently, but occasionally we receive claims, alleging damages, negligence or other wrongdoing in the planning or performance of work, which resulted in harm to the environment, property, employees or the general public. These liabilities can be significant. We also could be subject to fines and civil and criminal penalties in connection with alleged violations of regulatory requirements. We maintain various policies of insurance that, subject to limitations, exclusions, or deductibles, provide coverage for these types of claims. While we believe the amount of insurance is appropriate for our type of business, we can neither assure you that such insurance would be adequate, in scope or amount, in the event of a major loss, nor that we will not be exposed to uninsured liabilities that could have a material adverse effect on our consolidated financial condition, results of operations or cash flows. We also cannot assure you that we would continue to maintain the insurance should market conditions in the insurance industry make such coverage cost prohibitive.

Accruals for deductibles are based on claims filed and actuarial estimates of claims development and claims incurred but not reported. Due to the variable condition of the insurance market, we have experienced, and may experience in the future, increased deductible retention levels and increased premiums or unavailability of insurance. As we assume more risk through higher retention levels, we may experience more variability in our insurance reserves and expense.

In the normal course of business, we also purchase surety bonds, insurance policies, letters of credit or marketable securities deposits in connection with municipal residential collection contracts, financial assurance

17 for closure and post-closure of landfills, environmental remediation, environmental permits, and business licenses and permits as a financial guarantee of our performance.

Availability of Reports and Other Information

Our corporate website is republicservices.com. We make available on that website, free of charge, access to our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, Proxy Statements on Schedule 14A, and amendments to those materials filed or furnished with the Securities and Exchange Commission (SEC) pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934. We make such materials available as soon as reasonably practicable after we electronically submit them to the SEC. Our corporate website also contains our Certificate of Incorporation, Bylaws, Corporate Governance Guidelines, Code of Ethics, Political Contributions Policy, and Charters of the Audit Committee, Management Development and Compensation Committee, Nominating and Corporate Governance Committee, and Sustainability and Corporate Responsibility Committee of the Board of Directors. In addition, the SEC makes available at its website (sec.gov), free of charge, reports, proxy statements, and other information regarding issuers, such as us, that file electronically with the SEC. Information on our website or the SEC website is not part of this Form 10-K. We intend to satisfy the disclosure requirements under Item 5.05 of Form 8-K and applicable New York Stock Exchange (NYSE) rules regarding amendments to or waivers of our Code of Ethics by posting this information on our website at republicservices.com.

ITEM 1A.RISK FACTORS

Disclosure Regarding Forward-Looking Statements

This Annual Report on Form 10-K contains certain forward-looking information about us that is intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. Words such as “guidance,” “expect,” “will,” “may,” “anticipate,” “plan,” “estimate,” “project,” “intend,” “should,” “can,” “likely,” “could,” “outlook” and similar expressions are intended to identify forward-looking statements. Among other sections of this Form 10-K, the Risk Factors and Management’s Discussion and Analysis of Financial Condition and Results of Operations include forward-looking statements. These statements include statements about our plans, strategies and prospects. Forward-looking statements are not guarantees of performance. These statements are based upon the current beliefs and expectations of our management and are subject to risk and uncertainties that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward- looking information and statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot assure you that the expectations will prove to be correct. Among the factors that could cause actual results to differ materially from the expectations expressed in the forward-looking statements are:

• general economic and market conditions, including inflation and changes in fuel, interest rates, labor, risk, health insurance and other variable costs that generally are not within our control, and our exposure to credit and counterparty risk;

• fluctuations in prices for recycled commodities that we sell to customers;

• whether our estimates and assumptions concerning our selected balance sheet accounts, income tax accounts, final capping, closure, post-closure and remediation costs, available airspace, projected costs and expenses related to our landfills and property and equipment, fair values of acquired assets and liabilities assumed in our acquisitions, and labor, fuel rates and economic and inflationary trends, turn out to be correct or appropriate;

• competition and demand for services in the solid waste and recycling industry;

18 • price increases to our customers, which may not be adequate to offset the impact of increased costs, including labor, third-party disposal and fuel, and may cause us to lose volume;

• our ability to manage growth and execute our growth strategy;

• our compliance with, and future changes in, environmental and flow control regulations and our ability to obtain approvals from regulatory agencies in connection with operating and expanding our landfills;

• the impact on us of our substantial indebtedness, including on our ability to obtain financing on acceptable terms to finance our operations and growth strategy and to operate within the limitations imposed by financing arrangements;

• our ability to retain our investment grade ratings for our debt;

• our dependence on key personnel;

• our dependence on large, long-term collection, transfer and disposal contracts;

• the capital intensive nature of our business, which may consume cash in excess of cash flow from operations;

• exposure to environmental liabilities or remediation requirements, to the extent not adequately covered by insurance, which could result in substantial expenses;

• risks associated with undisclosed liabilities of acquired businesses;

• risks associated with pending and future legal proceedings, including litigation, audits or investigations brought by or before any governmental body;

• severe weather conditions, including those brought about by climate change, which could impair our financial results by causing increased costs, loss of revenue, reduced operational efficiency or disruptions to our operations;

• compliance with existing and future legal and regulatory requirements, including changes relating to per- and polyfluoroalkyl substances (commonly referred to as PFAS) and other chemicals of emerging concern, and limitations or bans on disposal of certain types of wastes or on the transportation of waste, which could limit our ability to conduct or grow our business, increase our costs to operate or require additional capital expenditures;

• safety and operational risks, including the risk of personal injury to our employees or third parties;

• potential increases in our costs if we are required to provide additional funding to any multiemployer pension plan to which we contribute or if a withdrawal event (including our voluntary withdrawal, which we consider from time to time, or the mass withdrawal of all contributing employers from any underfunded multiemployer pension plan) occurs with respect to any such plan;

• the negative impact on our operations of union organizing campaigns, work stoppages or labor shortages;

• the negative effect that trends toward requiring recycling, waste reduction at the source and prohibiting the disposal of certain types of wastes could have on volumes of waste going to landfills;

• changes by the Financial Accounting Standards Board or other accounting regulatory bodies to generally accepted accounting principles or policies;

19 • the impact of U.S. and international tax laws and regulations on our business;

• risks related to interruptions and breaches of our information technology systems that could adversely affect, or temporarily disable, all or a portion of our operations or have a negative effect on our infrastructure;

• the negative impact that a cyber-security incident could have on our business and our relationships with customers and employees; and

• acts of war, riots or terrorism, including the continuing war on terrorism, as well as actions taken or to be taken by the United States or other governments as a result of further acts or threats of terrorism, and the impact of these acts on economic, financial and social conditions in the United States.

The risks included here are not exhaustive. Refer to the Risk Factors in this Item 1A for further discussion regarding our exposure to risks. You should be aware that any forward-looking statement in this Form 10-K and the documents incorporated herein by reference or elsewhere, speaks only as of the date on which we make it. Additionally, new risk factors emerge from time to time and it is not possible for us to predict all such risk factors, or to assess the impact such risk factors might have on our business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. You should not place undue reliance on any forward-looking statement. Except to the extent required by applicable law or regulation, we undertake no obligation to update or publish revised forward-looking statements to reflect events or circumstances after the date of this Form 10-K and the documents incorporated by reference, as the case may be, or to reflect the occurrence of unanticipated events.

General economic conditions can directly and adversely affect our operating results.

Our business is directly affected by changes in national and general economic factors and overall economic activity that are outside of our control, including consumer confidence and interest rates. A weak economy generally results in decreases in volumes of waste generated, which adversely affects our revenues. In addition, we have a relatively high fixed-cost structure, which is difficult to adjust quickly to match declining waste volume levels. Consumer uncertainty and the loss of consumer confidence may decrease overall economic activity and thereby limit the amount of services we provide. Additionally, a decline in waste volumes may result in increased competitive pricing pressure and increased customer turnover, resulting in lower revenue and increased operating costs. Operating in an environment of worsening economic conditions could have a material adverse effect on our consolidated financial condition, results of operations and cash flows. Further, recovery in the solid waste industry historically has lagged behind recovery in the general economy. Accordingly, we cannot assure you that an improvement in general economic conditions will result in an immediate, or any, improvement in our consolidated financial condition, results of operations or cash flows.

Weakness in the U.S. economy may expose us to credit risk for amounts due from governmental entities, large national accounts, industrial customers and others.

Weakness in the U.S. economy reduces the amount of taxes collected by various governmental entities. We provide services to a number of these entities, including numerous municipalities. These governmental entities may suffer financial difficulties resulting from a decrease in tax revenue and may ultimately be unable or unwilling to pay amounts owed to us. In addition, weakness in the economy may cause other customers, including our large national accounts, or industrial or environmental services clients, to suffer financial difficulties and ultimately to be unable or unwilling to pay amounts owed to us. This could negatively impact our consolidated financial condition, results of operations and cash flows.

20 The waste industry is highly competitive and includes competitors that may have greater financial and operational resources, flexibility to reduce prices or other competitive advantages that could make it difficult for us to compete effectively.

We principally compete with large national waste management companies, numerous municipalities, and numerous regional and local companies. Competition for collection accounts is typically based on the quality of services, ease of doing business and/or price. Competition for disposal business is primarily based on geographic location, quality of operations, and price. One of our competitors may have greater financial and operational resources than we do. Further, many counties and municipalities that operate their own waste collection and disposal facilities have the benefits of tax revenue and greater opportunities for tax-exempt financing. Our ability to obtain solid waste volume for our landfills also may be limited by the fact that some major collection operations also own or operate landfills to which they send their waste. In certain markets in which we do not own or operate a landfill, our collection operations may have difficulty competing effectively. If we were to lose market share or if we were to lower prices to address competitive issues, it could negatively impact our consolidated financial condition, results of operations and cash flows.

Price increases may not be adequate to offset the effect of increased costs and may cause us to lose volume.

We seek to secure price increases necessary to offset increased costs, improve our operating margins and earn an appropriate return on our substantial investments in assets such as our landfills. From time to time, our competitors reduce their prices in an effort to expand their market share. Contractual, general economic or market-specific conditions also may limit our ability to raise prices. For example, many of our contracts have price adjustment provisions that are tied to an index such as the consumer price index. Particularly in a weak U.S. economy, our costs may increase in excess of the increase, if any, in the consumer price index. This may continue to be the case even when the U.S. economy recovers because a recovery in the solid waste industry historically has lagged behind a recovery in the general economy. As a result, we may be unable to offset increases in costs, improve our operating margins and obtain adequate investment returns through price increases. Price increases also might cause us to lose volume to lower-cost competitors.

Increases in the cost of fuel or petrochemicals would increase our operating expenses, and we cannot assure you that we would be able to recover such cost increases from our customers.

We depend on fuel purchased in the open market to operate our collection and transfer trucks and other equipment used for collection, transfer and disposal. Fuel prices are unpredictable and fluctuate significantly based on events beyond our control, including geopolitical developments, actions by the Organization of the Petroleum Exporting Countries and other oil and gas producers, changes in refinery operations, supply and demand for oil and gas, war, terrorism and unrest in oil-producing countries, adverse weather and regional production patterns. Due to contractual or market factors, we may not be able to offset increased fuel costs resulting from such volatility through fuel recovery fees. Our fuel costs were $347.9 million in 2019, or 3.4% of revenue, compared to $391.4 million in 2018, or 3.9% of revenue.

To manage our exposure to volatility in fuel prices, we have entered into multiple swap agreements whereby we receive or make payments to counter-parties should the price of fuel vary from a specified amount. During 2018, approximately 6% of our fuel volume purchases were hedged with swap agreements (fuel hedges). All of our fuel hedges settled on or before December 31, 2018 and we did not enter into any new agreements in 2019. Additionally, we are able to collect fuel recovery fees from some customers. At current consumption levels, a twenty-cent per gallon change in the price of diesel fuel changes our fuel costs by approximately $26 million on an annual basis. Offsetting these changes in fuel expense would be changes in our fuel recovery fee charged to our customers. At current participation rates, we believe a twenty-cent per gallon change in the price of diesel fuel changes our fuel recovery fee by approximately $26 million. A substantial rise or drop in fuel costs could materially affect our revenue and cost of operations.

Over the last several years, regulations have been adopted mandating changes in the composition of fuels for motor vehicles. The renewable fuel standards that the EPA sets annually affect the type of fuel our motor vehicle

21 fleet uses. Pursuant to the Energy Independence and Security Act of 2007, the EPA establishes annual renewable fuel volume requirements for four different categories of renewable fuels (renewable fuel, advanced biofuel, cellulosic biofuel, and biomass-based diesel). These volume requirements set standards for the proportion of refiners’ or importers’ total fuel volume that must contain renewable fuels (as designated by regulation). The total volume metrics for each year vary based upon a number of factors (e.g., the availability of such fuels), and it is difficult to predict the ultimate quantity that the EPA will eventually mandate for future years. These regulations are one of many factors that may affect the cost of the fuel we use.

Our operations also require the use of products (such as liners at our landfills) whose costs may vary with the price of petrochemicals. An increase in the price of petrochemicals could increase the cost of those products, which would increase our operating and capital costs. Petrochemical prices, and hence our operating and capital costs, may be further affected by regulatory efforts to reduce greenhouse gases from the industries that produce such petrochemicals. We are also susceptible to increases in fuel recovery fees from our vendors.

Fluctuations in prices for recycled commodities that we sell to customers may adversely affect our consolidated financial condition, results of operations and cash flows.

We purchase or collect and process recyclable materials such as paper, cardboard, plastics, aluminum and other metals for sale to third parties. Our results of operations may be affected by changing prices or market requirements for recyclable materials. The resale and purchase prices of, and market demand for, recyclable materials are volatile due to changes in economic conditions and numerous other factors beyond our control. For instance, in 2017 the Chinese government imposed strict limits on the import of recyclable materials, including by restricting the amount of contaminants allowed in imported recycled paper. These limitations significantly decreased the global demand for recyclable materials and resulted in lower commodity prices. Significant price fluctuations or increased operating costs may affect our consolidated financial condition, results of operations and cash flows. In 2019, approximately 79% of our recycling processing center volume was fiber based and included OCC, ONP and other mixed paper.

Historically, to manage our exposure to fluctuations in prices for recycled commodities, we have entered into multiple hedging arrangements whereby we receive or make payments to counter-parties should the price of recycled commodities vary from a specified amount or range. During 2017, we entered into multiple agreements related to forecasted OCC sales, all of which expired in 2018. We have not entered into any agreements related to forecasted OCC sales since 2017.

At current volumes and mix of materials, we believe a $10 per ton change in the price of recycled commodities would change annual revenue and operating income by approximately $13 million and $13 million, respectively, on an annual basis. Accordingly, a substantial rise or drop in recycled commodity prices could materially affect our revenue and operating income. Although we have entered into hedging agreements to help offset volatility in recycled commodity prices in the past, we cannot provide assurance that we will enter into these agreements in the future.

Adverse weather conditions, including those brought about by climate change, may limit our operations and increase the costs of collection and disposal.

Our collection and landfill operations could be adversely impacted by extended periods of inclement weather, or by increased severity of weather and climate extremes resulting from climate change, some of which we may already be experiencing. Recent studies suggest that global warming is occurring faster than previously projected, with the EPA projecting a 3° to 12° Fahrenheit temperature increase in the United States by the end of the century. In addition to sea level rise, this temperature increase is expected to result in more severe droughts, floods, and other extreme weather events. Any of these factors could increase the volume of waste collected under our existing contracts (without corresponding compensation), interfere with collection, transfer station and landfill operations, delay the development of landfill capacity or reduce the volume of waste generated by our customers. In addition, adverse weather conditions may result in the temporary suspension of our operations, which can significantly affect our operating results in the affected regions during those periods.

22 The solid waste industry is a capital-intensive industry and our capital expenditures may exceed current expectations, which could require us to obtain additional funding for our operations or impair our ability to grow our business.

Our ability to remain competitive and to grow our business largely depends on our cash flow from operations and access to capital. If our capital efficiency programs cannot offset the effect of inflation and business growth, it may be necessary to increase the amount we spend. Additionally, if we make acquisitions or further expand our operations, the amount we spend on capital, capping, closure, post-closure, environmental remediation and other items will increase. Our cash needs also will increase if the expenditures for capping, closure, post-closure and remediation activities increase above our current estimates, which may occur over a long period due to changes in federal, state or local government requirements and other factors beyond our control. Increases in expenditures would negatively impact our cash flows.

We may be unable to obtain or maintain required permits or to expand existing permitted capacity of our landfills, which could decrease our revenue and increase our costs.

We cannot assure you that we will be able to obtain or maintain the permits required for our operations because permits to operate new landfills and transfer stations, or to expand the permitted capacity of existing landfills or increase acceptable volume at transfer stations, have become more difficult and expensive to obtain and maintain. Permits often take years to obtain as a result of numerous hearings and compliance requirements with regard to zoning, environmental and other regulations. These permits are also often subject to resistance from citizen or other groups and other political pressures. Local communities and citizen groups, adjacent landowners, governmental agencies and others may oppose the issuance of a permit or approval we may need, allege violations of the permits under which we currently operate or laws or regulations to which we are subject, or seek to impose liability on us for environmental damage. Such actions could also create risks related to our reputation, which may limit our ability to do business. Responding to these challenges has at times increased our costs and extended the time associated with establishing new landfills and transfer stations and expanding existing landfills. In addition, failure to receive regulatory and zoning approval may prohibit us from establishing new landfills or transfer stations or expanding existing landfills. Our failure to obtain the required permits to operate our landfills and transfer stations could have a material adverse effect on our consolidated financial condition, results of operations and cash flows. In addition, we may have to dispose collected waste at landfills operated by our competitors or haul the waste long distances at a higher cost to one of our other landfills, either of which could significantly increase our waste disposal costs.

If we do not appropriately estimate landfill capping, closure, post-closure and remediation costs, our financial condition and results of operations may be adversely affected.

A landfill must be closed and capped, and post-closure maintenance commenced, once the landfill’s permitted capacity is reached and additional capacity is not authorized. Further, we undertake remediation activities at some of our solid waste facilities. We have significant financial obligations relating to capping, closure, post- closure and remediation costs at our existing owned or operated landfills, and will have material financial obligations with respect to any future owned or operated landfills. We establish accruals for the estimated costs associated with capping, closure, post-closure and remediation obligations. We could underestimate such costs, and our financial obligations for capping, closure, post-closure or remediation costs could exceed the amounts accrued or amounts otherwise receivable pursuant to trust funds established for this purpose. Additionally, if a landfill must be closed earlier than expected or its remaining airspace is reduced for any other reason, the accruals for capping, closure, post-closure and remediation could be required to be accelerated. If our capping, closure, post-closure or remediation costs exceed the amounts accrued, or if such accruals are required to be accelerated, this could have a material adverse effect on our consolidated financial condition, results of operations and cash flows.

23 Alternatives to landfill disposal could reduce our disposal volumes and cause our revenues and operating results to decline.

Most of the states in which we operate landfills require counties and municipalities to formulate comprehensive plans to reduce the volume of solid waste deposited in landfills through waste planning, composting, recycling or other programs. Some state and local governments mandate waste reduction at the source and prohibit the disposal of certain types of wastes, such as yard waste, at landfills. Further, many of our customers voluntarily are diverting waste to alternatives to landfill disposal, such as recycling and composting, while also working to reduce the amount of waste they generate. Many of the largest companies in the U.S. are setting zero-waste goals in which they strive to send no waste to landfills. Although such actions help to protect our environment and reduce the impact of waste on climate change, they have reduced, and will in the future reduce, the volume of waste going to landfills and may affect the prices that we can charge for landfill disposal. Accordingly, we cannot assure you that we will be able to operate our landfills at their current volumes or charge current prices for landfill disposal services due to possible decreases in demand for such services. If we cannot expand our service offerings and grow lines of business to service waste streams that do not go to landfills and to provide services for customers that wish to reduce waste entirely, this could have a negative effect on our consolidated financial condition, results of operations and cash flows. Further, even if we can develop such service offerings and lines of business, disposal alternatives nonetheless could have a negative effect on our consolidated financial condition, results of operations and cash flows.

The possibility of landfill and transfer station site development projects, or expansion projects not being completed or certain other events could result in material charges to income.

In accordance with U.S. GAAP, we capitalize certain expenditures relating to development, expansion and other projects. If a facility or operation is permanently shut down or determined to be impaired, or a development, expansion or other project is not completed or is determined to be impaired, we will charge against earnings any unamortized capitalized expenditures relating to such facility or project that we are unable to recover through sale, transfer or otherwise. We also carry a significant amount of goodwill on our consolidated balance sheets, which we must assess for impairment annually, and more frequently in the case of certain triggering events. We may incur charges against earnings in accordance with this policy, or other events may cause impairments. Such charges could have a material adverse effect on our results of operations.

The business and assets we operate expose us to safety, operational and other risks, including the risk of personal injury to our employees or third parties.

The provision of waste collection, transfer, disposal, recycling and environmental services, including the operation of landfills, CNG fueling stations, a substantial fleet of trucks and other waste-related assets, involves risks. These risks include, among others, the risk of truck accidents, equipment defects, malfunctions and failures, improper use of dangerous equipment, the release of hazardous substances, fire and explosion, any of which could result in environmental liability, personal injury, loss of life, business interruption or property damage or destruction. While we carry insurance to cover many contingencies, and seek to minimize our exposure to these risks through maintenance, training and compliance programs, any substantial losses could have a material adverse effect on our business, results of operations and financial condition.

We are subject to costly environmental regulations and flow-control regulations that may affect our operating margins, restrict our operations and subject us to additional liability.

Complying with laws and regulations governing the collection, treatment, storage, transfer and disposal of solid and hazardous wastes and materials, air quality and emissions of greenhouse gases, water quality and the remediation of contamination associated with the release of hazardous substances is costly. Laws and regulations often require us to enhance or replace our equipment and to modify landfill operations or initiate final closure of a landfill. We cannot assure you that we will be able to implement price increases sufficient to offset the costs of complying with these laws and regulations. In addition, environmental regulatory changes, including those

24 relating to per- and polyfluoroalkyl substances (commonly referred to as PFAS) and other chemicals of emerging concern, could accelerate or increase expenditures for capping, closure, post-closure and environmental and remediation activities at solid waste facilities and obligate us to spend sums in addition to those presently accrued for such purposes, which could have a negative effect on our consolidated financial position, results of operations and cash flows.

Our business is and will continue to be affected by state or local laws or regulations that restrict the transportation of solid waste across state, county or other jurisdictional lines or that direct the flow of waste to a specified facility or facilities. Such laws and regulations could negatively affect our operations, resulting in declines in landfill volumes and increased costs of alternate disposal.

Regulation of greenhouse gas emissions could impose costs on our operations, the magnitude of which we cannot yet estimate.

Efforts to curtail the emission of greenhouse gases and to ameliorate the effects of climate change continue to progress. Our landfill operations emit anthropogenic methane, identified as a greenhouse gas, and our vehicle fleet emits, among other things, carbon dioxide, which also is a greenhouse gas. Conventional wisdom still suggests that passage of comprehensive, federal climate change legislation is highly unlikely. Nonetheless, should comprehensive federal climate change legislation be enacted, we expect it to impose costs on our operations, the materiality of which we cannot predict.

Absent comprehensive federal legislation to control greenhouse gas emissions, the EPA is moving ahead administratively under its existing Clean Air Act authority. The EPA is compelled to issue rules by the U.S. Supreme Court’s April 2007 Massachusetts v. EPA ruling that greenhouse gases are pollutants for purposes of the Clean Air Act and the EPA’s December 2009 finding that continued emissions of greenhouse gases endanger human health and welfare. With respect to our light- and heavy-duty vehicle fleet, the EPA has since finalized regulations limiting greenhouse gas emissions and increasing fuel economy standards. The EPA and the NHTSA have finalized such regulations applicable to light-duty vehicles through model year 2025. In 2018, the EPA and the NHTSA proposed to revise the light-duty vehicle standards for model years 2021 through 2024 to make them less stringent; final action on the proposal is anticipated in 2020 but may be challenged in court. On August 16, 2016, the EPA and the NHTSA issued additional regulations that would impose more stringent standards for heavy-duty vehicles through model-year 2027. Federal efforts to curtail greenhouse gas emissions and to increase the fuel efficiency of light-duty and heavy-duty vehicles could have a material adverse effect on our consolidated financial condition, results of operations and cash flows.

With regard to greenhouse gas emissions from our landfills, on July 14, 2016, the EPA issued amendments to its regulations that require large landfills that commenced construction, reconstruction or modification on or after July 17, 2014 to capture additional landfill gas to reduce emissions of methane and certain non-methane gases, which are recognized as greenhouse gases. In a separate action finalized that same day, the EPA issued updates to its 1996 Emission Guidelines to reduce emissions of landfill gas from existing active landfills. Both actions are part of the Obama Administration’s Climate Action Plan – Strategy to Reduce Methane Emissions. The Trump Administration proposed to reconsider these rules, but its action has been subject to litigation, which is still pending. If these regulations, or an amended version of them eventually goes into effect, they may require our landfills to deploy more stringent emission controls and monitoring systems, with resulting capital or operating costs. The application of these or other greenhouse gas regulations to our landfills could have a material adverse effect on our landfill operations and on our consolidated financial condition, results of operations and cash flows.

We may have environmental liabilities that are not covered by our insurance. Changes in insurance markets also may impact our financial results.

We may incur environmental liabilities arising from our operations or properties. We maintain high deductibles for our environmental liability insurance coverage. If we were to incur substantial liability for environmental damage, our insurance coverage may be inadequate to cover such liability. This could have a material adverse effect on our consolidated financial condition, results of operations and cash flows.

25 Also, due to the variable condition of the insurance market, we have experienced, and may experience in the future, increased insurance retention levels and increased premiums or unavailability of insurance. As we assume more risk for insurance through higher retention levels, we may experience more variability in our insurance reserves and expense.

Despite our efforts, we may incur additional liability under environmental laws in excess of amounts presently known and accrued.

We are a potentially responsible party at many sites under CERCLA, which provides for the remediation of contaminated facilities and imposes strict, joint and several liability for the cost of remediation on current owners and operators of a facility at which there has been a release or a threatened release of a hazardous substance. CERCLA liability also extends to parties who were site owners and operators at the time hazardous substances were disposed, and on persons who arrange for the disposal of such substances at the facility (e.g., generators of the waste and transporters who selected the disposal site). Hundreds of substances are defined as hazardous under CERCLA and their presence, even in minute amounts, can result in substantial liability.

Notwithstanding our efforts to comply with applicable environmental laws, we may have additional liability under environmental laws in excess of our current reserves because, among other things, hazardous substances may be present in waste collected by us or disposed of in our landfills (or in waste collected, transported or disposed of in the past by businesses we have acquired), environmental laws may change, or there may be adverse environmental conditions that develop or were otherwise previously unknown to us. For example, during 2012 through 2014, we recorded an aggregate of approximately $400 million in charges relating to environmental remediation at our closed landfill in Bridgeton, Missouri. Actual costs for liabilities at Bridgeton or other sites could be significantly greater than amounts we have accrued for these purposes. Environmental liabilities in excess of our current reserves could have a material adverse effect on our consolidated financial position, results of operations and cash flows.

We have substantial indebtedness, which may limit our financial flexibility.

As of December 31, 2019, we had approximately $8.8 billion in principal value of debt and finance leases outstanding. This amount of indebtedness and our debt service requirements may limit our financial flexibility to access additional capital and make capital expenditures and other investments in our business, to withstand economic downturns and interest rate increases, to plan for or react to changes in our business and our industry, and to comply with the financial and other covenants of our debt instruments. Further, our ability to comply with these financial and other covenants may be affected by changes in economic or business conditions or other events that are beyond our control. If we do not comply with these covenants, we may be required to take actions such as reducing or delaying capital expenditures, reducing or eliminating dividends or stock repurchases, selling assets, restructuring or refinancing all or part of our existing debt, or seeking additional equity capital.

We may be unable to maintain our credit ratings or execute our financial strategy.

Our ability to execute our financial strategy depends in part on our ability to maintain investment grade ratings on our debt. The credit rating process is contingent upon a number of factors, many of which are beyond our control. We cannot assure you that we will be able to maintain our investment grade ratings in the future. If we were unable to do so, our interest expense would increase and our ability to obtain financing on favorable terms may be adversely affected.

Our financial strategy also depends on our ability to generate sufficient cash flow to reinvest in our existing business, fund internal growth, acquire other solid waste businesses, pay dividends, repurchase stock, and take other actions to enhance shareholder value. We cannot assure you that we will succeed in executing our broad- based pricing initiatives, that we will generate sufficient cash flow to execute our financial strategy, that we will be able to pay cash dividends at our present rate, or increase them, or that we will be able to continue our share repurchase program.

26 Currently pending or future litigation or governmental proceedings could result in material adverse consequences, including judgments or settlements.

We are and will continue to be involved in lawsuits, regulatory inquiries, and governmental and other legal proceedings. Many of these matters raise complicated factual and legal issues and are subject to uncertainties. The timing of the final resolutions to lawsuits, regulatory inquiries, and governmental and other legal proceedings is uncertain. Further, the possible outcomes or resolutions to these matters could include adverse judgments or settlements, either of which could require substantial payments and adversely affect our consolidated financial condition, results of operations and cash flows.

For example, we incur costs to defend against litigation brought by government agencies and private parties who allege we are in violation of our permits and applicable environmental laws and regulations, or who assert claims alleging nuisance, environmental damage, personal injury or property damage. As a result, we may be required to pay fines or judgments or implement corrective measures, or we may have our permits and licenses modified or revoked. A significant judgment against us, the loss of a significant permit or license, or the imposition of a significant fine could have a material adverse effect on our consolidated financial condition, results of operations and cash flows. We establish accruals for our estimates of the costs associated with lawsuits, regulatory, governmental and other legal proceedings. We could underestimate such accruals. Such shortfalls could result in significant unanticipated charges to income.

We may be unable to manage our growth effectively.

Our growth strategy places significant demands on our financial, operational and management resources. To continue our growth, we may need to add administrative, managerial and other personnel, and may need to make additional investments in operations and systems. We cannot assure you that we will be able to find and train qualified personnel, or do so on a timely basis, or to expand or otherwise modify our operations and systems to the extent, and in the time, required.

We may be unable to execute our acquisition growth strategy.

Our ability to execute our growth strategy depends in part on our ability to identify and acquire desirable acquisition candidates and on our ability to successfully integrate acquired operations into our business. The integration of our operations with those of acquired companies may present significant challenges to our management. In addition, competition for acquisition candidates may prevent us from acquiring certain acquisition candidates. Thus, we cannot assure you that:

• desirable acquisition candidates exist or will be identified; • we will be able to acquire any of the candidates identified; • we will effectively integrate and manage companies we acquire; or • any acquisitions will be profitable or accretive to our earnings.

If any of these factors force us to alter our growth strategy, our growth prospects could be adversely affected.

Businesses we acquire may have undisclosed liabilities.

Our due diligence investigations of acquisition candidates may fail to discover certain undisclosed liabilities. If we acquire a company with undisclosed liabilities such as environmental, remediation or contractual liabilities, as a successor owner we may be responsible for such undisclosed liabilities. We try to minimize our exposure to such liabilities by conducting due diligence, by obtaining indemnification from each seller of the acquired companies, by deferring payment of a portion of the purchase price as security for the indemnification, by obtaining representations and warranties insurance and by acquiring only specified assets. However, we cannot assure you that we will be able to obtain indemnification or insurance coverage or that any indemnification or insurance coverage obtained will be enforceable, collectible or sufficient in amount, scope or duration to fully offset any undisclosed liabilities arising from our acquisitions.

27 Our consolidated financial statements are based on estimates and assumptions that may differ from actual results.

Our consolidated financial statements have been prepared in accordance with U.S. GAAP and necessarily include amounts based on management’s estimates. Actual results may differ from these amounts. Significant items requiring management to make subjective or complex judgments that are inherently uncertain include the recoverability of long-lived assets, the depletion and amortization of landfill development costs, accruals for final capping, closure and post-closure costs, valuation allowances for accounts receivable and deferred tax assets, liabilities for potential litigation, claims and assessments, and liabilities for environmental remediation, multiemployer pension plans, employee benefit plans, deferred taxes, uncertain tax positions, insurance and our estimates of the fair values of assets acquired and liabilities assumed in any acquisition. We cannot assure you that the liabilities recorded for items such as these will be adequate to cover the costs we ultimately will face.

The introduction of new accounting rules, laws or regulations could adversely impact our reported results of operations.

Complying with new accounting rules, laws or regulations could adversely impact our results of operations or cause unanticipated fluctuations in our results of operations or financial conditions in future periods.

We may be subject to workforce influences, including work stoppages, which could increase our operating costs and disrupt our operations.

As of December 31, 2019, approximately 24% of our workforce was covered by collective bargaining agreements. If our unionized workers were to engage in strikes, work stoppages or other slowdowns, we could experience a significant disruption of our operations and an increase in our operating costs, which could have an adverse effect on our consolidated financial condition, results of operations and cash flows. Additional groups of employees may seek union representation in the future and, if successful, the negotiation of collective bargaining agreements could divert management’s attention and result in increased operating costs. If a greater percentage of our workforce becomes unionized, our consolidated financial condition, results of operations and cash flows could be adversely impacted due to the potential for increased operating costs.

Our obligation to fund multiemployer pension plans to which we contribute, or our withdrawal from such plans, may have an adverse effect on us.

We participate in multiemployer pension plans that generally provide retirement benefits to participants of contributing employers. We do not administer these plans and generally are not represented on the boards of trustees of these plans. The Pension Protection Act enacted in 2006 (the PPA) requires under-funded pension plans to improve their funding ratios. Based on the information available to us, we believe that some of the multiemployer plans to which we contribute are either critical or endangered as those terms are defined in the PPA. We cannot presently determine the amount of additional funding, if any, we may be required to make to these plans. However, plan assessments could have a material adverse effect on our results of operations or cash flows for a given period.

Further, under current law, upon the termination of a multiemployer pension plan, or in the event of a withdrawal by us (which we consider from time to time) or a mass withdrawal of contributing employers (each, a Withdrawal Event), we would be required to make payments to the plan for our proportionate share of the plan’s unfunded vested liabilities. We cannot assure you that there will not be a Withdrawal Event with respect to any of the multiemployer pension plans to which we contribute or that, in the event of such a Withdrawal Event, the amounts we would be required to contribute would not have a material adverse effect on our consolidated financial condition, results of operations and cash flows.

For additional discussion and detail regarding multiemployer pension plans see Note 12, Employee Benefit Plans, of the notes to our consolidated financial statements in Item 8 of this Form 10-K.

28 The costs of providing for pension benefits and related funding requirements are subject to changes in pension fund values and fluctuating actuarial assumptions, and may have a material adverse effect on our financial condition, results of operations and cash flows.

We sponsor a defined benefit pension plan that is funded with trustee assets invested in a diversified portfolio of debt and equity securities. Our costs for providing such benefits and related funding requirements are subject to changes in the market value of plan assets. Our pension expenses and related funding requirements are also subject to various actuarial calculations and assumptions, which may differ materially from actual results due to changing market and economic conditions, interest rates and other factors. A significant increase in our pension obligations and funding requirements could have a material adverse effect on our consolidated financial condition, results of operations and cash flows.

The loss of key personnel could have a material adverse effect on our consolidated financial condition, results of operations, cash flows and growth prospects.

Our future success depends on the continued contributions of several key employees and officers. The loss of the services of key employees and officers, whether through resignation or other causes, or the inability to attract additional qualified personnel, could have a material adverse effect on our consolidated financial condition, results of operations, cash flows and growth prospects.

Our strategy includes an increasing dependence on technology in our operations. If any of our key technology fails, our business could be adversely affected.

Our operations are increasingly dependent on technology. Our information technology systems are critical to our ability to drive profitable growth through differentiation, continue the implementation of standardized processes and deliver a consistent customer experience. One of the five pillars of our strategy is to grow through enabling our customers to do business with us through more channels and with better access to information and, accordingly, we have made substantial investment in our e-commerce platform. Problems with the operation of the information or communication technology systems we use could adversely affect, or temporarily disable, all or a portion of our operations. Inabilities and delays in implementing new systems can also affect our ability to realize projected or expected revenue or cost savings. Further, any systems failures could impede our ability to timely collect and report financial results in accordance with applicable laws. In addition, emerging technologies that are used to recycle and process waste, as an alternative to disposal of waste in landfills, represent risks, as well as opportunities, to our current business model.

A cyber security incident could negatively impact our business and our relationships with customers.

We use information technology, including computer and information networks, in substantially all aspects of our business operations. We also use mobile devices, social networking and other online activities to connect with our employees and our customers. Such uses give rise to cyber security risks, including security breach, espionage, system disruption, theft and inadvertent release of information. Our business involves the storage and transmission of numerous classes of sensitive and/or confidential information and intellectual property, including customers’ personal information, private information about employees, and financial and strategic information about us and our business partners. We also rely on a Payment Card Industry compliant third party to protect our customers’ credit card information. In connection with our strategy to grow through acquisitions and to pursue new initiatives that improve our operations and cost structure, we are also expanding and improving our information technologies, resulting in a larger technological presence and corresponding exposure to cyber security risk. If we fail to assess and identify cyber security risks associated with acquisitions and new initiatives, we may become increasingly vulnerable to such risks. Additionally, while we have implemented measures to prevent security breaches and cyber incidents, our preventive measures and incident response efforts may not be entirely effective. The theft, destruction, loss, misappropriation, or release of sensitive and/or confidential information or intellectual property, or interference with our information technology systems or the technology

29 systems of third parties on which we rely, could result in business disruption, negative publicity, brand damage, violation of privacy laws, loss of customers, potential liability and competitive disadvantage.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 2. PROPERTIES

Our corporate office is located at 18500 North Allied Way, Phoenix, Arizona 85054, where we currently lease approximately 145,000 square feet of office space.

Our principal property and equipment consists of land, landfills, buildings, vehicles and equipment. We own or lease real property in the states in which we conduct operations. As of December 31, 2019, we operated facilities in 41 states and Puerto Rico through 340 collection operations, 212 transfer stations, 189 active landfills, 79 recycling processing centers, 7 treatment, recovery and disposal facilities, 15 salt water disposal wells and 4 deep injection wells. In the aggregate, our active solid waste landfills total approximately 109,141 acres, including 38,494 permitted acres. We are engaged in 75 landfill gas-to-energy and renewable energy projects and had post- closure responsibility for 130 closed landfills. We believe that our property and equipment are adequate for our current needs.

ITEM 3. LEGAL PROCEEDINGS

General Legal Proceedings

We are subject to extensive and evolving laws and regulations and have implemented safeguards to respond to regulatory requirements. In the normal course of our business, we become involved in legal proceedings. Some may result in fines, penalties or judgments against us, or settlements, which may impact earnings and cash flows for a particular period. Although we cannot predict the ultimate outcome of any legal matter with certainty, we do not believe the outcome of any of our pending legal proceedings will have a material adverse effect on our consolidated financial position, results of operations or cash flows.

As used herein, the term legal proceedings refers to litigation and similar claims against us and our subsidiaries, excluding: (1) ordinary course accidents, general commercial liability and workers’ compensation claims, which are covered by insurance programs, subject to customary deductibles, and which, together with self-insured employee health care costs, are discussed in Note 7, Other Liabilities, to our consolidated financial statements in Item 8 of this Form 10-K; and (2) environmental remediation liabilities, which are discussed in Note 8, Landfill and Environmental Costs, to our consolidated financial statements in Item 8 of this Form 10-K.

We accrue for legal proceedings when losses become probable and reasonably estimable. We have recorded an aggregate accrual of approximately $21 million relating to our outstanding legal proceedings as of December 31, 2019. As of the end of each applicable reporting period, we review each of our legal proceedings and, where it is probable that a liability has been incurred, we accrue for all probable and reasonably estimable losses. Where we are able to reasonably estimate a range of losses we may incur with respect to such a matter, we record an accrual for the amount within the range that constitutes our best estimate. If we are able to reasonably estimate a range but no amount within the range appears to be a better estimate than any other, we use the amount that is the low end of such range. If we had used the high ends of such ranges, our aggregate potential liability would be approximately $15 million higher than the amount recorded as of December 31, 2019.

Legal Proceedings over Certain Environmental Matters Involving Governmental Authorities with Possible Sanctions of $100,000 or More

Item 103 of the SEC’s Regulation S-K requires disclosure of certain environmental matters when a governmental authority is a party to the proceedings and the proceedings involve potential monetary sanctions unless we

30 reasonably believe the monetary sanctions will not equal or exceed $100,000. We are disclosing the following matters in accordance with that requirement:

Pine Avenue Landfill Matter

On December 20, 2016, the EPA issued a Finding of Violation (FOV) to Allied Waste Niagara Falls Landfill, LLC (Allied-Niagara). The FOV alleges violations of the Clean Air Act and associated regulations relating to operation of Allied-Niagara’s Pine Avenue Landfill in Niagara County, New York. On October 16, 2017, Allied- Niagara received a civil penalty demand from the EPA. The demand proposes a penalty of $0.6 million or $2.5 million, depending on the results of requested sampling analysis at the site. Allied-Niagara is negotiating a resolution to the FOV, including the amount of the penalty.

West Contra Costa Sanitary Landfill Matters

The West Contra Costa Sanitary Landfill is a closed landfill formerly operated by West Contra Costa Sanitary Landfill, Inc. (WCCSL). The top deck area of the closed landfill is being utilized for a composting operation. In 2017 and 2018, the California State Water Resources Control Board (Water Board) issued three Notices of Violation alleging that operations at the closed landfill violated stormwater and waste discharge requirements permits. In September 2018, we received a proposed penalty assessment from the Water Board in the amount of $513,400. In November 2019, we received a revised penalty assessment from the Water Board in the amount of $520,500. WCCSL is in discussions concerning resolution of the alleged violations, including the amount of the penalty.

Blue Ridge Landfill Matter

On January 9, 2020, the Texas Commission on Environmental Quality (TCEQ) sent a Proposed Agreed Order (PAO) to Blue Ridge Landfill TX, LP (BRLF). The PAO alleges that BRLF violated certain federal and state air regulations and permit requirements and failed to prevent nuisance odor conditions at our Blue Ridge Landfill in Fresno, Texas. TCEQ has proposed an administrative penalty in the amount of $183,055. BRLF will discuss the proposed ordering provisions, including the amount of the penalty, with TCEQ.

ITEM 4. MINE SAFETY DISCLOSURES

None.

PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Market Information, Holders and Dividends

The principal market for our common stock is the New York Stock Exchange, and it is traded under the symbol RSG.

There were 569 holders of record of our common stock at February 7, 2020, which does not include beneficial owners for whom Cede & Co. or others act as nominees.

In February 2020, our Board of Directors declared a regular quarterly dividend of $0.405 per share for shareholders of record on April 1, 2020. We expect to continue to pay quarterly cash dividends, and we may consider increasing our dividends if we believe it will enhance shareholder value.

We have the ability under our credit facilities to pay dividends and repurchase our common stock if we are in compliance with the financial covenants in our credit facilities. As of December 31, 2019, we were in compliance with those financial covenants.

31 Issuer Purchases of Equity Securities

The following table provides information relating to our purchases of shares of our common stock during the three months ended December 31, 2019:

Total Number of Shares Total Number of Purchased as Dollar Value of Shares that Shares Average Price Paid Part of Publicly May Yet Be Purchased Purchased (a) per Share (a) Announced Program (b) Under the Program (c) October 1 – 31 227,908 $ 85.49 227,908 $ 730,818,572 November 1 – 30 196,225 $ 85.86 196,225 $ 713,970,992 December 1 – 31 106,097 $ 88.48 106,097 $ 704,583,889 530,230 530,230

(a) In October 2017, our Board of Directors added $2.0 billion to the existing share repurchase authorization that now extends through December 31, 2020. Share repurchases under the program may be made through open market purchases or privately negotiated transactions in accordance with applicable federal securities laws. While the Board of Directors has approved the program, the timing of any purchases, the prices and the number of shares of common stock to be purchased will be determined by our management, at its discretion, and will depend upon market conditions and other factors. The share repurchase program may be extended, suspended or discontinued at any time. As of December 31, 2019, there were no repurchased shares pending settlement. (b) The total number of shares purchased as part of the publicly announced program were all purchased pursuant to the October 2017 authorization. (c) Shares that may be purchased under the program exclude shares of common stock that may be surrendered to satisfy statutory minimum tax withholding obligations in connection with the vesting of restricted stock units and performance stock units issued to employees.

Recent Sales of Unregistered Securities

There were no sales of unregistered securities during the three months ended December 31, 2019.

32 Performance Graph

The following graph compares the performance of our common stock to the Standard & Poor’s 500 Stock Index (S&P 500 Index) and the Dow Jones Waste & Disposal Services Index (DJ W&DS Index). The graph covers the period from December 31, 2014 to December 31, 2019 and assumes that the value of the investment in our common stock and in each index was $100 as of December 31, 2014 and that all dividends were reinvested.

The following performance graph and related information shall not be deemed “soliciting material” or to be “filed” with the SEC, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, each as amended, except to the extent that we specifically incorporate it by reference into such filing.

Comparison of 5 Year Cumulative Total Return Assumes Initial Investment of $100 December 2019

$280.00 $260.00 $240.00 $220.00 $200.00 $180.00 $160.00 $140.00 $120.00 $100.00 $80.00 $60.00 $40.00 $20.00 $0.00

Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19

Republic Services, Inc. S&P 500 Index DJ W&DS Index

Indexed Returns for the Years Ended December 31, 2014 2015 2016 2017 2018 2019 Republic Services, Inc. $ 100.00 $ 113.22 $ 150.41 $ 181.96 $ 198.05 $ 250.74 S&P 500 Index $ 100.00 $ 101.38 $ 113.51 $ 138.29 $ 132.23 $ 173.86 DJ W&DS Index $ 100.00 $ 104.19 $ 126.22 $ 147.78 $ 147.95 $ 199.87

33 ITEM 6. SELECTED FINANCIAL DATA

You should read the following Selected Financial Data in conjunction with Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operation and Item 8, Financial Statements and Supplementary Data, which includes our consolidated financial statements and notes thereto as of and for the years ended December 31, 2019 and 2018, in this Form 10-K.

These historical results are not necessarily indicative of the results to be expected in the future. Amounts are in millions, except per share data.

Years Ended December 31, 2019 2018 2017 2016 2015 Statements of Income Data: Revenue $ 10,299.4 $ 10,040.9 $ 10,041.5 $ 9,387.7 $ 9,115.0 Expenses: Cost of operations 6,298.4 6,150.0 6,214.6 5,764.0 5,518.6 Depreciation, amortization and depletion 1,040.5 1,033.4 1,036.3 991.1 970.6 Accretion 81.9 80.7 79.8 79.1 79.4 Selling, general and administrative 1,091.9 1,059.5 1,057.4 969.8 983.1 Withdrawal costs – multiemployer pension funds - - 1.2 5.6 4.5 Gain on business divestitures and impairments, net (14.7) (44.9) (33.9) (0.1) - Restructuring charges 14.2 26.4 17.6 40.7 - Operating income 1,787.2 1,735.8 1,668.5 1,537.5 1,558.8 Interest expense (392.0) (383.8) (361.9) (371.3) (364.9) Loss from unconsolidated equity method investments (112.2) (35.8) (27.4) (6.1) - Loss on extinguishment of debt - (0.3) (0.8) (196.2) - Interest income 6.4 1.6 1.0 0.9 0.8 Other income, net 6.4 3.4 2.7 1.1 1.2 Income before income taxes 1,295.8 1,320.9 1,282.1 965.9 1,195.9 Provision for income taxes 222.0 283.3 3.1 352.7 445.5 Net income 1,073.8 1,037.6 1,279.0 613.2 750.4 Net income attributable to non-controlling interests in consolidated subsidiary (0.5) (0.7) (0.6) (0.6) (0.5) Net income attributable to Republic Services, Inc. $ 1,073.3 $ 1,036.9 $ 1,278.4 $ 612.6 $ 749.9 Basic earnings per share attributable to Republic Services, Inc. stockholders: Basic earnings per share $ 3.34 $ 3.17 $ 3.79 $ 1.79 $ 2.14 Weighted average common shares outstanding 321.1 326.9 337.1 343.0 350.0 Diluted earnings per share attributable to Republic Services, Inc. stockholders: Diluted earnings per share $ 3.33 $ 3.16 $ 3.77 $ 1.78 $ 2.13 Weighted average common and common equivalent shares outstanding 322.0 328.4 339.0 344.4 351.4 Cash dividends per common share $ 1.56 $ 1.44 $ 1.33 $ 1.24 $ 1.16 Statements of Cash Flows Data: Cash provided by operating activities $ 2,352.1 $ 2,242.8 $ 1,910.7 $ 1,847.8 $ 1,679.7 Purchases of property and equipment $ 1,207.1 $ 1,071.8 $ 989.8 $ 927.8 $ 945.6 Proceeds from the sale of property and equipment $ 21.7 $ 31.6 $ 6.1 $ 9.8 $ 21.2 Balance Sheet Data: Cash and cash equivalents $ 47.1 $ 70.5 $ 83.3 $ 67.8 $ 32.4 Restricted cash and marketable securities $ 179.4 $ 108.1 $ 141.1 $ 90.5 $ 100.3 Total assets $ 22,683.8 $ 21,617.0 $ 21,147.0 $ 20,629.6 $ 20,535.9 Total debt $ 8,688.5 $ 8,337.5 $ 8,187.4 $ 7,658.9 $ 7,532.9 Total stockholders’ equity $ 8,120.9 $ 7,929.5 $ 7,961.1 $ 7,693.7 $ 7,776.6

34 ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

You should read the following discussion in conjunction with our audited consolidated financial statements and the notes thereto included in Item 8 of this Form 10-K. This discussion may contain forward-looking statements that anticipate results that are subject to uncertainty. We discuss in more detail various factors that could cause actual results to differ from expectations in Item 1A, Risk Factors in this Form 10-K.

In March 2019, the SEC amended its rules to modernize and simplify certain reporting requirements for public companies. As part of this change, registrants may exclude discussion of the earliest of the three years in Management’s Discussion and Analysis (MD&A). For further discussion regarding our results of operations for the year ended December 31, 2018 as compared to the year ended December 31, 2017, refer to Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018.

Overview

Republic is the second largest provider of non-hazardous solid waste collection, transfer, disposal, recycling, and environmental services in the United States, as measured by revenue. As of December 31, 2019, we operated facilities in 41 states and Puerto Rico through 340 collection operations, 212 transfer stations, 189 active landfills, 79 recycling processing centers, 7 treatment, recovery and disposal facilities, 15 salt water disposal wells, and 4 deep injection wells. We are engaged in 75 landfill gas-to-energy and renewable energy projects and had post-closure responsibility for 130 closed landfills.

Revenue for the year ended December 31, 2019 increased by 2.6% to $10,299.4 million compared to $10,040.9 million for the same period in 2018. This change in revenue is due to increases in total price, including fuel recovery fees, of 2.8% and acquisitions, net of divestitures of 0.8%, partially offset by the impact of decreased volumes of (0.4)%, environmental services of (0.3)%, and recycling processing and commodity sales of (0.3)%.

The following table summarizes our revenue, costs and expenses for the years ended December 31, 2019 and 2018 (in millions of dollars and as a percentage of revenue):

2019 2018 Revenue $ 10,299.4 100.0% $ 10,040.9 100.0% Expenses: Cost of operations 6,298.4 61.2 6,150.0 61.2 Depreciation, amortization and depletion of property and equipment 985.8 9.6 969.1 9.6 Amortization of other intangible assets 20.4 0.2 56.4 0.6 Amortization of other assets 34.3 0.3 7.9 0.1 Accretion 81.9 0.8 80.7 0.8 Selling, general and administrative 1,091.9 10.6 1,059.5 10.5 Gain on business divestitures and impairments, net (14.7) (0.1) (44.9) (0.4) Restructuring charges 14.2 0.1 26.4 0.3 Operating income $ 1,787.2 17.3% $ 1,735.8 17.3%

Our pre-tax income was $1,295.8 million for the year ended December 31, 2019, compared to $1,320.9 million in 2018. Our net income attributable to Republic Services, Inc. was $1,073.3 million, or $3.33 per diluted share for 2019, compared to $1,036.9 million, or $3.16 per diluted share, for 2018.

During 2019 and 2018, we recorded a number of charges, other expenses and benefits that impacted our pre-tax income, net income attributable to Republic Services, Inc. (net income – Republic) and diluted earnings per share

35 as noted in the following table (in millions, except per share data). Additionally, see our Cost of Operations, Selling, General and Administrative Expenses and Income Taxes discussions contained in the Results of Operations section of this Management’s Discussion and Analysis of Financial Condition and Results of Operations for a discussion of other items that impacted our earnings during the years ended December 31, 2019 and 2018.

Year Ended Year Ended December 31, 2019 December 31, 2018 Diluted Diluted Net Earnings Net Earnings Pre-tax Income - per Pre-tax Income - per Income Republic Share Income Republic Share As reported $ 1,295.8 $ 1,073.3 $ 3.33 $ 1,320.9 $ 1,036.9 $ 3.16 Restructuring charges 14.2 10.4 0.03 26.4 19.4 0.07 Loss on extinguishment of debt (2) - - - 0.3 0.2 - Gain on disposition of assets and asset impairments, net (14.7) (8.7) (0.03) (44.9) (24.7) (0.08) Acquisition integration and deal costs 6.6 4.9 0.02 - - - Fire-damage related costs 7.7 5.7 0.02 - - - Incremental contract startup costs - large municipal contract (1) 0.7 0.5 - 5.7 4.2 0.01 Adoption of the Tax Act (2) ----0.3- Bridgeton insurance recovery, net (14.4) (11.0) (0.03) (28.0) (21.4) (0.07) Total adjustments 0.1 1.8 0.01 (40.5) (22.0) (0.07) As adjusted $ 1,295.9 $ 1,075.1 $ 3.34 $ 1,280.4 $ 1,014.9 $ 3.09

(1) The aggregate impact to adjusted diluted earnings per share totals to less than $0.01 for the year ended December 31, 2019. (2) The aggregate impact to adjusted diluted earnings per share totals to less than $0.01 for the year ended December 31, 2018.

We believe that presenting adjusted pre-tax income, adjusted net income – Republic, and adjusted diluted earnings per share, which are not measures determined in accordance with U.S. GAAP, provides an understanding of operational activities before the financial impact of certain items. We use these measures, and believe investors will find them helpful, in understanding the ongoing performance of our operations separate from items that have a disproportionate impact on our results for a particular period. We have incurred comparable charges and costs in prior periods, and similar types of adjustments can reasonably be expected to be recorded in future periods. Our definitions of adjusted pre-tax income, adjusted net income – Republic, and adjusted diluted earnings per share may not be comparable to similarly titled measures presented by other companies. Further information on each of these adjustments is included below.

Restructuring charges. In January 2018, we eliminated certain positions following the consolidation of select back-office functions, including but not limited to the integration of our National Accounts support functions into our existing corporate support functions. These changes include a reduction in administrative staffing and the closure of certain office locations. During 2019, we incurred restructuring charges of $14.2 million that primarily related to the redesign of our back-office software systems. During 2018, we incurred restructuring charges of $26.4 million, that primarily consisted of severance and other employee termination benefits and the closure of offices with non-cancelable terms. We paid $10.6 million and $24.7 million during 2019 and 2018, respectively, related to these restructuring efforts.

In 2020, we expect to incur additional restructuring charges of approximately $15 million primarily related to the redesign of our back-office software systems. Substantially all of these restructuring charges will be recorded in our corporate segment.

36 Loss on extinguishment of debt. During 2019, we did not incur any non-cash losses on the early extinguishment of debt. During 2018, we incurred a $0.3 million loss on the extinguishment of certain financing arrangements.

Gain on disposition of assets and asset impairments, net. During 2019 and 2018, we recorded a net gain on disposition of assets and asset impairments related to business divestitures of $14.7 million and $44.9 million, respectively.

Acquisition integration and deal costs. Although our business regularly incurs costs related to acquisitions, we specifically identify in the table above integration and deal costs of $6.6 million incurred during 2019. We do this because of the magnitude of the costs associated with particular acquisition activity during 2019.

Fire-damage related costs. During the three months ended December 31, 2019, certain of our owned and operated facilities in our Group 1 segment were impacted by separate fire-related events. Although our business may incur fire-related damage to our leased or owned property, plant and equipment from time to time, we specifically identify in the table above fire-damage related costs of $7.7 million incurred during 2019. We do this because of the magnitude of the costs incurred associated with these fires during 2019.

Incremental contract start-up costs – large municipal contract. Although our business regularly incurs startup costs under municipal contracts, we specifically identify in the table above the startup costs with respect to an individual municipal contract (and do not adjust for other startup costs under other contracts in 2019 or 2018). We do this because of the magnitude of the costs involved with this particular municipal contract and the unusual nature for the time period in which they were incurred. During 2019 and 2018, we incurred costs of $0.7 million and $5.7 million, respectively, related to the implementation of this large municipal contract. These costs did not meet the capitalization criteria prescribed by the new revenue recognition standard.

Adoption of the Tax Act. The Tax Act was enacted on December 22, 2017. Among other things, the Tax Act reduced the U.S. federal corporate tax rate from 35% to 21%. During 2018, we adjusted the provisional amounts recorded as of December 31, 2017 for the one-time transition tax, deferred taxes and uncertain tax positions. These adjustments increased our tax provision by $0.3 million.

Bridgeton insurance recovery, net. During 2019 and 2018, we collected insurance recoveries of $24.0 million and $40.0 million, respectively, related to our closed Bridgeton Landfill in Missouri, which we recognized as a reduction of remediation expenses in our cost of operations. In addition, we incurred $9.6 million and $12.0 million, respectively, of incremental costs attributable to the Bridgeton insurance recoveries.

Recent Developments

2020 Financial Guidance

In 2020, we will continue to focus on managing the controllable aspects of our business by enhancing the quality of our revenue, investing in profitable growth opportunities and reducing costs. Our team remains focused on executing our strategy to deliver consistent earnings and free cash flow growth, and improve return on invested capital. We are committed to an efficient capital structure, maintaining our investment grade credit ratings and increasing cash returned to our shareholders.

37 Our guidance is based on current economic conditions and does not assume any significant changes in the overall economy in 2020. Specific guidance follows:

Revenue

We expect 2020 revenue to increase by approximately 4.25 to 5.00% comprised of the following:

Increase (Decrease) Average yield 3.0% Volume 0.75 to 1.0 Environmental services (0.25) to 0.0 Fuel recovery fees - Recycling processing and commodity sales (0.25) to 0.0 Acquisitions / divestitures, net 1.0 Total change 4.25 to 5.00%

Changes in price are restricted on approximately 50% of our annual service revenue. The majority of these restricted pricing arrangements are tied to fluctuations in a specific index (primarily a consumer price index) as defined in the contract. The consumer price index varies from a single historical stated period of time or an average of trailing historical rates over a stated period of time. In addition, the initial effect of pricing resets typically lags 6 to 12 months from the end of the index measurement period to the date the revised pricing goes into effect. As a result, current changes in a specific index may not manifest themselves in our reported pricing for several quarters into the future.

Adjusted Diluted Earnings per Share

The following is a summary of anticipated adjusted diluted earnings per share for the year ending December 31, 2020 compared to the actual adjusted diluted earnings per share for the year ended December 31, 2019. Adjusted diluted earnings per share is not a measure determined in accordance with U.S. GAAP:

(Anticipated) (Actual) Year Ending Year Ended December 31, 2020 December 31, 2019 Diluted earnings per share $ 3.44 to 3.49 $ 3.33 Withdrawal costs – multiemployer pension funds 0.01 - Restructuring charges 0.03 0.03 Gain on business divestitures and impairments, net - (0.03) Acquisition integration and deal costs - 0.02 Fire-damage related costs - 0.02 Incremental contract startup costs (1) -- Bridgeton insurance recovery, net - (0.03) Adjusted diluted earnings per share $ 3.48 to 3.53 $ 3.34

(1) The aggregate impact to adjusted diluted earnings per share totals to less than $0.01 for the year ended December 31, 2019.

The 2020 anticipated adjusted diluted earnings per share assumes an effective tax rate of approximately 21% and an approximately $110 million charge related to solar energy investments that qualify for tax credits. The charge will be recorded as a loss from unconsolidated equity method investments.

38 We believe that the presentation of adjusted diluted earnings per share, which excludes restructuring charges, (gain) loss on business divestitures and impairments, net, acquisition integration and deal costs, fire damage related costs, incremental contract startup costs, and certain insurance recoveries provides an understanding of operational activities before the financial effect of certain items. We use this measure, and believe investors will find it helpful, in understanding the ongoing performance of our operations separate from items that have a disproportionate effect on our results for a particular period. We have incurred comparable charges and costs in prior periods, and similar types of adjustments can reasonably be expected to be recorded in future periods. Our definition of adjusted diluted earnings per share may not be comparable to similarly titled measures presented by other companies.

Results of Operations

Revenue

We generate revenue primarily from our solid waste collection operations. Our remaining revenue is from other services, including transfer station, landfill disposal, recycling, and environmental services. Our residential, small-container and large-container collection operations in some markets are based on long-term contracts with municipalities. Certain of our municipal contracts have annual price escalation clauses that are tied to changes in an underlying base index such as a consumer price index. We generally provide small-container and large- container collection services to customers under contracts with terms up to three years. Our transfer stations and landfills generate revenue from disposal or tipping fees charged to third parties. Our recycling processing facilities generate revenue from tipping fees charged to third parties and the sale of recycled commodities. Our revenue from environmental services consists mainly of fees we charge for disposal of non-hazardous solid and liquid waste and in-plant services, such as transportation and logistics. Environmental services waste is generated from the by-product of oil and natural gas exploration and production activity. Additionally, it is generated by the daily operations of industrial, petrochemical and refining facilities, including maintenance, plant turnarounds and capital projects. Other revenue consists primarily of revenue from National Accounts, which represents the portion of revenue generated from nationwide or regional contracts in markets outside our operating areas where the associated waste handling services are subcontracted to local operators. Consequently, substantially all of this revenue is offset with related subcontract costs, which are recorded in cost of operations.

39 The following table reflects our revenue by service line for the years ended December 31, 2019 and 2018 (in millions of dollars and as a percentage of revenue):

2019 2018 Collection: Residential $ 2,271.9 22.1% $ 2,236.5 22.3% Small-container 3,170.0 30.8 3,059.1 30.5 Large-container 2,249.6 21.8 2,184.7 21.8 Other 46.1 0.4 43.8 0.4 Total collection 7,737.6 75.1 7,524.1 75.0 Transfer 1,318.6 1,244.9 Less: intercompany (748.0) (713.8) Transfer, net 570.6 5.5 531.1 5.3 Landfill 2,328.8 2,291.7 Less: intercompany (1,028.7) (1,020.8) Landfill, net 1,300.1 12.6 1,270.9 12.6 Environmental services 191.8 1.9 194.7 1.9 Other: Recycling processing and commodity sales 273.2 2.7 297.8 3.0 Other non-core 226.1 2.2 222.3 2.2 Total other 499.3 4.9 520.1 5.2 Total revenue $ 10,299.4 100.0% $ 10,040.9 100.0%

The following table reflects changes in components of our revenue, as a percentage of total revenue, for the years ended December 31, 2019 and 2018:

2019 2018 Average yield 2.8% 2.4% Fuel recovery fees - 0.6 Total price 2.8 3.0 Volume (0.4) 0.4 Recycled commodities (0.3) (1.1) Environmental Services (0.3) 0.2 Total internal growth 1.8 2.5 Acquisitions / divestitures, net 0.8 1.5 Subtotal 2.6 4.0 Adoption of the new revenue recognition standard - (4.0) Total 2.6% - % Core price 4.7% 3.9%

Average yield is defined as revenue growth from the change in average price per unit of service, expressed as a percentage. Core price is defined as price increases to our customers and fees, excluding fuel recovery, net of price decreases to retain customers. We also measure changes in average yield and core price as a percentage of related-business revenue, defined as total revenue excluding recycled commodities and fuel recovery fees, to determine the effectiveness of our pricing strategies. Average yield as a percentage of related-business revenue was 2.9% and 2.5% 2019 and 2018, respectively. Core price as a percentage of related-business revenue was 5.0% and 4.2% for 2019 and 2018, respectively.

40 During 2019, we experienced the following changes in our revenue as compared to 2018:

• Average yield increased revenue by 2.8% due to positive pricing in all lines of business.

• The fuel recovery fee program, which mitigates our exposure to increases in fuel prices, increased revenue due to an increase in the total revenue subject to the fuel recovery fees. This increase was entirely offset by a decrease in fuel prices during 2019, compared to the same period in 2018.

• Volume decreased revenue by (0.4)% primarily due to declines in our residential and small-container collection lines of business. The volume declines in our collection lines of business were primarily due to certain non-regrettable losses during the year ended December 31, 2019 as compared to the same period in 2018. The volume decrease was partially offset by volume growth in our landfill and transfer station lines of business. The volume increase in our landfill line of business is primarily attributable to increased construction and demolition and solid waste volumes, which was partially offset by a decline in special waste volume.

• Recycling processing and commodity sales decreased revenue by (0.3)% primarily due to a decline in recycled commodity prices as compared to the same period in 2018. The average price for recycled commodities, excluding glass and organics for 2019 was $77 per ton compared to $104 per ton for 2018. During 2019 and 2018, 2.2 million and 2.4 million tons, excluding glass and organics, respectively, were sold after being processed in our recycling processing centers.

Changing market demand for recycled commodities causes volatility in commodity prices. At current volumes and mix of materials, we believe a $10 per ton change in the price of recycled commodities would change annual revenue and operating income by approximately $13 million and $13 million, respectively.

• Environmental services revenue decreased by (0.3)% primarily due to a decline in upstream exploration and production drilling activity and increased competition in the Permian Basin.

• Acquisitions, net of divestitures, increased revenue by 0.8% due to our continued growth strategy of acquiring privately held solid waste, recycling and environmental services companies that complement our existing business platform.

Cost of Operations

Cost of operations includes labor and related benefits, which consists of salaries and wages, health and welfare benefits, incentive compensation and payroll taxes. It also includes transfer and disposal costs representing tipping fees paid to third party disposal facilities and transfer stations; maintenance and repairs relating to our vehicles, equipment and containers, including related labor and benefit costs; transportation and subcontractor costs, which include costs for independent haulers that transport our waste to disposal facilities and costs for local operators who provide waste handling services associated with our National Accounts in markets outside our standard operating areas; fuel, which includes the direct cost of fuel used by our vehicles, net of fuel tax credits; disposal fees and taxes, consisting of landfill taxes, host community fees and royalties; landfill operating costs, which includes financial assurance, leachate disposal, remediation charges and other landfill maintenance costs; risk management costs, which include insurance premiums and claims; cost of goods sold, which includes material costs paid to suppliers; and other, which includes expenses such as facility operating costs, equipment rent and gains or losses on sale of assets used in our operations.

41 The following table summarizes the major components of our cost of operations for the years ended December 31, 2019 and 2018 (in millions of dollars and as a percentage of revenue):

2019 2018 Labor and related benefits $ 2,202.4 21.4% $ 2,144.3 21.3% Transfer and disposal costs 841.7 8.2 829.3 8.3 Maintenance and repairs 1,006.2 9.8 986.6 9.8 Transportation and subcontract costs 674.9 6.5 647.6 6.4 Fuel 347.9 3.4 391.4 3.9 Disposal fees and taxes 325.7 3.2 322.0 3.2 Landfill operating costs 244.7 2.4 241.6 2.4 Risk management 230.7 2.2 217.9 2.2 Other 440.6 4.2 409.3 4.1 Subtotal 6,314.8 61.3 6,190.0 61.6 Fire-damage related costs 7.6 0.1 -- Bridgeton insurance recovery (24.0) (0.2) (40.0) (0.4) Total cost of operations $ 6,298.4 61.2% $ 6,150.0 61.2%

These cost categories may change from time to time and may not be comparable to similarly titled categories used by other companies. As such, you should take care when comparing our cost of operations by cost component to that of other companies.

Our cost of operations increased in aggregate dollars for the year ended December 31, 2019 compared to the same period in 2018 as a result of the following:

• Labor and related benefits increased in aggregate dollars due to higher hourly and salaried wages as a result of annual merit increases along with additional headcount attributable to acquisition-related growth.

• Transfer and disposal costs increased in aggregate dollars primarily due to an increase in third party disposal rates and volumes disposed at third party facilities. During both the years ended December 31, 2019 and 2018, approximately 68% of the total waste volume we collected was disposed at landfill sites that we own or operate (internalization).

• Maintenance and repairs expense remained relatively consistent year over year as a percentage of revenue.

• Transportation and subcontract costs increased primarily due to increased third party transportation rates and acquisition related activity.

• Fuel costs decreased due to a decline in both fuel prices and collection volumes as well as compressed natural gas (CNG) tax credits that were enacted in December 2019, retroactively effective to January 2018, and recognized during the three months ended December 31, 2019. The national average cost per gallon for diesel fuel in 2019 was $3.06 compared to $3.18 for 2018.

At current consumption levels, we believe a twenty-cent per gallon change in the price of diesel fuel would change our fuel costs by approximately $26 million per year. Offsetting these changes in fuel expense would be changes in our fuel recovery fee charged to our customers. At current participation rates, we believe a twenty-cent per gallon change in the price of diesel fuel would change our fuel recovery fee by approximately $26 million per year.

• Landfill operating expenses increased in aggregate dollars due to increased leachate treatment, transportation and disposal costs, partially offset by certain favorable remediation adjustments.

42 • Risk management expenses increased primarily due to an increase in premiums for our current year programs in part due to our acquisition-related activity.

• Other costs of operations increased during 2019 primarily due to an increase in occupancy and facility costs. In addition, we recognized a gain on the sale of one of our operating facilities in 2018, which did not recur in 2019.

• During the three months ended December 31, 2019, we recognized $7.6 million of fire-related damage costs in our cost of operations that resulted from damage to our leased or owned property, plant and equipment in our Group 1 segment.

• During 2019 and 2018, we collected favorable insurance recoveries of $24.0 million and $40.0 million, respectively, related to our closed Bridgeton Landfill. As such, we recorded a reduction of remediation expenses in our consolidated statements of income for the applicable periods.

Depreciation, Amortization and Depletion of Property and Equipment

The following table summarizes depreciation, amortization and depletion of property and equipment for the years ended December 31, 2019 and 2018 (in millions of dollars and as a percentage of revenue):

2019 2018 Depreciation and amortization of property and equipment $ 652.8 6.4% $ 643.5 6.4% Landfill depletion and amortization 333.0 3.2 325.6 3.2 Depreciation, amortization and depletion expense $ 985.8 9.6% $ 969.1 9.6%

Depreciation and amortization of property and equipment increased in aggregate dollars primarily due to additional assets acquired with our acquisitions, partially offset by the full depreciation of certain assets recognized in our 2008 acquisition of Allied Waste Industries, Inc.

Landfill depletion and amortization increased due to higher landfill disposal volumes primarily driven by increased construction and demolition and solid waste volumes coupled with an overall increase in our average depletion rate per ton.

Amortization of Other Intangible Assets

Expenses for amortization of other intangible assets were $20.4 million and $56.4 million for the years ended December 31, 2019 and 2018, respectively, or 0.2% of revenue for 2019 and 0.6% for 2018. Our other intangible assets primarily relate to customer relationships and, to a lesser extent, non-compete agreements. Amortization expense decreased primarily due to the full amortization of certain intangible assets recognized in our 2008 acquisition of Allied Waste Industries, Inc, partially offset by additional assets acquired in 2019.

Amortization of Other Assets

Expenses for amortization of other assets were $34.3 million, or 0.3% of revenue, for the year ended December 31, 2019, compared to $7.9 million, or 0.1% of revenue, for the same period in 2018. Our other assets primarily relate to the prepayment of fees and capitalized implementation costs associated with cloud-based hosting arrangements. Effective January 1, 2019, we adopted ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40) No. 2018-15 Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (ASU 2018-15) on a prospective basis. During the year ended December 31, 2018, we recognized $20.2 million of amortization related to the prepayment of fees as selling, general and administrative expenses. During 2019, we recognized $23.8 million of amortization related to the prepayment of similar fees in amortization of other assets.

43 Accretion Expense

Accretion expense was $81.9 million and $80.7 million, or 0.8% of revenue, for the years ended December 31, 2019 and 2018, respectively. Accretion expense has remained relatively unchanged as our asset retirement obligations remained relatively consistent period over period.

Selling, General and Administrative Expenses

Selling, general and administrative expenses include salaries, health and welfare benefits, and incentive compensation for corporate and field general management, field support functions, sales force, accounting and finance, legal, management information systems, and clerical and administrative departments. Other expenses include rent and office costs, fees for professional services provided by third parties, legal settlements, marketing, investor and community relations services, directors’ and officers’ insurance, general employee relocation, travel, entertainment and bank charges. Restructuring charges are excluded from selling, general and administrative expenses and are discussed separately.

The following table summarizes our selling, general and administrative expenses for the years ended December 31, 2019 and 2018 (in millions of dollars and as a percentage of revenue):

2019 2018 Salaries $ 742.3 7.2% $ 702.2 7.0% Provision for doubtful accounts 34.0 0.3 34.8 0.3 Other 299.7 2.9 310.5 3.1 Subtotal 1,076.0 10.4 1,047.5 10.4 Acquisition integration and deal costs 6.3 0.1 - - Bridgeton insurance recovery related costs 9.6 0.1 12.0 0.1 Total selling, general and administrative expenses $ 1,091.9 10.6% $1,059.5 10.5%

These cost categories may change from time to time and may not be comparable to similarly titled categories used by other companies. As such, you should take care when comparing our selling, general and administrative expenses by cost component to those of other companies.

The most significant items affecting our selling, general and administrative expenses during 2019 as compared to 2018 are summarized below:

• Salaries increased primarily due to higher incentive pay and wages, benefits, and other payroll related items resulting from annual merit increases, excluding the $9.6 million of incremental costs we incurred attributable to the Bridgeton Landfill insurance recovery.

• Other selling, general, and administrative expenses decreased primarily due to our adoption of ASU 2018-15. During the year ended December 31, 2018, we recognized $20.2 million of amortization related to the prepayment of certain fees as selling, general, and administrative expenses. The amortization for prepayments of similar fees was recognized as amortization of other assets during 2019. The decrease was partially offset by unfavorable legal settlements and consulting fees.

• During 2019, we recognized $6.3 million of acquisition integration and deal costs as selling, general, and administrative expenses.

Gain on business divestitures and impairments, net

We strive to have a number one or number two market position in each of the markets we serve, or have a clear path on how we will achieve a leading market position over time. Where we cannot establish a leading market

44 position, or where operations are not generating acceptable returns, we may decide to divest certain assets and reallocate resources to other markets. Asset or business divestitures could result in gains, losses or asset impairment charges that may be material to our results of operations in a given period.

During 2019 and 2018, we recorded a net gain on business divestitures, net of asset impairments of $14.7 million and $44.9 million, respectively.

Restructuring Charges

In January 2018, we eliminated certain positions following the consolidation of select back-office functions, including but not limited to the integration of our National Accounts support functions into our existing corporate support functions. These changes include a reduction in administrative staffing and the closure of certain office locations. During 2019, we incurred restructuring charges of $14.2 million that primarily related to the redesign of our back-office software systems. During 2018, we incurred restructuring charges of $26.4 million, that primarily consisted of severance and other employee termination benefits and the closure of offices with non-cancelable terms. We paid $10.6 million and $24.7 million during 2019 and 2018, respectively, related to these restructuring efforts.

Interest Expense

The following table provides the components of interest expense, including accretion of debt discounts and accretion of discounts primarily associated with environmental and risk insurance liabilities assumed in acquisitions (in millions of dollars):

2019 2018 Interest expense on debt $ 350.4 $ 349.4 Non-cash interest 48.8 41.2 Less: capitalized interest (7.2) (6.8) Total interest expense $ 392.0 $ 383.8

Effective January 1, 2019, we adopted ASU 2016-02, Leases (Topic 842) (ASC 842 or the new leasing standard) using the optional transition method prescribed by ASU 2018-11, Leases (Topic 842): Targeted Improvements. Under the new leasing standard, we will present variable lease costs associated with our finance leases as a component of non-cash interest expense. Variable lease costs are recognized in our consolidated statement of income in the period incurred. As such, we expect non-cash interest expense to fluctuate each period as the variable elements of these arrangements become known and the cost is incurred.

Total interest expense for 2019 increased compared to 2018 primarily due to the increase in variable lease payments made in accordance with certain of our finance leases. During 2019 and 2018, cash paid for interest, excluding net swap settlements for our fixed to floating interest rate swaps, was $346.8 million and $351.0 million, respectively.

Loss on Extinguishment of Debt

During 2019, we incurred no non-cash loss on the early extinguishment of debt. During 2018, we incurred a $0.3 million loss on the extinguishment of certain financing arrangements.

Income Taxes

Our provision for income taxes was $222.0 million and $283.3 million for 2019 and 2018, respectively. Our effective income tax rate was 17.1% and 21.5% for 2019 and 2018, respectively. We made income tax payments (net of refunds) of approximately $31 million and $210 million for 2019 and 2018, respectively. Cash paid for income taxes (net of refunds) for 2019 was favorably affected by 100% equipment deductions and tax credits related to our investment in solar energy assets.

45 During 2019, we acquired non-controlling interests in limited liability companies established to construct solar energy assets that qualified for investment tax credits under Section 48 of the Internal Revenue Code. We account for these investments using the equity method of accounting and recognize our share of income or loss and other reductions in the value of our investments in the Loss from unconsolidated equity method investments within our consolidated statements of income. For further discussion regarding our equity method accounting, see Note 3, Business Acquisitions, Investments and Restructuring Charges, of the notes to our consolidated financial statements in Item 8 of this Form 10-K. Our 2019 tax provision reflects a benefit of approximately $84 million due to the tax credits related to these investments. In addition, our 2019 tax provision was reduced by $13.4 million due to the realization of additional federal and state benefits as well as adjustments to deferred taxes due to the completion of our 2018 tax returns and also reduced by $12.3 million due to excess tax benefits related to stock compensation.

Our 2018 tax provision was reduced by $12.1 million due to excess tax benefits, approximately $50 million related to the tax credits from our non-controlling interests in limited liability companies established to construct solar energy assets, and approximately $6 million due to the realization of tax credits and lower state rates due to changes in estimates following the completion of our 2017 tax returns.

We have deferred tax assets related to state net operating loss carryforwards with an estimated tax effect of approximately $111 million available as of December 31, 2019. These state net operating loss carryforwards expire at various times between 2019 and 2039. We believe that it is more likely than not that the benefit from some of our state net operating loss carryforwards will not be realized due to limitations on these loss carryforwards in certain states. In recognition of this risk, as of December 31, 2019, we have provided a valuation allowance of approximately $67 million.

As a result of the recent changes in U.S. tax law, as well as our ongoing efforts to streamline and maximize the efficiency of our tax footprint, we could further adjust our valuation allowance in a future period if there is sufficient evidence to support a conclusion that it is more likely than not that certain of the state net operating loss carryforwards, on which we currently provide a valuation allowance, would be realized.

Reportable Segments

Our senior management evaluates, oversees and manages the financial performance of our operations through two field groups, referred to as Group 1 and Group 2. Group 1 primarily consists of geographic areas located in the western United States, and Group 2 primarily consists of geographic areas located in the southeastern and mid-western United States, and the eastern seaboard of the United States.

The two field groups, Group 1 and Group 2, are presented below as our reportable segments, which provide integrated waste management services consisting of non-hazardous solid waste collection, transfer, recycling, disposal and environmental services.

46 Summarized financial information concerning our reportable segments for the years ended December 31, 2019 and 2018 is shown in the following table (in millions of dollars and as a percentage of revenue in the case of operating margin):

Depreciation, Amortization, Adjustments to Depletion and Amortization Gain (Loss) on Accretion Before Expense Depreciation, Disposition of Adjustments for for Asset Amortization, Assets and Operating Net Asset Retirement Retirement Depletion and Impairments, Income Operating Revenue Obligations Obligations Accretion Net (Loss) Margin 2019: Group 1 $ 5,001.9 $ 506.0 $ (12.2) $ 493.8 $ - $ 1,234.6 24.7% Group 2 5,142.5 525.2 (21.5) 503.7 - 961.4 18.7% Corporate entities 155.0 102.1 22.8 124.9 14.7 (408.8) Total $ 10,299.4 $ 1,133.3 $ (10.9) $ 1,122.4 $ 14.7 $ 1,787.2 17.4% 2018: Group 1 $ 4,812.0 $ 500.4 $ (15.5) $ 484.9 $ - $ 1,156.9 24.0% Group 2 5,071.0 511.5 (17.8) 493.7 - 938.5 18.5% Corporate entities 157.9 115.4 20.1 135.5 44.9 (359.6) Total $ 10,040.9 $ 1,127.3 $ (13.2) $ 1,114.1 $ 44.9 $ 1,735.8 17.3%

Corporate entities include legal, tax, treasury, information technology, risk management, human resources, closed landfills and other administrative functions. National Accounts revenue included in corporate entities represents the portion of revenue generated from nationwide and regional contracts in markets outside our operating areas where the associated waste handling services are subcontracted to local operators. Consequently, substantially all of this revenue is offset with related subcontract costs, which are recorded in cost of operations.

Significant changes in the revenue and operating margins of our reportable segments for 2019 compared to 2018 are discussed below.

Group 1

Revenue for 2019 increased 3.9% from 2018 primarily due to an increase in average yield in all lines of business and increased volumes in our collection and transfer station lines of business. These increases were partially offset by volume declines in our landfill line of business, primarily attributable to special waste volumes.

Operating income for Group 1 increased from $1,156.9 million for 2018, or a 24.0% operating margin, to $1,234.6 million for 2019, or a 24.7% operating margin. The following cost categories impacted our operating income margin:

• Cost of operations favorably impacted operating income margin during 2019, primarily due to a decrease in labor and related benefits, maintenance and repairs expenses, and fuel costs as a result of CNG tax credits that were enacted in December 2019 and retroactively effective to January 2018, offset by an increase in transportation and subcontract costs and landfill operating expenses.

• Landfill depletion and amortization favorably impacted operating income margin during 2019, primarily due to a decline in overall landfill volumes. The decrease was partially offset by an increase in our overall depletion rate and favorable amortization adjustments related to our asset retirement obligations during 2018 compared to the adjustments recognized in 2019.

Group 2

Revenue for 2019 increased 1.4% from 2018 primarily due to positive pricing in all lines of business and an increase in volume in our landfill line of business, which was partially offset by volume declines in our collection and transfer station lines of business.

47 Operating income for Group 2 increased from $938.5 million for 2018, or a 18.5% operating margin, to $961.4 million for 2019, or an 18.7% operating margin. The following cost categories impacted our operating income margin:

• Cost of operations favorably impacted operating income margin during 2019, primarily due to declines in our transfer and disposal costs and fuel costs as a result of CNG tax credits that were enacted in December 2019 and retroactively effective to January 2018, partially offset by an increase in landfill operating expenses.

• Landfill depletion and amortization unfavorably impacted operating income margin during 2019, primarily due to an increase in our overall average depletion rate, partially offset by favorable amortization adjustments to our asset retirement obligations during 2019 compared to the adjustments recognized in 2018.

Corporate Entities

Operating loss in our Corporate Entities increased from $359.6 million for 2018 to $408.8 million for 2019. The operating loss for 2019 was unfavorably impacted by a lower gain on the disposition of assets in 2019 as compared to the same period in 2018. Additionally, we collected an insurance recovery of $24.0 million related to our closed Bridgeton Landfill during 2019, as compared to the insurance recovery $40.0 million recognized in the same period in 2018. These recoveries were offset by $9.6 million and $12.0 million, respectfully, of incremental costs attributable to the recoveries.

Landfill and Environmental Matters

Our landfill costs include daily operating expenses, costs of capital for cell development, costs for final capping, closure and post-closure, and the legal and administrative costs of ongoing environmental compliance. Daily operating expenses include leachate treatment, transportation and disposal costs, methane gas and groundwater monitoring and system maintenance costs, interim cap maintenance costs, and costs associated with applying daily cover materials. We expense all indirect landfill development costs as they are incurred. We use life cycle accounting and the units-of-consumption method to recognize certain direct landfill costs related to landfill development. In life cycle accounting, certain direct costs are capitalized and charged to depletion expense based on the consumption of cubic yards of available airspace. These costs include all costs to acquire and construct a site, including excavation, natural and synthetic liners, construction of leachate collection systems, installation of methane gas collection and monitoring systems, installation of groundwater monitoring wells, and other costs associated with acquiring and developing the site. Obligations associated with final capping, closure and post- closure are capitalized and amortized on a units-of-consumption basis as airspace is consumed.

Cost and airspace estimates are developed at least annually by engineers. Our operating and accounting personnel use these estimates to adjust the rates we use to expense capitalized costs. Changes in these estimates primarily relate to changes in costs, available airspace, inflation and applicable regulations. Changes in available airspace include changes in engineering estimates, changes in design and changes due to the addition of airspace lying in expansion areas that we believe have a probable likelihood of being permitted. Changes in engineering estimates typically include modifications to the available disposal capacity of a landfill based on a refinement of the capacity calculations resulting from updated information.

48 Available Airspace

As of December 31, 2019 and 2018 we owned or operated 189 and 190 active solid waste landfills, respectively, with total available disposal capacity estimated to be 5.0 billion and 5.1 billion in-place cubic yards, respectively. For these landfills, the following table reflects changes in capacity and remaining capacity, as measured in cubic yards of airspace:

Permits Landfills Granted / Balance Balance as of New Acquired, New Sites, Changes in as of December 31, Expansions Net of Net of Airspace Engineering December 31, 2018 Undertaken Divestitures Closures Consumed Estimates 2019 Cubic yards (in millions): Permitted airspace 4,736.8 - - 35.0 (81.5) (17.3) 4,673.0 Probable expansion airspace 341.2 6.7 - (18.1) - (8.1) 321.7 Total cubic yards (in millions) 5,078.0 6.7 - 16.9 (81.5) (25.4) 4,994.7 Number of sites: Permitted airspace 190 - (1) 189 Probable expansion airspace 12 2 (2) 12

Permits Landfills Granted / Balance Balance as of New Acquired, New Sites, Changes in as of December 31, Expansions Net of Net of Airspace Engineering December 31, 2017 Undertaken Divestitures Closures Consumed Estimates 2018 Cubic yards (in millions): Permitted airspace 4,735.7 - 4.8 85.1 (83.2) (5.6) 4,736.8 Probable expansion airspace 350.3 57.3 - (66.4) - - 341.2 Total cubic yards (in millions) 5,086.0 57.3 4.8 18.7 (83.2) (5.6) 5,078.0 Number of sites: Permitted airspace 195 - (5) 190 Probable expansion airspace 11 5 (4) 12

Total available disposal capacity represents the sum of estimated permitted airspace plus an estimate of probable expansion airspace. Engineers develop these estimates at least annually using information provided by annual aerial surveys. Before airspace included in an expansion area is determined to be probable expansion airspace and, therefore, included in our calculation of total available disposal capacity, it must meet all of our expansion criteria. See Note 2, Summary of Significant Accounting Policies, and Note 8, Landfill and Environmental Costs, of the notes to our consolidated financial statements in Item 8 of this Form 10-K for further information. Also see our Critical Accounting Judgments and Estimates section of this Management’s Discussion and Analysis of Financial Condition and Results of Operations.

As of December 31, 2019, 12 of our landfills met all of our criteria for including their probable expansion airspace in their total available disposal capacity. At projected annual volumes, these 12 landfills have an estimated remaining average site life of 57 years, including probable expansion airspace. The average estimated remaining life of all of our landfills is 62 years. We have other expansion opportunities that are not included in our total available airspace because they do not meet all of our criteria for treatment as probable expansion airspace.

49 The following table reflects the estimated operating lives of our active landfill sites based on available and probable disposal capacity using current annual volumes as of December 31, 2019:

Number Number of Sites of Sites without with Probable Probable Percent Expansion Expansion Total of Airspace Airspace Sites Total 0 to 5 years 11 - 11 5.8% 6 to 10 years 20 - 20 10.6 11 to 20 years 30 2 32 16.9 21 to 40 years 50 3 53 28.0 41+ years 66 7 73 38.7 Total 177 12 189 100.0%

Final Capping, Closure and Post-Closure Costs

As of December 31, 2019, accrued final capping, closure and post-closure costs were $1,335.6 million, of which $75.8 million were current and $1,259.8 million were long-term as reflected in our consolidated balance sheets in accrued landfill and environmental costs included in Item 8 of this Form 10-K.

Remediation and Other Charges for Landfill Matters

It is reasonably possible that we will need to adjust our accrued landfill and environmental liabilities to reflect the effects of new or additional information, to the extent that such information impacts the costs, timing or duration of the required actions. Future changes in our estimates of the costs, timing or duration of the required actions could have a material adverse effect on our consolidated financial position, results of operations and cash flows.

During 2019 and 2018, we collected insurance recoveries of $24.0 million and $40.0 million, respectively, related to our closed Bridgeton Landfill in Missouri. As such, we recorded a reduction of remediation expenses included in our cost of operations during the years ended December 31, 2019 and 2018.

For a description of our significant remediation matters, see Note 8, Landfill and Environmental Costs, of the notes to our consolidated financial statements in Item 8 of this Form 10-K.

Investment in Landfills

As of December 31, 2019, we expect to spend an estimated additional $9.5 billion on existing landfills, primarily related to cell construction and environmental structures, over their remaining lives. Our total expected investment, excluding non-depletable land, estimated to be $13.4 billion, or $2.68 per cubic yard, is used in determining our depletion and amortization expense based on airspace consumed using the units-of-consumption method.

The following table reflects our future expected investment as of December 31, 2019 (in millions):

Balance as of Expected Total December 31, Future Expected 2019 Investment Investment Non-depletable landfill land $ 170.5 $ - $ 170.5 Landfill development costs 7,474.7 9,494.3 16,969.0 Construction-in-progress - landfill 366.8 - 366.8 Accumulated depletion and amortization (3,968.6) - (3,968.6) Net investment in landfill land and development costs $ 4,043.4 $ 9,494.3 $ 13,537.7

50 The following table reflects our net investment in our landfills, excluding non-depletable land, and our depletion, amortization and accretion expense for the years ended December 31, 2019 and 2018:

2019 2018 Number of landfills owned or operated 189 190 Net investment, excluding non-depletable land (in millions) $ 3,872.9 $ 3,758.0 Total estimated available disposal capacity (in millions of cubic yards) 4,994.7 5,078.0 Net investment per cubic yard $ 0.78 $ 0.74 Landfill depletion and amortization expense (in millions) $ 333.0 $ 325.6 Accretion expense (in millions) 81.9 80.7 414.9 406.3 Airspace consumed (in millions of cubic yards) 81.5 83.2 Depletion, amortization and accretion expense per cubic yard of airspace consumed $ 5.09 $ 4.88

During 2019 and 2018, our average compaction rate was approximately 2,000 pounds per cubic yard based on a three- year historical moving average.

Property and Equipment

The following tables reflect the activity in our property and equipment accounts for the years ended December 31, 2019 and 2018 (in millions of dollars):

Gross Property and Equipment Non-Cash Adjustments Impairments, Balance Additions for Transfers Balance as of Acquisitions, for Asset Asset and as of December 31, Capital Net of Retirement Retirement Other December 31, 2018 Additions Retirements Divestitures Obligations Obligations Adjustments 2019 Land $ 443.6 $ 2.6 $ (1.9) $ 3.8 $ - $ - $ 0.2 $ 448.3 Non-depletable landfill land 167.5 5.0 (2.1) 0.4 - - (0.3) 170.5 Landfill development costs 7,106.0 2.9 (0.1) 8.6 43.5 (4.9) 318.7 7,474.7 Vehicles and equipment (1) 7,377.3 679.2 (400.2) 109.9 - - (0.2) 7,766.0 Buildings and improvements 1,279.8 15.1 (10.1) 1.1 1.3 - 55.4 1,342.6 Construction-in-progress - landfill 287.9 399.2 - - - - (320.3) 366.8 Construction-in-progress - other (1) 89.9 113.6 - - - - (115.8) 87.7 Total $ 16,752.0 $ 1,217.6 $ (414.4) $ 123.8 $ 44.8 $ (4.9) $ (62.3) $ 17,656.6

Accumulated Depreciation, Amortization and Depletion Adjustments Impairments, Balance Additions for Transfers Balance as of Charged Acquisitions, Asset and as of December 31, to Net of Retirement Other December 31, 2018 Expense Retirements Divestitures Obligations Adjustments 2019 Landfill development costs $ (3,635.9) $ (343.9) $ - $ - $ 11.2 $ - $ (3,968.6) Vehicles and equipment (1) (4,571.1) (592.9) 390.7 18.2 - 26.9 (4,728.2) Buildings and improvements (524.9) (62.3) 7.7 3.6 - (0.4) (576.3) Total $ (8,731.9) $ (999.1) $ 398.4 $ 21.8 $ 11.2 $ 26.5 $ (9,273.1)

(1) In accordance with our adoption of ASU 2018-15, capitalized implementation costs for cloud-based hosting arrangements were transferred out of property and equipment, net and are now presented as a component of other assets on our consolidated balance sheets as of December 31, 2019.

51 Gross Property and Equipment Non-Cash Adjustments Impairments, Balance Additions for Transfers Balance as of Acquisitions, for Asset Asset and as of December 31, Capital Net of Retirement Retirement Other December 31, 2017 Additions Retirements Divestitures Obligations Obligations Adjustments 2018 Land $ 433.2 $ 3.6 $ (3.5) $ 10.7 $ - $ - $ (0.4) $ 443.6 Non-depletable landfill land 166.9 0.2 (0.7) (0.1) - - 1.2 167.5 Landfill development costs 6,757.3 4.8 - 15.4 43.5 (17.5) 302.5 7,106.0 Vehicles and equipment 6,954.3 665.0 (274.6) 0.3 - - 32.3 7,377.3 Buildings and improvements 1,221.5 17.4 (4.4) 5.7 0.1 - 39.5 1,279.8 Construction-in-progress - landfill 233.2 356.4 - - - - (301.7) 287.9 Construction-in-progress - other 55.7 111.6 - 0.2 - - (77.6) 89.9 Total $ 15,822.1 $ 1,159.0 $ (283.2) $ 32.2 $ 43.6 $ (17.5)$ (4.2) $ 16,752.0

Accumulated Depreciation, Amortization and Depletion Adjustments Balance for Impairments, Balance as of Additions Acquisitions, Asset Transfers and as of December 31, Charged to Net of Retirement Other December 31, 2017 Expense Retirements Divestitures Obligations Adjustments 2018 Landfill development costs $ (3,317.3) $ (338.8) $ - $ 7.0 $ 13.2 $ - $ (3,635.9) Vehicles and equipment (4,259.7) (591.5) 267.3 12.8 - - (4,571.1) Buildings and improvements (467.7) (61.0) 2.4 1.4 - - (524.9) Total $ (8,044.7) $ (991.3) $ 269.7 $ 21.2 $ 13.2 $ - $ (8,731.9)

Liquidity and Capital Resources

Cash and Cash Equivalents

The following is a summary of our cash and cash equivalents and restricted cash and marketable securities balances as of December 31:

2019 2018 Cash and cash equivalents $ 47.1 $ 70.5 Restricted cash and marketable securities 179.4 108.1 Less: restricted marketable securities (49.1) (45.3) Cash, cash equivalents, restricted cash and restricted cash equivalents $ 177.4 $ 133.3

Our restricted cash and marketable securities include, among other things, restricted cash and marketable securities pledged to regulatory agencies and governmental entities as financial guarantees of our performance under certain collection, landfill and transfer station contracts and permits, and relating to our final capping, closure and post-closure obligations at our landfills, restricted cash and marketable securities related to our insurance obligations, and restricted cash related to a payment for a certain maturing tax-exempt financing.

The following table summarizes our restricted cash and marketable securities as of December 31:

2019 2018 Payment for maturing tax-exempt financing $ 49.4 $ - Capping, closure and post-closure obligations 30.6 29.5 Insurance 99.4 78.6 Total restricted cash and marketable securities $ 179.4 $ 108.1

52 Intended Uses of Cash

We intend to use excess cash on hand and cash from operating activities to fund capital expenditures, acquisitions, dividend payments, share repurchases and debt repayments. Debt repayments may include purchases of our outstanding indebtedness in the secondary market or otherwise. We believe that our excess cash, cash from operating activities and our availability to draw from our credit facilities provide us with sufficient financial resources to meet our anticipated capital requirements and maturing obligations as they come due.

We may choose to voluntarily retire certain portions of our outstanding debt before their maturity dates using cash from operations or additional borrowings. We may also explore opportunities in the capital markets to fund redemptions should market conditions be favorable. Early extinguishment of debt will result in an impairment charge in the period in which the debt is repaid. The loss on early extinguishment of debt relates to premiums paid to effectuate the repurchase and the relative portion of unamortized note discounts and debt issue costs.

Summary of Cash Flow Activity

The major components of changes in cash flows for 2019 and 2018 are discussed in the following paragraphs. The following table summarizes our cash flow from operating activities, investing activities and financing activities for the years ended December 31, 2019 and 2018 (in millions of dollars):

2019 2018 Net cash provided by operating activities $ 2,352.1 $ 2,242.8 Net cash used in investing activities $(1,719.0) $(1,229.1) Net cash used in financing activities $ (589.0) $(1,059.5)

Cash Flows Provided by Operating Activities

Changes in assets and liabilities, net of effects from business acquisitions and divestitures, decreased our cash flow from operations by $227.6 million in 2019, compared to a decrease of $216.3 million in 2018, primarily as a result of the following:

• Our accounts receivable, exclusive of the change in allowance for doubtful accounts and customer credits, increased $38.3 million during 2019 primarily due to growth in our revenue, compared to a $29.6 million increase in 2018. As of December 31, 2019, our days sales outstanding were 39.8, or 27.9 days net of deferred revenue, compared to 39.7, or 27.5 days net of deferred revenue, as of December 31, 2018.

• Our prepaid expenses and other assets increased $109.7 million in 2019 compared to an increase of $152.5 million in 2018, primarily due to the timing of our estimated tax payments. Cash paid for income taxes (net of refunds) was approximately $31 million and $210 million for 2019 and 2018, respectively. Cash paid for income taxes (net of refunds) for 2019 was favorably affected by 100% equipment deductions, primarily attributable to capital expenditures and acquisition-related activity during the year, and tax credits related to our investments in solar energy assets. Income taxes paid (net of refunds) in 2018 was favorably affected by the Tax Act and tax credits related to our investments in solar energy assets.

• Our accounts payable increased $6.4 million during 2019 compared to an increase of $85.9 million during 2018, due to the timing of payments.

• Cash paid for capping, closure and post-closure obligations was $6.3 million higher during 2019 compared to 2018. The increase in cash paid for capping, closure and post-closure obligations is primarily due to the timing of capping and post-closure payments at certain of our landfill sites.

53 • Cash paid for remediation obligations was $0.3 million higher during 2019 compared to 2018 primarily due to the timing of obligations.

In addition, cash paid for interest was $346.8 million and $351.0 million, excluding net swap settlements for our fixed to floating interest rate swaps, for 2019 and 2018, respectively.

We use cash flows from operations to fund capital expenditures, acquisitions, dividend payments, share repurchases and debt repayments.

Cash Flows Used in Investing Activities

The most significant items affecting the comparison of our cash flows used in investing activities for 2019 and 2018 are summarized below:

• Capital expenditures during 2019 were $1,207.1 million as compared to $1,071.8 million for 2018. During 2019, we entered into finance leases with future lease liabilities of $15.9 million, including finance leases acquired in business combination acquisitions.

• Proceeds from sales of property and equipment during 2019 were $21.7 million as compared to $31.6 million for 2018.

• During 2019 and 2018, we used $575.1 million and $277.3 million, respectively, for acquisitions and investments, net of cash acquired. During 2019 and 2018, we received $42.8 million and $89.2 million for business divestitures, respectively.

We intend to finance capital expenditures and acquisitions through cash on hand, restricted cash held for capital expenditures, cash flows from operations, our revolving credit facilities, and tax-exempt bonds and other financings. We expect to primarily use cash for consideration paid for future business acquisitions.

Cash Flows Used in Financing Activities

The most significant items affecting the comparison of our cash flows used in financing activities for 2019 and 2018 are summarized below:

• During 2019, we issued $900.0 million of senior notes for cash proceeds, net of discounts and fees of $891.1 million. During 2018, we issued $800.0 million of senior notes for cash proceeds, net of discounts and fees of $781.8 million. Net payments of notes payable and long-term debt were $581.4 million during 2019, compared to net payments of $653.1 million in 2018. For a more detailed discussion, see the Financial Condition section of this Management’s Discussion and Analysis of Financial Condition and Results of Operations.

• During 2019, we repurchased 4.9 million shares of our stock for $399.4 million. During 2018, we repurchased 10.7 million shares of our stock for $736.9 million. In October 2017, our Board of Directors added $2.0 billion to the existing share repurchase authorization. As of December 31, 2019, there was $704.6 million remaining under our share repurchase authorization.

• In July 2019, our Board of Directors approved an increase in our quarterly dividend to $0.405 per share. Dividends paid were $491.2 million and $461.8 million for 2019 and 2018, respectively.

• During 2019 and 2018, cash paid for purchase price holdback releases related to acquisitions was $17.2 million and $12.1 million, respectively.

54 Financial Condition

Debt Obligations

Changes in our outstanding principal debt balances from December 31, 2018 to December 31, 2019 were primarily attributable to debt cash borrowings, net of principal debt payments, of $333.6 million and new finance leases, which increased our debt obligations by $15.9 million.

As of December 31, 2019, we had $930.7 million of principal debt maturing within the next 12 months, which includes certain senior notes, variable rate tax-exempt financings and finance lease obligations. All of our tax-exempt financings are remarketed quarterly by remarketing agents to effectively maintain a variable yield. The holders of the bonds can put them back to the remarketing agents at the end of each interest period. To date, the remarketing agents have been able to remarket our variable rate unsecured tax-exempt bonds and we currently expect future remarketings to be successful. However, if the remarketing agent is unable to remarket our bonds, the remarketing agent can put the bonds to us. In the event of a failed remarketing, we currently have availability under our $2.25 billion unsecured revolving credit facility to fund these bonds until they are remarketed successfully. Accordingly, we have classified these borrowings as long-term in our consolidated balance sheet as of December 31, 2019.

For further discussion of the components of our overall debt, see Note 9, Debt, of the notes to our consolidated financial statements in Item 8 of this Form 10-K.

Credit Facilities

In June 2018, we entered into a $2.25 billion unsecured revolving credit facility (the Credit Facility), which replaced our $1.0 billion and $1.25 billion unsecured credit facilities that would have matured in May 2021 and June 2019, respectively (the Replaced Credit Facilities). The Credit Facility matures in June 2023. We may request two one-year extensions of the maturity date but none of the lenders are committed to participate in such extension. The Credit Facility also includes a feature that allows us to increase availability, at our option, by an aggregate amount of up to $1.0 billion through increased commitments from existing lenders or the addition of new lenders. At our option, borrowings under the Credit Facility bear interest at a Base Rate, or a Eurodollar Rate, plus an applicable margin based on our Debt Ratings (all as defined in the Credit Facility agreement).

The Credit Facility requires us to comply with financial and other covenants. To the extent we are not in compliance with these covenants, we cannot pay dividends or repurchase common stock. Compliance with covenants also is a condition for any incremental borrowings under our Credit Facility, and failure to meet these covenants would enable the lenders to require repayment of any outstanding loans (which would adversely affect our liquidity). As of December 31, 2019, our EBITDA to interest ratio was 7.54 compared to the 3.00 minimum required by the covenants, and our total debt to EBITDA ratio was 2.99 compared to the 3.50 maximum allowed by the covenants. As of December 31, 2019, we were in compliance with the covenants under our Credit Facility, and we expect to be in compliance throughout 2020.

EBITDA, which is a non-U.S. GAAP measure, is calculated as defined in our Credit Facility agreement. In this context, EBITDA is used solely to provide information regarding the extent to which we are in compliance with debt covenants and is not comparable to EBITDA used by other companies or used by us for other purposes.

Failure to comply with the financial and other covenants under our Credit Facility, as well as the occurrence of certain material adverse events, would constitute defaults and would allow the lenders under our Credit Facility to accelerate the maturity of all indebtedness under the related agreement. This could also have an adverse effect on the availability of financial assurances. In addition, maturity acceleration on our Credit Facility constitutes an event of default under our other debt instruments, including our senior notes, and, therefore, our senior notes would also be subject to acceleration of maturity. If such acceleration were to occur, we would not have sufficient liquidity available to repay the indebtedness. We would likely have to seek an amendment under our

55 Credit Facility for relief from the financial covenants or repay the debt with proceeds from the issuance of new debt or equity, or asset sales, if necessary. We may be unable to amend our Credit Facility or raise sufficient capital to repay such obligations in the event the maturity is accelerated.

Availability under our Credit Facility totaled $1,696.9 million and $1,694.1 million as of December 31, 2019 and 2018, respectively. The Credit Facility can be used for working capital, capital expenditures, acquisitions, letters of credit and other general corporate purposes. As of December 31, 2019 and 2018, we had $184.4 million and $159.0 million of borrowings under our Credit Facility, respectively. We had $351.4 million and $379.6 million of letters of credit outstanding under our Credit Facility as of December 31, 2019 and 2018, respectively.

We also have an Uncommitted Credit Facility, which bears interest at LIBOR, plus an applicable margin. We can use borrowings under the Uncommitted Credit Facility for working capital and other general corporate purposes. The agreements governing our Uncommitted Credit Facility require us to comply with covenants. The Uncommitted Credit Facility may be terminated by either party at any time. As of December 31, 2019 and 2018, we had $11.6 million and $33.4 million of borrowings under our Uncommitted Credit Facility, respectively.

Senior Notes and Debentures

As of December 31, 2019, we had $7,257.0 million of unsecured senior notes and debentures outstanding with maturities ranging from 2020 to 2041. As of December 31, 2018, we had $6,998.8 million of unsecured senior notes and debentures outstanding with maturities ranging from 2019 to 2041. Our senior notes are general senior unsecured obligations.

During 2019, we issued $900.0 million of 2.500% senior notes due 2024 (the 2.500% Notes). We used the net proceeds from the 2.500% Notes to repay $650.0 million of 5.500% senior notes that matured in September 2019. The remaining proceeds were used to repay amounts outstanding under our unsecured credit facilities as well as for general corporate purposes.

During 2018, we issued $800.0 million of 3.950% senior notes due 2028 (the 3.950% Notes). We used the net proceeds from the 3.950% Notes to repay $700.0 million of 3.800% senior notes that matured in May 2018, and the remaining proceeds were used to repay borrowings under our Replaced Credit Facilities. In connection with this offering, we terminated interest rate lock agreements with a notional value of $600.0 million resulting in net proceeds of $31.1 million. The proceeds will amortize over the term of the 3.950% Notes using the effective interest method. There was no ineffectiveness recognized in the termination of these cash flow hedges.

Interest Rate Swap and Lock Agreements

During the second half of 2013, we entered into various interest rate swap agreements relative to our 4.750% fixed rate senior notes due in May 2023. The goal was to reduce overall borrowing costs and rebalance our debt portfolio’s ratio of fixed to floating interest rates. As of December 31, 2019, these swap agreements have a total notional value of $300.0 million and require us to pay interest at floating rates based on changes in LIBOR, and receive interest at a fixed rate of 4.750%. For 2019 and 2018, we recognized $1.0 million and $1.9 million, respectively, as offsetting benefits to our interest expense from these swap agreements, which mature in May 2023.

As of December 31, 2019, our interest rate lock agreements had an aggregate notional value of $575.0 million with fixed interest rates ranging from 1.330% to 3.000%. As of December 31, 2018 our interest rate lock agreements had an aggregate notional value of $725.0 million with fixed interest rates ranging from 1.900% to 3.250%. We entered into these transactions to manage exposure to fluctuations in interest rates in anticipation of planned future issuances of senior notes in 2019 through 2021. Upon the expected issuance of the senior notes, we will terminate the interest rate locks and settle with our counterparties. The aggregate fair value of the outstanding interest rate locks as of December 31, 2019 were assets of $3.6 million, which were recorded in prepaid expenses and other current assets in our consolidated balance sheet, and liabilities of $15.7 million,

56 which were recorded in other accrued liabilities and other long-term liabilities in our consolidated balance sheet. The aggregate fair value of the outstanding interest rate locks as of December 31, 2018 was $10.3 million and was recorded in other long-term assets in our consolidated balance sheet.

See Note 18, Financial Instruments, of the notes to our consolidated financial statements in Item 8 of this Form 10-K for further detail regarding the effect of our fair value and cash flow hedging on interest expense.

Derivative Contracts

Contemporaneously with the issuance of our 2.500% Notes in August 2019, we amended interest rate lock agreements with a notional value of $375.0 million, extending the mandatory maturity date from 2019 to 2024 and dedesignated them as cash flow hedges (the Extended Interest Rate Swaps). There was no ineffectiveness recognized in the termination of these cash flow hedges. In addition, we entered into an offsetting interest rate swap to offset future exposures to fair value fluctuations of the Extended Interest Rate Swaps (the Offsetting Interest Rate Swaps). The fair value of these free standing derivatives was determined using standard valuation models with assumptions about interest rates being based on those observed in underlying markets (Level 2 in the fair value hierarchy).

As of December 31, 2019, the fair value of the Extended Interest Rate Swaps was a liability of $22.2 million which was included in other long-term liabilities in our consolidated balance sheet, and the fair value of the Offsetting Interest Rate Swaps was an asset of $2.9 million and was included in other assets in our consolidated balance sheet. For the year ended December 31, 2019, we recognized a loss of $3.4 million on the change in fair value of the Extended Interest Rate Swaps, with an offsetting gain of $2.9 million on the Offsetting Interest Rate Swaps. The change in fair value was recorded directly in earnings as an adjustment to interest expense in our consolidated statements of income.

Tax-Exempt Financings

As of December 31, 2019, we had $1,116.2 million of certain fixed and variable rate tax-exempt financings outstanding with maturities ranging from 2020 to 2049. As of December 31, 2018, we had $1,036.8 million of certain fixed and variable rate tax-exempt financings outstanding with maturities ranging from 2019 to 2044.

During the year ended December 31, 2019, we refinanced $35.0 million of tax-exempt financings and issued $30.0 million of new tax-exempt financings. In addition, during the three months ended December 31, 2019, we issued $50.0 million of variable-rate tax-exempt debt. The proceeds from the issuance were used to fund qualifying landfill-related capital expenditures in the state of California.

Finance Leases

We had finance lease liabilities of $119.3 million and $109.5 million as of December 31, 2019 and 2018, respectively, with maturities ranging from 2020 to 2049 and 2019 to 2046, respectively.

57 Contractual Obligations

The following table summarizes our estimated contractual obligations as of December 31, 2019 (in millions):

Maturities of Notes Payable, Scheduled Finance Leases Interest Final Capping, Unconditional Year Ending Operating and Other Long- Payment Closure and Purchase December 31, Leases Term Debt Obligations Post-Closure Remediation Commitments Total 2020 $ 44.5 $ 930.7 $ 326.9 $ 75.8 $ 56.8 $ 132.5 $ 1,567.2 2021 40.4 770.2 287.0 52.4 67.0 90.9 1,307.9 2022 35.3 859.1 252.8 69.8 68.9 62.8 1,348.7 2023 33.9 922.6 215.3 72.8 61.4 39.5 1,345.5 2024 29.7 928.0 179.1 87.1 32.7 38.1 1,294.7 Thereafter 132.2 4,378.0 1,360.6 6,267.9 399.7 266.1 12,804.5 Total $ 316.0 $ 8,788.6 $ 2,621.7 $ 6,625.8 $ 686.5 $ 629.9 $ 19,668.5

Scheduled interest payment obligations in the above table were calculated using stated coupon rates for fixed rate debt and interest rates applicable as of December 31, 2019 for variable rate debt. The effect of our outstanding interest rate swaps on the interest payments of our 4.750% fixed rate senior notes due in May 2023 is also included based on the floating rates in effect as of December 31, 2019.

The estimated remaining final capping, closure and post-closure and remediation expenditures presented above are not inflated or discounted and reflect the estimated future payments for liabilities incurred and recorded as of December 31, 2019 and for liabilities yet to be incurred over the remaining life of our landfills.

Unconditional purchase commitments consist primarily of (1) disposal related agreements that include fixed or minimum royalty payments, host agreements and take-or-pay and put-or-pay agreements and (2) other obligations including committed capital expenditures and consulting service agreements.

Financial Assurance

We must provide financial assurance to governmental agencies and a variety of other entities under applicable environmental regulations relating to our landfill operations for capping, closure and post-closure costs, and related to our performance under certain collection, landfill and transfer station contracts. We satisfy these financial assurance requirements by providing surety bonds, letters of credit, or insurance policies (Financial Assurance Instruments), or trust deposits, which are included in restricted cash and marketable securities and other assets in our consolidated balance sheets. The amount of the financial assurance requirements for capping, closure and post-closure costs is determined by applicable state environmental regulations. The financial assurance requirements for capping, closure and post-closure costs may be associated with a portion of the landfill or the entire landfill. Generally, states require a third-party engineering specialist to determine the estimated capping, closure and post-closure costs that are used to determine the required amount of financial assurance for a landfill. The amount of financial assurance required can, and generally will, differ from the obligation determined and recorded under U.S. GAAP. The amount of the financial assurance requirements related to contract performance varies by contract. Additionally, we must provide financial assurance for our insurance program and collateral for certain performance obligations. We do not expect a material increase in financial assurance requirements during 2020, although the mix of Financial Assurance Instruments may change.

These Financial Assurance Instruments are issued in the normal course of business and are not classified as indebtedness. Because we currently have no liability for the Financial Assurance Instruments, they are not reflected in our consolidated balance sheets; however, we record capping, closure and post-closure liabilities and insurance liabilities as they are incurred.

58 Off-Balance Sheet Arrangements

We have no off-balance sheet debt or similar obligations, other than short-term operating leases and financial assurances, which are not classified as debt. We have no transactions or obligations with related parties that are not disclosed, consolidated into or reflected in our reported financial position or results of operations. We have not guaranteed any third-party debt.

Contingencies

For a description of our commitments and contingencies, see Note 8, Landfill and Environmental Costs, Note 11, Income Taxes, and Note 19, Commitments and Contingencies, of the notes to our consolidated financial statements in Item 8 of this Form 10-K.

Critical Accounting Judgments and Estimates

Our consolidated financial statements have been prepared in accordance with U.S. GAAP and necessarily include certain estimates and judgments made by management. The following is a list of accounting policies that we believe are the most critical in understanding our consolidated financial position, results of operations and cash flows and that may require management to make subjective or complex judgments about matters that are inherently uncertain. Such critical accounting policies, estimates and judgments are applicable to all of our operating segments.

We have noted examples of the residual accounting and business risks inherent in the accounting for these areas. Residual accounting and business risks are defined as the inherent risks that we face after the application of our policies and processes that are generally outside of our control or ability to forecast.

Landfill Accounting

Landfill operating costs are treated as period expenses and are not discussed further in this section.

Our landfill assets and liabilities fall into the following two categories, each of which requires accounting judgments and estimates:

• Landfill development costs that are capitalized as an asset.

• Landfill retirement obligations relating to our capping, closure and post-closure liabilities that result in a corresponding landfill retirement asset.

We use life-cycle accounting and the units-of-consumption method to recognize landfill development costs over the life of the site. In life-cycle accounting, all current and future capitalized costs to acquire and construct a site are calculated, and charged to expense based on the consumption of cubic yards of available airspace. Obligations associated with final capping, closure and post-closure are also capitalized, and amortized on a units-of-consumption basis as airspace is consumed. Cost and airspace estimates are developed at least annually by engineers.

Landfill Development Costs

Site permits. To develop, construct and operate a landfill, we must obtain permits from various regulatory agencies at the local, state and federal levels. The permitting process requires an initial site study to determine whether the location is feasible for landfill operations. The initial studies are reviewed by our environmental management group and then submitted to the regulatory agencies for approval. During the development stage we capitalize certain costs that we incur after site selection but before the receipt of all required permits if we believe that it is probable that the site will be permitted.

59 Residual risks:

• Changes in legislative or regulatory requirements may cause changes to the landfill site permitting process. These changes could make it more difficult and costly to obtain and maintain a landfill permit.

• Studies performed could be inaccurate, which could result in the denial or revocation of a permit and changes to accounting assumptions. Conditions could exist that were not identified in the study, which may make the location not feasible for a landfill and could result in the denial of a permit. Denial or revocation of a permit could impair the recorded value of the landfill asset.

• Actions by neighboring parties, private citizen groups or others to oppose our efforts to obtain, maintain or expand permits could result in denial, revocation or suspension of a permit, which could adversely impact the economic viability of the landfill and could impair the recorded value of the landfill. As a result of opposition to our obtaining a permit, improved technical information as a project progresses, or changes in the anticipated economics associated with a project, we may decide to reduce the scope of, or abandon, a project, which could result in an asset impairment.

Technical landfill design. Upon receipt of initial regulatory approval, technical landfill designs are prepared. The technical designs, which include the detailed specifications to develop and construct all components of the landfill including the types and quantities of materials that will be required, are reviewed by our environmental management group. The technical designs are submitted to the regulatory agencies for approval. Upon approval of the technical designs, the regulatory agencies issue permits to develop and operate the landfill.

Residual risks:

• Changes in legislative or regulatory requirements may require changes in the landfill technical designs. These changes could make it more difficult and costly to meet new design standards.

• Technical design requirements, as approved, may need modifications at some future point in time.

• Technical designs could be inaccurate and could result in increased construction costs, difficulty in obtaining a permit or the use of rates to recognize the amortization of landfill development costs and asset retirement obligations that are not appropriate.

Permitted and probable landfill disposal capacity. Included in the technical designs are factors that determine the ultimate disposal capacity of the landfill. These factors include the area over which the landfill will be developed, such as the depth of excavation, the height of the landfill elevation and the angle of the side-slope construction. The disposal capacity of the landfill is calculated in cubic yards. This measurement of volume is then converted to a disposal capacity expressed in tons based on a site-specific expected density to be achieved over the remaining operating life of the landfill.

Residual risks:

• Estimates of future disposal capacity may change as a result of changes in legislative or regulatory design requirements.

• The density of waste may vary due to variations in operating conditions, including waste compaction practices, site design, climate and the nature of the waste.

• Capacity is defined in cubic yards but waste received is measured in tons. The number of tons per cubic yard varies by type of waste and our rate of compaction.

Development costs. The types of costs that are detailed in the technical design specifications generally include excavation, natural and synthetic liners, construction of leachate collection systems, installation of methane gas

60 collection systems and monitoring probes, installation of groundwater monitoring wells, construction of leachate management facilities and other costs associated with the development of the site. We review the adequacy of our cost estimates on an annual basis by comparing estimated costs with third-party bids or contractual arrangements, reviewing the changes in year-over-year cost estimates for reasonableness, and comparing our resulting development cost per acre with prior period costs. These development costs, together with any costs incurred to acquire, design and permit the landfill, including capitalized interest, are recorded to the landfill asset on the balance sheet as incurred.

Residual risk:

• Actual future costs of construction materials and third-party labor could differ from the costs we have estimated because of the level of demand and the availability of the required materials and labor. Technical designs could be altered due to unexpected operating conditions, regulatory changes or legislative changes.

Landfill development asset amortization. To match the expense related to the landfill asset with the revenue generated by the landfill operations, we amortize the landfill development asset over its operating life on a per-ton basis as waste is accepted at the landfill. The landfill asset is fully amortized at the end of a landfill’s operating life. The per-ton rate is calculated by dividing the sum of the landfill development asset net book value plus estimated future development costs (as described above) for the landfill, by the landfill’s estimated remaining disposal capacity. The expected future development costs are not inflated or discounted, but rather expressed in nominal dollars. This rate is applied to each ton accepted at the landfill to arrive at amortization expense for the period.

Amortization rates are influenced by the original cost basis of the landfill, including acquisition costs, which in turn is determined by geographic location and market values. We secure significant landfill assets through business acquisitions and value them at the time of acquisition based on fair value. Amortization rates are also influenced by site-specific engineering and cost factors.

Residual risk:

• Changes in our future development cost estimates or our disposal capacity will normally result in a change in our amortization rates and will impact amortization expense prospectively. An unexpected significant increase in estimated costs or reduction in disposal capacity could affect the ongoing economic viability of the landfill and result in asset impairment.

On at least an annual basis, we update the estimates of future development costs and remaining disposal capacity for each landfill. These costs and disposal capacity estimates are reviewed and approved by senior operations management annually. Changes in cost estimates and disposal capacity are reflected prospectively in the landfill amortization rates that are updated annually. See our Results of Operations section in this Management’s Discussion and Analysis of Financial Condition and Results of Operations for discussion on changes to our landfill depletion and amortization.

Landfill Asset Retirement Obligations

We have two types of retirement obligations related to landfills: (1) capping and (2) closure and post-closure.

Obligations associated with final capping activities that occur during the operating life of the landfill are recognized on a units-of-consumption basis as airspace is consumed within each discrete capping event. Obligations related to closure and post-closure activities that occur after the landfill has ceased operations are recognized on a units-of-consumption basis as airspace is consumed throughout the entire life of the landfill. Landfill retirement obligations are capitalized as the related liabilities are recognized and amortized using the units-of-consumption method over the airspace consumed within the capping event or the airspace consumed

61 within the entire landfill, depending on the nature of the obligation. All obligations are initially measured at estimated fair value. Fair value is calculated on a present value basis using an inflation rate and our credit- adjusted, risk-free rate in effect at the time the liabilities were incurred. Future costs for final capping, closure and post-closure are developed at least annually by engineers, and are inflated to future value using estimated future payment dates and inflation rate projections.

Landfill capping. As individual areas within each landfill reach capacity, we must cap and close the areas in accordance with the landfill site permit. These requirements are detailed in the technical design of the landfill site process previously described.

Closure and post-closure. Closure costs are costs incurred after a landfill stops receiving waste, but prior to being certified as closed. After the entire landfill has reached capacity and is certified closed, we must continue to maintain and monitor the site for a post-closure period, which generally extends for 30 years. Costs associated with closure and post-closure requirements generally include maintenance of the site, the monitoring of methane gas collection systems and groundwater systems, and other activities that occur after the site has ceased accepting waste. Costs associated with post-closure monitoring generally include groundwater sampling, analysis and statistical reports, third-party labor associated with gas system operations and maintenance, transportation and disposal of leachate, and erosion control costs related to the final cap.

Landfill retirement obligation liabilities and assets. Estimates of the total future costs required to cap, close and monitor each landfill as specified by the landfill permit are updated annually. The estimates include inflation, the specific timing of future cash outflows, and the anticipated waste flow into the capping events. Our cost estimates are inflated to the period of performance using an estimate of inflation, which is updated annually and is based upon the ten year average consumer price index (1.7% in 2019 and 2018).

The present value of the remaining capping costs for specific capping events and the remaining closure and post- closure costs for each landfill are recorded as incurred on a per-ton basis. These liabilities are incurred as disposal capacity is consumed at the landfill.

Capping, closure and post-closure liabilities are recorded in layers and discounted using our credit-adjusted risk- free rate in effect at the time the obligation is incurred (4.3% in 2019 and 2018).

Retirement obligations are increased each year to reflect the passage of time by accreting the balance at the weighted average credit-adjusted risk-free rate that was used to calculate each layer of the recorded liabilities. This accretion is charged to operating expenses. Actual cash expenditures reduce the asset retirement obligation liabilities as they are made.

Corresponding retirement obligation assets are recorded for the same value as the additions to the capping, closure and post-closure liabilities. The retirement obligation assets are amortized to expense on a per-ton basis as disposal capacity is consumed. The per-ton rate is calculated by dividing the sum of each of the recorded retirement obligation asset’s net book value and expected future additions to the retirement obligation asset by the remaining disposal capacity. A per-ton rate is determined for each separate capping event based on the disposal capacity relating to that event. Closure and post-closure per-ton rates are based on the total disposal capacity of the landfill.

Residual risks:

• Changes in legislative or regulatory requirements, including changes in capping, closure activities or post-closure monitoring activities, types and quantities of materials used, or term of post-closure care, could cause changes in our cost estimates.

• Changes in the landfill retirement obligation due to changes in the anticipated waste flow, changes in airspace compaction estimates or changes in the timing of expenditures for closed landfills and fully incurred but unpaid capping events are recorded in results of operations prospectively. This could result in unanticipated increases or decreases in expense.

62 • Actual timing of disposal capacity utilization could differ from projected timing, causing differences in timing of when amortization and accretion expense is recognized for capping, closure and post-closure liabilities.

• Changes in inflation rates could impact our actual future costs and our total liabilities.

• Changes in our capital structure or market conditions could result in changes to the credit-adjusted risk- free rate used to discount the liabilities, which could cause changes in future recorded liabilities, assets and expense.

• Amortization rates could change in the future based on the evaluation of new facts and circumstances relating to landfill capping design, post-closure monitoring requirements, or the inflation or discount rate.

On an annual basis, we update our estimates of future capping, closure and post-closure costs and of future disposal capacity for each landfill. Revisions in estimates of our costs or timing of expenditures are recognized immediately as increases or decreases to the capping, closure and post-closure liabilities and the corresponding retirement obligation assets. Changes in the assets result in changes to the amortization rates which are applied prospectively, except for fully incurred capping events and closed landfills, where the changes are recorded immediately in results of operations since the associated disposal capacity has already been consumed. See our Results of Operations section in this Management’s Discussion and Analysis of Financial Condition and Results of Operations for discussion on changes to our landfill depletion and amortization.

Permitted and probable disposal capacity. Disposal capacity is determined by the specifications detailed in the landfill permit. We classify this disposal capacity as permitted. We also include probable expansion disposal capacity in our remaining disposal capacity estimates, thus including additional disposal capacity being sought through means of a permit expansion. Probable expansion disposal capacity has not yet received final approval from the applicable regulatory agencies, but we have determined that certain critical criteria have been met and that the successful completion of the expansion is probable. We have developed six criteria that must be met before an expansion area is designated as probable expansion airspace. We believe that satisfying all of these criteria demonstrates a high likelihood that expansion airspace that is incorporated in our landfill costing will be permitted. However, because some of these criteria are judgmental, they may exclude expansion airspace that will eventually be permitted or include expansion airspace that will not be permitted. In either of these scenarios, our amortization, depletion and accretion expense could change significantly. Our internal criteria to classify disposal capacity as probable expansion airspace are as follows:

• We own the land associated with the expansion airspace or control it pursuant to an option agreement;

• We are committed to supporting the expansion project financially and with appropriate resources;

• There are no identified fatal flaws or impediments associated with the project, including political impediments;

• Progress is being made on the project;

• The expansion is attainable within a reasonable time frame; and

• We believe it is likely we will receive the expansion permit.

After successfully meeting these criteria, the disposal capacity that will result from the planned expansion is included in our remaining disposal capacity estimates. Additionally, for purposes of calculating landfill amortization and capping, closure and post-closure rates, we include the incremental costs to develop, construct, close and monitor the related probable expansion disposal capacity.

63 Residual risk:

• We may be unsuccessful in obtaining permits for probable expansion disposal capacity because of the failure to obtain the final local, state or federal permits or due to other unknown reasons. If we are unsuccessful in obtaining permits for probable expansion disposal capacity, or the disposal capacity for which we obtain approvals is less than what was estimated, both our estimated total costs and disposal capacity will be reduced, which generally increases the rates we charge for landfill amortization and capping, closure and post-closure accruals. An unexpected decrease in disposal capacity could also cause an asset impairment.

Environmental Liabilities

We are subject to an array of laws and regulations relating to the protection of the environment, and we remediate sites in the ordinary course of our business. Under current laws and regulations, we may be responsible for environmental remediation at sites that we either own or operate, including sites that we have acquired, or sites where we have (or a company that we have acquired has) delivered waste. Our environmental remediation liabilities primarily include costs associated with remediating groundwater, surface water and soil contamination, as well as controlling and containing methane gas migration and the related legal costs. To estimate our ultimate liability at these sites, we evaluate several factors, including the nature and extent of contamination at each identified site, the required remediation methods, timing of expenditures, the apportionment of responsibility among the potentially responsible parties and the financial viability of those parties. We accrue for costs associated with environmental remediation obligations when such costs are probable and reasonably estimable in accordance with accounting for loss contingencies. We periodically review the status of all environmental matters and update our estimates of the likelihood of and future expenditures for remediation as necessary. Changes in the liabilities resulting from these reviews are recognized currently in earnings in the period in which the adjustment is known. Adjustments to estimates are reasonably possible in the near term and may result in changes to recorded amounts. With the exception of those obligations assumed in the acquisition of Allied, environmental obligations are recorded on an undiscounted basis. Environmental obligations assumed in the acquisition of Allied, which were initially estimated on a discounted basis, are accreted to full value over time through charges to interest expense. Adjustments arising from changes in amounts and timing of estimated costs and settlements may result in increases or decreases in these obligations and are calculated on a discounted basis as they were initially estimated on a discounted basis. These adjustments are charged to operating income when they are known. We perform a comprehensive review of our environmental obligations annually and also review changes in facts and circumstances associated with these obligations at least quarterly. See our Results of Operations section in this Management’s Discussion and Analysis of Financial Condition and Results of Operations for discussion on our remediation adjustments. We have not reduced the liabilities we have recorded for recoveries from other potentially responsible parties or insurance companies.

Residual risks:

• We cannot determine with precision the ultimate amounts of our environmental remediation liabilities. Our estimates of these liabilities require assumptions about uncertain future events. Thus, our estimates could change substantially as additional information becomes available regarding the nature or extent of contamination, the required remediation methods, timing of expenditures, the final apportionment of responsibility among the potentially responsible parties identified, the financial viability of those parties, and the actions of governmental agencies or private parties with interests in the matter. The actual environmental costs may exceed our current and future accruals for these costs, and any adjustments could be material.

• Actual amounts could differ from the estimated liabilities as a result of changes in estimated future litigation costs to pursue the matter to ultimate resolution.

• An unanticipated environmental liability that arises could result in a material charge to our consolidated statements of income.

64 Insurance Reserves and Related Costs

Our insurance policies for workers’ compensation, commercial general liability, commercial auto liability and environmental liability are high deductible, or retention programs. The deductibles, or retentions, range from $3 million to $10 million. The employee-related health benefits are also subject to a high deductible insurance policy. Accruals for deductibles or retentions are based on claims filed and actuarial estimates of claims development and claims incurred but not reported.

Residual risks:

• Incident rates, including frequency and severity, and other actuarial assumptions could change causing our current and future actuarially determined obligations to change, which would be reflected in our consolidated statements of income in the period in which such adjustment is known.

• Recorded reserves may not be adequate to cover the future payment of claims. Adjustments, if any, to estimates recorded resulting from ultimate claim payments would be reflected in the consolidated statements of income in the periods in which such adjustments are known.

• The settlement costs to discharge our obligations, including legal and health care costs, could increase or decrease causing current estimates of our insurance reserves to change.

New Accounting Standards

For a description of new accounting standards that may affect us, see Note 2, Summary of Significant Accounting Policies, of the notes to our consolidated financial statements in Item 8 of this Form 10-K.

ITEM 7A.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Interest Rate Risk

Our major market risk exposure of our financial instruments is changing interest rates in the United States and fluctuations in LIBOR. We intend to manage interest rate risk through the use of a combination of fixed and floating rate debt. The carrying value of our variable rate debt approximates fair value because interest rates are variable and, accordingly, approximates current market rates for instruments with similar risk and maturities. The fair value of our debt is determined as of the balance sheet date and is subject to change.

The table below provides information about certain of our market-sensitive financial instruments and constitutes a forward-looking statement.

Expected Maturity Date Fair Value as of December 31, 2020 2021 2022 2023 2024 Thereafter Total 2019 Fixed rate debt: Amount outstanding (in millions) $ 859.5 $ 643.2 $ 859.1 $ 582.4 $ 907.3 $ 3,618.7 $ 7,470.2 $ 8,130.6 Variable rate debt: Amount outstanding (in millions) $ 71.2 $ 127.0 $ - $ 340.2 $ 20.7 $ 759.3 $ 1,318.4 $ 1,312.2

The fixed and variable rate debt amounts above exclude the remaining non-cash discounts, premiums and adjustments to fair value totaling $100.1 million.

65 During the second half of 2013, we entered into various interest rate swap agreements relative to our 4.750% fixed rate senior notes due in May 2023. The goal was to reduce overall borrowing costs and rebalance our debt portfolio’s ratio of fixed to floating interest rates. These swap agreements, which were designated as fair value hedges, have a total notional value of $300.0 million as of December 31, 2019. Our interest rate swap contracts have been authorized pursuant to our policies and procedures. We do not use financial instruments for trading purposes and are not a party to any leveraged derivatives.

As of December 31, 2019, our interest rate lock agreements had an aggregate notional value of $575.0 million with fixed interest rates ranging from 1.330% to 3.000%. As of December 31, 2018, our interest rate lock agreements had an aggregate notional value of $725.0 million with fixed interest rates ranging from 1.900% to 3.250%. We entered into these transactions to manage exposure to fluctuations in interest rates in anticipation of planned future issuances of senior notes in 2019 through 2021. Upon the expected issuance of senior notes, we will terminate the interest rate locks and settle with our counterparties.

As of December 31, 2019, we had $1,318.4 million of floating rate debt and $300.0 million of floating interest rate swap contracts. If interest rates increased or decreased by 100 basis points on our variable rate debt, annualized interest expense and net cash payments for interest would increase or decrease by approximately $16 million. This analysis does not reflect the effect that interest rates would have on other items, such as new borrowings and the impact on the economy. See Note 9, Debt, of the notes to our consolidated financial statements in Item 8 of this Form 10-K for further information regarding how we manage interest rate risk.

Fuel Price Risk

Fuel costs represent a significant operating expense. When economically practical, we may enter into new fuel hedges, renew contracts, or engage in other strategies to mitigate market risk. As of December 31, 2019, we had no fuel hedges in place. While we charge fuel recovery fees to a majority of our customers, we are unable to charge such fees to all customers.

At current consumption levels, we believe a twenty-cent per gallon change in the price of diesel fuel would change our fuel costs by approximately $26 million per year. Offsetting these changes in fuel expense would be changes in our fuel recovery fee charged to our customers. At current participation rates, we believe a twenty- cent per gallon change in the price of diesel fuel would change our fuel recovery fee by approximately $26 million per year.

Our operations also require the use of certain petrochemical-based products (such as liners at our landfills) whose costs may vary with the price of petrochemicals. An increase in the price of petrochemicals could increase the cost of those products, which would increase our operating and capital costs. We also are susceptible to increases in fuel recovery fees from our vendors.

Our fuel costs were $347.9 million in 2019, or 3.4% of revenue, compared to $391.4 million in 2018, or 3.9% of revenue, and $349.8 million in 2017, or 3.5% of revenue.

Commodities Price Risk

We market recovered materials such as old corrugated containers and old newsprint from our recycling processing centers. Changes in market supply and demand for recycled commodities causes volatility in commodity prices. In prior periods, we have entered into derivative instruments such as swaps and costless collars designated as cash flow hedges to manage our exposure to changes in prices of these commodities. As of December 31, 2019, we had no recycling commodity hedges in place.

At current volumes and mix of materials, we believe a $10 per ton change in the price of recycled commodities would change annual revenue and operating income by approximately $13 million and $13 million, respectively.

Revenue from recycling processing and commodity sales during the years ended December 31, 2019, 2018 and 2017 was $273.2 million, $297.8 million, and $539.2 million, respectively.

66 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Report of Independent Registered Public Accounting Firm ...... 68 Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting . . . 72 Consolidated Balance Sheets as of December 31, 2019 and 2018 ...... 73 Consolidated Statements of Income for Each of the Three Years in the Period Ended December 31, 2019 . . . 74 Consolidated Statements of Comprehensive Income for Each of the Three Years in the Period Ended December 31, 2019 ...... 75 Consolidated Statements of Stockholders’ Equity for Each of the Three Years in the Period Ended December 31, 2019 ...... 76 Consolidated Statements of Cash Flows for Each of the Three Years in the Period Ended December 31, 2019 ...... 77 Notes to Consolidated Financial Statements ...... 78

67 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Stockholders and Board of Directors of Republic Services, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Republic Services, Inc. (the Company) as of December 31, 2019 and 2018, and the related consolidated statements of income, comprehensive income, stockholders’ equity and cash flows for each of the three years in the period ended December 31, 2019, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Company at December 31, 2019 and 2018, and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 2019 in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2019, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February 13, 2020 expressed an unqualified opinion thereon.

Adoption of New Accounting Standard

As discussed in Note 2 to the consolidated financial statements, the Company changed its method for recognizing revenue as a result of the adoption of the Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), and the amendments in ASU 2015-14, 2016-08, 2016-10 and 2016-12 effective January 1, 2018.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

68 Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Landfill Development Asset Amortization

Description of the At December 31, 2019, the net book value of the Company’s landfill development Matter assets totaled $3.5 billion, and the associated landfill development asset amortization expense for 2019 was $333.0 million. Significant assumptions used in calculating the amortization expense include estimated future development costs associated with the land, permitting, cell construction and environmental structures of the landfill in relation to airspace consumed to date and total estimated available airspace. These assumptions have a significant effect on the total landfill amortization expense. As discussed in Note 2 to the consolidated financial statements, costs and airspace estimates are developed at least annually, or more often if significant facts change.

How We Addressed the Auditing landfill development asset amortization expense is complex due to the Matter in Our Audit highly judgmental nature of the assumptions used in the calculation of the expense and required the involvement of specialists to assist us with evaluating estimated future development costs and certain assumptions to project total estimated available airspace.

We tested controls that address the risks of material misstatement relating to the measurement and valuation of landfill development asset amortization expense. For example, we tested controls over the estimation of future landfill development costs and management’s review of the assumptions to project total estimated available airspace.

To test the landfill development asset amortization expense, our audit procedures included, among others, assessing methodologies and testing the significant assumptions discussed above related to the underlying cost and airspace data used by the Company. We compared the significant assumptions used by management to historical trends and, when available, to comparable size landfills accepting the same type of waste. We also tested the completeness and accuracy of the historical data utilized in the development of the amortization expense. Regarding available airspace, we evaluated the Company’s estimation of the landfill disposal capacity through a comparison of airspace to historical estimates and annual aerial surveys. We involved EY engineering specialists to assist us with evaluating estimated future development costs and certain assumptions to project total estimated available airspace.

69 Landfill Final Capping, Closure and Post-Closure Costs

Description of the At December 31, 2019, the carrying value of the Company’s landfill final capping, Matter closure and post-closure costs totaled $1.3 billion. As discussed in Notes 2 and 8 to the consolidated financial statements, asset retirement obligations for final capping, closure and post-closure are measured at their estimated fair value. Management updates the assumptions used to estimate asset retirement obligations at least annually, or more often if significant facts change. These assumptions include estimated future costs associated with the final capping, closure and post closure activities at each landfill, airspace consumed to date, estimated available airspace, projected annual tonnage volume, projected timing of capping, closure and post closure activities and estimated inflation and discount rates. These assumptions have a significant effect on the estimated asset retirement obligation.

How We Addressed the Auditing the landfill asset retirement obligation is complex due to the highly Matter in Our Audit judgmental nature of the assumptions used in the measurement process and required the involvement of specialists to assist us with evaluating the costs estimated for the capping, closure and post closure activities and certain assumptions to project total estimated available airspace.

We tested controls that address the risks of material misstatement relating to the completeness, measurement and valuation of the asset retirement obligation. For example, we tested controls over management’s development of the landfill asset retirement obligation models to estimate the future liability and management’s review of data inputs and projections.

To test the landfill asset retirement obligation, our audit procedures included, among others, assessing methodologies used by the Company, testing the completeness of activities included in the estimate (e.g. gas monitoring and leachate management) and testing the significant assumptions discussed above, as well as the underlying costs and other estimates used by the Company in its development of these assumptions. We compared the significant assumptions used by management to historical trends and, when available, to comparable size landfills accepting the same type of waste. We also tested the completeness and accuracy of the historical data utilized in preparing the estimate. We involved EY engineering specialists to assist us with evaluating the costs estimated for the capping, closure and post closure activities and the reasons for significant changes in assumptions from historical trends and determined whether the change from the historical trend was appropriate and identified timely. EY engineering specialists were also involved in evaluating certain assumptions to project total estimated available airspace.

Environmental Liabilities

Description of the At December 31, 2019, environmental remediation liabilities totaled $500.2 million. Matter As discussed in Note 2 to the consolidated financial statements, the Company performs a review of their environmental obligations annually and when it identifies changes in facts and circumstances associated with these obligations. The Company considers several factors to estimate the ultimate liability at these sites, including, but not limited to, the nature and extent of contamination, the required remediation methods, timing of expenditures, and apportionment of responsibility among the potentially responsible parties and the financial viability of those parties. The Company accrues for costs associated with environmental remediation obligations when such costs are probable and reasonably estimable. Significant assumptions used in estimating environmental remediation liabilities include costs associated with remediating groundwater, surface water and soil contamination, as well as controlling and containing methane gas migration and the related legal costs. These assumptions have a significant effect on the estimated liability.

70 How We Addressed the Auditing environmental remediation liabilities is complex and required the Matter in Our Audit involvement of specialists due to the highly judgmental nature of the assumptions used in the estimate.

We tested controls that address the risks of material misstatement relating to the valuation and completeness of the environmental liabilities. For example, we tested controls over the identification of new matters and management’s review of the significant assumptions used in determining the estimated remediation liabilities.

To test the environmental liabilities, our audit procedures included, among others, assessing methodologies used by the Company and testing the significant assumptions discussed above, as well as the underlying costs and other estimates used by the Company in its development of these assumptions. We compared the significant assumptions used by management to historical trends and, when available, to notifications or decisions from regulatory agencies specifying remedial plans of action required and to agreements or correspondence regarding the apportionment of responsibility among the potentially responsible parties. We tested the completeness and accuracy of the historical data utilized in the development of the environmental liability. We also involved EY engineering specialists to assist us with evaluating the completeness of the Company’s environmental matters and assumptions used in estimating remediation liabilities for certain sites.

/s/ Ernst & Young LLP

We have served as the Company’s auditor since 2002. Phoenix, Arizona February 13, 2020

71 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Stockholders and Board of Directors of Republic Services, Inc.

Opinion on Internal Control over Financial Reporting

We have audited Republic Services, Inc.’s internal control over financial reporting as of December 31, 2019, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Republic Services, Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2019, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of Republic Services, Inc. as of December 31, 2019 and 2018, the related consolidated statements of income, comprehensive income, stockholders’ equity and cash flows for each of the three years in the period ended December 31, 2019, and the related notes and our report dated February 13, 2020 expressed an unqualified opinion thereon.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Report of Management on Republic Services, Inc.’s Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Ernst & Young LLP

Phoenix, Arizona February 13, 2020

72 REPUBLIC SERVICES, INC. CONSOLIDATED BALANCE SHEETS (in millions, except per share data)

December 31, December 31, 2019 2018 ASSETS Current assets: Cash and cash equivalents $ 47.1 $ 70.5 Accounts receivable, less allowance for doubtful accounts and other of $34.0 and $34.3, respectively 1,125.9 1,102.7 Prepaid expenses and other current assets 433.0 391.2 Total current assets 1,606.0 1,564.4 Restricted cash and marketable securities 179.4 108.1 Property and equipment, net 8,383.5 8,020.1 Goodwill 11,633.4 11,400.1 Other intangible assets, net 133.9 106.5 Other assets 747.6 417.8 Total assets $ 22,683.8 $ 21,617.0

LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 777.9 $ 761.5 Notes payable and current maturities of long-term debt 929.9 690.7 Deferred revenue 336.0 338.7 Accrued landfill and environmental costs, current portion 132.6 130.6 Accrued interest 74.0 68.5 Other accrued liabilities 814.2 728.6 Total current liabilities 3,064.6 2,718.6 Long-term debt, net of current maturities 7,758.6 7,646.8 Accrued landfill and environmental costs, net of current portion 1,703.2 1,701.6 Deferred income taxes and other long-term tax liabilities, net 1,180.6 1,028.3 Insurance reserves, net of current portion 276.5 270.8 Other long-term liabilities 579.4 321.4 Commitments and contingencies Stockholders’ equity: Preferred stock, par value $0.01 per share; 50 shares authorized; none issued - - Common stock, par value $0.01 per share; 750 shares authorized; 353.3 and 351.9 issued including shares held in treasury, respectively 3.5 3.5 Additional paid-in capital 4,994.8 4,924.9 Retained earnings 5,317.3 4,750.5 Treasury stock, at cost; 34.5 and 29.4 shares, respectively (2,199.6) (1,782.6) Accumulated other comprehensive income, net of tax 2.2 30.8 Total Republic Services, Inc. stockholders’ equity 8,118.2 7,927.1 Non-controlling interests in consolidated subsidiary 2.7 2.4 Total stockholders’ equity 8,120.9 7,929.5 Total liabilities and stockholders’ equity $ 22,683.8 $ 21,617.0

The accompanying notes are an integral part of these financial statements.

73 REPUBLIC SERVICES, INC. CONSOLIDATED STATEMENTS OF INCOME (in millions, except per share data)

Years Ended December 31, 2019 2018 2017 Revenue $ 10,299.4 $ 10,040.9 $ 10,041.5 Expenses: Cost of operations 6,298.4 6,150.0 6,214.6 Depreciation, amortization and depletion 1,040.5 1,033.4 1,036.3 Accretion 81.9 80.7 79.8 Selling, general and administrative 1,091.9 1,059.5 1,057.4 Withdrawal costs – multiemployer pension funds - - 1.2 Gain on business divestitures and impairments, net (14.7) (44.9) (33.9) Restructuring charges 14.2 26.4 17.6 Operating income 1,787.2 1,735.8 1,668.5 Interest expense (392.0) (383.8) (361.9) Loss from unconsolidated equity method investments (112.2) (35.8) (27.4) Loss on extinguishment of debt - (0.3) (0.8) Interest income 6.4 1.6 1.0 Other income, net 6.4 3.4 2.7 Income before income taxes 1,295.8 1,320.9 1,282.1 Provision for income taxes 222.0 283.3 3.1 Net income 1,073.8 1,037.6 1,279.0 Net income attributable to non-controlling interests in consolidated subsidiary (0.5) (0.7) (0.6) Net income attributable to Republic Services, Inc. $ 1,073.3 $ 1,036.9 $ 1,278.4 Basic earnings per share attributable to Republic Services, Inc. stockholders: Basic earnings per share $ 3.34 $ 3.17 $ 3.79 Weighted average common shares outstanding 321.1 326.9 337.1 Diluted earnings per share attributable to Republic Services, Inc. stockholders: Diluted earnings per share $ 3.33 $ 3.16 $ 3.77 Weighted average common and common equivalent shares outstanding 322.0 328.4 339.0 Cash dividends per common share $ 1.56 $ 1.44 $ 1.33

The accompanying notes are an integral part of these financial statements.

74 REPUBLIC SERVICES, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in millions)

Years Ended December 31, 2019 2018 2017 Net income $ 1,073.8 $ 1,037.6 $ 1,279.0 Other comprehensive income (loss), net of tax Hedging activity: Settlements - 4.0 (3.7) Realized loss (gain) reclassified into earnings 1.0 (3.8) 5.3 Unrealized (loss) gains (30.2) 14.5 3.1 Pension activity: Change in funded status of pension plan obligations (2.5) (6.5) 3.7 Other comprehensive income (loss), net of tax (31.7) 8.2 8.4 Comprehensive income 1,042.1 1,045.8 1,287.4 Comprehensive income attributable to non-controlling interests (0.5) (0.7) (0.6) Comprehensive income attributable to Republic Services, Inc. $ 1,041.6 $ 1,045.1 $ 1,286.8

The accompanying notes are an integral part of these financial statements.

75 REPUBLIC SERVICES, INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (in millions)

Republic Services, Inc. Stockholders’ Equity Accumulated Other Non-controlling Additional Treasury Comprehensive Interests In Common Stock Paid-In Retained Stock Income (Loss), Consolidated Shares Amount Capital Earnings Shares Amount Net of Tax Subsidiary Total Balance as of December 31, 2016 348.2 $ 3.5 $ 4,764.5 $ 3,324.0 (8.8) $ (414.9) $ 14.2 $ 2.4 $ 7,693.7 Net income - - - 1,278.4 - - - 0.6 1,279.0 Change in the value of derivative instruments, net of tax of $3.1 ------4.7 - 4.7 Employee benefit plan liability adjustments, net of tax of $2.4 ------3.7 - 3.7 Cash dividends declared - - - (446.3) - - - - (446.3) Issuances of common stock 1.9 - 36.9 - - - - - 36.9 Stock-based compensation - - 38.2 (3.6) - - - - 34.6 Purchase of common stock for treasury - - - - (9.6) (644.5) - - (644.5) Distributions paid ------(0.7) (0.7) Balance as of December 31, 2017 350.1 3.5 4,839.6 4,152.5 (18.4) (1,059.4) 22.6 2.3 7,961.1 Adoption of accounting standard, net of tax - - - 33.4 - - - - 33.4 Net income - - - 1,036.9 - - - 0.7 1,037.6 Change in the value of derivative instruments, net of tax of $5.4 ------14.7 - 14.7 Employee benefit plan liability adjustments, net of tax of $2.3 ------(6.5) - (6.5) Cash dividends declared - - - (468.4) - - - - (468.4) Issuances of common stock 1.8 - 43.3 - (0.3) (20.1) - - 23.2 Stock-based compensation - - 42.0 (3.9) - - - - 38.1 Purchase of common stock for treasury - - - - (10.7) (703.1) - - (703.1) Distributions paid ------(0.6) (0.6) Balance as of December 31, 2018 351.9 3.5 4,924.9 4,750.5 (29.4) (1,782.6) 30.8 2.4 7,929.5 Adoption of accounting standard, net of tax - - - (3.1) - - 3.1 - - Net income - - - 1,073.3 - - - 0.5 1,073.8 Change in the value of derivative instruments, net of tax of $10.4 ------(29.2) - (29.2) Employee benefit plan liability adjustments, net of tax of $0.9 ------(2.5) - (2.5) Cash dividends declared - - - (499.4) - - - - (499.4) Issuances of common stock 1.4 - 26.9 - (0.2) (17.6) - - 9.3 Stock-based compensation - - 43.0 (4.0) - - - - 39.0 Purchase of common stock for treasury - - - - (4.9) (399.4) - - (399.4) Distributions paid ------(0.2) (0.2) Balance as of December 31, 2019 353.3 $ 3.5 $ 4,994.8 $ 5,317.3 (34.5) $ (2,199.6) $ 2.2 $ 2.7 $ 8,120.9

The accompanying notes are an integral part of these financial statements.

76 REPUBLIC SERVICES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions)

Years Ended December 31, 2019 2018 2017 Cash provided by operating activities: Net income $ 1,073.8 $ 1,037.6 $ 1,279.0 Adjustments to reconcile net income to cash provided by operating activities: Depreciation, amortization, depletion and accretion 1,122.4 1,114.1 1,116.1 Non-cash interest expense 48.8 41.2 43.6 Restructuring related charges 14.2 26.4 17.6 Stock-based compensation 39.5 39.0 34.6 Deferred tax provision (benefit) 166.1 152.1 (379.0) Provision for doubtful accounts, net of adjustments 34.0 34.8 30.6 Loss on extinguishment of debt - 0.3 0.8 Gain on disposition of assets and asset impairments, net (13.8) (58.9) (29.5) Withdrawal costs – multiemployer pension funds - - 1.2 Environmental adjustments (11.9) 5.0 0.4 Loss from unconsolidated equity method investment 112.2 35.8 27.4 Other non-cash items (5.6) 0.6 (1.2) Change in assets and liabilities, net of effects from business acquisitions and divestitures: Accounts receivable (38.3) (29.6) (118.9) Prepaid expenses and other assets (109.7) (152.5) (36.4) Accounts payable 6.4 85.9 21.7 Restructuring expenditures (10.6) (24.7) (18.6) Capping, closure and post-closure expenditures (78.2) (71.9) (62.7) Remediation expenditures (49.1) (48.8) (54.8) Other liabilities 51.9 25.3 38.8 Proceeds from retirement of certain hedging relationships - 31.1 - Cash provided by operating activities 2,352.1 2,242.8 1,910.7 Cash used in investing activities: Purchases of property and equipment (1,207.1) (1,071.8) (989.8) Proceeds from sales of property and equipment 21.7 31.6 6.1 Cash used in acquisitions and investments, net of cash and restricted cash acquired (575.1) (277.3) (351.8) Cash received from business divestitures 42.8 89.2 4.7 Purchases of restricted marketable securities (14.7) (38.2) (18.5) Sales of restricted marketable securities 13.5 37.7 18.1 Other (0.1) (0.3) 1.0 Cash used in investing activities (1,719.0) (1,229.1) (1,330.2) Cash used in financing activities: Proceeds from notes payable and long-term debt, net of fees 4,746.5 4,347.6 4,791.1 Proceeds from issuance of senior notes, net of discount and fees 891.1 781.8 641.5 Payments of notes payable and long-term debt and senior notes (5,327.9) (5,000.7) (4,922.8) Issuances of common stock, net 9.3 23.2 36.9 Purchases of common stock for treasury (399.4) (736.9) (610.7) Cash dividends paid (491.2) (461.8) (440.5) Distributions paid to non-controlling interests in consolidated subsidiary (0.2) (0.6) (0.7) Contingent consideration payments (17.2) (12.1) (9.2) Cash used in financing activities (589.0) (1,059.5) (514.4) Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents 44.1 (45.8) 66.1 Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year 133.3 179.1 113.0 Cash, cash equivalents, restricted cash and restricted cash equivalents at end of year $ 177.4 $ 133.3 $ 179.1

The accompanying notes are an integral part of these financial statements.

77 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. BASIS OF PRESENTATION

Republic Services, Inc., a Delaware corporation, and its consolidated subsidiaries (also referred to collectively as Republic, the Company, we, us, or our), is the second largest provider of non-hazardous solid waste collection, transfer, recycling, disposal and environmental services in the United States, as measured by revenue.

The consolidated financial statements include the accounts of Republic Services, Inc. and its wholly owned and majority owned subsidiaries in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). We account for investments in entities in which we do not have a controlling financial interest under either the equity method or cost method of accounting, as appropriate. All material intercompany accounts and transactions have been eliminated in consolidation.

For comparative purposes, certain prior year amounts have been reclassified to conform to the current year presentation. All dollar amounts in tabular presentations are in millions, except per share amounts and unless otherwise noted.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Management’s Estimates and Assumptions

In preparing our financial statements, we make numerous estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. We must make these estimates and assumptions because certain information we use is dependent on future events, cannot be calculated with a high degree of precision from data available or simply cannot be readily calculated based on generally accepted methodologies. In preparing our financial statements, the more critical and subjective areas that deal with the greatest amount of uncertainty relate to our accounting for our long-lived assets, including recoverability, landfill development costs, and final capping, closure and post-closure costs; our valuation allowances for accounts receivable and deferred tax assets; our liabilities for potential litigation, claims and assessments; our liabilities for environmental remediation, multiemployer pension plans, employee benefit plans, deferred taxes, uncertain tax positions, and insurance reserves; and our estimates of the fair values of assets acquired and liabilities assumed in any acquisition. Each of these items is discussed in more detail elsewhere in these Notes to Consolidated Financial Statements. Our actual results may differ significantly from our estimates.

Cash and Cash Equivalents

We consider liquid investments with a maturity at the date of acquisition of three months or less to be cash equivalents.

We may have net book credit balances in our primary disbursement accounts at the end of a reporting period. We classify such credit balances as accounts payable in our consolidated balance sheets as checks presented for payment to these accounts are not payable by our banks under overdraft arrangements, and, therefore, do not represent short-term borrowings. As of December 31, 2019 and 2018, there were net book credit balances of $50.6 million and $64.8 million, respectively, in our primary disbursement accounts that were classified as accounts payable on our consolidated balance sheets.

Concentration of Credit Risk

Financial instruments that potentially subject us to concentrations of credit risk consist of cash and cash equivalents, trade accounts receivable and derivative instruments. We place our cash and cash equivalents with

78 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) high quality financial institutions. Such balances may be in excess of FDIC insured limits. To manage the related credit exposure, we continually monitor the credit worthiness of the financial institutions where we have deposits. Concentrations of credit risk with respect to trade accounts receivable are limited due to the wide variety of customers and markets in which we provide services, as well as the dispersion of our operations across many geographic areas. We provide services to small-container, large-container, municipal and residential, and environmental services customers in the United States and Puerto Rico. We perform ongoing credit evaluations of our customers, but generally do not require collateral to support customer receivables. We establish an allowance for doubtful accounts based on various factors including the credit risk of specific customers, age of receivables outstanding, historical trends, economic conditions and other information.

Accounts Receivable, Net

Accounts receivable represent receivables from customers for collection, transfer, recycling, disposal, environmental services and other services. Our receivables are recorded when billed or when the related revenue is earned and represent claims against third parties that will be settled in cash. The carrying value of our receivables, net of the allowance for doubtful accounts and customer credits, represents their estimated net realizable value. Provisions for doubtful accounts are evaluated on a monthly basis and are recorded based on our historical collection experience, the age of the receivables, specific customer information and economic conditions. We also review outstanding balances on an account-specific basis. Past due receivable balances are written-off when our collection efforts have been unsuccessful in collecting amounts due.

The following table reflects the activity in our allowance for doubtful accounts for the years ended December 31:

2019 2018 2017 Balance at beginning of year $ 34.3 $ 38.9 $ 44.0 Additions charged to expense 34.0 34.8 30.6 Accounts written-off (34.3) (39.4) (35.7) Balance at end of year $ 34.0 $ 34.3 $ 38.9

Restricted Cash and Marketable Securities

As of December 31, 2019, we had $179.4 million of restricted cash and marketable securities of which $99.4 million supports our insurance programs for workers’ compensation, commercial general liability, and commercial auto liability. Additionally, we obtain funds through the issuance of tax-exempt bonds for the purpose of financing qualifying expenditures at our landfills, transfer stations, collection and recycling processing centers. The funds are deposited directly into trust accounts by the bonding authorities at the time of issuance. As the use of these funds is contractually restricted, and we do not have the ability to use these funds for general operating purposes, they are classified as restricted cash and marketable securities in our consolidated balance sheets.

In the normal course of business, we may be required to provide financial assurance to governmental agencies and a variety of other entities in connection with municipal residential collection contracts, closure or post- closure of landfills, environmental remediation, environmental permits, and business licenses and permits as a financial guarantee of our performance. At several of our landfills, we satisfy financial assurance requirements by depositing cash into restricted trust funds or escrow accounts.

Property and Equipment

We record property and equipment at cost. Expenditures for major additions and improvements to facilities are capitalized, while maintenance and repairs are charged to expense as incurred. When property is retired or

79 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) otherwise disposed, the related cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the consolidated statements of income.

We revise the estimated useful lives of property and equipment acquired through business acquisitions to conform with our policies. We depreciate assets over their estimated useful lives using the straight-line method. We assume no salvage value for our depreciable property and equipment. The estimated useful lives of our property and equipment are as follows:

Buildings and improvements 7 - 40 years Vehicles 5 - 20 years Landfill equipment 5 - 7 years Other equipment 3 - 25 years Furniture and fixtures 10 years

Landfill development costs also are included in property and equipment. Landfill development costs include direct costs incurred to obtain landfill permits and direct costs incurred to acquire, construct and develop sites, as well as final capping, closure and post-closure assets. These costs are amortized or depleted based on consumed airspace. All indirect landfill development costs are expensed as incurred. For additional information, see Note 8, Landfill and Environmental Costs.

Capitalized Interest

We capitalize interest on landfill cell construction and other construction or development projects if they meet the following criteria:

• Total construction costs are $50,000 or greater; • The construction phase is one month or longer; and • The assets have a useful life of one year or longer.

Interest is capitalized on qualified assets while they undergo activities to ready them for their intended use. Capitalization of interest ceases once an asset is placed into service or if construction activity is suspended for more than a brief period of time. Our interest capitalization rate is based on our weighted average cost of indebtedness. Interest capitalized was $7.2 million, $6.8 million and $6.5 million for the years ended December 31, 2019, 2018, and 2017, respectively.

Fair Value of Financial Instruments

Our financial instruments include cash and cash equivalents, restricted cash and marketable securities, fuel, commodity and interest rate hedges, long-term debt, and assets in our defined benefit pension plan. Accounting standards include disclosure requirements around fair values used for certain financial instruments and establish a fair value hierarchy. The hierarchy prioritizes valuation inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of three levels:

• Level 1 – inputs are based upon unadjusted quoted prices for identical instruments traded in active markets.

• Level 2 – inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

80 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

• Level 3 – inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques.

See Note 12, Employee Benefit Plans, and Note 18, Financial Instruments, for fair value disclosures related to our defined benefit pension plan investments and financial instruments, respectively.

Investments Other Than Derivatives

Investments other than derivatives primarily include money market funds, common stock, mutual funds, real estate investment trusts, U.S. government and agency securities, municipal and corporate bonds, and foreign government bonds. In general, and where applicable, we use quoted prices in active markets for identical assets or liabilities to determine fair value. This pricing methodology applies to our Level 1 investments, such as money market funds, common stock and certain mutual funds. If quoted prices in active markets for identical assets or liabilities are not available to determine fair value, then we use quoted prices for similar assets and liabilities or inputs other than the quoted prices that are observable either directly or indirectly. These investments are included in Level 2 and consist primarily of corporate bonds, foreign government bonds, real estate investment trusts and certain agency securities.

Derivative Financial Instruments

We use derivative financial instruments to manage our risk associated with changing interest rates by creating offsetting market exposures. We use interest rate swap agreements designated as fair value hedges to manage risk associated with fluctuations in interest rates. In prior periods, we entered into multiple agreements designated as cash flow hedges to lock interest rates in anticipation of future debt issuance.

All derivatives are measured at fair value and recognized in the balance sheet as assets or liabilities, as appropriate. For derivative instruments designated as fair value hedges, to the extent they are effective, they are included as an adjustment to long-term debt in our consolidated balance sheets. Changes in fair value of the ineffective portions are recognized currently in earnings. For derivatives designated as cash flow hedges, changes in fair value of the effective portions of derivative instruments are reported in stockholders’ equity as components of other comprehensive income until the forecasted transaction occurs or is not probable of occurring. When the forecasted transaction occurs or is not probable of occurring, the realized net gain or loss is then recognized in the consolidated statements of income. Changes in fair value of the ineffective portions are recognized currently in earnings. See below for discussion of the changes resulting from our prospective adoption of Financial Accounting Standards Board’s (FASB) ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (ASU 2017-12), on January 1, 2019.

The fair values of our derivative instruments are determined using standard valuation models with assumptions about prices and other relevant information based on those observed in the underlying markets (Level 2 in the fair value hierarchy). The estimated fair values of derivatives used to hedge risks fluctuate over time and should be viewed in relation to the underlying hedged transactions.

Landfill and Environmental Costs

Life Cycle Accounting

We use life-cycle accounting and the units-of-consumption method to recognize certain landfill costs over the life of the site. In life cycle accounting, all current and future capitalized costs to acquire and construct a site are calculated, and charged to expense based on the consumption of cubic yards of available airspace.

81 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Costs and airspace estimates are developed at least annually by engineers. We use these estimates to adjust the rates we use to deplete capitalized costs. Changes in these estimates primarily relate to changes in available airspace, inflation and applicable regulations. Changes in available airspace include, but are not limited to, changes due to the addition of airspace lying in probable expansion areas, airspace consumed and changes in engineering estimates.

Probable Expansion Airspace

We classify landfill disposal capacity as either permitted (having received the final permit from the applicable regulatory agency) or as probable expansion airspace. Before airspace included in an expansion area is determined to be probable expansion airspace and, therefore, is included in our calculation of total available disposal capacity, all of the following criteria must be met:

• We own the land associated with the expansion airspace or control it pursuant to an option agreement; • We are committed to supporting the expansion project financially and with appropriate resources; • There are no identified fatal flaws or impediments associated with the project, including political impediments; • Progress is being made on the project; • The expansion is attainable within a reasonable time frame; and • We believe it is likely the expansion permit will be received.

Upon meeting our expansion criteria, the rates used at each applicable landfill to expense costs to acquire, construct, cap, close and maintain a site during the post-closure period are adjusted to include both the probable expansion airspace and the additional costs to be capitalized or accrued associated with that expansion airspace.

We have identified three steps that landfills generally follow to obtain expansion permits. These steps are as follows:

• Obtaining approval from local authorities; • Submitting a permit application to state authorities; and • Obtaining permit approval from state authorities.

We continually monitor our progress toward obtaining permits for each of our sites with probable airspace. If we determine that a landfill expansion area no longer meets our criteria, the probable expansion airspace is removed from the landfill’s total available capacity and the rates used at the landfill to deplete costs to acquire, construct, cap, close and maintain a site during the post-closure period are adjusted accordingly. In addition, any amounts capitalized for the probable expansion airspace are charged to expense in the period in which it is determined that the criteria are no longer met.

Capitalized Landfill Costs

Capitalized landfill costs include expenditures for land, permitting, cell construction and environmental structures. Capitalized permitting and cell construction costs are limited to direct costs relating to these activities, including legal, engineering and construction costs associated with excavation, natural and synthetic liners, construction of leachate collection systems, installation of methane gas collection and monitoring systems, installation of groundwater monitoring wells and other costs associated with the development of the site. Interest is capitalized on landfill construction projects while the assets are undergoing activities to ready them for their intended use. Capitalized landfill costs also include final capping, closure and post-closure assets and are depleted as airspace is consumed using the units-of-consumption method.

82 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Costs related to acquiring land, excluding the estimated residual value of unpermitted, non-buffer land, and costs related to permitting and cell construction are depleted as airspace is consumed using the units-of-consumption method.

Capitalized landfill costs also may include an allocation of purchase price paid for landfills. For landfills purchased as part of a group of assets, the purchase price assigned to the landfill is determined based on the estimated fair value of the landfill. If the landfill meets our expansion criteria, the purchase price is further allocated between permitted airspace and expansion airspace based on the respective ratios to total available airspace. Landfill purchase price is amortized using the units-of-consumption method over the total available airspace, including probable expansion airspace, where appropriate.

Final Capping, Closure and Post-Closure Costs

Final capping

We have future obligations for final capping, closure and post-closure costs with respect to the landfills we own or operate as set forth in applicable landfill permits. The permit requirements are based on the Subtitle C and Subtitle D regulations of the Resource Conservation and Recovery Act, as implemented and applied on a state-by-state basis. We define final capping as activities required to permanently cover a portion of a landfill that has been completely filled with waste. Final capping typically includes installing flexible membrane and geosynthetic clay liners, drainage and compact soil layers, and topsoil, and is constructed over an area of the landfill where total airspace capacity has been consumed and waste disposal operations have ceased. These final capping activities occur in phases as needed throughout the operating life of a landfill as specific areas are filled to capacity and the final elevation for that specific area is reached in accordance with the provisions of the operating permit. We consider final capping events to be discrete activities that are recognized as asset retirement obligations separately from other closure and post-closure obligations. As a result, we use a separate rate per ton for recognizing the principal amount of the liability and related asset associated with each capping event. We amortize the asset recorded pursuant to this approach as waste volume related to the capacity covered by the capping event is placed into the landfill based on the consumption of cubic yards of available airspace.

Closure and post-closure

Closure and post-closure activities occur after the entire landfill ceases to accept waste and closes. These activities involve methane gas control, leachate management and groundwater monitoring, surface water monitoring and control, and other operational and maintenance activities that occur after the site ceases to accept waste. Obligations associated with monitoring and controlling methane gas migration and emissions are set forth in applicable landfill permits and these requirements are based on the provisions of the Clean Air Act. The post- closure period generally runs for 30 years after final site closure for municipal solid waste landfills and a shorter period for construction and demolition landfills and inert landfills. We recognize asset retirement obligations and the related amortization expense for closure and post-closure (excluding obligations for final capping) using the units-of-consumption method over the total remaining capacity of the landfill, including probable expansion airspace, where appropriate.

Estimated future expenditures

Estimates of future expenditures for final capping, closure and post-closure are developed at least annually by engineers. Management reviews these estimates and our operating and accounting personnel use them to adjust the rates used to capitalize and amortize these costs. These estimates involve projections of costs that will be incurred during the remaining life of the landfill for final capping activities, after the landfill ceases operations and during the legally required post-closure monitoring period. As of December 31, 2019, we had 130 closed landfills.

83 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Fair value measurements

In general, we engage third parties to perform most of our final capping, closure and post-closure activities. Accordingly, the fair value of these activities is based on quoted and actual prices paid for similar work. We also perform some of our final capping, closure and post-closure activities using internal resources. Where we expect internal resources to be used to fulfill an asset retirement obligation, we add a profit margin to the estimated cost of such services to better reflect their fair value. If we perform these services internally, the added profit margin is recognized as a component of operating income in the period the obligation is settled.

Our estimates of costs to discharge asset retirement obligations for landfills are developed in today’s dollars. These costs are inflated each year to reflect a normal escalation of prices up to the year they are expected to be paid. We used a 1.7% inflation rate for the years ended December 31, 2019, 2018, and 2017, which is based on the ten-year historical moving average increase of the U.S. Consumer Price Index, and is the rate used by most large waste industry participants. These estimated costs are then discounted to their present values using a credit- adjusted, risk-free interest rate.

Changes in assets retirement obligations

A liability for an asset retirement obligation is recognized in the period in which it is incurred and is initially measured at fair value. The offset to the liability is capitalized as part of the carrying amount of the related long- lived asset. Changes in the liabilities due to revisions to estimated future cash flows are recognized by increasing or decreasing the liabilities with the offsets adjusting the carrying amounts of the related long-lived assets, and may also require immediate adjustments to amortization expense in the consolidated statements of income. Upward revisions in the amount of undiscounted estimated cash flows used to record a liability are discounted using the credit-adjusted, risk-free interest rate in effect at the time of the change. Downward revisions in the amount of undiscounted estimated cash flows used to record a liability are discounted using the credit-adjusted, risk-free rate that existed when the original liability was recognized.

Changes in asset retirement obligations due to the passage of time are measured by recognizing accretion expense in a manner that results in a constant effective interest rate being applied to the average carrying amount of the liability. The effective interest rate used to calculate accretion expense is our credit-adjusted, risk-free interest rate in effect at the time the liabilities were recorded.

We review our calculations with respect to landfill asset retirement obligations at least annually. If there is a significant change in the facts and circumstances related to a landfill during the year, we will review our calculations for the landfill as soon as practical after the change has occurred.

Landfill operating expenses

Costs associated with daily maintenance activities and environmental compliance during the operating life of the landfill are expensed as incurred. These costs include, among other things, leachate treatment and disposal, methane gas and groundwater monitoring and systems maintenance, interim cap maintenance, costs associated with the application of daily cover materials, and the legal and administrative costs of ongoing environmental compliance.

Environmental Liabilities

We are subject to an array of laws and regulations relating to the protection of the environment, and we remediate sites in the ordinary course of our business. Under current laws and regulations, we may be responsible

84 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) for environmental remediation at sites that we either own or operate, including sites that we have acquired, or sites where we have (or a company that we have acquired has) delivered waste. Our environmental remediation liabilities primarily include costs associated with remediating groundwater, surface water and soil contamination, as well as controlling and containing methane gas migration and the related legal costs. To estimate our ultimate liability at these sites, we evaluate several factors, including the nature and extent of contamination at each identified site, the required remediation methods, timing of expenditures, the apportionment of responsibility among the potentially responsible parties and the financial viability of those parties. We accrue for costs associated with environmental remediation obligations when such costs are probable and reasonably estimable in accordance with accounting for loss contingencies. We periodically review the status of all environmental matters and update our estimates of the likelihood of and future expenditures for remediation as necessary. Changes in the liabilities resulting from these reviews are recognized currently in earnings in the period in which the adjustment is known. Adjustments to estimates are reasonably possible in the near term and may result in changes to recorded amounts. With the exception of those obligations assumed in the acquisition of Allied, environmental obligations are recorded on an undiscounted basis. Adjustments arising from changes in amounts and timing of estimated costs and settlements may result in increases or decreases in these obligations and are calculated on a discounted basis as they were initially estimated on a discounted basis. These adjustments are charged to operating income when they are known. We perform a comprehensive review of our environmental obligations annually and also review changes in facts and circumstances associated with these obligations at least quarterly. We have not reduced the liabilities we have recorded for recoveries from other potentially responsible parties or insurance companies.

Business Combinations

We acquire businesses in the waste industry, including non-hazardous waste collection, transfer, recycling, disposal and environmental services operations, as part of our growth strategy. Businesses are included in the consolidated financial statements from the date of acquisition.

We recognize, separately from goodwill, the identifiable assets acquired and liabilities assumed at their estimated acquisition-date fair values. We measure and recognize goodwill as of the acquisition date as the excess of: (1) the aggregate of the fair value of consideration transferred, the fair value of any non-controlling interest in the acquiree (if any) and the acquisition date fair value of our previously held equity interest in the acquiree (if any), over (2) the fair value of assets acquired and liabilities assumed. If information about facts and circumstances existing as of the acquisition date is incomplete by the end of the reporting period in which a business combination occurs, we report provisional amounts for the items for which the accounting is incomplete. The measurement or allocation period ends once we receive the information we are seeking; however, this period will generally not exceed one year from the acquisition date. Any material adjustments recognized during the measurement period will be reflected retrospectively in the consolidated financial statements of the subsequent period. We recognize third-party transaction related costs as expense currently in the period in which they are incurred.

Goodwill and Other Intangible Assets

We evaluate goodwill for impairment annually as of October 1st, or when an indicator of impairment exists. We compare the fair value of our reporting units with the carrying value, including goodwill. We recognize an impairment charge for the amount by which the carrying value exceeds a reporting unit’s fair value, not to exceed the total amount of recorded goodwill, as applicable.

During 2019, we managed and evaluated our operations through two field groups: Group 1 and Group 2. In determining fair value, we primarily use discounted future cash flows and operating results based on a comparative multiple of earnings or revenues.

85 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Significant estimates used in our fair value calculation using discounted future cash flows include: (1) estimates of future revenue and expense growth by reporting unit, which we estimate to be approximately 3% annually; (2) future estimated effective tax rates, which we estimate to be 27%; (3) future estimated capital expenditures and future required investments in working capital; (4) estimated discount rates, which we estimate to range between 6% and 8%; and (5) the future terminal value of the reporting unit, which is based on its ability to exist into perpetuity. Significant estimates used in the fair value calculation utilizing market value multiples include: (a) estimated future growth potential of the reporting unit; (b) estimated multiples of revenue or earnings a willing buyer is likely to pay; and (c) the estimated control premium a willing buyer is likely to pay.

In addition, we evaluate a reporting unit for impairment if events or circumstances change between annual tests, indicating a possible impairment. Examples of such events or circumstances include: (1) a significant adverse change in legal factors or in the business climate; (2) an adverse action or assessment by a regulator; (3) a more likely than not expectation that a reporting unit or a significant portion thereof will be sold; (4) continued or sustained losses at a reporting unit; (5) a significant decline in our market capitalization as compared to our book value; or (6) we conclude that we may not recover a significant asset group within the reporting unit.

We assign assets and liabilities from our corporate operating segment to our two reporting units to the extent that such assets or liabilities relate to the cash flows of the reporting unit and would be included in determining the reporting unit’s fair value.

In preparing our annual test for impairment as of October 1, 2019, we determined that our indicated fair value of total invested capital exceeded our total market capitalization. We believe one of the primary reconciling differences between the indicated fair value of total invested capital and our total market capitalization is due to a control premium. We believe the control premium represents the value a market participant could extract as savings or synergies by obtaining control.

As of October 1, 2019, we determined that the indicated fair value of our reporting units exceeded their carrying value by approximately 140% on average and, therefore, we noted no indicators of impairment at our reporting units.

Our operating segments, which also represent our reporting units, are comprised of several vertically integrated businesses. When an individual business within an integrated operating segment is divested, goodwill is allocated to that business based on its fair value relative to the fair value of its operating segment.

Other intangible assets include values assigned to customer relationships, non-compete agreements and trade names and are amortized generally on a straight-line basis over periods ranging from 1 to 17 years.

Asset Impairments

We continually consider whether events or changes in circumstances have occurred that may warrant revision of the estimated useful lives of our long-lived assets (other than goodwill) or whether the remaining balances of those assets should be evaluated for possible impairment. Long-lived assets include, for example, capitalized landfill costs, other property and equipment, and identifiable intangible assets.

Events or changes in circumstances that may indicate that an asset may be impaired include the following:

• A significant decrease in the market price of an asset or asset group;

• A significant adverse change in the extent or manner in which an asset or asset group is being used or in its physical condition;

86 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

• A significant adverse change in legal factors or in the business climate that could affect the value of an asset or asset group, including an adverse action or assessment by a regulator;

• An accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset;

• A current period operating or cash flow loss combined with a history of operating or cash flow losses or a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group;

• A current expectation that, more likely than not, a long-lived asset or asset group will be sold or otherwise disposed of significantly before the end of its previously estimated useful life; or

• An impairment of goodwill at a reporting unit.

There are certain indicators listed above that require judgment and understanding of the waste industry when applied to landfill development or expansion. For example, a regulator may initially deny a landfill expansion permit application though the expansion permit is ultimately granted. In addition, management may periodically divert waste from one landfill to another to conserve remaining permitted landfill airspace. Therefore, certain events could occur in the ordinary course of business and not necessarily be considered indicators of impairment due to the unique nature of the waste industry.

If indicators of impairment exist, the asset or asset group is reviewed to determine whether its recoverability is impaired. We assess the recoverability of the asset or asset group by comparing its carrying value to an estimate (or estimates) of its undiscounted future cash flows over its remaining life. If the estimated undiscounted cash flows are not sufficient to recover the carrying value of the asset or asset group, we measure an impairment loss as the amount by which the carrying amount of the asset exceeds its fair value. The loss is recorded in the consolidated statements of income in the period in which such impairment is identified. Estimating future cash flows requires significant judgment, and our projections of future cash flows and remaining useful lives may vary materially from actual results.

Insurance Reserves

Our insurance programs for workers’ compensation, commercial general and auto liability, environmental and remediation liability, and employee-related health care benefits are subject to high deductible insurance policies. Accruals for insurance reserves are based on claims filed and estimates of claims incurred but not reported. We consider our past claims experience, including both frequency and settlement amount of claims, in determining these estimates. It is possible that recorded reserves may not be adequate to cover the future payment of claims. Adjustments, if any, to estimates recorded resulting from ultimate claim payments will be reflected in the consolidated statements of income in the periods in which such adjustments are known. In general, our insurance reserves are recorded on an undiscounted basis; however, the insurance liabilities we acquired in the Allied acquisition have been recorded at estimated fair value, and therefore have been discounted to present value based on our estimate of the timing of the related cash flows.

Costs Associated with Exit Activities

We record costs associated with exit activities such as employee termination benefits that represent a one-time benefit when management approves and commits to a plan of termination, and communicates the termination arrangement to the employees, or over the future service period, if any. Other costs associated with exit activities may include contract termination costs, including facility and employee relocation costs.

87 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Contingent Liabilities

We are subject to various legal proceedings, claims and regulatory matters, the outcomes of which are subject to significant uncertainty. In general, we determine whether to disclose or accrue for loss contingencies based on an assessment of whether the risk of loss is remote, reasonably possible or probable, and whether it can be reasonably estimated. We assess our potential liability relating to litigation and regulatory matters based on information available to us. Management develops its assessment based on an analysis of possible outcomes under various strategies. We accrue for loss contingencies when such amounts are probable and reasonably estimable. If a contingent liability is only reasonably possible, we disclose the potential range of the loss, if estimable. Contingent liabilities recorded in purchase accounting are recorded at their fair values. These fair values may be different from the values we would have otherwise recorded, had the contingent liability not been assumed as part of an acquisition of a business.

Accumulated Other Comprehensive Income

Accumulated other comprehensive income is a component of stockholders’ equity and includes the effective portion of the net changes in fair value of our cash flow hedges, amortization of our interest rate locks, and certain adjustments to liabilities associated with our employee defined benefit pension plan liabilities, net of tax.

Revenue Recognition

We generally provide services under contracts with municipalities or individual customers. Municipal and small- container contracts are generally long-term and often have renewal options. Advance billings are recorded as deferred revenue, and revenue is recognized over the period services are provided.

We recognize revenue when control is transferred to the customer, generally at the time we provide a service. Revenue is measured as the amount of consideration we expect to receive in exchange for providing a service. We make certain payments to our customers, including payments to our municipal customers or commodity rebates to customers in our recycling business, which reduce the amount of revenue we recognize.

Income Taxes

We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, we record deferred income taxes to reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax bases using enacted tax rates that we expect to be in effect when the taxes are actually paid or recovered. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

We record net deferred tax assets to the extent we believe these assets will more likely than not be realized. In making these determinations, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, tax planning strategies, projected future taxable income and recent financial operating results. The weight given to the positive and negative evidence is commensurate with the extent such evidence can be objectively verified. If we determine that we would be able to realize a deferred income tax asset in the future in excess of its net recorded amount, we would make an adjustment to the valuation allowance, which would reduce the provision for income taxes.

We record uncertain tax positions in accordance with ASC 740. A tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits. Income tax positions must meet a more-likely-than-not recognition threshold at the effective date to be recognized.

88 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

We recognize interest and penalties related to uncertain tax positions in the provision for income taxes in the accompanying consolidated statements of income. Accrued interest and penalties are included in other accrued liabilities, deferred income taxes and other long-term tax liabilities in the consolidated balance sheets.

We use the flow-through method to account for investment tax credits earned on eligible development expenditures. Under this method, the investment tax credits are recognized as a reduction to income tax expense in the year they are earned.

Defined Benefit Pension Plan

We currently have one qualified defined benefit pension plan, the BFI Retirement Plan (the Plan). The Plan covers certain current and former employees of Allied in the United States, including some employees subject to collective bargaining agreements. The Plan’s benefit formula is based on a percentage of compensation as defined in the Plan document. However, the benefits of all current Plan participants are frozen.

Our pension contributions are made in accordance with funding standards established by the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code, as amended by the Pension Protection Act of 2006. The Plan’s assets have been invested as determined by our Employee Benefits Committee. The Employee Benefits Committee reviews and adjusts the Plan’s asset allocation as deemed necessary.

The benefit obligation and associated income or expense related to the Plan are determined using annually established assumptions for discount rates, expected rates of return and mortality rates. We determine the discount rate based on a model that matches the timing and amount of expected benefit payments to maturities of high quality bonds priced as of the pension plan measurement date. When that timing does not correspond to a published high-quality bond rate, our model uses an expected yield curve to determine an appropriate current discount rate. The yields on the bonds are used to derive a discount rate for the liability. In developing our expected rate of return assumption, we evaluate long-term expected and historical actual returns on the Plan assets, giving consideration to the asset mix and the anticipated duration of our Plan obligations. The average rate of compensation increase reflects our expectations of average pay increases over the period benefits are earned. Our assumptions are reviewed annually and adjusted as deemed necessary.

Equity-Based Compensation Plans

Compensation expense associated with our restricted share units is recognized ratably over the vesting period, or to the employee’s retirement eligible date, if earlier. The fair value of restricted share units is based on the closing market price on the date of the grant.

Compensation expense associated with our performance shares that vest based on future performance targets is measured using the fair value of our common stock at the grant date for the stock-settled, equity classified awards, and the fair value of our common stock at the end of each reporting period for the cash-settled, liability classified awards. Compensation expense is recognized ratably over the performance period based on our estimated achievement of the established performance criteria. Compensation expense is only recognized for those awards that we expect to vest, which we estimate based on an assessment of the probability that the performance criteria will be achieved.

Income tax related cash flows resulting from equity-based payments are reported as a component of operating activities.

Share Repurchases

Share repurchases under our share repurchase authorization may be made through open market purchases or privately negotiated transactions at the current market prices. From time-to-time, we return treasury shares

89 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) acquired through share repurchases to the status of authorized but unissued. Our accounting policy is to deduct the par value from common stock and to reflect any excess of cost over par value as a deduction from additional paid-in capital.

Leases

We lease property and equipment in the ordinary course of business under various lease agreements. The most significant lease obligations are for real property and equipment specific to our industry, including property operated as a landfill or transfer station and operating equipment. Our leases have varying terms. Some may include renewal or purchase options, escalation clauses, restrictions, penalties or other obligations that we consider in determining minimum lease payments. Our lease terms include options to renew the lease when it is reasonably certain that we will exercise the option.

Certain leases require payments that are variable in nature based on volume measurements, e.g. a fixed rate per ton at our landfills. In addition, certain rental payments are adjusted annually based on changes in an underlying base index such as a consumer price index. Variable lease payments are recognized in our consolidated statements of income in the period incurred. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We generally account for lease components separately from non-lease components.

Leases are classified as either operating leases or finance leases, as appropriate. Leases with an initial term of 12 months or less are not recorded on our consolidated balance sheet.

Operating Leases

Many of our leases are operating leases. Operating lease classification generally can be attributed to either (1) relatively low fixed minimum lease payments (including, for example, real property lease payments that are not fixed and vary based on the volume of waste we receive or process), or (2) minimum lease terms that are shorter than the asset’s economic useful life. We expect that, in the ordinary course of business, our operating leases will be renewed, replaced by other leases, or replaced with capital expenditures. We recognize rent expense for these leases on a straight-line basis over the lease term.

We recognize a right-of-use liability and right-of-use asset for leases classified as operating leases in our consolidated balance sheet upon lease commencement. The right-of-use liability represents the present value of the remaining lease payments. An implicit rate is often not readily available for these leases. As such, we use our incremental borrowing rate at the commencement date to determine the present value of the lease payments. Our incremental borrowing rate represents the rate of interest that we would have to pay to borrow on a collateralized basis over a similar term in a similar economic environment. In addition, we recognize a corresponding right-of-use asset, which represents our right to use an underlying asset for the lease term. The right-of-use asset is adjusted for certain favorable or unfavorable leases recognized through acquisition, prepaid or accrued rent, asset impairments and lease incentives, including but not limited to cash incentives, rent abatement or leasehold improvements paid by the lessor.

Finance Leases

We capitalize assets acquired under finance leases at lease commencement and amortize them to depreciation expense over the lesser of the useful life of the asset or the lease term on either a straight-line or a units-of-consumption basis, depending on the asset leased. We record the present value of the related lease payments as a debt obligation. Our finance lease liabilities relate primarily to real property, including certain long-term landfill operating agreements that require minimum lease payments with offsetting finance lease assets recorded as part of the landfill development costs.

90 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Related Party Transactions

It is our policy that transactions with related parties must be on terms that, on the whole, are no less favorable than those that would be available from unaffiliated parties.

New Accounting Pronouncements

Accounting Standards Adopted

Revenue Recognition

Effective January 1, 2018, we adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606) and Other Assets and Deferred Costs-Contracts with Customers (Subtopic 340-40) (ASU 2014-09 or the new revenue recognition standard) using the modified retrospective approach. We recognized the cumulative effect of adopting the new revenue recognition standard as an adjustment to the beginning balance of retained earnings as of the date of adoption. The prior comparative periods have not been restated and continue to be reported under the accounting standards in effect for those periods. The timing and pattern of revenue recognition has not significantly changed under the new revenue recognition standard, nor has there been a material change to our operating or net income.

In addition, effective January 1, 2019, we adopted the following accounting standard updates (ASUs) as issued by the Financial Accounting Standards Board (FASB):

ASU Effective Date ASU 2016-02 Leases (Topic 842) January 1, 2019 ASU 2017-12 Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting January 1, 2019 for Hedging Activities ASU 2018-16 Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight January 1, 2019 Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting ASU 2018-02 Income Statement – Reporting Comprehensive Income (Topic 220) January 1, 2019 Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ASU 2018-07 Compensation – Stock Compensation (Topic 718): Improvements to January 1, 2019 Nonemployee Share-Based Payment Accounting ASU 2018-15 Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40) January 1, 2019 No. 2018-15 Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract

Leases

Effective January 1, 2019, we adopted ASU 2016-02, Leases (Topic 842) (ASC 842 or the new leasing standard) using the optional transition method prescribed by ASU 2018-11, Leases (Topic 842): Targeted Improvements. Upon adoption of the new leasing standard, we recognized a right-of-use asset and a right-of-use liability for leases classified as operating leases in our consolidated balance sheet. We applied the package of practical expedients to leases that commenced before the effective date whereby we elected to not reassess the following: (i) whether any expired or existing contracts contain leases; (ii) the lease classification for any expired or existing leases; and (iii) initial direct costs for any existing leases.

91 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

To assist in quantifying the impact on our consolidated financial statements and supplementing our existing disclosures, we designed internal controls over the adoption and implemented a software solution to manage and account for our leases. As of January 1, 2019, we recognized a right-of-use liability for our operating leases of $256.3 million classified as other accrued liabilities and other long-term liabilities and a corresponding right-of-use asset of $236.2 million classified as other long-term assets in our consolidated balance sheet. The right-of-use asset reflects adjustments for certain favorable or unfavorable leases recognized through acquisitions, prepaid or accrued rent, asset impairments and lease incentives, including but not limited to cash incentives, rent abatement or leasehold improvements paid by the lessor. We did not recognize a cumulative effect adjustment to retained earnings as of January 1, 2019 as the standard did not have a material impact on our consolidated statements of income. In addition, the standard did not have a material impact on our accounting for finance (capital) leases.

We assessed the disclosure requirements under the new leasing standard as part of our adoption. Refer to Note 6, Other Assets, Note 7, Other Liabilities, and Note 10, Leases, included herein for our enhanced supplemental disclosures.

Derivatives and Hedging

Effective January 1, 2019, we adopted the FASB’s ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (ASU 2017-12). We adopted the new guidance over income statement presentation and enhanced disclosures prospectively, and we adopted the guidance over the elimination of the separate measurement of ineffectiveness on a modified retrospective basis to existing hedging relationships as of the date of adoption. Prior to adoption, the net periodic earnings of our fair value hedges were presented within other income, net in our consolidated statements of income and are now presented within interest expense in our consolidated statements of income, i.e. the same line item as the effect of the hedged item. Our adoption of ASU 2017-12 did not have a material impact on our consolidated financial statements for the year ended December 31, 2019.

Effective January 1, 2019, in conjunction with ASU 2017-12, we adopted the FASB’s ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting (ASU 2018-16) on a prospective basis. LIBOR is expected to no longer be published by 2021. Consequently, the FASB added the OIS rate based on SOFR as an eligible benchmark interest rate in order to facilitate the LIBOR to SOFR transition and provide sufficient lead time for entities to prepare for changes to interest rate risk hedging strategies for both risk management and hedge accounting purposes. We are developing a plan to transition our interest rate swaps from LIBOR to SOFR. Our adoption of ASU 2018-16 did not have a material impact on our consolidated financial statements for the year ended December 31, 2019.

Reclassifications of Certain Tax Effects from Accumulated Other Comprehensive Income

Effective January 1, 2019, we adopted the FASB’s ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220) Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (ASU 2018-02). The amendments eliminate the stranded tax effects resulting from the Tax Cuts and Jobs Act (the Tax Act). The amendments only relate to the reclassification of the income tax effects of the Tax Act, and the underlying guidance that requires that the effect of a change in tax laws or rates be included in income from continuing operations is not affected. Consequently, we reclassified $3.1 million of stranded tax effects from accumulated other comprehensive income to retained earnings.

92 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Improvements to Nonemployee Share-Based Payment Accounting

Effective January 1, 2019, we adopted the FASB’s ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (ASU 2018-07). ASU 2018-07 simplifies several aspects of the accounting for nonemployee share-based payment transactions resulting from expanding the scope of Topic 718, Compensation – Stock Compensation, to include share-based payment transactions for acquiring goods and services from nonemployees. We will apply the guidance prescribed by this update on a prospective basis. Our adoption of ASU 2018-07 did not have a material impact on our consolidated financial statements for the year ended December 31, 2019.

Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract

Effective January 1, 2019, we early adopted the FASB’s ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40) No. 2018-15 Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (ASU 2018-15) using a prospective approach. In accordance with the standard, we present capitalized implementation costs incurred in a hosting arrangement that is a service contract as other assets on our consolidated balance sheet. This presentation is consistent with the presentation of the prepayment of fees for the hosting arrangement. Historically, implementation costs were presented as a component of property and equipment, net.

As of January 1, 2019, we reclassified $28.7 million of capitalized implementation costs incurred in a hosting arrangement that is a service contract from property and equipment, net to other assets on our consolidated balance sheet. During the year ended December 31, 2019, we recognized $34.3 million of amortization expense for the prepayment of fees and capitalized implementation costs incurred in a hosting arrangement as a component of depreciation, amortization and depletion in our consolidated statements of income. During the year ended December 31, 2019, we recognized $10.9 million of payments for capitalized implementation costs in the same manner as payments made for fees associated with the hosting arrangement as a component of cash provided by operating activities in our consolidated statements of cash flows.

Accounting Standards Issued but not yet Adopted

Measurement of Credit Losses on Financial Instruments

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13). ASU 2016-13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. ASU 2016-13 will replace the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 is effective for public business entities for fiscal years beginning after December 15, 2019, including interim periods within that fiscal year. As such, Republic adopted the standard beginning January 1, 2020 using the required modified-retrospective approach. We do not expect to recognize a material cumulative effect adjustment to retained earnings as of January 1, 2020, and we do not expect our adoption of the standard to have a material impact on our consolidated balance sheet or consolidated statement of income.

We are assessing the disclosure requirements under ASU 2016-13, and we anticipate disclosing additional information, as necessary, to comply with the standard.

93 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Changes to the Disclosure Requirements for Fair Value Measurement

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13). ASU 2018-13 modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement. ASU 2018-13 is effective for public business entities for fiscal years beginning after December 15, 2019, including interim periods within that fiscal year. As such, Republic adopted the standard beginning January 1, 2020. We do not expect our adoption of this guidance to have a material impact on our consolidated financial statements.

Changes to the Disclosure Requirements for Defined Benefit Plans

In August 2018, the FASB issued ASU 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20) Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans (ASU 2018-14). ASU 2018-14 removes disclosures that are no longer considered cost beneficial, clarifies the specific requirements of disclosures, and adds disclosure requirements identified as relevant. ASU 2018-14 is effective for public business entities for fiscal years beginning after December 15, 2020, including interim periods within that fiscal year. Early adoption is permitted for all entities. We are currently assessing the effect this guidance may have on our consolidated financial statements.

Simplifying the Accounting for Income Taxes

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12). ASU 2019-12 attempts to simplify aspects of accounting for franchise taxes and enacted changes in tax laws or rates, and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. ASU 2019-12 is effective for public business entities for fiscal years beginning after December 15, 2020, including interim periods within that fiscal year. Early adoption is permitted for all entities. We are currently assessing the effect this guidance may have on our consolidated financial statements.

94 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

3. BUSINESS ACQUISITIONS, INVESTMENTS AND RESTRUCTURING CHARGES

We acquired various waste businesses during the years ended December 31, 2019 and 2018. The purchase price paid for these business acquisitions and the allocations of the purchase price follows:

2019 2018 Purchase price: Cash used in acquisitions, net of cash acquired $ 430.0 $ 99.9 Contingent consideration 2.5 - Holdbacks 15.8 11.2 Fair value, future minimum lease payments 5.8 - Fair value of operations surrendered 9.5 78.6 Total $ 463.6 $ 189.7 Allocated as follows: Accounts receivable $ 19.5 $ 6.4 Landfill airspace - 22.2 Property and equipment 154.5 28.0 Operating right-of-use lease assets 18.1 - Other assets 1.9 0.1 Inventory 1.0 0.2 Accounts payable (7.2) (0.3) Environmental remediation liabilities (1.9) - Closure and post-closure liabilities (0.3) (1.5) Operating right-of-use lease liabilities (18.4) - Other liabilities (3.4) (6.1) Fair value of tangible assets acquired and liabilities assumed 163.8 49.0 Excess purchase price to be allocated $ 299.8 $ 140.7 Excess purchase price to be allocated as follows: Other intangible assets $ 47.2 $ 27.8 Goodwill 252.6 112.9 Total allocated $ 299.8 $ 140.7

The purchase price allocations are preliminary and are based on information existing at the acquisition dates. Accordingly, the purchase price allocations are subject to change. Substantially all of the goodwill and intangible assets recorded for acquisitions in 2019 and 2018 were deductible for tax purposes.

These acquisitions are not material to the Company’s results of operations, individually or in the aggregate. As a result, no pro forma financial information is provided.

Investments

In 2019 and 2018, we acquired non-controlling equity interests in certain limited liability companies that qualified for investment tax credits under Section 48 of the Internal Revenue Code. In exchange for our non-controlling interests, we made capital contributions of approximately $129 million and $82 million, which were recorded to other long-term assets in our December 31, 2019 and 2018 consolidated balance sheets, respectively. During 2019 and 2018, we also reduced the carrying value of these investments by $112.2 million and $35.8 million, respectively, as a result of tax credits allocated to us, cash distributions, and our share of income and loss pursuant to the terms of the limited liability company agreements.

95 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

For further discussion of the income tax benefits, see Note 11, Income Taxes.

Restructuring Charges

In January 2018, we eliminated certain positions following the consolidation of select back-office functions, including but not limited to the integration of our National Accounts support functions into our existing corporate support functions. These changes include a reduction in administrative staffing and closing of certain office locations. During 2019, we incurred restructuring charges of $14.2 million that primarily related to upgrades to our back-office software systems. During 2018, we incurred restructuring charges of $26.4 million that primarily consisted of severance and other employee termination benefits and the closure of offices with lease agreements with non-cancelable terms. We paid $10.6 million and $24.7 million during 2019 and 2018, respectively, related to these restructuring efforts.

In January 2016, we realigned our field support functions by combining our three regions into two field groups, consolidating our areas and streamlining select operational support roles at our Phoenix headquarters. Additionally, in the second quarter of 2016, we began the redesign of our back-office functions as well as the consolidation of over 100 customer service locations into three Customer Resource Centers. During the year ended December 31, 2017, we incurred $17.6 million of restructuring charges that primarily consisted of severance and other employee termination benefits, transition costs, relocation benefits, and the closure of offices with lease agreements with non-cancelable terms. The savings realized from these restructuring efforts have been reinvested in our customer-focused programs and initiatives. During 2017, we paid $18.6 million related to these restructuring efforts.

4. PROPERTY AND EQUIPMENT, NET

A summary of property and equipment, net as of December 31 follows:

2019 2018 Land $ 448.3 $ 443.6 Non-depletable landfill land 170.5 167.5 Landfill development costs 7,474.7 7,106.0 Vehicles and equipment (1) 7,766.0 7,377.3 Buildings and improvements 1,342.6 1,279.8 Construction-in-progress – landfill 366.8 287.9 Construction-in-progress – other (1) 87.7 89.9 $ 17,656.6 $ 16,752.0 Less: accumulated depreciation, depletion and amortization Landfill development costs $ (3,968.6) $ (3,635.9) Vehicles and equipment (1) (4,728.2) (4,571.1) Buildings and improvements (576.3) (524.9) (9,273.1) (8,731.9) Property and equipment, net $ 8,383.5 $ 8,020.1

(1) In accordance with our adoption of ASU 2018-15, $28.7 million of capitalized implementation costs for cloud-based hosting arrangements were transferred out of property and equipment, net and are now presented as a component of other assets on our consolidated balance sheets as of December 31, 2019.

Depreciation, depletion and amortization of property and equipment was $985.8 million, $977.0 million and $965.3 million for the years ended December 31, 2019, 2018 and 2017, respectively.

96 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

5. GOODWILL AND OTHER INTANGIBLE ASSETS, NET

Our senior management evaluates, oversees and manages the financial performance of our operations through two field groups, referred to as Group 1 and Group 2.

Goodwill

A summary of the activity and balances in goodwill accounts by reporting segment follows:

Balance as of Adjustments to Balance as of December 31, 2018 Acquisitions Divestitures Acquisitions December 31, 2019 Group 1 $ 6,150.6 $ 86.3 $ - $ (1.3) $ 6,235.6 Group 2 5,249.5 166.3 (17.9) (0.1) 5,397.8 Total $ 11,400.1 $ 252.6 $ (17.9) $ (1.4) $ 11,633.4

Balance as of Adjustments to Balance as of December 31, 2017 Acquisitions Divestitures Acquisitions December 31, 2018 Group 1 $ 6,084.0 $ 94.8 $ (27.0) $ (1.2) $ 6,150.6 Group 2 5,231.4 18.1 (4.1) 4.1 5,249.5 Total $ 11,315.4 $ 112.9 $ (31.1) $ 2.9 $ 11,400.1

Adjustments to acquisitions during the years ended December 31, 2019 and 2018 primarily related to working capital and deferred taxes.

Goodwill by reporting segment as of December 31, 2017 reflects the transfer of certain areas between our two field groups.

Other Intangible Assets, Net

Other intangible assets, net, include values assigned to customer relationships, non-compete agreements and trade names, and are amortized over periods ranging from 1 to 17 years. A summary of the activity and balances by intangible asset type follows:

Other Gross Intangible Assets Accumulated Amortization Intangible Balance as Assets, Net Balance as of Adjustments Balance as of Balance as of Additions of as of December 31, and December 31, December 31, Charged Adjustments December 31, December 31, 2018 Acquisitions Other (1) 2019 2018 to Expense and Other (1) 2019 2019 Customer relationships $ 692.4 $ 41.4 $ - $ 733.8 $ (607.2) $ (16.0) $ 0.2 $ (623.0) $ 110.8 Non-compete agreements 37.0 7.4 0.9 45.3 (31.5) (3.8) - (35.3) 10.0 Other intangible assets 64.3 - (6.1) 58.2 (48.5) (0.8) 4.2 (45.1) 13.1 Total $ 793.7 $ 48.8 $ (5.2) $ 837.3 $ (687.2) $ (20.6) $ 4.4 $ (703.4) $ 133.9

(1) In accordance with our adoption of the new leasing standard, we transferred $1.9 million of net favorable lease assets recognized through historical acquisitions to other assets as of January 1, 2019.

Other Gross Intangible Assets Accumulated Amortization Intangible Balance as Assets, Net Balance as of Adjustments Balance as of Balance as of Additions of as of December 31, and December 31, December 31, Charged Adjustments December 31, December 31, 2017 Acquisitions Other (2) 2018 2017 to Expense and Other (2) 2018 2018 Customer relationships $ 666.0 $ 27.0 $ (0.6) $ 692.4 $ (554.7) $ (52.5) $ - $ (607.2) $ 85.2 Non-compete agreements 35.6 1.5 (0.1) 37.0 (28.5) (3.1) 0.1 (31.5) 5.5 Other intangible assets 73.8 - (9.5) 64.3 (51.1) (1.2) 3.8 (48.5) 15.8 Total $ 775.4 $ 28.5 $ (10.2) $ 793.7 $ (634.3) $ (56.8) $ 3.9 $ (687.2) $ 106.5

(2) In accordance with our adoption of ASU 2014-09, we transferred a $5.7 million net deferred contract asset to other assets during the year ended December 31, 2018.

97 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Based on the amortizable intangible assets recorded in the consolidated balance sheet as of December 31, 2019, amortization expense for each of the next five years is estimated as follows:

2020 $ 20.5 2021 $ 19.0 2022 $ 17.5 2023 $ 16.1 2024 $ 13.9

6. OTHER ASSETS

Prepaid Expenses and Other Current Assets

A summary of prepaid expenses and other current assets as of December 31 follows:

2019 2018 Income tax receivable $ 156.7 $ 187.7 Other non-trade receivables 88.1 34.4 Prepaid expenses 75.5 75.6 Inventories 56.8 53.1 Reinsurance receivable 31.9 25.7 Interest rate swap locks 3.6 - Prepaid fees for cloud-based hosting arrangements, current 12.4 10.2 Other current assets 8.0 4.5 Total $ 433.0 $ 391.2

Other Assets

A summary of other assets as of December 31 follows:

2019 2018 Operating right-of-use lease asset (1) $ 243.6 $ - Deferred compensation plan 118.0 100.0 Investments 87.8 73.0 Deferred contract costs and sales commissions 83.1 89.2 Reinsurance receivable 78.9 68.0 Prepaid fees and capitalized implementation costs for cloud-based hosting arrangements (2) 32.0 - Amounts recoverable for capping, closure and post-closure obligations 31.8 30.5 Interest rate swaps and locks 10.7 12.8 Deferred financing costs 3.0 4.2 Other derivative assets 2.9 - Other 55.8 40.1 Total $ 747.6 $ 417.8

(1) Refer to Note 2, Summary of Significant Accounting Policies, for discussion regarding our adoption of ASC 842. (2) In accordance with our adoption of ASU 2018-15, capitalized implementation costs for cloud-based hosting arrangements are presented as other assets as of December 31, 2019. Similar costs are presented as a component of property and equipment, net as of December 31, 2018.

98 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

7. OTHER LIABILITIES

Other Accrued Liabilities

A summary of other accrued liabilities as of December 31 follows:

2019 2018 Accrued payroll and benefits $ 207.7 $ 205.1 Insurance reserves, current portion 162.0 152.9 Accrued fees and taxes 140.8 124.2 Accrued dividends 129.2 121.0 Operating right-of-use lease liabilities, current (1) 51.5 - Ceded insurance reserves, current portion 31.6 25.7 Interest rate swap locks 14.9 - Accrued professional fees and legal settlement reserves 11.8 13.1 Other 64.7 86.6 Total $ 814.2 $ 728.6

(1) Refer to Note 2, Summary of Significant Accounting Policies, for discussion regarding our adoption of ASC 842.

Other Long-Term Liabilities

A summary of other long-term liabilities as of December 31 follows:

2019 2018 Operating right-of-use lease liabilities (1) $ 212.5 $ - Deferred compensation plan liability 116.1 96.0 Ceded insurance reserves 80.6 68.0 Contingent purchase price and acquisition holdbacks 71.2 73.9 Other derivative liabilities 22.2 - Withdrawal liability – multiemployer pension funds 12.0 12.2 Legal settlement reserves 10.0 10.0 Pension and other post-retirement liabilities 6.2 6.0 Interest rate swap locks 0.8 - Other 47.8 55.3 Total $ 579.4 $ 321.4

(1) Refer to Note 2, Summary of Significant Accounting Policies, for discussion regarding our adoption of ASC 842.

Insurance Reserves

Our liabilities for unpaid and incurred but not reported claims as of December 31, 2019 and 2018 (which include claims for workers’ compensation, commercial general and auto liability, and employee-related health care benefits) were $438.5 million and $423.7 million, respectively, under our risk management program and are included in other accrued liabilities and insurance reserves, net of current portion, in our consolidated balance sheets. While the ultimate amount of claims incurred depends on future developments, we believe the recorded reserves are adequate to cover the future payment of claims; however, it is possible that these recorded reserves

99 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) may not be adequate to cover the future payment of claims. Adjustments, if any, to estimates recorded resulting from ultimate claim payments will be reflected in our consolidated statements of income in the periods in which such adjustments are known.

The following table summarizes the activity in our insurance reserves for the years ended December 31:

2019 2018 2017 Balance at beginning of year $ 423.7 $ 420.2 $ 418.5 Additions charged to expense 468.5 452.4 432.9 Payments (479.3) (461.4) (448.0) Accretion expense 0.7 0.9 1.2 Premium written for third party risk assumed 35.5 31.6 29.6 Reclassified to ceded insurance reserves (10.6) (20.0) (14.0) Balance at end of year 438.5 423.7 420.2 Less: current portion (162.0) (152.9) (144.8) Long-term portion $ 276.5 $ 270.8 $ 275.4

8. LANDFILL AND ENVIRONMENTAL COSTS

As of December 31, 2019, we owned or operated 189 active landfills with total available disposal capacity of approximately 5.0 billion in-place cubic yards. Additionally, we have post-closure responsibility for 130 closed landfills.

Accrued Landfill and Environmental Costs

A summary of our accrued landfill and environmental liabilities as of December 31 follows:

2019 2018 Landfill final capping, closure and post-closure liabilities $ 1,335.6 $ 1,292.0 Environmental remediation 500.2 540.2 Total accrued landfill and environmental costs 1,835.8 1,832.2 Less: current portion (132.6) (130.6) Long-term portion $ 1,703.2 $ 1,701.6

100 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Final Capping, Closure and Post-Closure Costs

The following table summarizes the activity in our asset retirement obligation liabilities, which includes liabilities for final capping, closure and post-closure, for the years ended December 31:

2019 2018 2017 Asset retirement obligation liabilities, beginning of year $ 1,292.0 $ 1,257.7 $ 1,224.6 Non-cash additions 44.9 43.9 45.2 Acquisitions, net of divestitures and other adjustments 0.2 (0.7) (20.3) Asset retirement obligation adjustments (5.2) (17.7) (8.9) Payments (78.2) (71.9) (62.7) Accretion expense 81.9 80.7 79.8 Asset retirement obligation liabilities, end of year 1,335.6 1,292.0 1,257.7 Less: current portion (75.8) (76.7) (77.4) Long-term portion $ 1,259.8 $ 1,215.3 $ 1,180.3

We review our landfill asset retirement obligations at least annually. As a result, we reduced amortization expense by $10.9 million, $13.2 million and $0.1 million for 2019, 2018 and 2017, respectively, primarily related to changes in estimates and assumptions concerning the anticipated waste flow, cost and timing of future final capping, closure and post-closure activities.

The expected future payments for final capping, closure and post-closure as of December 31, 2019 follows:

2020 $ 75.8 2021 52.4 2022 69.8 2023 72.8 2024 87.1 Thereafter 6,267.9 $ 6,625.8

The estimated remaining final capping, closure and post-closure expenditures presented above are not inflated and not discounted and reflect the total estimated future payments for liabilities which include those incurred and recorded as of December 31, 2019 as well as liabilities yet to be incurred over the remaining life of our landfills.

Environmental Remediation Liabilities

We accrue for remediation costs when they become probable and can be reasonably estimated. There can sometimes be a range of reasonable estimates of the costs associated with remediation of a site. In these cases, we use the amount within the range that constitutes our best estimate. If no amount within the range appears to be a better estimate than any other, we use the amount that is at the low end of such range. It is reasonably possible that we will need to adjust the liabilities recorded for remediation to reflect the effects of new or additional information, to the extent such information impacts the costs, timing or duration of the required actions. If we used the reasonably possible high ends of our ranges, our aggregate potential remediation liability as of December 31, 2019 would be approximately $365 million higher than the amounts recorded. Future changes in our estimates of the cost, timing or duration of the required actions could have a material adverse effect on our consolidated financial position, results of operations and cash flows.

101 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

The following table summarizes the activity in our environmental remediation liabilities for the years ended December 31:

2019 2018 2017 Environmental remediation liabilities, beginning of year $ 540.2 $ 564.0 $ 602.9 Net additions charged to expense (12.5) 5.0 0.4 Payments (49.1) (48.8) (54.8) Accretion expense (non-cash interest expense) 19.0 20.2 21.0 Acquisitions, net of divestitures and other adjustments 2.6 (0.2) (5.5) Environmental remediation liabilities, end of year 500.2 540.2 564.0 Less: current portion (56.8) (53.9) (57.8) Long-term portion $ 443.4 $ 486.3 $ 506.2

The expected undiscounted future payments for remediation costs as of December 31, 2019 follows:

2020 $ 56.8 2021 67.0 2022 68.9 2023 61.4 2024 32.7 Thereafter 399.7 $ 686.5

The following is a discussion of certain of our significant remediation matters:

Bridgeton Landfill. During the year ended December 31, 2019, we paid $16.6 million related to management and monitoring of the remediation area for our closed Bridgeton Landfill in Missouri. We continue to work with state and federal regulatory agencies on our remediation efforts. From time to time, this may require us to modify our future operating timeline and procedures, which could result in changes to our expected liability. As of December 31, 2019, the remediation liability recorded for this site is $144.5 million, of which approximately $15 million is expected to be paid during 2020. We believe the remaining reasonably possible high end of our range would be approximately $163 million higher than the amount recorded as of December 31, 2019.

During 2019 and 2018, we collected insurance recoveries of $24.0 million and $40.0 million, respectively, related to our closed Bridgeton Landfill in Missouri. As such, we recorded a reduction of remediation expenses included in our cost of operations during the years ended December 31, 2019 and 2018.

West Lake Landfill Superfund Site. Our subsidiary Bridgeton Landfill, LLC is one of several currently designated Potentially Responsible Parties for the West Lake Landfill Superfund site (West Lake) in Missouri. On September 27, 2018, the U.S. Environmental Protection Agency (EPA) issued a Record of Decision Amendment for West Lake that includes a total undiscounted cost estimate of $229 million over a four to five-year design and construction timeline. On March 11, 2019, the EPA issued special notice letters under the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA) to Bridgeton Landfill, LLC and the other currently designated Potentially Responsible Parties to initiate negotiations to implement the remedy. At this time we are neither able to predict the final design of that remedy, nor estimate how much of the future response costs of the site our subsidiary may agree or be required to pay. During any subsequent administrative proceedings or litigation, our subsidiary will vigorously contest liability for the costs of remediating

102 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) radiologically-impacted materials generated on behalf of the federal government during the Manhattan Project and delivered to the site by an Atomic Energy Commission licensee and its subcontractor. Currently, we believe we are adequately reserved for our expected remediation liability. However, subsequent events related to remedy design, divisibility, or allocation may require us to modify our expected remediation liability.

9. DEBT

The carrying value of our notes payable, finance leases and long-term debt as of December 31, 2019 and 2018 is listed in the following table, and is adjusted for the fair value of interest rate swaps, unamortized discounts, deferred issuance costs and the unamortized portion of adjustments to fair value recorded in purchase accounting. Original issue discounts and adjustments to fair value recorded in purchase accounting are amortized to interest expense over the term of the applicable instrument using the effective interest method.

2019 2018 Maturity Interest Rate Principal Adjustments Carrying Value Principal Adjustments Carrying Value Credit facilities: Uncommitted Credit Facility Variable $ 11.6 $ - $ 11.6 $ 33.4 $ - $ 33.4 June 2023 Variable 184.4 - 184.4 159.0 - 159.0 Senior notes: September 2019 5.500 - - - 650.0 (0.9) 649.1 March 2020 5.000 850.0 (0.1) 849.9 850.0 (1.0) 849.0 November 2021 5.250 600.0 (0.8) 599.2 600.0 (1.2) 598.8 June 2022 3.550 850.0 (2.6) 847.4 850.0 (3.6) 846.4 May 2023 4.750 550.0 2.6 552.6 550.0 (5.5) 544.5 August 2024 2.500 900.0 (8.3) 891.7 - - - March 2025 3.200 500.0 (3.6) 496.4 500.0 (4.3) 495.7 July 2026 2.900 500.0 (3.9) 496.1 500.0 (4.4) 495.6 November 2027 3.375 650.0 (5.2) 644.8 650.0 (5.9) 644.1 May 2028 3.950 800.0 (15.7) 784.3 800.0 (17.3) 782.7 March 2035 6.086 181.9 (13.9) 168.0 181.9 (14.4) 167.5 March 2040 6.200 399.9 (3.7) 396.2 399.9 (3.8) 396.1 May 2041 5.700 385.7 (5.3) 380.4 385.7 (5.3) 380.4 Debentures: May 2021 9.250 35.3 (0.4) 34.9 35.3 (0.7) 34.6 September 2035 7.400 148.1 (33.0) 115.1 148.1 (33.8) 114.3 Tax-exempt: 2020-2049 1.200 - 1.500 1,122.4 (6.2) 1,116.2 1,042.4 (5.6) 1,036.8 Finance leases: 2020-2049 2.592 - 12.203 119.3 - 119.3 109.5 - 109.5 Total Debt $ 8,788.6 $ (100.1) 8,688.5 $ 8,445.2 $ (107.7) 8,337.5 Less: current portion (929.9) (690.7) Long-term portion $ 7,758.6 $ 7,646.8

103 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Future Maturities of Debt

Aggregate principal maturities of notes payable, finance leases and other long-term debt as of December 31, 2019 follow:

2020 $ 930.7 2021 770.2 2022 859.1 2023 922.6 2024 928.0 Thereafter 4,378.0 $ 8,788.6

Credit Facilities

In June 2018, we entered into a $2.25 billion unsecured revolving credit facility (the Credit Facility), which replaced our $1.0 billion and $1.25 billion unsecured credit facilities that would have matured in May 2021 and June 2019, respectively. The Credit Facility matures in June 2023. We may request two one-year extensions of the maturity date but none of the lenders are committed to participate in such extension. The Credit Facility also includes a feature that allows us to increase availability, at our option, by an aggregate amount of up to $1.0 billion through increased commitments from existing lenders or the addition of new lenders. At our option, borrowings under the Credit Facility bear interest at a Base Rate, or a Eurodollar Rate, plus an applicable margin based on our Debt Ratings (all as defined in the Credit Facility agreement).

The Credit Facility is subject to facility fees based on applicable rates defined in the Credit Facility agreement and the aggregate commitment, regardless of usage. Availability under our Credit Facility totaled $1,696.9 million and $1,694.1 million as of December 31, 2019 and 2018, respectively. The Credit Facility can be used for working capital, capital expenditures, acquisitions, letters of credit and other general corporate purposes. The Credit Facility agreement requires us to comply with financial and other covenants. We may pay dividends and repurchase common stock if we are in compliance with these covenants.

As of December 31, 2019 and December 31, 2018, we had $184.4 million and $159.0 million of borrowings under our Credit Facility, respectively. We had $351.4 million and $379.6 million of letters of credit outstanding under our Credit Facility as of December 31, 2019 and 2018, respectively.

We also have an Uncommitted Credit Facility, which bears interest at LIBOR, plus an applicable margin. We can use borrowings under the Uncommitted Credit Facility for working capital and other general corporate purposes. The agreement governing our Uncommitted Credit Facility requires us to comply with certain covenants. The Uncommitted Credit Facility may be terminated by either party at any time. We had $11.6 million and $33.4 million of borrowings outstanding under our Uncommitted Credit Facility as of December 31, 2019 and 2018, respectively.

Senior Notes and Debentures

In August 2019, we issued $900.0 million of 2.500% senior notes due 2024 (the 2.500% Notes). We used the net proceeds from the 2.500% Notes to repay $650.0 million of 5.500% senior notes that matured in September 2019. The remaining proceeds were used to repay amounts outstanding under our unsecured credit facilities as well as for general corporate purposes.

104 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

In 2018, we issued $800.0 million of 3.950% senior notes due 2028 (the 3.950% Notes). We used the net proceeds from the 3.950% Notes to repay $700.0 million of 3.800% senior notes that matured in May 2018, and the remaining proceeds were used for general corporate purposes. In connection with this offering we terminated interest rate lock agreements with a notional value of $600.0 million resulting in net proceeds of $31.1 million. The proceeds will amortize over the term of the 3.950% Notes using the effective interest method. There was no ineffectiveness recognized in the termination of these cash flow hedges.

Our senior notes are general senior unsecured obligations. Interest is payable semi-annually.

Interest Rate Swap and Lock Agreements

Our ability to obtain financing through the capital markets is a key component of our financial strategy. Historically, we have managed risk associated with executing this strategy, particularly as it relates to fluctuations in interest rates, by using a combination of fixed and floating rate debt. From time to time, we also have entered into interest rate swap and lock agreements to manage risks associated with interest rates, either to effectively convert specific fixed rate debt to a floating rate (fair value hedges), or to lock interest rates in anticipation of future debt issuances (cash flow hedges).

Fair Value Hedges

During the second half of 2013, we entered into various interest rate swap agreements relative to our 4.750% fixed rate senior notes due in May 2023. The goal was to reduce overall borrowing costs and rebalance our debt portfolio’s ratio of fixed to floating interest rates. As of December 31, 2019, these swap agreements have a total notional value of $300.0 million and mature in May 2023, which is identical to the maturity of the hedged senior notes. We pay interest at floating rates based on changes in LIBOR and receive interest at a fixed rate of 4.750%. These transactions were designated as fair value hedges because the swaps hedge against the changes in fair value of the fixed rate senior notes resulting from changes in interest rates.

As of December 31, 2019 and 2018, the interest rate swap agreements are reflected at their fair value of $10.7 million and $2.5 million, respectively, and are included in other assets in our consolidated balance sheets. To the extent they are effective, these interest rate swap agreements are included as an adjustment to long-term debt in our consolidated balance sheets. We recognized net interest income of $1.0 million, $1.9 million and $4.8 million, respectively, during 2019, 2018 and 2017 related to net swap settlements for these interest rate swap agreements, which is included as an offset to interest expense in our consolidated statements of income.

For the year ended December 31, 2019, we recognized a loss of $7.5 million and for both of the years ended December 31, 2018 and 2017, we recognized gains of $5.0 million on the change in fair value of the hedged senior notes attributable to changes in the benchmark interest rate, with an offsetting gain of $8.1 million and offsetting losses of $5.4 million and $4.2 million for the years ended December 31, 2019, 2018, and 2017, respectively, on the related interest rate swaps. The difference of these fair value changes for the years ended December 31, 2018 and 2017 was recorded directly in earnings as other income, net. In accordance with our adoption of ASU 2017-12, the difference of these fair value changes for the year ended December 31, 2019 was recorded directly in earnings as an adjustment to interest expense in our consolidated statements of income.

For further detail regarding the effect of our fair value hedging on interest expense, see Note 18, Financial Instruments, of the notes to our consolidated financial statements in Item 8 of this Form 10-K.

Cash Flow Hedges

As of December 31, 2019 and 2018, our interest rate lock agreements had an aggregate notional value of $575.0 million and $725.0 million, respectively, with fixed interest rates ranging from 1.330% to 3.000% and

105 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

1.900% to 3.250%, respectively. We entered into these transactions to manage exposure to fluctuations in interest rates in anticipation of planned future issuances of senior notes in 2019 through 2021. Upon the expected issuance of the senior notes, we will terminate the interest rate locks and settle with our counterparties. These transactions were accounted for as cash flow hedges.

The fair value of our interest rate locks was determined using standard valuation models with assumptions about interest rates being based on those observed in underlying markets (Level 2 in the fair value hierarchy). The aggregate fair values of the outstanding interest rate locks as of December 31, 2019 were assets of $3.6 million, which were recorded in prepaid expenses and other current assets in our consolidated balance sheet and liabilities of $15.7 million, which were recorded in other accrued liabilities and other long-term liabilities in our consolidated balance sheet. As of December 31, 2018, the aggregate fair values of the outstanding interest rate locks were assets of $10.3 million and were recorded in other assets in our consolidated balance sheet.

Total unrealized (loss) gain recognized in other comprehensive income for interest rate locks were $(30.2) million, $16.2 million and $0.7 million, net of tax, for the years ended December 31, 2019, 2018, and 2017, respectively.

As of December 31, 2019 and 2018, our previously terminated interest rate locks were recorded as components of accumulated other comprehensive (loss) income of $(4.7) million and $11.2 million, respectively, net of tax. The effective portion of the interest rate locks is amortized as an adjustment to interest expense over the life of the issued debt using the effective interest method. We expect to amortize approximately $2.0 million of net interest expense over the next 12 months as a yield adjustment of our senior notes.

For further detail regarding the effect of our cash flow hedging on interest expense, see Note 18, Financial Instruments, of the notes to our consolidated financial statements in Item 8 of this Form 10-K.

Derivative Contracts

Contemporaneously with the issuance of our 2.500% Notes in August 2019, we amended interest rate lock agreements with a notional value of $375.0 million, extending the mandatory maturity date from 2019 to 2024 and dedesignated them as cash flow hedges (the Extended Interest Rate Swaps). There was no ineffectiveness recognized in the termination of these cash flow hedges. In addition, we entered into an offsetting interest rate swap to offset future exposures to fair value fluctuations of the Extended Interest Rate Swaps (the Offsetting Interest Rate Swaps). The fair value of these free standing derivatives was determined using standard valuation models with assumptions about interest rates being based on those observed in underlying markets (Level 2 in the fair value hierarchy).

As of December 31, 2019, the fair value of the Extended Interest Rate Swaps was a liability of $22.2 million which was included in other long-term liabilities in our consolidated balance sheet, and the fair value of the Offsetting Interest Rate Swaps was an asset of $2.9 million and was included in other assets in our consolidated balance sheet. For the year ended December 31, 2019, we recognized a loss of $3.4 million on the change in fair value of the Extended Interest Rate Swaps, with an offsetting gain of $2.9 million on the Offsetting Interest Rate Swaps. The change in fair value was recorded directly in earnings as an adjustment to interest expense in our consolidated statements of income.

Tax-Exempt Financings

As of December 31, 2019, we had $1,116.2 million of certain variable rate tax-exempt financings outstanding with maturities ranging from 2020 to 2049. As of December 31, 2018, we had $1,036.8 million of certain

106 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) variable rate tax-exempt financings outstanding with maturities ranging from 2019 to 2044. All of our tax-exempt financings are remarketed either quarterly or semi-annually by remarketing agents to effectively maintain a variable yield. The holders of the bonds can put them back to the remarketing agents at the end of each interest period. To date, the remarketing agents have been able to remarket our variable rate unsecured tax-exempt bonds. If the remarketing agent is unable to remarket our bonds, the remarketing agent can put the bonds to us. In the event of a failed remarketing, we currently have availability under our $2.25 billion unsecured revolving credit facility to fund these bonds until they are remarketed successfully. Accordingly, we have classified these borrowings as long-term in our consolidated balance sheet as of December 31, 2019.

During the year ended December 31, 2019, we refinanced $35.0 million of tax-exempt financings and issued $30.0 million of new tax-exempt financings. In addition, during the three months ended December 31, 2019, we issued $50.0 million of variable-rate tax-exempt debt. The proceeds from the issuance were used to fund qualifying landfill-related capital expenditures in the state of California.

Finance Leases

We had finance lease liabilities of $119.3 million and $109.5 million as of December 31, 2019 and 2018, respectively, with maturities ranging from 2020 to 2049 and 2019 to 2046, respectively.

Interest Paid

Interest paid, excluding net swap settlements for our fair value hedges, was $346.8 million, $351.0 million and $326.9 million for the years ended December 31, 2019, 2018 and 2017, respectively.

10. LEASES

A summary of the lease classification on our consolidated balance sheet as of December 31, 2019 follows:

December 31, 2019 Assets Operating right-of-use lease assets Other assets $ 243.6 Finance lease assets Property and equipment, net 134.8 Total lease assets $ 378.4 Liabilities Current Operating Other accrued liabilities $ 51.5 Finance Notes payable and current maturities of long-term debt 8.9 Long-term Operating Other long-term liabilities 212.5 Finance Long-term debt, net of current maturities 110.4 Total lease liabilities $ 383.3

107 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

A summary of the lease cost reflected in our consolidated statements of income for the year ended December 31, 2019 follows:

December 31, 2019 Operating lease cost Fixed lease cost Cost of operations $ 41.6 Short-term lease cost Cost of operations 37.0 Variable lease cost Cost of operations 17.8 Finance lease cost Amortization of leased assets Depreciation amortization, and depletion 5.5 Interest on lease liabilities Interest expense 7.5 Variable lease cost Interest expense 5.6 Total lease cost $ 115.0

As of December 31, 2019, maturities for operating and finance lease liabilities were as follows:

Operating Leases Finance Leases Total 2020 $ 44.5 $ 17.1 $ 61.6 2021 40.4 15.0 55.4 2022 35.3 15.8 51.1 2023 33.9 38.6 72.5 2024 29.7 11.7 41.4 Thereafter 132.2 124.9 257.1 Total lease payments 316.0 223.1 539.1 Less: interest (52.0) (103.8) (155.8) Present value of lease liabilities $ 264.0 $ 119.3 $ 383.3

A summary of the weighted-average remaining lease term and weighted-average discount rate as of December 31, 2019 follows: December 31, 2019 Weighted-average remaining lease term (years) Operating leases 9.2 Finance leases 14.3 Weighted-average discount rate Operating leases 3.9% Finance leases 6.7%

Supplemental cash flow and other non-cash information for the year ended December 31, 2019 follows: December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 97.3 Operating cash flows from finance leases $ 13.1 Financing cash flows from finance leases $ 6.3 Leased assets obtained in exchange for new finance lease liabilities $ 15.9 Leased assets obtained in exchange for new operating lease liabilities $ 47.6

108 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

11. INCOME TAXES

The components of the provision for income taxes for the years ended December 31 follow:

2019 2018 2017 Current: Federal $ 46.1 $ 128.9 $ 358.3 State 40.5 46.9 48.4 Deferred: Federal 151.8 121.5 (388.1) State 18.9 30.6 9.1 State deferred benefit – change in valuation allowance (4.6) (4.5) 9.6 Uncertain tax positions and interest, and other (30.7) (40.1) (34.2) Provision for income taxes $ 222.0 $ 283.3 $ 3.1

The reconciliations of the statutory federal income tax rate to our effective tax rate for the years ended December 31 follow:

2019 2018 2017 Federal statutory rate 21.0% 21.0% 35.0% State income taxes, net of federal benefit 4.2 4.5 3.0 Change in valuation allowance (0.4) (0.3) (0.2) Non-deductible expenses 1.7 1.9 1.8 Uncertain tax position taxes and interest (0.3) (0.5) - Investment tax credits (6.5) (3.8) (1.0) Change in U.S. Tax Law - - (36.2) Other, net (2.6) (1.3) (2.2) Effective income tax rate 17.1% 21.5% 0.2%

During 2019, we acquired non-controlling interests in limited liability companies established to construct solar energy assets that qualified for investment tax credits under Section 48 of the Internal Revenue Code. We account for these investments using the equity method of accounting and recognize our share of income or loss and other reductions in the value of our investment in Loss from unconsolidated equity method investments within our consolidated statements of income. For further discussion regarding our equity method accounting, see Note 3, Business Acquisitions, Investments and Restructuring Charges. Our 2019 tax provision reflects a benefit of approximately $84 million due to the tax credits related to these investments. In addition, our 2019 tax provision was reduced by $13.4 million due to the realization of additional federal and state benefits as well as adjustments to deferred taxes due to the completion of our 2018 tax returns and also reduced by $12.3 million due to excess tax benefits related to stock compensation.

Our 2018 tax provision was reduced by $12.1 million in excess tax benefits related to stock compensation, approximately $50 million related to the tax credits from our non-controlling interests in limited liability companies established to construct solar energy assets, and approximately $6 million due to the realization of tax credits and lower state rates due to changes in estimates following the completion of our 2017 tax returns.

Our 2017 tax provision was reduced by approximately $464 million due to the passage of the Tax Act. In addition, our 2017 tax provision was reduced by $19.6 million in excess tax benefits related to stock

109 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) compensation, approximately $13 million related to the tax credits from non-controlling interests in limited liability companies established to construct solar energy assets, and approximately $9 million due to the resolution of various state and federal tax matters as well as the realization of tax credits and lower state tax rates due to changes in estimates following the completion of our 2016 tax returns.

We made income tax payments (net of refunds) of approximately $31 million, $210 million and $370 million for 2019, 2018 and 2017, respectively. Income taxes paid in 2019, 2018, and 2017 reflect the passage of the Tax Act which provided for 100% equipment deductions on qualified assets placed in service after September 27, 2017. Cash paid for income taxes (net of refunds) for 2019 was favorably affected by the 100% equipment deductions and tax credits related to our investments in solar energy assets.

The components of the net deferred income tax asset and liability as of December 31 follow:

2019 2018 Deferred tax liabilities relating to: Differences between book and tax basis of property and equipment $ (938.7) $ (799.9) Difference between book and tax basis of intangible assets (464.5) (453.3) Operating right-of-use lease assets (67.2) - Basis difference due to redemption of partnership interests (84.2) (88.8) Total liabilities $ (1,554.6) $ (1,342.0) Deferred tax assets relating to: Environmental reserves $ 241.2 $ 253.2 Accruals not currently deductible 78.0 78.9 Net operating loss carryforwards 127.2 134.3 Difference between book and tax basis of other assets 18.6 13.7 Operating right-of-use lease liabilities 67.4 - Other 12.8 12.9 Total assets 545.2 493.0 Valuation allowance (67.6) (73.5) Net deferred tax asset 477.6 419.5 Net deferred tax liabilities $ (1,077.0) $ (922.5)

Changes in the deferred tax valuation allowance for the years ended December 31 follow:

2019 2018 2017 Valuation allowance, beginning of year $ 73.5 $ 72.4 $ 62.3 Additions charged to provision for income taxes 0.1 0.9 12.9 Deferred tax assets realized or written-off (6.0) (5.9) (2.8) Current year acquisitions - 6.1 - Other, net - - - Valuation allowance, end of year $ 67.6 $ 73.5 $ 72.4

We have deferred tax assets related to state net operating loss carryforwards. We provide a partial valuation allowance due to uncertainty surrounding the future utilization of these carryforwards in the taxing jurisdictions where the loss carryforwards exist. When determining the need for a valuation allowance, we consider all positive and negative evidence, including recent financial results, scheduled reversals of deferred tax liabilities,

110 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) projected future taxable income and tax planning strategies. The weight given to the positive and negative evidence is commensurate with the extent such evidence can be objectively verified. We adjust the valuation allowance in the period management determines it is more likely than not that deferred tax assets will or will not be realized.

Substantially all of our valuation allowance is associated with state loss carryforwards. The realization of our deferred tax asset for state loss carryforwards ultimately depends upon the existence of sufficient taxable income in the appropriate state taxing jurisdictions in future periods. We continue to regularly monitor both positive and negative evidence in determining the ongoing need for a valuation allowance.

We have deferred tax assets related to state net operating loss carryforwards with an estimated tax effect of approximately $111 million available as of December 31, 2019. These state net operating loss carryforwards expire at various times between 2019 and 2039. We believe that it is more likely than not that the benefit from some of our state net operating loss carryforwards will not be realized due to limitations on these loss carryforwards in certain states. In recognition of this risk, as of December 31, 2019, we have provided a valuation allowance of approximately $67 million.

As a result of the recent changes in U.S. tax law, as well as our ongoing efforts to streamline and maximize the efficiency of our tax footprint, we could further adjust our valuation allowance in a future period if there is sufficient evidence to support a conclusion that it is more likely than not that certain of the state net operating loss carryforwards, on which we currently provide a valuation allowance, would be realized.

We are subject to income tax in the United States and Puerto Rico, as well as income tax in multiple state jurisdictions. Our compliance with income tax rules and regulations is periodically audited by tax authorities. These authorities may challenge the positions taken in our tax filings. Thus, to provide for certain potential tax exposures, we maintain liabilities for uncertain tax positions for our estimate of the final outcome of the examinations. Our federal statute of limitations is closed for all years prior to 2015. However, we have filed a federal refund claim for the 2014 tax year that may be reviewed in future periods. In addition, we are currently under state examination or administrative review in various jurisdictions for tax years 2012 to 2018.

The following table summarizes the activity in our gross unrecognized tax benefits for the years ended December 31:

2019 2018 2017 Balance at beginning of year $ 104.9 $ 39.3 $ 46.1 Additions based on tax positions related to current year - - - Additions for tax positions of prior years 0.9 75.0 1.7 Reductions for tax positions of prior years - (2.3) (8.0) Reductions for tax positions resulting from lapse of statute of limitations (0.2) (5.1) (0.5) Settlements (4.9) (2.0) - Balance at end of year $ 100.7 $ 104.9 $ 39.3

During 2019, 2018, and 2017, we resolved tax matters in various states which reduced our gross unrecognized tax benefits by $5.1 million, $9.5 million and $8.5 million, respectively.

Included in our gross unrecognized tax benefits as of December 31, 2019, 2018, and 2017 are $93.0 million, $96.3 million and $31.0 million, respectively, of unrecognized tax benefits (net of the federal benefit on state matters) that, if recognized, would affect our effective income tax rate in future periods. However, we are unable to estimate the resolution of these matters over the next 12 months.

111 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

We recognize interest and penalties as incurred within the provision for income taxes in our consolidated statements of income. Related to the unrecognized tax benefits previously noted, we recorded interest expense of approximately $4 million during 2019 and, in total as of December 31, 2019, have recognized a liability for penalties of $0.3 million and interest of $11.6 million.

During 2018, we accrued additional uncertain tax liabilities of approximately $63 million resulting from the filing of our 2017 tax returns and prior year amended tax returns that reflected uncertain tax positions. These additional liabilities for uncertain tax positions had no impact on our effective tax rate.

During 2018, we recorded interest expense of approximately $2 million and, in total as of December 31, 2018, had recognized a liability for penalties of $0.5 million and interest of $11.7 million. During 2017, we accrued interest of approximately $3 million and, in total as of December 31, 2017, had recognized a liability for penalties of $0.5 million and interest of $13.2 million.

We believe the recorded liabilities for uncertain tax positions are adequate. However, a significant assessment against us in excess of the liabilities recorded could have a material adverse effect on our consolidated financial position, results of operations and cash flows.

12. EMPLOYEE BENEFIT PLANS

Stock-Based Compensation

In February 2007, our Board of Directors approved the 2007 Stock Incentive Plan (the 2007 Plan), and in May 2007 our shareholders ratified the 2007 Plan. In March 2011, our Board of Directors approved the Amended and Restated 2007 Stock Incentive Plan (the Amended and Restated 2007 SIP), and in May 2011 our shareholders ratified the Amended and Restated 2007 SIP. In March 2013, our Board of Directors approved the Republic Services, Inc. Amended and Restated 2007 Stock Incentive Plan (the Republic Amended and Restated 2007 SIP), and in May 2013 our shareholders ratified the Republic Amended and Restated 2007 SIP (the 2007 Plan, the Amended and Restated 2007 SIP, and the Republic Amended and Restated 2007 SIP are collectively referred to in this Form 10-K as the Amended and Restated 2007 Stock Incentive Plan). We currently have 12.8 million shares of common stock reserved for future grants under the Amended and Restated 2007 Stock Incentive Plan.

In December 2008, our Board of Directors amended and restated the Republic Services, Inc. 2006 Incentive Stock Plan (formerly known as the Allied Waste Industries, Inc. 2006 Incentive Stock Plan) (the 2006 Plan). Allied’s shareholders approved the 2006 Plan in May 2006. The 2006 Plan was amended and restated in December 2008 to reflect Republic as the new sponsor of the 2006 Plan, to reflect that any references to shares of common stock are to shares of common stock of Republic, and to adjust outstanding awards and the number of shares available under the 2006 Plan to reflect the Allied acquisition. The 2006 Plan, as amended and restated, provided for the grant of non-qualified stock options, incentive stock options, shares of restricted stock, shares of phantom stock, stock bonuses, restricted stock units, stock appreciation rights, performance awards, dividend equivalents, cash awards, or other stock-based awards. Awards granted under the 2006 Plan prior to December 5, 2008 became fully vested and non-forfeitable upon the closing of the Allied acquisition. No further awards will be made under the 2006 Plan.

112 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Restricted Stock Units

The following table summarizes restricted stock unit (RSU) activity for the years ended December 31, 2019, 2018 and 2017:

Number of Weighted-Average Weighted-Average Aggregate Intrinsic RSUs Grant Date Fair Remaining Contractual Value (in thousands) Value per Share Term (years) (in millions) Unissued as of December 31, 2016 1,823.8 $ 37.49 Granted 642.5 $ 59.87 Vested and issued (602.5) $ 36.26 Forfeited (87.9) $ 47.86 Unissued as of December 31, 2017 1,775.9 $ 45.48 Granted 467.4 $ 64.32 Vested and issued (565.0) $ 41.50 Forfeited (85.7) $ 54.84 Unissued as of December 31, 2018 1,592.6 $ 51.88 Granted 392.8 $ 75.11 Vested and issued (409.8) $ 50.40 Forfeited (76.1) $ 65.37 Unissued as of December 31, 2019 1,499.5 $ 57.63 0.9 $ 134.4 Vested and unissued as of December 31, 2019 573.7 $ 44.41

During the years ended December 31, 2019, 2018 and 2017, we awarded our non-employee directors 35,376, 36,885 and 47,913 RSUs, respectively, which vested upon issuance.

During the years ended December 31, 2019, 2018 and 2017, we awarded 328,142, 395,495 and 555,561 RSUs, respectively, to executives and employees that vest in four equal annual installments beginning on the anniversary date of the original grant or cliff vest after four years.

During the years ended December 31, 2019, 2018 and 2017, we granted an additional 29,273, 35,071 and 38,986 RSUs, respectively, as dividend equivalents.

The RSUs do not carry any voting or dividend rights, except the right to receive additional RSUs in lieu of dividends.

Compensation Expense

The fair value of RSUs is based on the closing market price on the date of the grant. The compensation expense related to RSUs is amortized ratably over the vesting period, or to the employee’s retirement eligible date, if earlier.

During 2019, 2018 and 2017, compensation expense related to RSUs totaled $24.8 million, $24.4 million and $23.5 million, respectively. As of December 31, 2019, total unrecognized compensation expense related to outstanding RSUs was $39.1 million, which will be recognized over a weighted average period of 2.5 years.

113 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Performance Shares

The following table summarizes performance stock unit (PSU) activity for the years ended December 31, 2019, 2018 and 2017:

Number of Weighted Average PSUs Grant Date Fair (in thousands) Value per Share Unissued as of December 31, 2016 504.8 $ 44.40 Granted 316.1 $ 60.48 Vested and issued - $ - Forfeited (22.2) $ 53.79 Unissued as of December 31, 2017 798.7 $ 50.52 Granted 374.9 $ 62.26 Vested and issued (150.7) $ 39.05 Forfeited (23.2) $ 59.76 Unissued as of December 31, 2018 999.7 $ 55.77 Granted 356.1 $ 71.22 Vested and issued (407.3) $ 47.11 Forfeited (29.3) $ 67.77 Unissued as of December 31, 2019 919.2 $ 65.92

During the years ended December 31, 2019, 2018 and 2017, we awarded 156,931, 168,627 and 116,872 performance shares (PSUs) to our named executive officers, respectively. These awards are performance-based as the number of shares ultimately earned depends on performance against pre-determined targets for return on invested capital (ROIC), cash flow value creation (CFVC), and total shareholder return relative to the S&P 500 index (RTSR). The PSUs are payable 50% in shares of common stock and 50% in cash after the end of a three- year performance period, when our financial performance for the entire performance period is reported, typically in February of the succeeding year. At the end of the performance period, the number of PSUs awarded can range from 0% to 150% of the targeted amount, depending on the performance against the pre-determined targets.

During the years ended December 31, 2019, 2018 and 2017, we awarded 181,589, 187,036, and 183,908 PSUs to our employees other than our named executive officers, respectively. The PSUs are payable 100% in shares of common stock after the end of a three-year performance period, when our financial performance for the entire performance period is reported, typically in February of the succeeding year. At the end of the performance period, the number of PSUs awarded can range from 0% to 150% of the targeted amount, depending on the performance against the pre-determined targets.

During the years ended December 31, 2019, 2018 and 2017, we granted an additional 17,612, 19,204, and 15,330 PSUs, respectively, as dividend equivalents.

The PSUs do not carry any voting or dividend rights, except the right to accumulate additional PSUs in lieu of dividends.

Compensation Expense

For the stock-settled portion of the award that vests based on future ROIC and CFVC performance, compensation expense is measured using the fair value of our common stock at the grant date. For the cash-settled portion of

114 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) the award that vests based on future ROIC and CFVC performance, compensation expense is recorded based on the fair value of our common stock at the end of each reporting period. Compensation expense is recognized ratably over the performance period based on our estimated achievement of the established performance criteria. Compensation expense is only recognized for the portion of the award that we expect to vest, which we estimate based on an assessment of the probability that the performance criteria will be achieved.

For the stock-settled portion of the award that vests based on RTSR, the grant date fair value is based on a Monte Carlo valuation and compensation expense is recognized on a straight-line basis over the vesting period. For the cash-settled portion of the award that vests based on RTSR, compensation expense also incorporates the fair value of our PSUs at the end of each reporting period. Compensation expense is recognized for the RTSR portion of the award whether or not the market conditions are achieved.

During 2019, 2018 and 2017, compensation expense related to PSUs totaled $22.5 million, $20.3 million, and $16.8 million, respectively. As of December 31, 2019, total unrecognized compensation expense related to outstanding PSUs was $19.3 million, which will be recognized over a weighted average period of 0.9 years.

Defined Benefit Pension Plan

We currently have one qualified defined benefit pension plan, the BFI Retirement Plan (the Plan). The Plan covers certain employees in the United States, including some employees subject to collective bargaining agreements.

The Plan benefits are frozen. Interest credits continue to be earned by participants in the Plan, and participants whose collective bargaining agreements provide for additional benefit accruals under the Plan continue to receive those credits in accordance with the terms of their bargaining agreements. The Plan was converted from a traditional defined benefit plan to a cash balance plan in 1993.

Prior to the conversion to the cash balance design, benefits payable as a single life annuity under the Plan were based on the participant’s highest five years of earnings out of the last ten years of service. Upon conversion to the cash balance plan, the existing accrued benefits were converted to a lump-sum value using the actuarial assumptions in effect at the time. Participants’ cash balance accounts are increased until retirement by certain benefit and interest credits under the terms of their bargaining agreements. Participants may elect early retirement with the attainment of age 55 and completion of ten years of credited service at reduced benefits. Participants with 35 years of service may retire at age 62 without any reduction in benefits.

Our pension contributions are made in accordance with funding standards established by the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code, as amended by the Pension Protection Act enacted in 2006 (the PPA). No contributions were made in 2019 or 2018.

We must separately recognize the overfunded or underfunded status of the Plan as an asset or liability. The funded status represents the difference between the projected benefit obligation (PBO) and the fair value of the Plan assets. The PBO is equal to the accumulated benefit obligation (ABO) as the Plan is frozen, and the present value of liabilities is not affected by future salary increases. We use a measurement date that coincides with our year end of December 31.

115 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

The following table presents the ABO and reconciliations of the changes in the PBO, the Plan assets and the accounting funded status of our defined benefit pension plan for the years ended December 31:

Defined Benefit Pension Plan 2019 2018 Accumulated benefit obligation $ 218.0 $ 220.7 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 220.7 $ 242.8 Interest cost 8.9 8.2 Actuarial (gain) loss 19.0 (11.1) Benefits paid (30.6) (19.2) Projected benefit obligation at end of year $ 218.0 $ 220.7 Change in plan assets: Fair value of plan assets at beginning of year $ 230.1 $ 256.9 Actual return on plan assets 29.0 (6.0) Estimated expenses (1.9) (1.6) Benefits paid (30.6) (19.2) Fair value of plan assets at end of year $ 226.6 $ 230.1 Over funded status $ 8.6 $ 9.4 Amounts recognized in the statement of financial position consist of: Noncurrent assets $ 8.6 $ 9.4 Net amount recognized $ 8.6 $ 9.4 Weighted average assumptions used to determine benefit obligations: Discount rate 3.06% 4.21% Rate of compensation increase N/A N/A

The amounts included in accumulated other comprehensive income on the consolidated balance sheets that have not yet been recognized as components of net periodic benefit cost as of December 31, 2019 and 2018 were $20.8 million and $24.5 million, respectively.

The components of the net periodic benefit cost for the years ended December 31 are summarized below:

2019 2018 2017 Components of net periodic benefit cost: Interest cost $ 8.9 $ 8.2 $ 9.3 Expected return on plan assets (9.7) (11.3) (10.8) Recognized net actuarial (gain) (0.1) (1.1) (0.4) Amortization of prior service cost 0.1 0.1 0.1 Net periodic benefit (income) $ (0.8) $ (4.1) $ (1.8) Weighted average assumptions used to determine net periodic benefit cost: Discount rate 4.21% 3.55% 4.07% Expected return on plan assets 5.20% 5.35% 5.36% Rate of compensation increase N/A N/A N/A

116 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

We determine the discount rate used in the measurement of our obligations based on a model that matches the timing and amount of expected benefit payments to maturities of high quality bonds priced as of the Plan measurement date. When that timing does not correspond to a published high-quality bond rate, our model uses an expected yield curve to determine an appropriate current discount rate. The yields on the bonds are used to derive a discount rate for the liability. The term of our obligation, based on the expected retirement dates of our workforce, is approximately seven years.

In developing our expected rate of return assumption, we have evaluated the actual historical performance and long-term return projections of the Plan assets, which give consideration to the asset mix and the anticipated timing of the Plan outflows. We employ a total return investment approach whereby a mix of equity and fixed income investments are used to maximize the long-term return of Plan assets for what we consider a prudent level of risk. The intent of this strategy is to minimize Plan expenses by outperforming Plan liabilities over the long run. Risk tolerance is established through careful consideration of Plan liabilities, Plan funded status and our financial condition. The investment portfolio contains a diversified blend of equity and fixed income investments. Furthermore, equity investments are diversified across U.S. and non-U.S. stocks as well as growth, value, and small and large capitalizations. Derivatives may be used to gain market exposure in an efficient and timely manner; however, derivatives may not be used to leverage the portfolio beyond the market value of the underlying investments. Investment risk is measured and monitored on an ongoing basis through annual liability measurements, periodic asset and liability studies, and quarterly investment portfolio reviews.

The following table summarizes our target asset allocation as of December 31, 2019 and the actual asset allocation as of December 31, 2019 and 2018 for our Plan:

December 31, December 31, December 31, 2019 2019 2018 Target Actual Actual Asset Asset Asset Allocation Allocation Allocation Debt securities 82% 83% 83% Equity securities 18 17 17 Total 100% 100% 100%

Asset allocations are reviewed and rebalanced periodically based on funded status. For 2020, the investment strategy for Plan assets is to maintain a broadly diversified portfolio designed to achieve our target of an average long-term rate of return of 4.45%. While we believe we can achieve a long-term average return of 4.45%, we cannot be certain that the portfolio will perform to our expectations. Assets are strategically allocated among debt and equity portfolios to achieve a diversification level that reduces fluctuations in investment returns. Asset allocation target ranges and strategies are reviewed periodically with the assistance of an independent external consulting firm.

117 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

The Plan assets are measured at fair value. The following table summarizes, by level, within the fair value hierarchy, the investments of the Plan at fair value as of December 31, 2019 and 2018:

Fair Value Measurements Using Quoted Significant Prices in Other Significant Total as of Active Observable Unobservable December 31, Markets Inputs Inputs 2019 (Level 1) (Level 2) (Level 3) Money market accounts $ 11.3 $ 11.3 $ - $ - Mutual funds 215.3 - 215.3 - Total assets $ 226.6 $ 11.3 $ 215.3 $ -

Fair Value Measurements Using Quoted Significant Prices in Other Significant Total as of Active Observable Unobservable December 31, Markets Inputs Inputs 2018 (Level 1) (Level 2) (Level 3) Money market accounts $ 4.0 $ 4.0 $ - $ - Mutual funds 226.1 - 226.1 - Total assets $ 230.1 $ 4.0 $ 226.1 $ -

Estimated future benefit payments for the next ten years under the Plan follow:

2020 $ 21.4 2021 $ 20.3 2022 $ 19.5 2023 $ 18.6 2024 $ 17.8 2025 through 2029 $ 72.7

Collective Bargaining Agreements

As of December 31, 2019, approximately 24% of our workforce was covered by collective bargaining agreements (CBAs), and approximately 4% of our workforce was covered by CBAs that will expire during 2020.

Multiemployer Pension Plans

We participate in multiemployer pension plans that generally provide retirement benefits to participants of contributing employers. We do not administer these plans. In general, these plans are managed by a board of trustees with the unions appointing certain trustees and other contributing employers of the plan appointing certain members. We generally are not represented on the board of trustees.

Based on the information available to us, we believe that some of the multiemployer plans to which we contribute are either critical or endangered as those terms are defined in the Pension Protection Act (PPA). The PPA requires underfunded pension plans to improve their funding ratios within prescribed intervals based on the

118 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) level of their underfunding. Until the plan trustees develop the funding improvement plans or rehabilitation plans as required by the PPA, we cannot determine the amount of assessments we may be subject to, if any. Accordingly, we cannot presently determine the effect that the PPA may have on our consolidated financial position, results of operations or cash flows.

Furthermore, under current law regarding multiemployer benefit plans, a plan’s termination, our voluntary withdrawal (which we consider from time to time), or the mass withdrawal of all contributing employers from any under-funded multiemployer pension plan would require us to make payments to the plan for our proportionate share of the multiemployer plan’s unfunded vested liabilities. It is possible that there may be a mass withdrawal of employers contributing to these plans or plans may terminate in the near future. We could have adjustments to our estimates for these matters in the near term that could have a material effect on our consolidated financial position, results of operations and cash flows.

Republic’s participation in individually significant multiemployer pension plans for the year ended December 31, 2019 is outlined in the table below. Only with respect to multiemployer pension plans, we considered contributions in excess of $2.0 million in any period disclosed to be individually significant. The most recent PPA zone status available in 2019 and 2018 is for the plans’ year ended September 30, or December 31, 2018 and 2017, respectively. The status is based on information that Republic received from the plans and is certified by the plans’ actuary. Among other factors, plans in the critical red zone are generally less than 65% funded, plans in the endangered yellow zone are less than 80% funded, and plans in the safe green zone are at least 80% funded. Plans in the critical and declining zone are classified as critical and projected to be insolvent in the current year or any of the 14 following plan years. The last column lists the expiration dates of the CBAs to which the plans are subject. There have been no significant changes that affect the comparability of the 2019, 2018 and 2017 contributions.

Funding Improvement or Rehabilitation Pension Protection Plan Status Republic Expiration Act Zone Status Pending / Contributions to Plan Surcharge Dates Legal Plan Name EIN 2018 2017 Implemented 2019 2018 2017 Imposed of CBAs Various Local 731 Private Scavengers dates and Garage Attendants through Pension Trust Fund 36-6513567 Safe Safe Implemented $ 9.3 $ 9.7 $ 10.2 No 9/30/23 Various dates Western Conference of through Teamsters Pension Plan 91-6145047 Safe Safe No 45.1 44.3 39.5 No 6/30/24 New England Teamsters & Critical and Critical and Trucking Industry Pension 04-6372430 Declining Declining Implemented 3.5 3.2 3.2 No 06/30/20 Various dates Midwest Operating Engineers through Pension Fund 36-6140097 Endangered Endangered Implemented 2.4 2.1 2.2 No 5/31/21 Individually significant plans 60.3 59.3 55.1 All other plans N/A N/A N/A N/A 11.8 10.1 9.6 N/A Total $ 72.1 $ 69.4 $ 64.7

We are listed in the Form 5500 for Local 731 Private Scavengers and Garage Attendants Pension Trust Fund as providing more than 5% of the total contributions. At the date these financial statements were issued, Forms 5500 were not available for the plan years ended in 2019.

119 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Defined Contribution Plan

We maintain the Republic Services 401(k) Plan (the 401(k) Plan), which is a defined contribution plan covering all eligible employees. Under the 401(k) Plan, participants may direct us to defer a portion of their compensation to the 401(k) Plan, subject to Internal Revenue Code limitations. We provide for an employer matching contribution equal to 100% of the first 3% of eligible compensation and 50% of the next 2% of eligible compensation contributed by each employee, which is funded in cash. All contributions vest immediately.

Total expense recorded for matching 401(k) contributions in 2019, 2018 and 2017 was $55.7 million, $51.7 million and $46.8 million, respectively.

Deferred Compensation Plan

We provide eligible Republic employees, officers and directors with the opportunity to voluntarily defer base salary, bonus payments, long-term incentive awards and other compensation, as applicable, on a pre-tax basis through the Republic Services, Inc. Deferred Compensation Plan (the DCP). The DCP is a nonqualified deferred compensation plan that conforms to Section 409A of the Internal Revenue Code. Eligible participants can defer up to 80% of base salary and up to 100% of bonus, long-term compensation and directors’ fees. Under the DCP, some participants also are eligible for matching contributions. The matching contribution under the DCP is equal to the lesser of 2% of the participant’s compensation over established 401(k) limits or 50% of the amount the participant has deferred. The DCP participants have no ownership or security interest in any of the amounts deferred or the measurement funds under the DCP. The right of each participant in the DCP is solely that of a general, unsecured creditor of Republic with respect to his or her own interest under the DCP. Deferred amounts may be subject to forfeiture and are deemed invested among investment funds offered under the DCP, as directed by each participant. Payments of deferred amounts are payable following separation from service or at a date or dates elected by the participant when the deferral is elected. Payments of deferred amounts are made in either a lump sum or in annual installments over a period not exceeding 15 years.

Republic invested in corporate-owned life insurance policies to satisfy future obligations under the DCP. These corporate-owned life insurance policies are held in a Rabbi Trust and are recorded at the amount that can be realized under insurance contracts at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. The aggregate cash surrender value of these life insurance policies was $118.0 million and $100.0 million as of December 31, 2019 and 2018, respectively, and is classified in other assets in our consolidated balance sheets. The DCP liability was $116.1 million and $96.0 million as of December 31, 2019 and 2018, respectively, and is classified in other long-term liabilities in our consolidated balance sheets.

Employee Stock Purchase Plan

Republic employees are eligible to participate in an employee stock purchase plan. The plan allows participants to purchase our common stock for 95% of its quoted market price on the last day of each calendar quarter. For the years ended December 31, 2019, 2018 and 2017, issuances under this plan totaled 107,522 shares, 117,153 shares and 113,941 shares, respectively. As of December 31, 2019, shares reserved for issuance to employees under this plan totaled 2.8 million and Republic held employee contributions of approximately $2.2 million for the purchase of common stock.

120 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

13. SHARE REPURCHASES AND DIVIDENDS

Share Repurchases

Share repurchase activity during the years ended December 31, 2019 and 2018 follows (in millions except per share amounts):

2019 2018 Number of shares repurchased 4.9 10.7 Amount paid $ 399.4 $ 736.9 Weighted average cost per share $ 82.13 $ 69.06

As of December 31, 2019, there were no repurchased shares pending settlement.

In October 2017, our Board of Directors added $2.0 billion to the existing share repurchase authorization that now extends through December 31, 2020. Share repurchases under the program may be made through open market purchases or privately negotiated transactions in accordance with applicable federal securities laws. While the Board of Directors has approved the program, the timing of any purchases, the prices and the number of shares of common stock to be purchased will be determined by our management, at its discretion, and will depend upon market conditions and other factors. The share repurchase program may be extended, suspended or discontinued at any time. As of December 31, 2019, the remaining authorized purchase capacity under our October 2017 repurchase program was $704.6 million.

Dividends

In October 2019, our Board of Directors approved a quarterly dividend of $0.405 per share. Cash dividends declared were $499.4 million, $468.4 million and $446.3 million for the years ended December 31, 2019, 2018 and 2017, respectively. As of December 31, 2019, we recorded a quarterly dividend payable of $129.2 million to shareholders of record at the close of business on January 2, 2020.

14. EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income attributable to Republic Services, Inc. by the weighted average number of common shares (including vested but unissued RSUs) outstanding during the period. Diluted earnings per share is based on the combined weighted average number of common shares and common share equivalents outstanding, which include, where appropriate, the assumed exercise of employee stock options, unvested RSUs and unvested PSUs at the expected attainment levels. We use the treasury stock method in computing diluted earnings per share.

121 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Earnings per share for the years ended December 31, 2019, 2018, and 2017 are calculated as follows (in thousands, except per share amounts):

2019 2018 2017 Basic earnings per share: Net income attributable to Republic Services, Inc. $ 1,073,286 $ 1,036,898 $ 1,278,374 Weighted average common shares outstanding 321,058 326,897 337,051 Basic earnings per share $ 3.34 $ 3.17 $ 3.79 Diluted earnings per share: Net income attributable to Republic Services, Inc. $ 1,073,286 $ 1,036,898 $ 1,278,374 Weighted average common shares outstanding 321,058 326,897 337,051 Effect of dilutive securities: Options to purchase common stock 247 745 1,246 Unvested RSU awards 254 250 346 Unvested PSU awards 431 491 338 Weighted average common and common equivalent shares outstanding 321,990 328,383 338,981 Diluted earnings per share $ 3.33 $ 3.16 $ 3.77

There were no antidilutive securities during the years ended December 31, 2019, 2018, and 2017.

15. SEGMENT REPORTING

Our senior management evaluates, oversees and manages the financial performance of our operations through two field groups, referred to as Group 1 and Group 2. Group 1 primarily consists of geographic areas located in the western United States, and Group 2 primarily consists of geographic areas located in the southeastern and mid-western United States, and the eastern seaboard of the United States. These two groups are presented below as our reportable segments, which provide integrated waste management services consisting of non-hazardous solid waste collection, transfer, recycling, disposal and environmental services.

122 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Summarized financial information concerning our reportable segments for the years ended December 31, 2019, 2018 and 2017 follows:

Depreciation, Amortization, Operating Gross Intercompany Net Depletion and Income Capital Revenue Revenue Revenue Accretion (Loss) Expenditures Total Assets 2019: Group 1 $ 6,012.5 $ (1,010.6) $ 5,001.9 $ 493.8 $ 1,234.6 $ 551.3 $ 11,404.0 Group 2 6,007.2 (864.7) 5,142.5 503.7 961.4 555.0 9,448.9 Corporate entities 173.3 (18.3) 155.0 124.9 (408.8) 100.8 1,830.9 Total $ 12,193.0 $ (1,893.6) $ 10,299.4 $ 1,122.4 $ 1,787.2 $ 1,207.1 $ 22,683.8 2018: Group 1 $ 5,796.5 $ (984.5) $ 4,812.0 $ 484.9 $ 1,156.9 $ 515.8 $ 11,011.5 Group 2 5,928.0 (857.0) 5,071.0 493.7 938.5 452.5 8,999.2 Corporate entities 173.8 (15.9) 157.9 135.5 (359.6) 103.5 1,606.3 Total $ 11,898.3 $ (1,857.4) $ 10,040.9 $ 1,114.1 $ 1,735.8 $ 1,071.8 $ 21,617.0 2017: Group 1 $ 5,961.3 $ (1,085.0) $ 4,876.3 $ 477.1 $ 1,135.1 $ 529.5 $ 10,734.3 Group 2 5,844.8 (928.4) 4,916.4 508.8 945.9 361.1 8,855.4 Corporate entities 265.0 (16.2) 248.8 130.2 (412.5) 99.2 1,557.3 Total $ 12,071.1 $ (2,029.6) $ 10,041.5 $ 1,116.1 $ 1,668.5 $ 989.8 $ 21,147.0

Financial information for the year ended December 31, 2017 reflects the transfer of certain areas between our two field groups.

Intercompany revenue reflects transactions within and between segments that generally are made on a basis intended to reflect the market value of such services. Capital expenditures for corporate entities primarily include vehicle inventory acquired but not yet assigned to operating locations and facilities. Corporate functions include legal, tax, treasury, information technology, risk management, human resources, closed landfills and other administrative functions.

123 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

16. REVENUE

Our operations primarily consist of providing collection, transfer and disposal of non-hazardous solid waste, recovering and recycling of certain materials, and environmental services. The following table disaggregates our revenue by service line for the years ended December 31 (in millions of dollars and as a percentage of revenue):

2019 2018 2017 Collection: Residential $ 2,271.9 22.1% $ 2,236.5 22.3% $ 2,285.7 22.8% Small-container 3,170.0 30.8 3,059.1 30.5 2,995.6 29.8 Large-container 2,249.6 21.8 2,184.7 21.8 2,087.9 20.8 Other 46.1 0.4 43.8 0.4 44.2 0.4 Total collection (1) 7,737.6 75.1 7,524.1 75.0 7,413.4 73.8 Transfer 1,318.6 1,244.9 1,209.5 Less: intercompany (748.0) (713.8) (703.8) Transfer, net 570.6 5.5 531.1 5.3 505.7 5.0 Landfill 2,328.8 2,291.7 2,224.3 Less: intercompany (1,028.7) (1,020.8) (985.5) Landfill, net 1,300.1 12.6 1,270.9 12.6 1,238.8 12.3 Environmental services 191.8 1.9 194.7 1.9 149.0 1.5 Other: Recycling processing and commodity sales (2) 273.2 2.7 297.8 3.0 539.2 5.4 Other non-core 226.1 2.2 222.3 2.2 195.4 2.0 Total other 499.3 4.9 520.1 5.2 734.6 7.4 Total revenue $ 10,299.4 100.0% $ 10,040.9 100.0% $ 10,041.5 100.0%

(1) In accordance with our adoption of the new revenue recognition standard, municipal franchise fees are presented as a reduction to revenue for the years ended December 31, 2019 and 2018. Similar fees are presented as a cost of operations for the year ended December 31, 2017.

(2) In accordance with our adoption of the new revenue recognition standard, rebates paid to customers associated with recycled commodities are presented as a reduction to revenue for the years ended December 31, 2019 and 2018. Similar costs are presented as a cost of operations for the year ended December 31, 2017.

Other non-core revenue consists primarily of revenue from National Accounts, which represents the portion of revenue generated from nationwide or regional contracts in markets outside our operating areas where the associated waste handling services are subcontracted to local operators. Consequently, substantially all of this revenue is offset with related subcontract costs, which are recorded in cost of operations.

The factors that impact the timing and amount of revenue recognized for each service line may vary based on the nature of the service performed. Generally, we recognize revenue at the time we perform a service. In the event that we bill for services in advance of performance, we recognize deferred revenue for the amount billed and subsequently recognize revenue at the time the service is provided. Depending upon the nature of the contract, we may also generate revenue through the collection of fuel recovery fees and environmental fees which are designed to recover our internal costs of providing services to our customers.

See Note 15, Segment Reporting, for additional information regarding revenue by reportable segment.

124 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Revenue by Service Line

Collection Services

Our collection business involves the collection of waste for transport to transfer stations, or directly to landfills or recycling processing centers. Our solid waste collection services business includes both recurring and temporary customer relationships. Our standard contract duration is three years, although some of our exclusive franchises are for significantly longer periods. The fees received for collection services are based primarily on the market, collection frequency, type of service, type and volume or weight of the waste collected, the distance to the disposal facility and the cost of disposal.

In general, small-container and residential collection fees are billed monthly or quarterly in advance. Substantially all of the deferred revenue recognized as of December 31, 2018 was recognized as revenue during the year ended December 31, 2019 when the service was performed. Our large-container customers are typically billed on a monthly basis based on the nature of the services provided during the period.

Revenue recognized under these agreements is variable in nature based on the number of residential homes or businesses serviced during the period, the frequency of collection and the volume of waste collected. In addition, certain of our contracts have annual price escalation clauses that are tied to changes in an underlying base index such as a consumer price index which are unknown at contract inception.

Transfer Services

Revenue at our transfer stations is primarily generated by charging tipping or disposal fees. The fees received for transfer services are based primarily on the market, type and volume or weight of the waste accepted, the distance to the disposal facility and the cost of disposal. In general, fees are billed and revenue is recognized at the time the service is performed. Revenue recognized under these agreements is variable in nature based on the volume and nature of the waste accepted at the transfer station.

Landfill Services

Revenue at our landfills is primarily generated by charging tipping fees to third parties based on the volume disposed and the nature of the waste. In general, fees are variable in nature and revenue is recognized at the time the waste is disposed at the facility.

Environmental Services

Environmental services waste is generated from the by-products of oil and natural gas exploration and production activity. Additionally, it is generated by the daily operations of industrial, petrochemical and refining facilities, including maintenance, plant turnarounds and capital projects. Environmental Services revenue is primarily generated through the disposal of non-hazardous solid and liquid waste and in-plant services, such as transportation and logistics. Activity for this service line varies across market areas that are tied to the natural resource basins in which the drilling activity occurs and reflects the regulatory environment, pricing and disposal alternatives available in any given market. Revenue recognized under these agreements is variable in nature and primarily based on the volume of waste accepted or processed during the period.

125 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Recycling Processing and Commodity Sales

Our recycling processing centers generate revenue through the processing and sale of old corrugated cardboard (OCC), old newsprint (ONP), aluminum, glass and other materials at market prices. In certain instances, we issue recycling rebates to our municipal or large-container customers, which can be based on the price we receive upon the final sale of recycled commodities, a fixed contractual rate or other measures. We also receive rebates when we dispose of recycled commodities at third-party facilities. The fees received are based primarily on the market, type and volume or weight of the materials sold. In general, fees are billed and revenue is recognized at the time title is transferred. Revenue recognized under these agreements is variable in nature based on the volume and type of materials sold. In addition, the amount of revenue recognized is based on commodity prices at the time of sale, which are unknown at contract inception.

Revenue Recognition

Our service obligations of a long-term nature, e.g., certain solid waste collection service contracts, are satisfied over time, and we recognize revenue based on the value provided to the customer during the period. The amount billed to the customer is based on variable elements such as the number of residential homes or businesses for which collection services are provided, the volume of waste collected, transported and disposed, and the nature of the waste accepted. We do not disclose the value of unsatisfied performance obligations for these contracts as our right to consideration corresponds directly to the value provided to the customer for services completed to date and all future variable consideration is allocated to wholly unsatisfied performance obligations.

Additionally, certain elements of our long-term customer contracts are unknown upon entering into the contract, including the amount that will be billed in accordance with annual price escalation clauses, our fuel recovery fee program and commodity prices. The amount to be billed is often tied to changes in an underlying base index such as a consumer price index or a fuel or commodity index, and revenue can be recognized once the index is established for the period.

Deferred Contract Costs

We incur certain upfront payments to acquire customer contracts which are recognized as other assets in our consolidated balance sheet, and we amortize the asset over the respective contract life. In addition, we recognize sales commissions that represent an incremental cost of the contract as other assets in our consolidated balance sheet, and we amortize the asset over the average life of the customer relationship. As of December 31, 2019 and 2018, we recognized $83.1 million and $89.2 million, respectively, of deferred contract costs and capitalized sales commissions. During the years ended December 31, 2019 and 2018, we amortized $11.8 million and $11.1 million, respectively, of capitalized sales commissions to selling, general and administrative expenses, and $6.2 million and $5.9 million, respectively, of other deferred contract costs as a reduction of revenue.

126 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

17. CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT

A summary of changes in accumulated other comprehensive income (loss), net of tax, by component, for the years ended December 31, 2019, 2018 and 2017 follows:

Cash Flow Defined Benefit Hedges Pension Plan Total Balance as of December 31, 2016 $ (3.3) $ 17.5 $ 14.2 Other comprehensive income (loss) before reclassifications (0.6) 3.7 3.1 Amounts reclassified from accumulated other comprehensive loss 5.3 - 5.3 Net current-period other comprehensive income 4.7 3.7 8.4 Balance as of December 31, 2017 1.4 21.2 22.6 Other comprehensive income (loss) before reclassifications 18.5 (6.5) 12.0 Amounts reclassified from accumulated other comprehensive loss (3.8) - (3.8) Net current period other comprehensive income (loss) 14.7 (6.5) 8.2 Balance as of December 31, 2018 16.1 14.7 30.8 Other comprehensive loss before reclassifications (30.2) (2.5) (32.7) Amounts reclassified from accumulated other comprehensive income 1.0 - 1.0 Net current period other comprehensive loss (29.2) (2.5) (31.7) Adoption of accounting standard (0.6) 3.7 3.1 Balance as of December 31, 2019 $ (13.7) $ 15.9 $ 2.2

A summary of reclassifications out of accumulated other comprehensive income (loss) for the years ended December 31, 2019, 2018 and 2017 follows:

Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Details about Accumulated Other Statement Where Net Income is Comprehensive Income Components 2019 2018 2017 Presented Gain (loss) on cash flow hedges: Recycling commodity hedges $ - $ 1.1 $ (2.8) Revenue Fuel hedges - 4.3 (3.3) Cost of operations Terminated interest rate locks (1.4) (0.3) (2.7) Interest expense Total before tax (1.4) 5.1 (8.8) Tax expense 0.4 (1.3) 3.5 Total (loss) gain reclassified into earnings, net of tax $ (1.0) $ 3.8 $ (5.3)

127 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

18. FINANCIAL INSTRUMENTS

The effect of our derivative instruments in fair value and cash flow hedging relationships on the consolidated statements of income for the years ended December 31, 2019, 2018 and 2017 follows (in millions):

Classification and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships 2019 2018 2017 Interest Expense Interest Expense Interest Expense Total amounts of expense line items presented in the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded $ (392.0) $ (383.8) $ (361.9) The effects of fair value and cash flow hedging: Gain (loss) on fair value hedging relationships: Interest rate swaps: Net swap settlements $ 1.0 $ 1.9 $ 4.8 Net periodic earnings(1) $ 0.6 $ (0.4) $ 0.9 Gain (loss) on cash flow hedging relationships: Interest rate swap locks: Amount of gain (loss) reclassified from AOCI into income, net of tax $ (1.0) $ 3.8 $ (5.3)

(1) During 2018 and 2017 (prior to adoption of ASU 2017-12), all net periodic earnings for fair value hedges were recorded to other income, net. To align the effect of the hedging relationship with the activity of the hedged item, beginning January 1, 2019, all net periodic earnings on fair value hedges are presented within interest expense in our consolidated statements of income.

Fair Value Measurements

In measuring fair values of assets and liabilities, we use valuation techniques that maximize the use of observable inputs (Level 1) and minimize the use of unobservable inputs (Level 3). We also use market data or assumptions that we believe market participants would use in pricing an asset or liability, including assumptions about risk when appropriate.

The carrying value for certain of our financial instruments, including cash, accounts receivable, accounts payable and certain other accrued liabilities, approximates fair value because of their short-term nature.

128 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

As of December 31, 2019 and 2018, our assets and liabilities that are measured at fair value on a recurring basis include the following:

December 31, 2019 Fair Value Quoted Significant Prices in Other Significant Active Observable Unobservable Carrying Markets Inputs Inputs Amount Total (Level 1) (Level 2) (Level 3) Assets: Money market mutual funds $ 43.0 $ 43.0 $ 43.0 $ - $ - Bonds - restricted cash and marketable securities and other assets 51.6 51.6 - 51.6 - Interest rate locks - prepaid expenses and other current assets 3.6 3.6 - 3.6 - Interest rate swaps - other assets 10.7 10.7 - 10.7 - Other derivative assets - other assets 2.9 2.9 - 2.9 - Total assets $ 111.8 $ 111.8 $ 43.0 $ 68.8 $ - Liabilities: Other derivative liabilities - other long term liabilities $ 22.2 $ 22.2 $ - $ 22.2 $ - Interest rate locks - other accrued liabilities and other long-term liabilities 15.7 15.7 - 15.7 - Contingent consideration - other accrued liabilities and other long- term liabilities 72.0 72.0 - - 72.0 Total liabilities $ 109.9 $ 109.9 $ - $ 37.9 $ 72.0

129 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

December 31, 2018 Fair Value Quoted Significant Prices in Other Significant Active Observable Unobservable Carrying Markets Inputs Inputs Amount Total (Level 1) (Level 2) (Level 3) Assets: Money market mutual funds $ 37.1 $ 37.1 $ 37.1 $ - $ - Bonds - restricted cash and marketable securities and other assets 47.8 47.8 - 47.8 - Interest rate swaps - other assets 2.5 2.5 - 2.5 - Interest rate locks - other assets 10.3 10.3 - 10.3 - Total assets $ 97.7 $ 97.7 $ 37.1 $ 60.6 $ - Liabilities: Contingent consideration - other long-term liabilities $ 71.4 $ 71.4 $ - $ - $ 71.4 Total liabilities $ 71.4 $ 71.4 $ - $ - $ 71.4

Total Debt

As of December 31, 2019, the carrying value of our total debt was $8.7 billion and the fair value of our total debt was $9.4 billion. As of December 31, 2018, the carrying value of our total debt was $8.3 billion and the fair value of our total debt was $8.7 billion. The estimated fair value of our fixed rate senior notes and debentures is based on quoted market prices. The fair value of our remaining notes payable, tax-exempt financings and borrowings under our credit facilities approximates the carrying value because the interest rates are variable. The fair value estimates are based on Level 2 inputs of the fair value hierarchy as of December 31, 2019 and December 31, 2018. See Note 9, Debt, for further information related to our debt.

Contingent Consideration

In April 2015, we entered into a waste management contract with the County of Sonoma, California to operate the county’s waste management facilities. As of December 31, 2019, the Sonoma contingent consideration represents the fair value of $65.5 million payable to the County of Sonoma based on the achievement of future annual tonnage targets through the expected remaining capacity of the landfill. The potential undiscounted amount of all future contingent payments that we could be required to make under the waste management contract is estimated to be between approximately $75 million and $165 million. During 2019, the activity in the contingent consideration liability included accretion, which was offset by concession payments made in the ordinary course of business. There were no changes to the estimate of fair value.

In 2017, we recognized additional contingent consideration associated with the acquisition of a landfill. As of December 31, 2019, the contingent consideration of $4.0 million represents the fair value of amounts payable to the seller based on annual volume of tons disposed at the landfill. During 2019, the activity in the contingent consideration liability included accretion, which was offset by concession payments made in the ordinary course of business. There were no changes to the estimate of fair value.

In June 2019, we recognized additional contingent consideration associated with the acquisition of a collection business. As of December 31, 2019, the contingent consideration of $2.5 million represents the fair value of

130 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) amounts payable to the seller based on annual volume of tons collected from certain customers of the business. During 2019, the activity in the contingent consideration liability included accretion, which was offset by concession payments made in the ordinary course of business. There were no changes to the estimate of fair value.

19. COMMITMENTS AND CONTINGENCIES

Legal Proceedings

We are subject to extensive and evolving laws and regulations and have implemented safeguards to respond to regulatory requirements. In the normal course of our business, we become involved in legal proceedings. Some may result in fines, penalties or judgments against us, or settlements, which may impact earnings and cash flows for a particular period. Although we cannot predict the ultimate outcome of any legal matter with certainty, we do not believe the outcome of any of our pending legal proceedings will have a material adverse impact on our consolidated financial position, results of operations or cash flows.

As used herein, the term legal proceedings refers to litigation and similar claims against us and our subsidiaries, excluding: (1) ordinary course accidents, general commercial liability and workers’ compensation claims, which are covered by insurance programs, subject to customary deductibles, and which, together with insured employee health care costs, are discussed in Note 7, Other Liabilities; and (2) environmental remediation liabilities, which are discussed in Note 8, Landfill and Environmental Costs.

We accrue for legal proceedings when losses become probable and reasonably estimable. We have recorded an aggregate accrual of approximately $21 million relating to our outstanding legal proceedings as of December 31, 2019. As of the end of each applicable reporting period, we review each of our legal proceedings and, where it is probable that a liability has been incurred, we accrue for all probable and reasonably estimable losses. Where we can reasonably estimate a range of losses we may incur regarding such a matter, we record an accrual for the amount within the range that constitutes our best estimate. If we can reasonably estimate a range but no amount within the range appears to be a better estimate than any other, we use the amount that is the low end of such range. If we had used the high ends of such ranges, our aggregate potential liability would be approximately $15 million higher than the amount recorded as of December 31, 2019.

Unconditional Purchase Commitments

Royalties

We have entered into agreements to pay royalties to prior landowners, lessors or host communities, based on, among other things, revenue received and waste tonnage disposed at specified landfills. These royalties are generally payable quarterly and amounts incurred, but not paid, are accrued in our consolidated balance sheets. Royalties are accrued as revenue is received or tonnage is disposed of, as applicable, in the landfills.

Disposal Agreements

We have several agreements that require us to dispose of a minimum number of tons at third-party disposal facilities. Under these put-or-pay agreements, we must pay for agreed-upon minimum volumes regardless of the actual number of tons placed at the facilities.

Our unconditional purchase commitments have varying expiration dates, with some extending through the remaining life of the respective landfill. Future minimum payments under unconditional purchase commitments,

131 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) consisting primarily of (1) disposal related agreements, which include fixed or minimum royalty payments, host agreements, and take-or-pay and put-or-pay agreements, and (2) other obligations including committed capital expenditures and consulting service agreements as of December 31, 2019 are as follows:

2020 $ 132.5 2021 90.9 2022 62.8 2023 39.5 2024 38.1 Thereafter 266.1 $ 629.9

Cash and Cash Equivalents and Restricted Cash and Marketable Securities

Restricted cash and restricted cash equivalents are included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statements of cash flows. Beginning-of-period and end-of-period cash, cash equivalents, restricted cash and restricted cash equivalents as presented in the statements of cash flows are reconciled as follows:

December 31, December 31, December 31, 2019 2018 2017 Cash and cash equivalents $ 47.1 $ 70.5 $ 83.3 Restricted cash and marketable securities 179.4 108.1 141.1 Less: restricted marketable securities (49.1) (45.3) (45.3) Cash, cash equivalents, restricted cash and restricted cash equivalents $ 177.4 $ 133.3 $ 179.1

Our restricted cash and marketable securities include, among other things, restricted cash and marketable securities pledged to regulatory agencies and governmental entities as financial guarantees of our performance under certain collection, landfill and transfer station contracts and permits, and relating to our final capping, closure and post-closure obligations at our landfills, restricted cash and marketable securities related to our insurance obligations, and restricted cash related to a payment for a certain maturing tax-exempt financing.

The following table summarizes our restricted cash and marketable securities as of December 31:

2019 2018 Payment for maturing tax-exempt financing $ 49.4 $ - Capping, closure and post-closure obligations 30.6 29.5 Insurance 99.4 78.6 Total restricted cash and marketable securities $ 179.4 $ 108.1

We must provide financial assurance to governmental agencies and a variety of other entities under applicable environmental regulations relating to our landfill operations for capping, closure and post-closure costs, and our performance under certain collection, landfill and transfer station contracts. We satisfy our financial assurance requirements by providing surety bonds, letters of credit, insurance policies or trust deposits. The amount of the financial assurance requirements for capping, closure and post-closure costs is determined by applicable state environmental regulations, which vary by state. The financial assurance requirements for capping, closure and

132 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) post-closure costs can either be for costs associated with a portion of the landfill or the entire landfill. Generally, states will require a third-party engineering specialist to determine the estimated capping, closure and post- closure costs that are used to determine the required amount of financial assurance for a landfill. The amount of financial assurance required can, and generally will, differ from the obligation determined and recorded under U.S. GAAP. The amount of the financial assurance requirements related to contract performance varies by contract. Additionally, we are required to provide financial assurance for our insurance program and collateral for certain performance obligations.

We had the following financial instruments and collateral in place to secure our financial assurances as of December 31:

2019 2018 Letters of credit $ 449.7 $ 474.2 Surety bonds $ 3,460.8 $ 3,442.4

We had $351.4 million and $379.6 million of letters of credit outstanding under our Credit Facility as of December 31, 2019 and 2018, respectively. Surety bonds subject to expiration will expire on various dates through 2026.

These financial instruments are issued in the normal course of business and are not classified as debt. Because we currently have no liability for this financial assurance, it is not reflected in our consolidated balance sheets. However, we have recorded capping, closure and post-closure obligations and insurance reserves as they are incurred.

We own a 19.9% interest in a company that, among other activities, issues financial surety bonds to secure capping, closure and post-closure obligations for companies operating in the solid waste industry. We account for this investment under the cost method of accounting. There have been no identified events or changes in circumstances that may have a significant adverse effect on the recoverability of this investment. This investee company and the parent company of the investee had written surety bonds for us relating primarily to our landfill operations for capping, closure and post-closure, of which $1,330.7 million were outstanding as of December 31, 2019. Our reimbursement obligations under these bonds are secured by an indemnity agreement with the investee and letters of credit. There were no letters of credit outstanding as of December 31, 2019 and 2018 associated with these reimbursement obligations.

Off-Balance Sheet Arrangements

We have no off-balance sheet debt or similar obligations, other than short-term operating leases and financial assurances, which are not classified as debt. We have no transactions or obligations with related parties that are not disclosed, consolidated into or reflected in our reported financial position or results of operations. We have not guaranteed any third-party debt.

Guarantees

We enter into contracts in the normal course of business that include indemnification clauses. Indemnifications relating to known liabilities are recorded in the consolidated financial statements based on our best estimate of required future payments. Certain of these indemnifications relate to contingent events or occurrences, such as the imposition of additional taxes due to a change in the tax law or adverse interpretation of the tax law, and indemnifications made in divestiture agreements where we indemnify the buyer for liabilities that relate to our activities prior to the divestiture and that may become known in the future. We do not believe that these contingent obligations will have a material effect on our consolidated financial position, results of operations or cash flows.

133 REPUBLIC SERVICES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

We have entered into agreements with property owners to guarantee the value of property that is adjacent to certain of our landfills. These agreements have varying terms. We do not believe that these contingent obligations will have a material effect on our consolidated financial position, results of operations or cash flows.

Other Matters

Our business activities are conducted in the context of a developing and changing statutory and regulatory framework. Governmental regulation of the waste management industry requires us to obtain and retain numerous governmental permits to conduct various aspects of our operations. These permits are subject to revocation, modification or denial. The costs and other capital expenditures that may be required to obtain or retain the applicable permits or comply with applicable regulations could be significant. Any revocation, modification or denial of permits could have a material adverse effect on us.

20. SELECTED QUARTERLY FINANCIAL DATA (unaudited)

The following table summarizes our unaudited consolidated quarterly results of operations as reported for 2019 and 2018:

First Second Third Fourth Quarter Quarter Quarter Quarter 2019: Revenue (1) $ 2,470.6 $ 2,605.3 $ 2,646.9 $ 2,576.7 Operating income $ 422.8 $ 437.4 $ 467.8 $ 459.2 Net income $ 234.9 $ 250.9 $ 298.0 $ 290.0 Net income attributable to Republic Services, Inc. $ 234.2 $ 251.5 $ 298.3 $ 289.3 Diluted earnings per common share $ 0.72 $ 0.78 $ 0.93 $ 0.90 2018: Revenue (1) $ 2,427.5 $ 2,517.8 $ 2,565.7 $ 2,530.0 Operating income (1) $ 404.2 $ 408.2 $ 440.3 $ 483.3 Net income $ 237.9 $ 235.7 $ 262.9 $ 301.1 Net income attributable to Republic Services, Inc. (1) $ 237.7 $ 234.9 $ 263.4 $ 301.0 Diluted earnings per common share $ 0.72 $ 0.71 $ 0.81 $ 0.92

(1) Line items in these rows do not total to amounts reported in the consolidated financial statements due to rounding.

During the fourth quarter of 2019 and 2018, we recorded a reduction to remediation expense of $24.0 million and $40.0 million, respectively, related to insurance recoveries at our closed Bridgeton Landfill.

134 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A.CONTROLS AND PROCEDURES

REPORT OF MANAGEMENT ON REPUBLIC SERVICES, INC.’S INTERNAL CONTROL OVER FINANCIAL REPORTING

We, as members of management of Republic Services, Inc., are responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect transactions and dispositions of our assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial statements.

Because of its inherent limitations, our internal control systems and procedures may not prevent or detect misstatements. An internal control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. Also, projections of any evaluation of effectiveness to future periods are subject to the risks that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies and procedures may deteriorate.

We, under the supervision of and with the participation of our management, including the Chief Executive Officer, Chief Financial Officer and Chief Accounting Officer, assessed the effectiveness of our internal control over financial reporting as of December 31, 2019, based on criteria for effective internal control over financial reporting described in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, we concluded that we maintained effective internal control over financial reporting as of December 31, 2019, based on the specified criteria.

Our internal control over financial reporting has been audited by Ernst & Young LLP, an independent registered public accounting firm, as stated in their attestation report which is included herein.

Disclosure Controls and Procedures

We carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e), and 15d-15(e)) as of the end of the period covered by this Annual Report. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this Annual Report.

Changes in Internal Control Over Financial Reporting

Based on an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, there has been no change in our internal control over financial

135 reporting during the quarter ended December 31, 2019 identified in connection with that evaluation, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

In July 2019, we acquired all of the issued and outstanding shares of Southern Tank Leasing, Inc., Tidal Tank, Inc. and Bealine Service Company, Inc. (collectively Sprint). As permitted by the SEC Staff interpretive guidance for newly acquired businesses, management’s assessment of our internal control over financial reporting as of December 31, 2019 did not include an assessment of internal control over financial reporting as it relates to the Sprint acquisition. We will continue the process of implementing internal controls over financial reporting for Sprint. As of December 31, 2019, assets excluded from management’s assessment totaled $134.1 million and contributed less than 1% of revenue to our audited consolidated financial statements for the year ended December 31, 2019.

ITEM 9B. OTHER INFORMATION

None.

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Information required by this item is incorporated by reference to the material appearing under the headings Proposal 1 – Election of Directors, Biographical Information Regarding Directors/Nominees, Board of Directors and Corporate Governance Matters, Delinquent Section 16(a) Reports, and Executive Officers in the Proxy Statement for the 2020 Annual Meeting of Shareholders.

ITEM 11. EXECUTIVE COMPENSATION

Information required by this item is incorporated by reference to the material appearing under the headings Executive Compensation and Director Compensation in the Proxy Statement for the 2020 Annual Meeting of Shareholders.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

Information required by this item is incorporated by reference to the material appearing under the headings Security Ownership of Five Percent Shareholders and Security Ownership of the Board of Directors and Management in the Proxy Statement for the 2020 Annual Meeting of Shareholders.

136 The following table sets forth certain information regarding equity compensation plans as of December 31, 2019 (number of securities in millions):

Number of Securities Remaining Number of Available Securities for Future Issuance to be Under Equity Issued Upon Weighted Average Compensation Exercise of Exercise Price of Plans (excluding Outstanding Outstanding securities Options Options reflected in Plan Category and Rights (b) and Rights (c) the first column) (d) Equity compensation plans approved by security holders (a) 2.6 $ 36.19 31.2 Equity compensation plans not approved by security holders - - - Total 2.6 $ 36.19 31.2

(a) Includes our 2006 Plan, Amended and Restated 2007 Stock Incentive Plan and our 2018 Employee Stock Purchase Plan (ESPP). (b) Includes 0.4 million stock options, 1.5 million shares underlying restricted stock units, 0.7 million shares underlying performance shares, and less than 0.1 million shares underlying purchase rights that accrue under the ESPP. (c) Excludes restricted stock units and performance shares as these awards do not have exercise prices. (d) The shares remaining available for future issuances include 12.8 million shares under our Amended and Restated 2007 Stock Incentive Plan and 2.8 million shares under our ESPP.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

Information required by this item is incorporated by reference to the material appearing under the headings Board of Directors and Corporate Governance Matters and Certain Relationships and Related Party Transactions in the Proxy Statement for the 2020 Annual Meeting of Shareholders.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

Information required by this item is incorporated by reference to the material appearing under the heading Audit and Related Fees in the Proxy Statement for the 2020 Annual Meeting of Shareholders.

PART IV

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

(a) The following documents are filed as part of this report:

1. Financial Statements

Our consolidated financial statements are set forth under Item 8 of this Form 10-K.

2. Financial Statement Schedules

All schedules are omitted as the required information is not applicable or the information is presented in the consolidated financial statements and notes thereto in Item 8 of this Form 10-K.

137 3. Exhibits

The following exhibits are filed herewith or are incorporated by reference to exhibits previously filed with the SEC, as indicated in the description of each, File No. 1-14267 in the case of Republic and File No. 1-14705 and No. 0-19285 in the case of Allied.

Exhibit Number Description

3.1 Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 of the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 1998). 3.2 Certificate of Amendment of Amended and Restated Certificate of Incorporation of Republic Services, Inc. (incorporated by reference to Exhibit 4.2 of the Company’s Registration Statement on Form S-8, Registration No. 333-81801, filed with the Commission on June 29, 1999). 3.3 Amended and Restated Bylaws of Republic Services, Inc. (incorporated by reference to Exhibit 3.3 of the Company’s Current Report on Form 8-K dated May 6, 2016). 4.1 Republic Services, Inc. Common Stock Certificate (incorporated by reference to Exhibit 4.4 of the Company’s Registration Statement on Form S-8, Registration No. 333-81801, filed with the Commission on June 29, 1999). 4.2 Second Supplemental Indenture, dated as of March 21, 2005, to the Indenture dated as of August 15, 2001, by and between Republic Services, Inc. and The Bank of New York, as trustee, including the form of 6.086% Note due March 15, 2035 (incorporated by reference to Exhibit 4.1 of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2005). 4.3 Indenture, dated as of September 8, 2009, by and between Republic Services, Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K dated September 9, 2009). 4.4 Third Supplemental Indenture, dated as of May 9, 2011, to the Indenture dated as of September 8, 2009, by and among Republic Services, Inc., the guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as trustee, including the form of 4.750% Notes due 2023 (incorporated by reference to Exhibit 4.2 of the Company’s Current Report on Form 8-K dated May 9, 2011). 4.5 Fourth Supplemental Indenture, dated as of May 9, 2011, to the Indenture dated as of September 8, 2009, by and among Republic Services, Inc., the guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as trustee, including the form of 5.700% Notes due 2041 (incorporated by reference to Exhibit 4.3 of the Company’s Current Report on Form 8-K dated May 9, 2011). 4.6 Indenture, dated as of November 25, 2009, by and between Republic Services, Inc. and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K dated November 25, 2009). 4.7 First Supplemental Indenture, dated as of November 25, 2009, to the Indenture dated as of November 25, 2009, by and among Republic Services, Inc., the guarantors named therein and U.S. Bank National Association, as trustee, including the form of 5.25% Notes due 2021 (incorporated by reference to Exhibit 4.2 of the Company’s Current Report on Form 8-K dated November 25, 2009). 4.8 Second Supplemental Indenture, dated as of March 4, 2010, to the Indenture dated as of November 25, 2009, by and among Republic Services, Inc., the guarantors named therein and U.S. Bank National Association, as trustee, including the form of 5.00% Notes due 2020 (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K dated March 4, 2010).

138 Exhibit Number Description 4.9 Third Supplemental Indenture, dated as of March 4, 2010, to the Indenture dated as of November 25, 2009, by and among Republic Services, Inc., the guarantors named therein and U.S. Bank National Association, as trustee, including the form of 6.20% Notes due 2040 (incorporated by reference to Exhibit 4.2 of the Company’s Current Report on Form 8-K dated March 4, 2010). 4.10 Indenture, dated as of May 21, 2012, by and between Republic Services, Inc. and Wells Fargo Bank, National Association, as trustee (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K dated May 21, 2012). 4.11 First Supplemental Indenture, dated as of May 21, 2012, to the Indenture dated as of May 21, 2012, by and between Republic Services, Inc. and Wells Fargo Bank, National Association, including the form of 3.55% Notes due 2022 (incorporated by reference to Exhibit 4.2 of the Company’s Current Report on Form 8-K dated May 21, 2012). 4.12 Restated Indenture, dated as of September 1, 1991, by and between Browning-Ferris Industries, Inc. and First City, Texas-Houston, National Association, as trustee (incorporated by reference to Exhibit 4.22 of Allied’s Registration Statement on Form S-4/A (No. 333-61744)). 4.13 First Supplemental Indenture, dated as of July 30, 1999, to the Restated Indenture dated as of September 1, 1991, by and among Allied Waste Industries, Inc., Allied Waste North America, Inc., Browning-Ferris Industries, Inc. and Chase Bank of Texas, National Association, as trustee (incorporated by reference to Exhibit 4.23 of Allied’s Registration Statement on Form S-4/A (No. 333-61744)). 4.14 First [sic] Supplemental Indenture, dated as of December 31, 2004, to the Restated Indenture dated as of September 1, 1991, by and among Browning-Ferris Industries, Inc., BBCO, Inc. and JP Morgan Chase Bank, National Association as trustee (incorporated by reference to Exhibit 4.33 of Allied’s Annual Report on Form 10-K for the year ended December 31, 2004). 4.15 Third Supplemental Indenture, dated as of December 5, 2008, to the Restated Indenture dated as of September 1, 1991, by and among Allied Waste Industries, Inc., Allied Waste North America, Inc., Browning-Ferris Industries, LLC (successor to Browning-Ferris Industries, Inc.), BBCO, Inc., Republic Services, Inc., the guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K dated December 10, 2008). 4.16 Fourth Supplemental Indenture, dated as of March 11, 2015, to the Indenture, dated as of November 25, 2009, between Republic Services, Inc. and U.S. Bank National Association, as trustee, including the form of 3.20% Notes due 2025 (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K dated March 11, 2015). 4.17 Fifth Supplemental Indenture, dated as of July 5, 2016, to the Indenture, dated as of November 25, 2009, between Republic Services, Inc. and U.S. Bank National Association, as trustee, including the form of 2.900% Notes due 2026 (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K dated July 5, 2016). 4.18 Sixth Supplemental Indenture, dated as of November 16, 2017, between Republic Services, Inc. and U.S. Bank National Association, as trustee, including the form of 3.375% Notes due 2027 (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K dated November 15, 2017). 4.19 Form of Browning-Ferris Industries, Inc. 7.4% Debentures due 2035 (incorporated by reference to Exhibit 4 of Browning-Ferris Industries, Inc.’s Current Report on Form 8-K dated September 15, 1995).

139 Exhibit Number Description 4.20 Credit Agreement, dated as of June 8, 2018, by and among Republic Services, Inc., as Borrower, Bank of America, N.A., as Administrative Agent, Swing Ling Lender and L/C Issuer, and the other lenders party thereto (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K dated June 11, 2018). 4.21 Seventh Supplemental Indenture, dated as of May 14, 2018, between Republic Services, Inc. and U.S. Bank National Association, as trustee, including the form of 3.950% Notes due 2028 (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K dated May 3, 2018). 4.22 Limited consent (2018 Credit Agreement), dated as of August 21, 2019, by and among Republic Services, Inc., as Borrower, Bank of America, N.A., as Administrative Agent, Swing Line Lender and an L/C Issuer, and the lenders party thereto (incorporated by reference to Exhibit 4.1 of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2019). 4.23* Description of Securities Registered Under Section 12 of the Securities Exchange Act of 1934. 4.24 Eighth Supplemental Indenture, dated as of August 7, 2019, between Republic Services, Inc. and U.S. Bank National Association, as trustee, including the form of 2.500% Notes due 2024 (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K dated August 1, 2019). 10.1+ Republic Services, Inc. 2007 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2007). 10.2+ Amendment to the Republic Services, Inc. 2007 Stock Incentive Plan (incorporated by reference to Exhibit 10.8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2008). 10.3+ Republic Services, Inc. Amended and Restated 2007 Stock Incentive Plan effective May 12, 2011 (incorporated by reference to Appendix A of the Company’s Proxy Statement on Schedule 14A filed on April 1, 2011). 10.4+ Form of Stock Option Agreement under the Republic Services, Inc. 2007 Stock Incentive Plan (for awards prior to October 28, 2011) (incorporated by reference to Exhibit 10.9 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2008). 10.5+ Form of Non-NEO Stock Option Agreement under the Republic Services, Inc. Amended and Restated 2007 Stock Incentive Plan (for awards on or after October 28, 2011) (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2011). 10.6+ Form of NEO Stock Option Agreement under the Republic Services, Inc. 2007 Amended and Restated Stock Incentive Plan (for awards on or after October 28, 2011) (incorporated by reference to Exhibit 10.2 of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2011). 10.7+ Form of Non-NEO Restricted Stock Agreement under the Republic Services, Inc. Amended and Restated 2007 Stock Incentive Plan (for awards on or after October 28, 2011) (incorporated by reference to Exhibit 10.3 of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2011). 10.8+ Form of NEO Restricted Stock Agreement under the Republic Services, Inc. Amended and Restated 2007 Stock Incentive Plan (for awards on or after October 28, 2011) (incorporated by reference to Exhibit 10.4 of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2011).

140 Exhibit Number Description 10.9+ Form of Employee Restricted Stock Unit Agreement under the Republic Services, Inc. Amended and Restated 2007 Stock Incentive Plan (for awards on or after December 27, 2011) (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K dated December 27, 2011). 10.10+ Form of Non-Employee Director Restricted Stock Unit Agreement (annual vesting) under the Republic Services, Inc. Amended and Restated 2007 Stock Incentive Plan (for awards on or after December 27, 2011) (incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K dated December 27, 2011). 10.11+ Form of Non-Employee Director Restricted Stock Unit Agreement (3 year vesting) under the Republic Services, Inc. Amended and Restated 2007 Stock Incentive Plan (for awards on or after December 27, 2011) (incorporated by reference to Exhibit 10.3 of the Company’s Current Report on Form 8-K dated December 27, 2011). 10.12+ Republic Services, Inc. Deferred Compensation Plan, as amended and restated effective January 1, 2010 (incorporated by reference to Exhibit 4.4 of the Company’s Registration Statement on Form S-8, Registration No. 333-170174, filed with the Commission on October 27, 2010). 10.13+ Amendment No. 1 to Republic Services, Inc. Deferred Compensation Plan, effective January 6, 2011 (incorporated by reference to Exhibit 10.17 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2010). 10.14+ Republic Services, Inc. Amended and Restated Executive Incentive Plan, effective February 4, 2014 (incorporated by reference to Appendix A of the Company’s Proxy Statement on Schedule 14A filed on March 26, 2014). 10.15+ Employment Agreement, effective as of October 29, 2013, by and between Republic Services, Inc. and Donald W. Slager (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2013). 10.16+ Amended and Restated Employment Agreement, effective December 8, 2008, by and between Jeffrey A. Hughes and Republic Services, Inc. (incorporated by reference to Exhibit 10.61 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2012). 10.17+ Allied Waste Industries, Inc. 2006 Incentive Stock Plan (incorporated by reference to Exhibit 10.2 of Allied’s Quarterly Report on Form 10-Q for the period ended June 30, 2006). 10.18+ First Amendment to the Allied Waste Industries, Inc. 2006 Incentive Stock Plan, dated as of July 27, 2006 (incorporated by reference to Exhibit 10.1 of Allied’s Quarterly Report on Form 10-Q for the period ended September 30, 2006). 10.19+ Amended and Restated Allied Waste Industries, Inc. 2006 Incentive Stock Plan, dated as of July 27, 2006 (incorporated by reference to Exhibit 10.2 of Allied’s Quarterly Report on Form 10-Q for the period ended September 30, 2006). 10.20+ First Amendment, dated as of December 5, 2006, to the Amended and Restated Allied Waste Industries, Inc. 2006 Incentive Stock Plan, dated as of July 27, 2006 (incorporated by reference to Exhibit 10.47 of Allied’s Annual Report on Form 10-K for the year ended December 31, 2006). 10.21+ Amended and Restated Allied Waste Industries, Inc. 2006 Incentive Stock Plan, effective October 24, 2007 (incorporated by reference to Exhibit 10.122 of Allied’s Annual Report on Form 10-K for the year ended December 31, 2007). 10.22+ Republic Services, Inc. 2006 Incentive Stock Plan (f/k/a Amended and Restated Allied Waste Industries, Inc. 2006 Incentive Stock Plan), as amended and restated effective December 5, 2008 (incorporated by reference to Exhibit 10.51 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2008).

141 Exhibit Number Description 10.23+ Form of Nonqualified Stock Option Agreement under the Allied Waste Industries, Inc. 2006 Incentive Stock Plan (incorporated by reference to Exhibit 10.3 of Allied’s Quarterly Report on Form 10-Q for the period ended September 30, 2006). 10.24+ Form of Indemnity Agreement between Allied Waste Industries, Inc. and legacy Allied directors (incorporated by reference to Exhibit 10.19 of Allied’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2004). 10.25+ Republic Services, Inc. Executive Separation Policy, as amended as of March 29, 2012 (incorporated by reference to Exhibit 10.2 of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2012). 10.26+ Amendment No. 2 to Republic Services, Inc. Deferred Compensation Plan, effective February 7, 2012 (incorporated by reference to Exhibit 10.3 of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2012). 10.27+ Republic Services, Inc. Amended and Restated 2007 Stock Incentive Plan effective May 9, 2013 (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2013). 10.28+ Amendment No. 3 to Republic Services, Inc. Deferred Compensation Plan, effective October 29, 2013 (incorporated by reference to Exhibit 10.3 of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2013). 10.29+ Offer Letter, dated August 22, 2014, by and between Charles F. Serianni and Republic Services, Inc. (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K dated August 25, 2014). 10.30+ Clawback Policy, dated October 29, 2014 (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K dated October 30, 2014). 10.31+ First Amendment to the Employment Agreement, dated December 23, 2014, by and between Donald W. Slager and Republic Services, Inc. (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K dated December 24, 2014). 10.32+ Form of Performance Share Agreement, adopted January 7, 2015 (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K dated January 9, 2015). 10.33+ Form of Employee Restricted Stock Unit Agreement—Senior Executive, adopted January 7, 2015 (incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K dated January 9, 2015). 10.34+ Amendment No. 4 to Republic Services, Inc. Deferred Compensation Plan, effective January 1, 2015 (incorporated by reference to Exhibit 10.53 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2014). 10.35+ Agreement, entered into July 11, 2016, by and between Michael P. Rissman and Republic Services, Inc. (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K dated July 12, 2016). 10.36+ Separation agreement, entered into June 23, 2016, by and between Robert A. Maruster and Republic Services, Inc. (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K dated June 24, 2016). 10.37+ Offer Letter, dated July 25, 2016, by and between Catharine D. Ellingsen and Republic Services, Inc. (incorporated by reference to Exhibit 10.37 of the Company’s Annual Report on Form 10-K dated February 16, 2017).

142 Exhibit Number Description 10.38+ Non-Competition, Non-Solicitation, Confidentiality and Arbitration Agreement, effective June 13, 2016, by and between Catharine D. Ellingsen and Republic Services, Inc. (incorporated by reference to Exhibit 10.38 of the Company’s Annual Report on Form 10-K dated February 16, 2017). 10.39+ Offer Letter, dated April 29, 2019, by and between Jon Vander Ark and Republic Services, Inc. (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019). 10.40+ Non-Competition, Non-Solicitation, Confidentiality and Arbitration Agreement, effective May 1, 2019, by and between Jon Vander Ark and Republic Services, Inc. (incorporated by reference to Exhibit 10.2 of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019). 10.41+ Offer Letter, dated April 29, 2019, by and between Timothy Stuart and Republic Services, Inc. (incorporated by reference to Exhibit 10.3 of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019). 10.42+ Non-Competition, Non-Solicitation, Confidentiality and Arbitration Agreement, effective May 1, 2019, by and between Timothy Stuart and Republic Services, Inc. (incorporated by reference to Exhibit 10.4 of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019). 21.1* Subsidiaries of the Company. 23.1* Consent of Ernst & Young LLP. 31.1* Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer. 31.2* Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer. 32.1** Section 1350 Certification of Chief Executive Officer. 32.2** Section 1350 Certification of Chief Financial Officer. 101.INS* XBRL Instance Document.– the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. 101.SCH* XBRL Taxonomy Extension Schema Document. 101.CAL* XBRL Taxonomy Extension Calculation Linkbase Document. 101.LAB* XBRL Taxonomy Extension Labels Linkbase Document. 101.PRE* XBRL Taxonomy Extension Presentation Linkbase Document. 101.DEF* XBRL Taxonomy Extension Definition Linkbase Document. 104* Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). * Filed herewith. ** This exhibit is being furnished rather than filed, and shall not be deemed incorporated by reference into any filing, in accordance with Item 601 of Regulation S-K. + Indicates a management or compensatory plan or arrangement.

Pursuant to Item 601(b)(4)(iii)(A) of Regulation S-K, the Company has not filed as exhibits to this Form 10-K certain long-term debt instruments under which the total amount of securities authorized does not exceed 10% of the total assets of the Company and its subsidiaries on a consolidated basis. The Company hereby agrees to furnish a copy of any such instrument to the SEC upon request.

ITEM 16. FORM 10-K SUMMARY

None.

143 Signatures

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: February 13, 2020 REPUBLIC SERVICES, INC.

By: /S/ DONALD W. SLAGER Donald W. Slager Chief Executive Officer (Principal Executive Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Signature Title Date

/S/ DONALD W. SLAGER Chief Executive Officer February 13, 2020 Donald W. Slager and Director (Principal Executive Officer)

Executive Vice President, February 13, 2020 /S/ CHARLES F. SERIANNI Chief Financial Officer Charles F. Serianni (Principal Financial Officer)

Vice President and February 13, 2020 /S/ BRIAN A. GOEBEL Chief Accounting Officer Brian A. Goebel (Principal Accounting Officer)

/S/ MANUEL KADRE Chairman of the Board of Directors February 13, 2020 Manuel Kadre

/S/ TOMAGO COLLINS Director February 13, 2020 Tomago Collins

/S/ THOMAS W. HANDLEY Director February 13, 2020 Thomas W. Handley

/S/ JENNIFER M. KIRK Director February 13, 2020 Jennifer M. Kirk

/S/ MICHAEL LARSON Director February 13, 2020 Michael Larson

/S/ KIM S. PEGULA Director February 13, 2020 Kim S. Pegula

/S/ RAMON A. RODRIGUEZ Director February 13, 2020 Ramon A. Rodriguez

/S/ JAMES P. SNEE Director February 13, 2020 James P. Snee

144 Signature Title Date

/S/ JOHN M. TRANI Director February 13, 2020 John M. Trani

/S/ SANDRA M. VOLPE Director February 13, 2020 Sandra M. Volpe

/S/ KATHARINE B. WEYMOUTH Director February 13, 2020 Katharine B. Weymouth

145 [THIS PAGE INTENTIONALLY LEFT BLANK]

18500 N. Allied Way | Phoenix, Arizona 85054 | 480-627-2700 | RepublicServices.com 1 | Republic Services, Inc. 2019 Summary Annual Report ® Our Blue Planet ® 2018 Sustainability Report We work for Earth. 2018 Sustainability Report | 1 2018 SUSTAINABILITY REPORT | TABLE OF CONTENTS

Message from the CEO 3 2018 Sustainability Goals 14 Operations 34 About Us 4 Our Blue Planet®: 2030 Goals 16 Materials Management 40 2018 Awards & Rankings 12 Safety 22 Communities 48 Our Sustainability Platform 13 People 28 Appendix 55

This report reflects year-end 2018 results, 2018 unlessSustainability otherwise Report stated. | 1 We believe in the preservation of our Blue Planet®, a cleaner, safer and healthier world where people thrive — not just for today, but for generations to come. We work for Earth.®

2 | 2018 Sustainability Report MESSAGE FROM THE CEO

Every day, more than 36,000 individuals come to work at Republic Services with two purposes in mind: serving our customers safely and doing our part to preserve Our Blue Planet. It’s through this unwavering focus that we continue to create a cleaner, safer and healthier world where people thrive —­­ not just for today, but for generations to come. This collective commitment becomes even more important as our business, and our potential to drive change through corporate responsibility, continue to grow.

2018 was a milestone year for Republic Services as It remains one of the fastest growing segments of the business. I believe our team’s commitment to innovation and our team marked the achievement of our time-bound waste stream, and we're adding cutting-edge equipment passion for the environment and society will serve as the sustainability goals set in 2014. We added more than and technology in many of our centers across the country. engines propelling us forward to achieve these seven goals. 150,000 tons per year of recycling capacity; reduced We opened the doors of our newest “Next Generation” absolute fleet emissions by three percent through the processing center in Plano, Texas at the end of 2018, which After all, this is a team whose efforts resulted in numerous use of Compressed Natural Gas and Renewable Natural is already producing higher quality material for reuse while awards and rankings highlighting our sustainability Gas; and brought multiple new landfill gas-to-energy lowering operating costs. achievements in 2018 — demonstrating our ability to projects online. We also continue to outperform the connect financial performance with environmental and industry average for Occupational Safety and Health Delivering Value Through Sustainability social performance. The rankings also highlight Republic’s Administration recordable safety rates. leadership in corporate governance. I have no doubt the Republic's multifaceted, enterprise-wide sustainability high bar we’ve set for ourselves will continue to distinguish platform continues to revolve around five elements: Republic Services from the competition. Shaping the Way America Recycles Safety, People, Operations, Materials Management Last year also marked the launch of our groundbreaking and Communities. These elements support and enable We believe we have a responsibility to regenerate our Recycling Simplified consumer education campaign, our business strategy of Profitable Growth through planet with the materials we are entrusted to handle every which aligns consumer interest in recycling with our Differentiation. When we manage these elements of day, but we can’t do it alone. Please join us on this exciting desire to reduce contamination in the waste stream our sustainability program, we strengthen the foundation journey toward 2030, because we don't just work for and increase material recovery. The Recycling Simplified of our business for the long-term and create value for Republic Services and our customers — We work for Earth.® campaign continues to educate consumers, decrease local all stakeholders. contamination rates and increase the amount and quality of materials returned to the economy. This approach played out in 2018, as the Republic team delivered another successful year of growth and But there's much more to be done to ensure recycling strong financial performance, with a deeper commitment remains sustainable for future generations. I often say you to sustainability and the extraordinary work we do to can't have sustainability without profitability, and challenges strengthen communities across the country. DONALD W. SLAGER in recycling commodity markets continue to jeopardize Chief Executive Officer the future of local programs. We're partnering with our municipal customers to transform the business model into Our Blue Planet: 2030 Goals one that ensures we make an appropriate return on the We are inspired by the new goals unveiled in this report. capital we invest, and communities are rewarded when They are ambitious by design and may pose challenges that their residents recycle properly. require us to think and act differently if we are to succeed. They may also evolve over time as experts discover Recycling is essential to our sustainability platform, and we more about our planet, technology advances, consumer will continue to invest in the business for the long-term. expectations and behaviors change, and we transform our

2018 Sustainability Report | 3 ABOUT US

Our Company We are an industry leader in recycling and non-hazardous solid waste in the U.S., and our vision is to be America’s preferred partner. Our operations focus on providing effective solutions to make responsible waste disposal effortless for our 14 million customers. We’ll handle it from here.® is our brand promise. Customers know they can count on us to provide a superior experience while fostering a sustainable Blue Planet for future generations to enjoy a cleaner, safer and healthier world.

4 | 2018 Sustainability Report ABOUT US

We are an industry leader in U.S. recycling and non-hazardous solid waste disposal. Our vision is to be America’s preferred partner.

2018 Sustainability Report | 5 ABOUT US

Our Values By embodying the Five R’s on the Republic Star — Respectful, Responsible, Reliable, Resourceful and Relentless — our employees thrive in an atmosphere where safety is our top priority and each person can be a compassionate steward of our Blue Planet. We’re committed to more than picking up and handling our country’s waste. This is a collective effort to do what’s best for our communities, customers, employees, shareholders and the environment — without exception, without fail. It is not a fleeting cause. It is the foundation for our future, and the very heart of who we are as we work every day to protect our Blue Planet.

6 | 2018 Sustainability Report ABOUT US

We embody the Five R’s on the Republic Star

Respectful

Responsible

Reliable

Resourceful

Relentless

2018 Sustainability Report | 7 ABOUT US

Our Blue Planet We are 36,000 guardians of the environment, striving to make the planet a better place by encouraging increased recycling, generating renewable energy, reducing emissions and helping our customers be more resourceful. We must lead by example, working diligently to continuously improve our relationship with the environment and society through decreased vehicle emissions, innovative landfill technologies, use of renewable energy, community engagement and employee growth opportunities.

8 | 2018 Sustainability Report ABOUT US

We believe there will always be more we can do to enhance our sustainability efforts, and in the process, strengthen our business.

2018 Sustainability Report | 9 ABOUT US

36K 14M 4.9M EMPLOYEES CUSTOMERS PICKUPS PER DAY

$200M+ $10B IN ACQUISITIONS IN REVENUE 235 markets covering 40% 41 states & Puerto Rico BETTER SAFETY 8M PERFORMANCE THAN THE TONS OF RECYCLABLES INDUSTRY AVERAGE HANDLED ANNUALLY Based on OSHA recordable rates

10 | 2018 Sustainability Report ABOUT US 349 75 11 HAULING LANDFILL GAS SALT WATER FACILITIES & RENEWABLE DISPOSAL WELLS ENERGY PROJECTS 91 recycling 7 190 207 centers TREATMENT, ACTIVE, TRANSFER RECOVERY MODERN-DAY STATIONS & DISPOSAL LANDFILLS FACILITIES

75% OF RESIDENTIAL trucks — one of ROUTES AUTOMATED the largest fleets 16K in the U.S. 20% OF FLEET POWERED BY NATURAL GAS 2018 Sustainability Report | 11 2018 AWARDS & RANKINGS

We’re passionate about our role as responsible stewards of our nation’s waste. Together, we are leading the way in our industry, receiving notable recognition and rankings for our 2018 sustainability achievements.

12 | 2018 Sustainability Report OUR SUSTAINABILITY PLATFORM Five Elements of We announced our sustainability platform in 2014. At that time, we identified five elements of sustainability that are deeply integrated with our business. These elements have stood the test of time and continue to guide our short- and long- Sustainability term sustainability and business goals.

Safety People Operations Materials Communities Nothing is more We believe an engaged With one of the largest Management Investing in the important than safety. and diverse workforce fleets in the nation and Our experience, passion communities where we The nature of our is the greatest indicator more than 4.9 million and ethical standards drive live and work is important business model requires of our success. Our pickups per day, we us to do more, solve more, to us. We provide financial us to be uncompromising people make Republic know it’s important innovate more and turn support, volunteer our on safety. A sustainable a preferred place to for us to continuously waste into solutions that time and provide in-kind planet is only possible if work and help our leverage technology to deliver a valuable product donations to help our everyone works and lives communities to be reduce emissions while or service while also communities thrive. together...safely. strong and vibrant. increasing efficiency. protecting our planet.

2018 Sustainability Report | 13 2018 SUSTAINABILITY GOALS

2018 Goals: Results

Last year, we announced the achievement of our three, time-bound goals and progress on our safety goal, all set in 2014.

14 | 2018 Sustainability Report 2018 SUSTAINABILITY GOALS

Safety Energy

Reduce our Occupational Safety and Health Administration Develop at least two landfill gas-to-energy (OSHA) recordable rates by 7% year-over-year projects per year by 2018

IN PROGRESS ACHIEVED

Recycled Commodities Fleet

Add an additional 150,000 tons or more Reduce absolute fleet emissions by 3% per year of recycling capability by 2018 from our direct operational impacts by 2018

ACHIEVED ACHIEVED

For details on these goals, please refer to the 2017 GRI Report at RepublicServices.com/Sustainability 2018 Sustainability Report | 15 OUR BLUE PLANET: 2030 GOALS

Our Blue Planet ®: 2030 Goals Republic Services is proud to unveil new sustainability goals designed to address critical global macrotrends and our most material sustainability risks and opportunities.

16 | 2018 Sustainability Report OUR BLUE PLANET: 2030 GOALS

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| | 0| Reduce our OSHA Total Safety Amplified: Recordable Incident Rate SAFETY Zero employee fatalities (TRIR) to 2.0 or less by 2030

Achieve and maintain employee engagement Engaged Workforce: scores at or above 88% by 2030 PEOPLE 88%

Reduce absolute Scope 1 and 2 greenhouse gas emissions 35% by 2030 (2017 baseline year) Climate Leadership: 35% ★ ALIGNED WITH SBTi 1 ★ OPERATIONS

Circular 40% Regenerative 50% Increase recovery of key MATERIALS materials by 40% on a Increase biogas sent to MANAGEMENT Economy: Landfills: combined basis by 2030 beneficial reuse by 50% by (2017 baseline year) 2030 (2017 baseline year)

Charitable Giving: 20M Positively impact 20 million people by 2030 COMMUNITIES

1. SBTi is a collaboration between CDP, the United Nations Global Compact (UNGC), World Resources Institute (WRI) and the World Wide Fund for Nature (WWF) 2018 Sustainability Report | 17 OUR BLUE PLANET: 2030 GOALS

Our Blue Planet: 2030 Goals Materiality Assessment

We updated our materiality assessment in advance of developing our 2030 goals. This assessment included an analysis of global trends, identification of our business model dependencies and engagement with key stakeholders.

Global Trends Business Model Dependencies From climate change and resource scarcity to an evolving workforce and distressed Through continuous analysis of our business model, we identify and monitor key neighborhoods, our Blue Planet continues to evolve. Republic Services is proud dependencies, also known as material capitals, necessary to profitably grow our to unveil ambitious sustainability goals designed to address many of these global business over the long-term and create shareholder value. Our material capitals macrotrends, generate long-term value for our stakeholders and mitigate material risks include our employees, our communities, and certain aspects of the environment, to our business. economy and society.

In 2015, the United Nations General Assembly set a collection of global goals for the Research tells us businesses that manage their material capitals provide better risk year 2030. These are known as Sustainable Development Goals (SDGs), and they are adjusted returns and create value for shareholders.1 We have factored these capitals designed to meet the urgent environmental, political and economic challenges facing into our materiality assessment and 2030 sustainability goals. Doing so ensures that our world. We’ve aligned our new Company sustainability goals with the SDGs that we consider our impact on the broader system and create value for all stakeholders are material to our business and where we foresee the greatest opportunity to create — consistent with our business purpose. value at scale.

We're striving to achieve goals that align with the following United Nations initiatives:

18 | 2018 Sustainability Report 1. Clark, G.L., Feiner, A. & Viehs, M., ‘From the Stockholder to the Stakeholder: How Sustainability Can Drive Financial Outperformance’, 5 March 2015. Available at SSRN https://ssrn.com/abstract=2508281 OUR BLUE PLANET: 2030 GOALS

Stakeholder Engagement We believe ongoing connectivity with key stakeholders is essential if we are to These insights helped inform and shape our 2030 goals, and we will maintain objectively understand the material impacts, risks and opportunities of our business. open dialogues on issues related to our sustainability platform as we proceed with program implementation. We believe each new goal has the potential to significantly From late 2017 through early 2018, Republic Services surveyed more than 20,000 of benefit the environment and society, while enhancing the foundation of our business our stakeholders — including customers, suppliers and residents — asking them to for the longterm. evaluate the importance of, and our performance on, our sustainability topics.

Materiality Map 2019 Materiality Assessment Results Our 2030 goals are centered around the most material business risks and opportunities identified though our MATERIALS SAFETY PEOPLE OPERATIONS COMMUNITIES Materiality Assessment. Our Tier 1 topics include: MANAGEMENT

• Prioritizing safety • Developing an engaged and productive workforce • Fatalities • Employee • GHG • Recycling • Healthy • Reducing greenhouse gas emissions from our • Safety Engagement Emissions • Biogas Communities landfills, fleet and buildings Capture and (GRI 403) (GRI 401) (GRI 305) (GRI 413) • Diverting/extracting valuable commodities from TIER Reuse the waste stream through recycling and landfill gas (GRI 301) beneficial reuse • Improving the health of the communities in which 1 we live and work We describe our management approach and provide

performance data for each of these Tier 1 topics in More Material our GRI report. The Tier 2 topics that appear on our materiality matrix are addressed with either performance • Fuel Usage data, management approach or both, also in our GRI TIER (Energy) • Ethics/Breaches • Employee • Air Emissions • Political Report. We’ll be providing information on our Tier 3 topics Relations • Leachate Contributions over time in the interest of transparency and stakeholder Less Material 2 Handling • Facility Siting responsiveness. • Compliance

The 2018 GRI Report can be found at • Water Use • Diversity RepublicServices.com/Sustainability. • Materials • Training Used in • Physical and TIER • Wellness Operations Cyber Security • Recruitment • Waste • Community • Retention Generated Resilience 3 • Compensation • Supply Chain • Benefits • Groundwater

2018 Sustainability Report | 19 OUR BLUE PLANET: 2030 GOALS

Our materiality assessment helped us hone in on our next generation sustainability goals. We believe each goal has the potential to significantly benefit the environment and society, while enhancing the foundation of our business going forward.

A Commitment to Transparency Given the nature of our business — and because we operate at the intersection of local governments, businesses, residents and other stakeholders — we hold ourselves to high transparency standards. So, in addition to highlighting our new goals, this report serves as notice of our intent to increase transparency on other material metrics. This includes data, management description or both for topics important to stakeholders.

20 | 2018 Sustainability Report OUR BLUE PLANET: 2030 GOALS OUR BLUE PLANET: 2030 GOALS

We have been steadily building on our sustainability performance and believe Our Blue Planet: 2030 Goals will take us to the next level of commitment and results.

2018 Sustainability Report | 21 SAFETY

Safety

Nothing is more important than safety, and no job is so urgent that we cannot take the time to do it safely.

22 | 2018 Sustainability Report SAFETY

The success of our safety program is directly dependent on our people: employees with strong operational know-how, attention to detail and a consistent focus.

Republic’s drivers, operators, technicians and other employees make up over 80 percent of our total company workforce — and well over half of 80% our employee population is on the road each day.

Over the past 10 years, our safety performance has been 40 percent better than the industry average, based on Occupational Safety and Health Paving the Way for Safer Roadways Administration data. In an industry that ranks as the fifth most dangerous in America,1 it’s critical that safety always tops our list of Company priorities. Distracted driving is becoming one of the most common causes of accidents for our drivers, which can have disastrous results. Our trucks weigh as much as 25 tons when fully loaded. If traveling 60 mph, it will take approximately 312 feet — the length of a football 40% field — to come to a complete stop. BETTER SAFETY PERFORMANCE THAN THE INDUSTRY AVERAGE While we can't control everything on the roadways, we will continue to do as much as we can when it comes to safety. This includes working with external partners to help educate the public and other companies about safe driving.

1. According to the U.S. Bureau of Labor Statistics’ 2017 National Census of Fatal Occupational Injuries 2018 Sustainability Report | 23 SAFETY

Republic Services is taking an ambitious leap forward in safety with a program we call Safety Amplified. Our goals are designed to enhance safety for our employees and the communities we serve.

Goal #1 Goal #2 Zero employee fatalities OSHA Total Recordable Incident Rate (TRIR) of 2.0 1 It goes without saying that catastrophic events have a significant impact on our or less by 2030 employees and their families, as well as the trust our communities have in our Our Safety Amplified initiatives have been developed to continuallyimprove brand. Simply put, our goal is zero work-related employee fatalities every year. our safety record and reduce incidents. OSHA's TRIR is best-in-class, and we hold ourselves accountable to this metric.

These goals support the Employee Fatalities United Nations “Decent 0 0 3 6 2 0 Work and Economic Growth” Sustainable Development 2014 2015 2016 2017 2018 2030 GOAL Goal, 8.8 — creating a safe and healthy workplace. OSHA Total Recordable Incident Rate

9.0 7.1 6.6

6.0 5.2 5.1

3.0 4.3 3.6 3.7 3.6 3.9 2.0 0.0 2014 2015 2016 2017 2018 2030 GOAL

Republic Industry Average1

1. Occupational Safety and Health Administration (OSHA) is the main federal agency charged with the enforcement of safety and health standards. The OSHA recordable rate shown is 24 | 2018 Sustainability Report the Total Recordable Incident Rate (TRIR) and is a function of the number of recordable injuries and the total number of hours worked. Published OSHA data lag one calendar year SAFETY

How We'll Get There

Safety Amplified provides more tools and drives greater awareness to help our teams better execute our safety standards.1 Continual training, multifaceted programs and strategic partnerships are the key components of our platform. It’s simple by design and comprised of actions and activities that ensure safety is embedded in all we do. These six initiatives work in tandem to help deliver the results necessary to achieve our new safety goals.

Focus Together Innovate Together This program has helped our drivers We leverage the latest technologies, including reduce six types of serious incidents by automation, and take a data-driven approach 5.5 percent in the past year. We have to support our employees. These innovations extended the scope and reach of the include rear cameras, in-cab backing alarm program to include employees across systems and event recording systems the company. throughout our fleet.

Lead Together Analyze Together This focus area brings best-in-class We analyze real-time data to make short- communication channels to our employees and long-term decisions and identify and includes communications training for opportunities for improvement. Examples all supervisors and managers. include analysis of roadway awareness training, data mapping and other employee INITIATIVES TO ACHIEVE OUR6 SAFETY GOALS protection and preparedness insights.

Partner Together Celebrate Together We're initiating more frequent and We take great pride in celebrating higher quality leadership visits and employees who demonstrate a relentless interaction with frontline employees. commitment to our safety best practices — the Dedicated to Safety and Dedicated to Excellence awards are employee favorites!

1. For details on our industry leading safety program, please refer to the 2018 GRI Report at RepublicServices.com/Sustainability 2018 Sustainability Report | 25 SAFETY

Positive Impacts of Safety Amplified

We believe our Safety Amplified goals will deliver additional positive impacts for our Company and stakeholders.

Help preserve our license to Enhance operate in our communities customer trust

Streamline operational Deliver a reputational processes and increase advantage, including productivity positioning our Company as an employer-of-choice

Build and sustain a safety Contribute to employee culture in all areas of our engagement business Our Think, Choose, Live slogan encapsulates our everyday safety messaging to our employees. Think about what you are doing. Choose the safe answer. Live to go home to CHALLENGE your family. With this message printed on our hard hats, vehicles and the equipment Unfortunately, many safety features in today’s our employees touch, there are constant passenger vehicles are not yet available in heavy- reminders for employees to go home safely. duty trucks. We’re working with equipment manufacturers to incorporate safety elements such as seatbelt alarms, blind spot awareness, lane departure alarms and other potentially lifesaving equipment in our fleet.

26 | 2018 Sustainability Report SAFETY SAFETY

A safe, incident-free work environment requires a true commitment to safety — Republic’s entire team working together to achieve a common goal. But we know we can’t do it alone.

We’re proud of our collaboration with partner organizations, including Together for Safer Roads (TSR), a leading coalition of global private sector companies working to improve roadway safety. Republic is the only recycling and waste services member, and we actively work with member companies to achieve a shared vision of fewer road traffic collisions, deaths and injuries.

In 2018, TSR identified a gap in knowledge regarding safety standards, training and federal compliance in small- to mid-sized fleet companies. Republic played a lead role on a task force dedicated to developing standardized procedures and best practices for these companies based on our extensive experience and expertise in this area. As a result, TSR’s Safer Fleets initiative will launch later this year, and this vital information will be available at no cost to all U.S.-based small- to mid-sized fleet companies.

Driver of the Year Industry Awards For over 25 years, the National Waste and Recycling Association (NWRA) Driver of the Year program has recognized drivers who uphold the field of recycling and waste collection as an honorable occupation, and conduct themselves and the vehicles they operate in a safe and responsible manner. 75% Republic drivers have won TORIBIO GONZALEZ CHUCK THORPE 75 percent of the Driver of the Year awards in the large company category since 2009.

Rising to the top out of more than 1,000 driver nominations in 2018, two of Republic’s collection drivers — Toribio Gonzalez and Chuck Thorpe — earned the Driver of the Year distinctions in the large industrial and large residential truck categories, respectively, for their remarkable driving skills and safety records on the road.

2018 Sustainability Report | 27 PEOPLE

People

We believe that an engaged and diverse workforce is the greatest indicator of our success.

28 | 2018 Sustainability Report PEOPLE

Our people are the heart of our Company. They embody our values, embrace our vision and are united by a shared dedication to our customers, our communities and our Blue Planet — working every day to make the world cleaner, safer and healthier. An engaged, diverse and inclusive workforce — one where our employees use their unique experiences and backgrounds to drive change and differentiation — is essential to our success.

An Evolving Workforce The workforce is changing, and we embrace these changes. Thirty-five percent of the labor force is comprised of millennials today, a trend that’s expected to increase to 75 percent by 2025.1 Nearly 80 percent of mature millennials consider a company’s social and environmental commitments when deciding where to work.2

Additionally, the number of drivers available to meet demand is falling, and the American Trucking Association projects a shortage of 174,000 drivers in the U.S. by 2026.3 Given the relatively high average People are Our Most age of truckers today, this potential shortage makes our workforce Valuable Asset and millennial engagement goals even more important for long-term success as our Company grows. Our employees’ unique ideas, experiences and backgrounds help us connect our business to the external world — making everything we do for our customers, community and planet possible. As we work to combine meaningful experiences and programs that develop and motivate employees with attractive compensation and benefits packages, we’re creating a company where the best people want to work and are engaged every day.

1. https://www.pewresearch.org/fact-tank/2018/04/11/millennials-largest-generation-us-labor-force/ 2. 2016 Cone Communications Employee Engagement Survey 3. https://www.trucking.org/article/New%20Report%20Says-National-Shortage-of-Truck-Drivers-to-Reach-50,000-This-Year 2018 Sustainability Report | 29 PEOPLE

Engaged Workforce Goal: Achieve and maintain employee engagement scores at or above 88 percent by 20301

Republic Employee Engagement Scores

90 85% 85 80 Our 2018 employee engagement

score was 85 percent, continuing to 75 outperform industry benchmarks.

70 2015 2016 2017 2018 2030 GOAL

This goal aligns with the United Nations “Decent Work and Economic Growth” Sustainable Why It's Important Development Goal, 8.5 — Research shows that companies that score in the top 25 percent in engagement realize a 41 percent creating a safe, diverse and reduction in absenteeism. In addition, highly engaged business units see 59 percent less turnover.2 equitable work environment. Perhaps even more important is that engaged employees are paying attention, and they’re passionate about their work, their customers and each other. At Republic, Business Units with higher engagement have fewer safety incidents, fewer missed pickups, better environmental performance and are more likely to meet our strategic business objectives.

1. High performance best practice norm is equal to or greater than 88% as reported by Willis Towers Watson 30 | 2018 Sustainability Report 2. https://www.gallup.com/workplace/231602/right-culture-not-employee-satisfaction.aspx PEOPLE

How We'll Get There

We’ve developed strategic, long-term programs to attract, onboard, develop, engage and retain the best employees. We want all employees, regardless of location, function, level or background, to feel good about the job they do and our Company.

Our efforts to increase our employee engagement scores to high-performance norms include:

1. Engagement and retention programs that 2. Learning and talent development programs create a genuine connection with employees, aligned with business outcomes, experiential provide competitive compensation and new employee onboarding and investments in benefits and create an inclusive culture where high-potential, high-performing talent. all employees have a voice. Programs such as Driver Training Center, Supervisor Onboarding and Sales Acceleration provide the fundamental skills each employee needs to succeed in For example, our We work for Earth employee engagement campaign reinforces his or her role. Our Leadership Fundamentals, Leadership Trainee and General our commitment to being an inclusive employer of choice. We're educating Manager Acceleration programs help ensure that as our leaders progress, they employees on sustainability, elevating their sense of pride in their work and are accumulating the skills necessary to be successful at each level. improving engagement.

Our Leadership Fundamentals program received the 2018 Brandon Hall Group Excellence in Leadership Development Award.

2018 Sustainability Report | 31 PEOPLE

3. Diversity and inclusion programs focusing on inclusive leadership behaviors and a diverse recruiting strategy.

MOSAIC is Republic’s Mission of Supporting an Inclusive Culture. Led by a council of leaders from across the Company, MOSAIC guides our efforts to ensure that diversity and inclusion are always at the core of our culture and business practices. Additionally, we know that leadership in this area starts at the top, and we have demonstrated a commitment to diversity through the people who guide our Company. Seven of the 12 members of our Board of Directors are either women or minorities, a rarity among other organizations of our size.

A COMMITMENT TO VETERANS At the same time, we intensified our efforts to hire veterans. Fifty percent of maintenance managers and 25 percent of general managers hired last year self-identified as having served in the U.S. Army, Navy, Marines, Air Force or Coast Guard. BUSINESS RESOURCE GROUPS Business Resource Groups (BRG) are designed to PRIORITIZING FEMALE DRIVERS bring employees who share a commonality together In 2018, Republic launched SheDrives — a recruitment campaign while supporting business objectives by helping solve designed to educate recruiters and hiring managers in an effort workplace and industry challenges. Women of Republic to broaden the driver candidate pool and increase the number of was our first company-approved, employee-led BRG. women hired for driver positions. In just one year, the hiring rate On Veterans Day 2018, we announced plans for our of women drivers increased by one-third, placing Republic above second BRG focused on veterans. the national average for female drivers.

Positive Impacts of an Engaged Workforce

Hiring the best people is crucial to delivering shareholder value, but it’s more than just a good business strategy. It’s fundamental to who we are. Our employees bring our long-term company values to life, setting Republic apart from the competition. We believe that by achieving our engaged workforce goal, we will:

• Improve our safety record and operating performance • Strengthen our customer relationships • Reduce costs related to turnover

32 | 2018 Sustainability Report For additional information on programs that help us maintain our workplace culture, please refer to the 2018 GRI Report at RepublicServices.com/Sustainability PEOPLE

This is How We ROAD-EO

Providing reliable and responsible recycling and waste disposal services for NATIONAL 14 million customers requires the best drivers serving our customers, the best CHAMPIONSHIP technicians working on our trucks and the best operators caring for our landfills 2019 and other facilities. Every year, we invite employees to showcase their driving and diagnostic skills at local ROAD-EO competitions, and invite their family members and co-workers to cheer them on. These competitions are part of Republic’s continued commitment to recognizing employees’ superior service.

In 2018, we held ROAD-EOs across the country. Drivers navigate a timed course while facing Winners were ranked at the area level, and 79 finalists obstacles they encounter every day. were chosen to compete at the 2019 ROAD-EO National Championship in Phoenix. Technicians face a series of inspections in which they identify as many vehicle maintenance issues as they can before time runs out. 132 2,000 10.7K+ Heavy equipment operators compete in challenges local ROAD-EOs held frontline employees family members, competed including 5K that test the most common situations they children, attended experience daily.

2018 Sustainability Report | 33 OPERATIONS

Operations The challenges — and opportunities — associated with today’s waste stream require bold leadership, innovation and vision. We’re ready to drive change.

34 | 2018 Sustainability Report OPERATIONS

From landfills and vehicles to equipment and buildings, we use our assets to provide essential and valuable services to thousands of communities. Yet the operation of these assets has the potential to negatively impact people and the environment. We believe our scale and strength put us in a unique position to provide safe, responsible recycling and waste disposal services while protecting the planet and our communities. The result is long-term value creation for our stakeholders.

Climate Change

Scientists predict that the greatest physical impacts from climate change Greenhouse Gas (GHG): will occur if the average global temperature rises beyond 2°C (3.6°F) above A gas that acts to trap heat in the atmosphere. pre-industrial temperatures. This means more damage and human toll from The primary greenhouse gases in Earth’s hurricanes, wildfires, flooding and droughts, as well as health impacts and atmosphere are carbon dioxide, methane, nitrous oxide and fluorinated gases. food shortages. Given our position, regulatory and market developments related to climate change present us with the potential for strategic business opportunities. Offsetting operational emissions is not enough. We’re taking a bold position to leverage innovation and lead the industry in combating climate change.

2018 Sustainability Report | 35 OPERATIONS

Climate Leadership Goal: Reduce absolute Scope 1 and 2 greenhouse gas emissions 35 percent by 2030 (2017 baseline year)

Landfill methane emissions, vehicle and equipment emissions, and building electricity all contribute to climate change. That’s why we’ve adopted an aggressive target for reducing our operational GHG emissions, aligned with the Science Based Targets initiative (SBTi)1.

Our Current GHG Footprint

2018 Total Emissions by Scope Scope 1 & 2 Emissions by Source

18 2% 19% 16 2 14

12

10

8 Scope 1 Landfill 6

Millions of Tons C02E Scope 1 Fleet 4 Scope 1 Non-Fleet/Other 79% 2

0 Scope 2 Buildings 2013 2014 2015 2016 2017 2018 2030 GOAL

Scope 1 Scope 2 Scope 3

This goal aligns with the United Nations “Climate Action” Sustainable Development Goal, 13.2 — reduce greenhouse gas emissions.

1. SBTi is a collaboration between CDP, the United Nations Global Compact (UNGC), World Resources Institute (WRI), and the World Wide Fund for Nature (WWF) 36 | 2018 Sustainability Report 2. Carbon dioxide equivalents OPERATIONS

How We'll Get There

1. Reducing Emissions Through Landfill Innovation Our modern landfills are complex, highly controlled biological systems. recognized greenhouse gas. Highly efficient landfills such as ours Our engineers design these structurally stable facilities to ensure we collect most of this gas for beneficial reuse or processing, turning an maximize the decomposition of waste in a manner that manages impact into an opportunity.* However, to further manage our fugitive byproducts and minimizes impact to the environment today, and for emissions and meet our goal, we’ll be looking at new technology and years to come. Considerable science, engineering and technology go operating practices while ensuring that landfills remain stable and into the design of our landfills — long before they become operational. secure for decades to come.

We strive to maximize the collection of gas within the landfill to *Details about our Regenerative Landfills sustainability goal can be found on minimize potential fugitive emissions and maintain landfill health. page 42 of this report. Fugitive emissions are approximately 50 percent methane — a

2. Reducing Fleet Emissions In 2018 we announced a partnership with Our recycling and waste collection trucks are complex, high- Mack® Trucks to build and operate a fully performance machines designed to be safe, comfortable and efficient. As we retire and replace older trucks, we electric Mack LR collection truck to help us are able to take advantage of advancements in alternative achieve our ambitious emissions goal. The fuels in addition to safety technology and other modern benefits of fully electric trucks are plentiful: efficiencies. Trucks running on alternative fuels and renewable natural gas (RNG) emit lower emissions and are • Virtually zero carbon emissions less carbon intensive, which is why we continue to transition • Reduced maintenance our fleet toward natural gas. • Regenerative braking • Reduced noise • Fewer overall impacts in the communities we serve In California, more than 90 percent of our Compressed But there are also unique challenges including battery size, Natural Gas vehicles utilize RNG, weight and recharge time. We believe electrification of our which has the lowest carbon fleet is the future and look forward to learning more when intensity of all commercially our Mack pilot hits the road in early 2020. 90% available fuels — up to 70 percent lower than diesel.1

1. SBTi is a collaboration between CDP, the United Nations Global Compact (UNGC), World Resources Institute (WRI), and the World Wide Fund for Nature (WWF) 2. Carbon dioxide equivalents 1. https://www.arb.ca.gov/fuels/lcfs/121409lcfs_lutables.pdf 2018 Sustainability Report | 37 MATERIALSOPERATIONS MANAGEMENT

3. Reducing Emissions When We Build Our commitment to sustainable practices extends throughout our operations and into our buildings and facilities. Our new building construction and retrofits adhere to the U.S. Green Our newest recycling center Building Council’s Leadership in Energy and Environmental in Plano, Texas features: Design (LEED) standards. This includes using energy reduction, water conservation measures and the use of sustainable Natural light and high-efficiency materials and design principles that enhance comfort. With this HVAC equipment, resulting in a design philosophy at the forefront of our facility projects, we are forecasted 30 percent reduction making our working spaces more environmentally responsible of energy use (and utility costs). and productive. Advanced building metering and energy management, A Continual Evolution delivering accurate, real-time Simply put, our ambitious target reduction in greenhouse gas energy consumption monitoring emissions is designed to keep the global temperature increase and in-depth reviews of facility well below 2°C. However, the path we’ll take to achieve this goal energy data. is anything but simple. Higher indoor air quality There is no doubt our projects and plans will evolve over the next through an advanced ventilation decade, as we learn more about the environment and leverage system, and an “environmental new technology and data. While we may see some setbacks wall” fully separating the tipping along the way, we believe that our Climate Leadership goal is floor from the processing area. the right thing to do for the environment and our business, and that we have the scale and the team to deliver results. We will be monitoring and measuring a number of advancements related to this goal and sharing results in future reports.

Positive Impacts of Climate Leadership

• Reduces operating costs • Minimizes risks to our physical assets • Moderates the impact of fuel-price volatility or future carbon tax • Attracts customers in a low-carbon economy

38 | 2018 Sustainability Report OPERATIONS

Operational Transparency Liquids Management We are committed to educating our stakeholders on how We install extensive systems to draw out the leachate that collects at the bottom of the we manage key operational metrics related to protection landfill to safely treat it and return it back to the water cycle for reuse. This practice also prevents impacts to surface water and groundwater resources. of the environment beyond greenhouse gas emissions.

Republic's local landfill teams are responsible for maximizing the collection of landfill byproducts safely and efficiently within these sophisticated structures. Our Air Emissions Management operational procedures leverage the latest innovations in landfill equipment and When beneficial reuse of landfill gas is not an option, our teams adhere to strict technology to ensure the proper handling of the water, or leachate, and gases operational procedures to thermally destruct gas on-site. The gas flaring process safely that are created by the decomposition of waste. destroys any harmful pollutants while significantly reducing greenhouse gas emissions.

For details on our efforts to reduce our operational impacts, please refer to the 2018 GRI Report at RepublicServices.com/Sustainability 2018 Sustainability Report | 39 MATERIALS MANAGEMENT

Materials Management Our customers trust us to turn waste into solutions that deliver a valuable product or service, while also protecting our planet.

40 | 2018 Sustainability Report MATERIALS MANAGEMENT

One of our greatest responsibilities as a leading recycling and waste company is managing a very complex and diverse waste stream. By extending the life of the materials we handle, we help reduce the environmental and societal burden of the growing use of raw materials. Our experience, passion and ethical standards guide our vigorous pursuit of opportunities to deliver recovered and renewable materials and energy back into the economy.

Strengthening the Circular Economy The world’s consumption of raw materials is expected to nearly double by the year 2060 as the global economy expands and living standards rise. This dramatic increase would place twice the pressure on the environment than is experienced today.1 At the same time, some studies estimate that our population currently consumes resources 50 percent faster than they can be replaced.2

This means that the resourceful handling of waste and extraction of as much value from the waste stream as possible have never been more important. We handle roughly 115 million tons of material each year, and much of this material still has value prior to being disposed of in a Circular Economy: landfill. We are continuously evaluating ways to extract more value from A system that facilitates keeping this material using processing and diversion systems and programs. materials circulating longer in the Whether it’s through reuse, recovery, refurbishment or recycling — we’re economy to extract maximum value from them, as opposed to actively contributing to a circular economy. disposing of them after one use. This is accomplished through the design of products or markets that enable products to be maintained for a longer life, refurbished, remanufactured, redistributed, reused or recycled.

1. Organization for Economic Cooperation and Development (OECD), 2/12/2019. Global Material Resources Outlook to 2060: Economic Drivers and Environmental Consequences 2. GreenBiz, Megatrends that will unleash value in the circular economy, 4/20/2015 2018 Sustainability Report | 41 MATERIALS MANAGEMENT

We believe our innovative business practices and deep understanding of scalable circular economy solutions will help us accomplish two very ambitious goals related to Materials Management.

Goal #1 Goal #2 Circular Economy: Increase recovery of key materials by 40 Regenerative Landfills: Increase biogas1 sent to beneficial percent on a combined basis by 2030 (from a 2017 baseline) reuse by 50 percent by 2030 (from a 2017 baseline)

The circular economy reduces the need for raw materials, which reduces their associated When food waste, yard debris and other organic materials are disposed of in a environmental and social burden. We’re invigorating our Circular Economy practices to landfill, they generate biogas through a naturally occurring biological process. provide products and services that help reduce the demand our customers and society Our modern landfills already capture a large portion of this gas to prevent fugitive place on our planet. emissions. This 2030 goal represents our increased effort to use more of this biogas for beneficial purposes, such as renewable energy and fuel. MATERIALS OF FOCUS INCLUDE: • Cardboard (OCC) • Metals • Biogas • Plastics • Organics • Oil

Key Materials Recovered Beneficial Biogas Reuse

8 120

7 100 6 80 5

4 60 Billion SCF

Millions of Tons 3 40 2 20 1

0 0 2017 2018 2030 GOAL 2017 2018 2030 GOAL

These goals align with the United Nations “Responsible Consumption and Production” Sustainable Development Goal, 12.2 — sustainable management and efficient use of natural resources.

42 | 2018 Sustainability Report 1. Biogas normalized to 50% methane (natural gas) MATERIALS MANAGEMENT

Circular Economy Business Solutions

Market-Specific Biological Technical Scalable Solutions materials materials Solutions

Farming/ Mining/materials 1 manufacturing collection We collect and recycle commercial, industrial and residential waste; electronics; Our composting services metals recovered from ash; convert food waste and Parts manufacturer and oil recovered from yard debris into soil drilling waste. enhancements. Biochemical feedstock Product manufacturer Regeneration Biosphere Recycle

Service provider Refurbish/ Share remanufacture

Reuse/redistribute We repair and refurbish Biogas Cascades Maintain/prolong compactors and lease as We pre-process a service. commercial food 2803 000 waste to make Consumer User Anaerobic renewable biogas. digestion/ Collection Collection composting

Extraction of biochemical Compactors are monitored We collect food waste feedstock 2 Energy recovery for predictive maintenance for animal feed. needs to extend their life.

We work with nonprofits Landfill Landfill gas is extracted to send edible food waste to create renewable to those in need. power and fuel.

1. Hunting and fishing 2. Can take both post-harvest and post-consumer waste as an input Source: Ellen MacArthur Foundation, SUN, and McKinsey Center for Business and Environment; Drawing from Braungart & McDonough, Cradle to Cradle (C2C) 2018 Sustainability Report | 43 MATERIALS MANAGEMENT

How We'll Get There

One of the biggest challenges we’re working to combat Advancing Innovative, Scalable Solutions is unprecedented levels of contamination in the nation’s recyclables. When recyclables are contaminated, the We have a long history of incorporating technology and innovation items have no value and must be sent to a landfill. U.S. contamination rates are approximately 30 percent, and much to help our customers achieve their sustainability goals, and leverage higher in some communities. Our multifaceted Recycling our scale to deliver value to all stakeholders. Simplified consumer education campaign launched in 2018 and continues to educate consumers — and decrease contamination rates — across the country, all in an effort to recover more reusable material. 1. Recycling One area of the circular economy model that we can significantly impact is through our recycling and recovery services. Recycling: Simple as 1-2-3

Our 91 recycling facilities provide the infrastructure and market reach to make a substantial impact on the recovery of valuable materials from the ever-evolving waste stream. We process roughly 6 million tons of recyclable materials per year, making us one of the largest processors of recovered residential and commercial recyclables in the world. By recycling these recovered 1. Know what to throw commodities, we are helping reduce lifecycle greenhouse gas emissions. Today, this amounts to Cardboard, paper, metal cans, nearly 20 million metric tons of carbon dioxide equivalents (MTCO2e) per year. But the challenge plastic bottles and jugs is bigger than greenhouse gas emissions.

The mining and growing of raw materials, combined with the processing, manufacturing and distribution of products from these various materials to markets worldwide, result in a wide range of additional harmful environmental and human health impacts. These include water and air pollution, energy and land use, and habitat destruction. When coupled with the population’s increasing global resource consumption, the positive benefits of recycling 2. Empty. Clean. Dry.® become even more significant. Keep all recyclables free of food and liquid

We process roughly 6 million tons of recyclables per year.

6M 3. Don't bag it Never put recyclables in containers or bags

For details on our materials management initiatives, please refer to the 2018 GRI Report at RepublicServices.com/Sustainability

44 | 2018 Sustainability Report MATERIALS MANAGEMENT

The Largest and Smartest Residential Recycling Center in North America

Our Southern Nevada Recycling Center processes over 2 million pounds of recyclable material per day, or 70 tons per hour. The highly advanced sorting technologies used at this and other recycling centers separate material in milliseconds.

Positive Impacts of Our Circular Economy Goal

By increasing our recovery of key materials by 40 percent, we will:

• Increase the amount of recovered commodities available for remanufacturing • Mitigate the associated negative impacts of virgin materials • Reduce upstream impacts of drilling through oil recovery technologies • Significantly reduce lifecycle greenhouse gas emissions associated with recovered commodities

2018 Sustainability Report | 45 MATERIALS MANAGEMENT

2. Beneficial Biogas Reuse Republic is continuing to explore new and emerging beneficial uses for landfill biogas. We currently operate 75 renewable energy projects at our landfills and brownfields nationwide.

This biogas is used by many commercial, industrial and manufacturing companies for process fuel. It also is utilized in large scale electrical generators, providing baseload renewable electricity for multiple utilities. In addition, we are proud of the progress we’re making in converting biogas into a renewable transportation fuel — contributing to a circular economy by powering our Compressed Natural Gas (CNG) collection trucks.

Renewable energy and renewable transportation fuels share many positive environmental attributes and contribute to various renewable and low carbon fuel standards, renewable electrical portfolio standards and carbon cap and trade systems. However, we recognize there’s no playbook for innovation, so we continue to explore and support the development of new and emerging beneficial uses for landfill biogas.

For example, we brought a Renewable Natural Gas (RNG) project online with our energy partners at our Southeast Oklahoma Landfill in 2018. At this facility, landfill gas is processed into pipeline quality gas used to power homes and businesses and to fuel natural gas vehicle fleets, including our own trucks.

3. Product as a Service One of our newest efforts to advance circularity is related to the containers and compactors customers use to hold their waste and recyclables on-site between services.

We leverage three models of circularity to help customers reduce their impact from these products: maintenance, product as a service and refurbish/remanufacture.

By offering these products through a lease program, we can help extend the life of the asset through additional services such as monitoring systems and ongoing preventative maintenance. For example, our compactor refurbishment program extends the life of a 10- to 15-year asset by an additional seven years on average, saving metal and other materials used to build the assets.

46 | 2018 Sustainability Report MATERIALS MANAGEMENT

Market-Specific Solutions 5. Organics Due to the local nature of waste and varied needs of the Organics management continues to be a fast-growing opportunity in select markets. According to the EPA, food waste and yard waste are two of the largest categories of communities we serve, we often develop solutions for our municipal solid waste sent to landfills, accounting for approximately 30 percent of the overall customers that are applied on a limited basis only. Several waste stream. Diverting food waste, yard waste and other organic materials to local organics of these offerings support circular economy principles, programs creates renewable energy, enhances soil and preserves the nutrient value in these waste streams. including food rescue, food for animals, composting and pre-processing of organic material for anaerobic digestion. Republic offers pre-processing of commercial organics in California, a process that effectively separates contamination from food waste. This organic material is largely derived from restaurants and grocers and is usually highly contaminated with packaging materials. Once pre-processed, the food waste can be transported to a composting facility or an anaerobic digestion facility to make biogas, or can be used for animal feed in specific situations. 4. Diverting Food Surplus Republic's composting facilities across the country recycle yard and food waste to create As a partner with social services organizations like Food Finders and World natural fertilizer, nutrients and other products to enhance soil. Harvest, Republic Services is demonstrating our commitment to a sustainable future by connecting surplus food from commercial grocers to food banks that help feed families in need. In 2018, these efforts hit a significant milestone: 1 million pounds of food recovered, or over 800,000 meals served! Each year, we collect and compost 1.7 billion 1.7B pounds (830K tons) of organic waste nationwide. Our employees wondered, could Republic Services take this surplus somewhere it would be quickly consumed? The Los Angeles Zoo provided the answer!

In Southern California, Republic teamed up with local nonprofits to pick up surplus food from restaurants and supermarkets and deliver it to community food banks and soup kitchens. But that’s not all. Despite these efforts, there was still surplus fruits and vegetables going to waste.

Our partnership with World Harvest facilitates the distribution of 10 tons of fresh produce every month to feed the zoo’s animals. Food that is unable to be distributed to families or animals is sent to our composting facilities where it is turned into a nutrient-rich soil additive.

For details on our materials management initiatives, please refer to the 2018 GRI Report at RepublicServices.com/Sustainability 2018 Sustainability Report | 47 COMMUNITIES

Communities We stand for strong neighborhoods, and investing in the communities where we live and work is important to us.

48 | 2018 Sustainability Report COMMUNITIES

To be America’s preferred recycling and waste services partner, we must first be a good neighbor in all of the communities we serve. And being a good neighbor goes far beyond delivering superior customer service and environmental compliance. It requires a commitment to the vitality of the entire community.

Building Stronger Communities We live in challenging times, with more than 50 million people, or one in six, living in economically distressed zip codes across the United States.1 According to the Economic Innovation Group, people residing in these areas experience lower graduation rates, increased incidents of crime, disproportionate health problems and unemployment or underemployment.

Republic Services is committed to helping the communities in which our employees and customers live and work. We believe strong communities create a ready labor pool, drive housing and business growth, and foster a desire for consumers to handle recycling and waste in the most responsible way.

1. Economic Innovation Group: 2018 Distressed Communities Index 2018 Sustainability Report | 49 COMMUNITIES

Charitable Giving Goal: Positively impact 20 million people by 2030

The work we do to strengthen neighborhoods across the country is a meaningful reflection of our Company values and commitment to driving long-term change.

We know that people care deeply about making their neighborhoods better and stronger, but they often don’t have the tools or resources to bring their ideas to life. Through partnerships with local nonprofits, Republic Services is committed to making a durable and meaningful impact in our communities. As we increase our investments in neighborhood revitalization, we drive long-term value for all of our stakeholders.

This goal aligns with the United Nations “Sustainable Cities and Communities” Sustainable Development Goal, 11.7 — rebuild, restore and revitalize places and spaces in need.

Charitable Giving Growth

People What is neighborhood revitalization? positively impacted 1.8M 20M Neighborhood revitalization is the strategic process of transforming neighborhoods by helping residents and stakeholders build and maintain places and spaces where they 2018 2030 GOAL live, work and play. These types of projects positively contribute to community stability, safety and health outcomes.

50 | 2018 Sustainability Report COMMUNITIES

How We'll Get There

Through our charitable giving platform, we support organizations across the country that seek to strengthen the neighborhoods we share. Our contributions vary in form — we provide financial support where it is needed, volunteer our time and provide in-kind donations of products and services in an effort to sustain our planet and make it better for generations to come. Our commitment to While our primary focus is neighborhood revitalization, we also support nonprofit communities includes: charitable organizations that demonstrate community impact in the areas of safety, disaster relief and social services. • Grants to nonprofit charitable organizations funded through the Foundation or our local business units The Republic Services Support from Local Charitable Foundation Business Units • In-kind contributions of our In 2018, the Republic Services Charitable Foundation Our local business units across the country are products and services awarded its first grants to nonprofit organizations empowered to support local communities in that are committed to making their local multiple ways, which benefits the specific needs • Employee volunteerism neighborhoods stronger — and we're just getting of their customers and the greater community. started. Through our charitable giving platform we support organizations across the country that work to improve the neighborhoods we share.

Our National Neighborhood PromiseTM Through our National Neighborhood Promise program, funded by the Republic Services Charitable Foundation, we are making a promise to increase our efforts to help rebuild, revitalize and restore places and spaces where our employees live and work, ultimately creating stronger neighborhoods that sit at the heart of our Blue Planet.

Our focus is on projects and programs within our neighborhoods that can make a lasting impact, including providing critical home repairs, overhauling or building local neighborhood parks and green spaces, safety improvements to school playgrounds, community cleanups of town centers, beautification efforts through planting trees and flowers, and constructing community gardens, to name a few.

51 COMMUNITIES

Hurricane Relief We work for Earth, and that means caring for communities in need when disasters strike. As always, our first priority is ourpeople, and then our assets and customers. This prioritization makes sure our people are safe and taken care of, which in turn, positions us to best support our customers and communities.

The 2018 Atlantic hurricane season will be remembered most for Hurricanes Florence and Michael, which caused significant damage in the Southeast. Republic Services’ long-time partnership with the American Red Cross allowed us to support relief and recovery efforts in the area. Our donation helped the organization deliver the following results: 2018 NATIONAL NEIGHBORHOOD PROMISE GRANT RECIPIENT Rebuilding Together St. Louis 1.6K 254K+ 65K Rebuilding Together St. Louis focuses on bringing Relief workers People fed a Shelters provided to volunteers and communities together to improve the homes and lives of low-income homeowners. mobilized on nutritious meal those displaced from the ground their homes Through National Neighborhood Promise, we provided critical home repairs and community beautification Distributed urgent Made connections to efforts to our senior neighbors in need in St. John, relief items, including health and mental health Missouri. Local employees had an opportunity to cots, blankets, diapers resources for those in need volunteer with Rebuilding Together to support the and hygiene items program and our neighbors.

Positive Impacts of Charitable Giving Supporting Our Employees in Times of Need

• Healthy communities are good for our employees, Republic’s Employee Relief Fund exists so that employees can help each other in times of need. The our customers and our business fund helps employees who are facing extraordinary • Opportunities for employee involvement drives their expenses, damages or losses as the result of a natural connection to our workplace and each other disaster or emergency hardship situation.

52 | 2018 Sustainability Report COMMUNITIES

Ethics and Compliance We are guided by our core values — to be Respectful, Responsible, Reliable, Resourceful and Relentless in all we do, every day. By upholding these values, we maintain a culture of strong ethics and compliance. Our culture allows us to be our best in support of our people, customers, investors and communities and to maintain their trust. We believe that acting ethically and responsibly drives positive change throughout our business and advances our sustainability commitment. We continually work to both represent and expect the highest An Ethical Workplace levels of ethics, compliance and excellence in all areas of our business — not because we Our achievements have been recognized have to, but because we want to. externally, and in 2018, Republic was honored for the second consecutive year by being named to the elite World’s Our Code of Business Ethics and Conduct represents who we are and is the foundation of our Most Ethical Companies® List by the shared values and commitment to ethics and compliance. We monitor employee feedback and Ethisphere Institute, a global leader in behaviors to ensure we take all necessary actions to foster and elevate Republic’s culture and defining and advancing the standards promote teamwork and trust throughout our business. of ethical business practices. Republic is the sole recycling and solid waste Our Human Rights Policy is one example of our core values in action: "Respectful — We value services provider to be listed under the others and demonstrate that in everything we do.” This is the standard for our employees, and Environmental Services category. we expect the same from our business relationships, including our partners and suppliers. Embedded in this value is the commitment to respect human rights — the fundamental The award is based on how companies rights, freedoms and standards of treatment to which all people are entitled. We reinforce score in the “Ethics Quotient,” a this commitment by conducting business and making decisions in an ethical and responsible proprietary, quantitative tool developed manner and require that our practices never infringe on human rights. by Ethisphere that assesses a company’s performance in an objective, consistent and standardized manner. It is Ethisphere’s belief that global corporations operating with a common Open Lines of Communication rule of law are now society’s strongest force to improve the human condition. Open communication is an integral part of maintaining our highly ethical and compliant culture. We are committed to fostering dialogue between employees and management that is based on trust and mutual respect, and without any fear of retaliation.

We encourage all employees to promptly speak up if they have a question, concern, or suspect misconduct. If they are uncomfortable speaking directly to their supervisor, any other member of management or wish to remain anonymous, they have the option to contact the AWARE line, Republic’s employee hotline, which is operated by an independent reporting service.

By holding ourselves to the highest standards, we reinforce our commitment to being a socially and environmentally responsible company.

53 54 | 2018 Sustainability Report Appendix

To help our stakeholders better understand how Republic Services responsibly manages recycling and non-hazardous solid waste, we have created educational infographics that illustrate and explain the different processes.

THESE GRAPHICS DEPICT:

Recycling Operations Organics Diversion Landfill Gas & Renewable Energy Projects Curbside Collections Regenerative Landfill Energy & Environmental Solutions

2018 Sustainability Report | 55 Recycling Operations

One oil is used for plastis it an be reyled and tems made from proessed to reyled materials reate new make their way materials bak to stores to Today 34 of repeat the muniipal solid proess waste is reyled

4 of reylable olume consists of fiber newspapers office paper) Paper an be repulped into new paper newspaper Materials are ardboard and transported and other produts This faility reproessed into oer and oer sorts materials new items saing that are then resoures and transported to energy mills and manufaturers for use

Anaerobi treatment of organi waste reates natural gas that an be used to power Reyled ehiles instead materials like of fossil fuel metal and aluminum ans redue the need to mine materials RECY C LIN G CENTER from the Earth

56 | 2018 Sustainability Report Curbside Collections

Ourroughly fleet of 16,000 roughly trucks1000 pe truksrforms 5.8performs million 4 pic millionk-ups Once a collection VEGETATION pikupsat businesses at businesses Onetr au colletionk is full, i ttruk will is and homes eah day and homes TOPSOIL fullusu ita lwillly g usuallyo to a T goran tosf ear each day TransferStation Station where wherewaste PROTECTIVE COVER SOIwasteL is c iso nonsolidatedsolidated. ThisT enableshis enab moreles DRAINAGE NET efficient service GEOMEMBRANE service aste is arefully plaed ompated COMPACTED COHESIVE SOIL and oered daily to gas to redue Leahate an be emissions pretreated onsite limit windblown COMPACTED WASTE before its sent to debris and odors and The ompleted reate a stable a waste water The consolidated setions are oered treatment faility engineered hill with an engineered Recyclables go waste is then or reused The onsolidated waste losure system directly to a Recycling proessed and onsite istr anstransferredferred t oto la largerrger minimiing Center where they onerted into truks for inreased Reylables go diretly to trucks for increased gas emissions energy efficiency a Reylingare sor tCentered and to be and rainwater psortedrocessed and returnedinto bales to infiltration millsbe andfore manufaturers returning Leahate is sent eomposition of for reuse to a treatment waste produes to mills and faility and then biogas whih is manufacturers returned to the remoed from the for reuse watershed landfill through a TRA N SFER S T A T I O N series of wells

The larger trucks haul waste from the TheTrans largerfer S trukstation haul to a waste from the Transfer According to Station to a Landfill, Aordingthe EPA, to w ethe each EPA cases the waste where in many ases the geneAmeriansrate 4.4 generate pounds wasteev eentuallyentually helps helps to 44 pounds of waste Leahate is of waste and recycle reate renewableto create energy and reyle or remoed from or compost renewable ompost 15D poundsRAINA GE LAYER the landfill 1.5 pounds energy per person per day through pipes per dCaOy LLECTION PIPE

COMPOSITE DRAINAGE NET

GEOMERECMBRYANC ELIN G CENTER

COMPACTED COHESIVE SOIL

ENGINEERED SUBGRADE

2018 Sustainability Report | 57

Organics Diversion

R OSIES

TRA N SFER S T A T I O N

ORGAN I C S FAC ILIT Y

R M FA

58 | 2018 Sustainability Report Regenerative Landfill

VEGETATION TOPSOIL

PROTECTIVE COVER SOIL

DRAINAGE NET GEOMEMBRANE aste is arefully plaed ompated COMPACTED COHESIVE SOIL and oered daily to Flares burn off excess landfill Leahate an be limit windblown COMPACTED WASTE pretreated onsite gas to redue debris and odors and The ompleted before its sent to emissions reate a stable setions are oered a wastewater engineered hill with an engineered treatment faility losure system or reused onsite minimiing Landfill gas is gas emissions proessed and and rainwater onerted into Leahate is sent infiltration energy eomposition of to a treatment waste produes faility and then biogas whih is returned to the remoed from the watershed landfill through a series of wells

Leahate is remoed from DRAINAGE LAYER the landfill through pipes COLLECTION PIPE

COMPOSITE DRAINAGE NET

GEOMEMBRANE

COMPACTED COHESIVE SOIL

ENGINEERED SUBGRADE

2018 Sustainability Report | 59 Landfill Gas-to-Energy (LFGTE)

More than 13 of Republis atie landfills have LFGTE projets Landfill gas powers Landfill gas is boilers that make onerted into thermal energy electricity and distributed to the power grid

REPUBLIC LANDFILL

Landfill gas is onerted into Renewable Renewable Natural Gas RNG Natural Gas is used for transportation to power a growing portion of Republic's fleet Landfill gas onersion to renewable energy redues fossil fuel use

OIL TANKER

60 | 2018 Sustainability Report Energy & Environmental Solutions

FIELD SERVICES PROVIDED

Republi proides onsite treatment waste remoal hydroexaation pit remediation tank leaning and euipment rental STEP 1 Byproduts of the proess at an atie oil well are olleted or brought to our treatment faility

Drilling & Production Site STEP 4 Liuids go to STEP 3 a separation eat and entrifuge tank farm proesses separate Oil separates This proess remoes roks smaller solids from from water dirt and other solids liuids sinking to the tank bottom

STEP 6 STEP 2 148 barrels Engineered sreens of oil are extrat larger reoered and partiles from STEP 5 sold annually TREATMENT, RECOVERY, oil and water ater is returned & DISPOSAL FACILITY based muds to salt water disposal wells and solids are brought to a lined speialied ell at the landfill

WELCOME TO

2018 Sustainability Report | 61 18500 N. Allied Way Phoenix, Arizona 85054 480-627-2700 RepublicServices.com

SEPTEMBER 27, 2017

THE ECONOMIC IMPACT OF REPUBLIC SERVICES IN THE STATE OF OREGON, 2016

SEIDMAN RESEARCH INSTITUTE W. P. CAREY SCHOOL OF BUSINESS Arizona State University

ECONOMIC IMPACT OF REPUBLIC IN THE STATE OF OREGON Republic Services is a major player in the economy of the State of Oregon. The company is the second largest provider of services in the domestic non-hazardous solid waste industry in the United States, as measured by revenues.1 Republic Services impacts the State of Oregon through its own operations, purchases from suppliers, and a range of secondary effects that ripple through other industries including retail, services, consumer goods, the housing market, and the public sector.

The total economic impact of Republic’s operations in the State of Oregon in 2016 is estimated at 1,387 jobs and $98.6 million in Gross State Product (GSP).

Total Jobs Impact Total Labor Income Impact 1,387 jobs $76.7 million

Total Gross State Product (GSP) Impact Total Annual Tax Revenue Impact

$98.6 million $8.4 million

The total impact consists of the direct, indirect and induced economic impacts of Republic’s supplier purchases, payroll expenditures, and revenue contributions.

Republic Locations

Republic Services owns or operates 20 facilities in the State of Oregon serving 35 locations, including Portland.

Map Source: destination360.com

1 Republic Services Inc. December 31, 2015 Form 10-K filings. United States Securities and Exchange Commission.

REPUBLIC’S OPERATIONS IN THE STATE OF OREGON Republic Services employs a total of 494 full-time and part-time workers at its business facilities located in cities and towns in the State of Oregon, as of December 31, 2016. The total wages and salaries of Republic’s Oregon employees are estimated at $29.2 million. If health and retirement benefits are included, the total compensation of these employees is approximately $33.8 million.

Direct Impact Republic Employees Direct Operational GSP Impact Direct Operational Annual Tax Revenue Impact

494 $35.2 million $1.4 million

The direct contribution of Republic’s operations to Gross State Product Figure 2: Average Wages & Salaries, 2016 (GSP) in the State of Oregon is $35.2 million. The GSP figure consists of $33.8 million in labor income and $1.4 million of corporate income, property, and excise business taxes paid directly by Republic to state and $59,082 $48,859 local governments.

The average wage for a Republic employee in the State of Oregon is $59,082. This is equivalent to about 121% of the statewide average (all industries) and Statewide Republic Oregon 117% of the Waste Management & Remediation Services industry state average. Source: Republic Services and U.S. Bureau of Labor Statistics

Republic Services employees are recognized for their relentless commitment to safety. Since 2009, Republic Services drivers have won 75% of the National Waste & Recycling Association’s “Driver of the Year” awards in the large company categories. Additionally, Republic’s safety performance is 41% better than the industry average, based on Occupational Safety and Health Administration (OSHA) data.2

Total Impact of Republic Operations The spending of Republic employees in local businesses generates an additional 216 induced jobs and $16.0 million GSP in the economy of Oregon through multiplier effects. In addition, Republic employees directly pay an estimated $2.8 million in state and local taxes, generating a further $1.3 million in induced state and local tax payments. Combined, Republic’s operations and employee spending directly and indirectly support 710 jobs. They also generate $51.2 million in GSP for the Oregon economy, and $5.5 million in state and local government taxes.

Total Operational Jobs Impact Total Operational GSP Impact Total Operational Annual Tax Revenue Impact

710 jobs $51.2 million $5.5 million

2 Source: https://www.republicservices.com/cms/documents/sustainability_reports/2016_Sustainability_Report.pdf

REPUBLIC’S PURCHASES IN THE STATE OF OREGON Republic also contributes to the economic well-being of the State of Oregon through purchases from local suppliers. Republic's total purchases from Oregon-based suppliers and vendors amounts to $46.2 million in 2016, plus a further $3.0 million in capital expenditure on non-residential buildings for landfill cell development.

Direct Impact Direct Purchases Direct Purchasing Jobs Impact Direct Purchasing GSP Impact

$49.2 million 298 jobs $17.7 million

In purchasing $49.2 million goods and services from Figure 3: Republic Top Procurement Categories (% Share) Oregon-based suppliers, Republic directly supports 298 Others, Waste jobs, $17.7 million GSP and $13.0 million labor income in 19.9% Management & the state. Remediation, 42.0% Merchant The three most important categories of vendor payments Wholesalers, 16.3% made in Oregon, in terms of dollars spent (including capital expenditures), are Waste Management & Remediation Services (42.0%), Finance & Insurance (21.8%), and Merchant Wholesalers (16.3%). Finance & Insurance, 21.8% Source: Republic Services Total Impact of Purchases Vendor purchases generate subsequent rounds of additional spending as other businesses make their own purchases and hire employees to meet vendor demand. Republic’s purchases of goods and services from local businesses in Oregon generates an additional 240 induced jobs and $18.3 million GSP in the state’s economy through multiplier effects. In addition, Republic’s suppliers pay an estimated $2.9 million in taxes to state and local governments. In total, Republic’s procurement activities in Oregon support 538 direct, indirect and induced jobs. It also generates $36.0 million in GSP, which includes $24.6 million in labor income.

Total Purchasing Jobs Impact Total Purchasing GSP Impact Total Purchasing Annual Tax Revenue Impact

538 jobs $36.0 million $2.9 million

REPUBLIC’S TAX CONTRIBUTION IN THE STATE OF OREGON Another important indirect economic impact of Republic is the effect of the spending of new tax revenues. Republic is estimated to generate, both direct and indirect, a total of $8.4 million in state and local tax revenues which in turn support and generate additional jobs in the State of Oregon economy. These figures encompass all of the taxes generated throughout the economic impact process, including taxes associated with the spending of Republic employees, and the taxes generated when suppliers produce goods and services for use by Republic.

Figure 4: State and Local Tax Revenues Generated by Republic’s Operations, by Source (in Million $) Annual Tax Revenue

$1.3 Republic employees induced spending $8.4 million $2.9 Republic in-state vendor purchases

$1.4 Republic business taxes

$2.8 Republic employees’ direct taxes

2016 Tax Revenue Total Impact of Republic Tax Revenue The spending of these tax dollars by state and local governments is indirectly responsible for 140 jobs, $11.5 million GSP, and $8.9 million labor income in the State of Oregon. These impacts are substantial, as the number of jobs supported by the spending of new tax revenues is equivalent to 28.3% of Republic’s full-time and part-time workforce in the state.

Annual Tax Revenue Annual Tax Revenue Jobs Impact Total Annual Tax Revenue GSP Impacts

$8.4 million 140 jobs $11.5 million

Tax Revenue Impacts in Perspective • Republic’s 2016 direct state and local taxes in the State of Oregon amount to $2,834 per employee, rising to $8,401 when its Oregon employees’ direct tax payments are additionally taken into account. • To put the tax impacts into perspective, the estimated state average for corporate income, property, and excise taxes in the State of Oregon is $2,699 per employee for all private businesses, or $2,276 per employee for all private and public organizations. 3

3 Ernst & Young, Total State and Local Business Taxes: State-by-State Estimates for Fiscal Year 2015, downloaded December 2016, from http://www.ey.com/Publication/vwLUAssets/EY-total-state-and-local-business-taxes-december-2016/$FILE/EY-total-state-and-local-business- taxes-december-2016.pdf. Fiscal Year 2016 estimates are not available until December 2017.

TOTAL ECONOMIC IMPACT OF REPUBLIC IN THE STATE OF OREGON The total economic impact of Republic’s operations in the State of Oregon in 2016 is:

1,387 direct, indirect and induced jobs

$98.6 million Gross State Product

$98.6 Million Gross State

Product $76.7

Million Annual Tax Impact

1,387 Total Jobs Impact

The total employment impact also means that for every 1 FTE job year of direct employment at Republic in the State of Oregon, a further 1.81 jobs were created elsewhere in the state in 2016.

Summary of the Impact of Republic’s Operations on the Economy of the State of Oregon, 2016

GSP EMPLOYMENT LABOR INCOME Millions 2016 $ Job Years Millions 2016 $

Direct Effects from Republic’s Oregon Operations $35.2 494 $33.8

Direct Effects from In-State Supplier Purchases $17.7 298 $13.0

Indirect Effects from Consumer Spending of Republic’s $16.0 216 $9.4 Oregon Employees

Indirect Effects related to In-State Supplier Purchases $18.3 240 $11.6

Indirect Effects from Spending out of New State and Local $11.5 140 $8.9 Tax Revenues

Total Economic Impact 4 $98.6 1,387 $76.7

4 Figures may not sum up due to rounding.

Prepared by: L. William Seidman Research Institute 660 S Mill Avenue, Suite 300 Tempe, Arizona, 85281-4011

Tel: (480) 965 5362 Fax: (480) 965 5458 seidmaninstitute.com @SeidmanResearch

Prepared for: Republic Services, Inc. 18500 North Allied Way Phoenix, Arizona 85054

republicservices.com

Republic Services, Inc. (NYSE: RSG) is an industry leader in U.S. recycling and non-hazardous solid waste. Through its subsidiaries, Republic’s collection companies, recycling centers, transfer stations and landfills focus on providing effective solutions to make proper waste disposal effortless for their commercial, industrial, municipal, residential, and oilfield customers. We’ll handle it from here.TM, the brand’s tagline, lets customers know they can count on Republic to provide a superior experience while fostering a sustainable Blue PlanetTM for future generations to enjoy a cleaner, safer and healthier world.

For more information, visit the Republic Services website at republicservices.com, “Like” Republic on Facebook at www.facebook.com/RepublicServices, and follow on Twitter @RepublicService.

Customer By Type Account Customer Name Billing Address Start Stop Balance Commercial 10912 USDA-NFC/CRESCENT C/O METTELPO BOX 7100NEW YORK, NY 10008 4/10/2012 $0.00

10913 U S POST OFFICE/CRESCENT 51649 HUNTINGTON RDLA PINE, OR 97739 1/1/1984 $0.00

16780 CASCADE REALTY ROBERT SANDBERGPO BOX 426LA PINE, OR 97739 8/1/1990 $0.00

17119 HILDEBRAND,SHARON PO BOX 2844LA PINE, OR 97739 8/1/1990 $0.00

17539 USDA-NFC/CHEMULT C/O METTELPO BOX 7100NEW YORK, NY 10008 1/7/1992 $427.40

17542 ODELL LAKE RESORT P O BOX 1159CRESCENT LAKE, OR 97733 1/7/1992 $160.50

17545 M&E SERVICE DBA MANLEY'S TAVERNPO BOX 1079CRESCENT, OR 97733 1/7/1992 $0.00

17566 U S POST OFFICE 125 GC PALMER STCHEMULT, OR 97731-9998 1/14/1992 $0.00

17570 LANTERN TRAILER PARK KAREN WILSONP O BOX 170CHEMULT, OR 97731 1/7/1992 $0.00

17643 REPUBLIC SERVICES NT'L ACCT UPRR-027248PO BOX 778DES MOINES, IA 50303-0778 5/1/2001 $130.80

17674 CRESCENT SHELL INC PO BOX 229CRESCENT, OR 97733 4/28/1992 $0.00

18198 TRANSCANADA NW CORPORATIONPO BOX 4563HOUSTON, TX 77210-4563 4/6/1993 $0.00

18647 WHISPERING PINES RV PARK H P BAYNEPO BOX 319CRESCENT, OR 97733 12/7/1993 $0.00

18729 CRESCENT RURAL FIRE DEPT PO BOX 230GILCHRIST, OR 97737 8/21/1995 $0.00

18735 KLAMATH COUNTY SCHOOL DIST GILCHRIST SCHOOL2845 GREENSPRINGS DRKLAMATH FALLS, OR 97601 9/1/2000 $556.55

18823 WALKER RANGE FIRE DIST PO BOX 665GILCHRIST, OR 97737 4/11/1994 $64.20

18942 KLAMATH COUNTY COMM DEVELOP SOLID WASTE DIV305 MAIN STKLAMATH FALLS, OR 97601 6/1/1994 $0.00

19003 KLAMATH COUNTY COMM DEVELOP SOLID WASTE305 MAIN ST.KLAMATH FALLS, OR 97601 6/25/1994 $990.00

19582 CHEMULT FIRE DEPT PO BOX 97CHEMULT, OR 97731 5/23/1995 $8.20

19696 WILDERNESS DROP BOX KLAMATH P O BOX 1880LA PINE, OR 97739 6/28/1995 $0.00

19765 EAST MOON PRE-CAST TANNA KINGP O BOX 174CHEMULT, OR 97731 8/1/1995 $0.00

20261 U S POST OFFICE/GILCHRIST 51649 HUNTINGTON RDLAPINE, OR 97739 5/24/1996 $0.00

20408 CENTURYLINK GILCHRIST OR CO RO143LPO BOX 182575COLUMBUS, OH 43218-2575 7/23/1996 $0.00

20593 ODOT-D11 CHEMULT SHOP2557 ALTAMONT DRKLAMATH FALLS, OR 97603 3/21/2006 $0.00

21404 LOREE'S CHALET P O BOX 171CHEMULT, OR 97731 12/2/1997 $0.00 21610 CENTRAL CASCADES FIRE & EMS P O BOX 1065CRESCENT, OR 97733-1065 5/12/1998 $0.00

24181 CRESCENT CREEK COTTAGES PO BOX 1007CRESCENT, OR 97733-1007 7/24/2001 -$162.20

24436 ED STAUB & SONS 1301 ESPLANADE AVEKLAMATH FALLS, OR 97601 10/11/2001 $0.00

25843 INTERFOR PACIFIC PO BOX 638GILCHRIST, OR 97737 7/1/2003 $2083.40

26404 DIAMOND LAKE JCT CAFE 94401 HWY 97 NCHEMULT, OR 97731 4/14/2015 $0.00

26673 CHEMULT MOTEL P O BOX 117CHEMULT, OR 97731 7/13/2004 $0.00

27218 KIRKPATRICK,DARLENE 153513 DERRI CTLA PINE, OR 97739 6/2/2015 -$49.58

28217 CRESCENT RV PARK CHUCK DEFOEPO BOX 249CRESCENT, OR 97733 1/17/2006 $0.00

28437 QUICKSILVER CONTRACTING JOHN BEESON/BRAD NEWTON64682 COOK AVE # 99BEND, OR 97701 5/12/2006 $111.45

28691 KLAMATH COUNTY LIBRARY GILCHRIST BRANCH126-S 3RDKLAMATH FALLS, OR 97601 8/4/2006 $0.00

28719 MOHAWK RESTAURANT PO BOX 190CRESCENT, OR 97733 8/6/2013 $0.00

29223 WILDERNESS GARBAGE & RECYCLING DESTROYED DEPOTBEND, OR 1/1/1900 $0.00

29397 BEND OIL COMPANY MID COLUMBIA PRODUCERS INCPO BOX 344MORO, OR 97039 5/15/2007 $0.00

30255 LAPINE PLUMBING PO BOX 3368LAPINE, OR 97739 5/2/2008 -$244.80

30942 BUDGET INN MOTEL PO BOX 176CHEMULT, OR 97739 5/4/2009 $71.40

31032 SOUTH CHEMULT PUMICE PO BOX 1248REDMOND, OR 97756 6/23/2009 $0.00

31248 ODOT JOSH FRAZIERPO BOX 890OAKRIDGE, OR 97463 2/6/2018 $0.00

32125 KJ'S CAFE PO BOX 289CRESCENT, OR 97733 3/29/2016 $0.00

32767 BECKER,CHARLIE 148800 BEAL RDLAPINE, OR 97739 3/30/2012 -$104.30

33465 PILOT TRAVEL CENTERS WASTE HARMONICS7620 OMNITECH PLACE, SUITE 1VICTOR, NY 14564 2/1/2013 $2676.40

34019 GILCHRIST GROCERY & DELI INC PO BOX 820GILCHRIST, OR 97737 11/12/2013 $0.00

34403 EAGLE CRATER LAKE INN 2130 DALTON RDEUGENE, OR 97404 6/10/2014 $40.30

34498 CRESCENT COMMUNITY CLUB PO BOX 64CRESCENT, OR 97733 10/31/2017 -$78.50

34962 PONDEROSA CHRISTIAN FELLOWSHIP PO BOX 254CRESCENT, OR 97733 2/9/2015 $0.00

35133 HIGH DESERT AGGREGATE & PAVING PO BOX 1929REDMOND, OR 97756 12/12/2017 $0.00

35262 SHELTER COVE RESORT BRATTON ASSOCIATES LP2082 MICHELSON DR, 4TH FLRIRVINE, CA 92612 4/26/2016 $579.20

35407 WELLINGTON,MONICA 38657 NW HARRISON RDBANKS, OR 97106 9/2/2016 $0.00

36249 CRESCENT WATER SUPPLY PO BOX 247CRESCENT, OR 97733 6/17/2016 $0.00

36389 HOSFORD ENTERPRISES INCORPORATED PO BOX 212CANBY, OR 97013 7/29/2016 $0.00

36539 GILCHRIST INN MARLENE REIDPO BOX 875GILCHRIST, OR 97737 9/9/2016 $0.00

36686 HEUSSER,VERA PO BOX 775LA PINE, OR 97739 10/21/2016 $0.00

37604 JACKPINE RV VILLA LLC ERMA JEAN WINAINSKI147860 S HWY 97LA PINE, OR 97739 9/5/2017 $0.00 38033 DOLLAR GENERAL RUBICON GLOBALPO BOX 77587ATLANTA, GA 30356 2/27/2018 $0.00

38315 OREGON TRAVEL EXPERIENCE STE 1501500 LIBERTY ST SESALEM, OR 97302-4386 7/2/2018 $535.30

38356 MOUNTAIN MARKET PO BOX 84CHEMULT, OR 97731-0084 7/13/2018 $106.85

38427 GALLANT CONSTRUCTION LANELL ROBINSONPO BOX 181BANKS, OR 97106 8/2/2018 $359.15

38861 CHEMULT CHEVRON - SAC ENTERPRISES ROBERT EASTRIDGE III6341 DONALDSON RDGRANTS PASS, OR 97526-7806 12/28/2018 $0.00

39092 RICHARD VANDONK GRADING PO BOX 1025CRESCENT LAKE, OR 97733-1025 4/19/2019 $0.00

39117 LUPITA'S TAQUERIA1 CARINA ARREDONDOPO BOX 45CHEMULT, OR 97731 4/30/2019 $0.00

39267 WOODSMAN COUNTRY LODGE SABRINA POULSONPO BOX 186CRESCENT, OR 97733-0186 6/13/2019 $0.00

39715 MORELLO CONSTRUCTION 2637 OLD MIDLAND RDKLAMATH FALLS, OR 97603 10/9/2019 $0.00

39726 WILLAMETTE PASS INN WILLIAM AVERYPO BOX 1076CRESCENT LAKE, OR 97733-1035 10/14/2019 $138.95

39870 DOWELL TOWING & RECOVERY MENDY DOWELLPO BOX 27OAKRIDGE, OR 97463-0027 12/9/2019 $8.20

40224 HARRISON,KIM HARRISON,ROBINPO BOX 2454LA PINE, OR 97739-2454 4/22/2020 $0.00

40247 PLEASANT, TERESA 6743 RANDY RDLA PINE, OR 97739-9267 4/29/2020 $27.95

40262 DAUGHERTY,DAN PO BOX 1784LA PINE, OR 97739-1784 4/30/2020 $24.00

40266 DALTON,JAMES 150271 KURTZ RDLA PINE, OR 97739-9349 4/30/2020 $31.75

40275 JOHNSON, LARRY PO BOX 1303LA PINE, OR 97739-1303 5/4/2020 $22.70

40331 LATIMER,ROBERT 153513 DERRI CTLA PINE, OR 97739-9494 5/18/2020 -$350.00

Commercial 74 Drop Box 36126 EXACT CONSTRUCTION 52902 TIMBER LANE LPLA PINE, OR 97739 7/13/2017 -$9.50

Drop Box 1 Residential 10920 HAGER,ALVIN P O BOX 2746LA PINE, OR 97739 3/29/2017 $0.00

10926 KNOTTS,HERSHEL 150496 JERRY RDLA PINE, OR 97739-9354 9/19/2003 $0.00

10929 PEARCE, HAROLD PO BOX 1464LA PINE, OR 97739 5/24/2012 $0.00

10931 PORTER,PAULINE P O BOX 43CRESCENT, OR 97733 2/10/2012 $0.00

11536 LOWNDES,RICHARD PO BOX 3471LA PINE, OR 97739 1/25/2016 $0.00

11809 WOLCOTT,MARSHALL PO BOX 3568LA PINE, OR 97739 5/24/2005 $15.80

16683 VAUGHN,CAROL 1838 PANNIER CTLA PINE, OR 97739 4/24/1992 $0.00

16734 SOMMERFELDT,RON PO BOX 3530LA PINE, OR 97739 11/30/2007 $0.00 16967 WINKLER,PHIL 152875 WAGON TRAIL RDLA PINE, OR 97739 5/4/2017 $0.00

17024 HENRY,BRUCE & LORI P O BOX 3282LA PINE, OR 97739 12/27/2017 $0.00

17135 ANDERSON,MICHAEL PO BOX 873LA PINE, OR 97739 2/26/2016 $0.00

17630 HATFIELD III,FRANK PO BOX 1881LA PINE, OR 97739 7/11/1997 -$0.42

17647 ALBIN,DAREL 1142 RECTOR DRLA PINE, OR 97739 4/6/2012 $0.00

17714 MARTELL,JUANITA 149052 PAUL DRLA PINE, OR 97739 6/17/1994 $0.00

17811 MCKENZIE,DON 1844 PANNIER CTLA PINE, OR 97739 11/29/1996 $0.00

17954 SMYTH,ROBERT 423 BASS AVE NEOCEAN SHORES, WA 98569 10/14/2015 $0.00

18003 HANKINS,JAMES PO BOX 3268LA PINE, OR 97739 10/2/1992 $0.00

18138 DOLAN, MIKE & JEAN PO BOX 1034CRESCENT LAKE, OR 97733 7/6/2011 $1.76

18220 YOUNG,ANTHONY 153354 HACKAMORE LNLA PINE, OR 97739 4/23/1993 $0.00

18283 EVENS,NANCY 148716 PAUL DRLA PINE, OR 97739 6/1/1993 $0.00

18738 ARCHER,CHRIS PO BOX 456GILCHRIST, OR 97737 2/22/1994 $0.00

18745 RIENKS,JOANNE PO BOX 775GILCHRIST, OR 97737 2/10/2012 $0.00

18746 HERNDON,PEGGY PO BOX 444GILCHRIST, OR 97737 4/1/1994 $0.00

18751 WIRTZ,DEBBIE PO BOX 163CRESCENT, OR 97733 3/15/1994 $0.00

18758 IRVIN,DELORES P O BOX 335GILCHRIST, OR 97737 4/1/1994 $0.00

18770 DUTCHER,MARY PO BOX 184CRESCENT, OR 97733 4/1/1994 $0.00

18786 BEAN,CHARLES PO BOX 692GILCHRIST, OR 97737 3/31/2017 $11.85

18793 MURRAY,ECHO PO BOX 354GILCHRIST, OR 97737 4/1/1994 -$139.10

18806 SHERIDAN,JIM PO BOX 441GILCHRIST, OR 97737 7/9/2004 -$15.80

18840 AULTMAN,WILLIAM PO BOX 1094LA PINE, OR 97739 6/6/2008 $0.00

18930 TUCKER,STEVE 6616 RANDY RDLA PINE, OR 97739 5/13/2011 $0.00

18999 CRISP,MARK PO BOX 331GILCHRIST, OR 97737 7/1/1994 $0.00

19030 CARLSON,ANNETTE P O BOX 173CRESCENT, OR 97733 7/14/1994 $0.00

19063 BLAKEMORE,FRED PO BOX 2111LA PINE, OR 97739 7/15/1994 $0.00

19142 LANDERS,GEORGE PO BOX 1970LA PINE, OR 97739 9/1/2017 $0.00

19146 PAYNE,RONALD 146743 BILLS RDGILCHRIST, OR 97737 8/26/1994 -$93.20

19195 NOLAN,KEN PO BOX 1109CRESCENT LAKE, OR 97733 4/18/2006 $0.00

19208 WALLACE,CAROL 7017 REEVESLA PINE, OR 97739 6/9/2017 -$63.20

19213 CASE,MARY&ROBERT 146966 JUNOS RDGILCHRIST, OR 97737 10/1/2010 $0.00

19218 JAQUES,LEE P O BOX 135CRESCENT, OR 97733 9/22/1994 $0.00 19250 HORN,JIM D 1708 BROWBAND CTLA PINE, OR 97739 5/4/2017 $0.00

19344 FRANKS,AMBER 8369 HOWARD RDLA PINE, OR 97739 12/2/1994 -$78.80

19413 BARBER,SWEDE 152894 WAGON TRAIL RDLA PINE, OR 97739 1/20/1995 $0.00

19470 CITRIN,MADELINE&MICHAEL 1637 WILKINS LNCONCORD, CA 94519-1940 5/5/2011 -$147.30

19487 BYERS,BOB PO BOX 2882LA PINE, OR 97739 3/21/1995 $0.00

19536 EATON,MARCIA & FRANK PO BOX 308CRESCENT, OR 97733 5/31/2001 $0.00

19664 HERGENRADER,VAUGHN 2705 BOONE CIRCLELA PINE, OR 97739 8/30/1996 $0.00

19669 BAUGHMAN,JOY 149204 HWY 97LAPINE, OR 97739 6/3/2016 $0.00

19699 MANNING,JEFF PO BOX 1887LA PINE, OR 97739 7/6/1995 $0.00

19746 HYDE,LORETTA 100506 MILLER STCHEMULT, OR 97731 7/29/2014 $0.00

19800 ANDERSON,MARTIN 148845 SNUFFY DRLA PINE, OR 97739 6/21/2002 $0.00

19820 SCHLECHT,CLAUDIA PO BOX 874GILCHRIST, OR 97737 8/25/1995 $0.00

20062 MEYER,LORI TRANQUILITY RANCH8366 HOWARD ROADLA PINE, OR 97739 7/31/1998 $0.00

20066 FOOTE,BRAD&MARY PO BOX 1142LA PINE, OR 97739 11/10/2017 $8.20

20190 ANDERSON,DEBRA P O BOX 1314LA PINE, OR 97739 5/2/2014 $0.00

20278 HAAK,TED 149930 KURTZ RDLA PINE, OR 97739 11/18/1999 -$126.40

20382 CASTOR-WIGGET,EARNESTINE C/O LACY PERKINS956 HACKETT DRLA PINE, OR 97739-9295 5/21/1999 $0.00

20396 LONDBORG,DAVID P O BOX 727GILCHRIST, OR 97737 7/18/1996 $0.00

20532 BEHN,DONNA PO BOX 1432LA PINE, OR 97739 6/29/2017 $0.00

20615 JOHNSON,EDWARD 146865 OLD CABIN RDGILCHRIST, OR 97737 10/18/1996 $0.00

20649 LEECH,PAM 11511 LARCHWOOD DRLA PINE, OR 97739 11/7/1996 $0.00

20652 GOODEILL,LEONORE 12006 SUN FOREST DRLA PINE, OR 97739 10/10/2014 $0.00

20654 CASEY,LINDA 304 WHITETHORN DRMEDESTO, CA 95354 9/2/2011 -$72.55

20655 SANDOVAL,DWAYNE 11958 SUN FOREST DRLA PINE, OR 97739 3/27/2015 -$47.68

20665 OLSON,DAVID TYLER 11510 LARCHWOOD DRLA PINE, OR 97739 11/7/1996 -$31.60

20668 TUCKER,AL P O BOX 2434LA PINE, OR 97739 11/28/1996 -$0.20

20670 WOLF,LARRY & SUE 145111 LANEWOOD DRLA PINE, OR 97739 9/9/1999 -$64.27

20702 KRAMER,CHARLES 144610 BIRCHWOOD RDLA PINE, OR 97739 11/21/1996 $0.00

20703 EVERLY,JUANITA 145041 GREENWOOD RDLA PINE, OR 97739 11/21/1996 $0.00

20747 LONGBOTHAM,LISA PO BOX 794LA PINE, OR 97739 6/25/2005 $0.00

20828 CARRIKER,JOANN 11630 BEECHWOOD DRLA PINE, OR 97739 3/13/1997 $0.00

20846 HANSEN,CRAIG&LAVONNA PO BOX 651GILCHRIST, OR 97737 9/24/2010 $0.00 21006 MORRIS,BETTY PO BOX 139CRESCENT, OR 97733 6/6/1997 $23.20

21045 MANDISH,JEANETTE PO BOX 2402LA PINE, OR 97739 6/24/1997 $0.00

21091 STOLLE,BOB&LUCI 389 NE CHERRY LNALBANY, OR 97321 5/24/2012 $0.00

21115 PANKEY,PAM P O BOX 2621LA PINE, OR 97739 7/18/1997 $0.00

21117 MCCASHEN,JAMES & RAELYN 145055 BIRCHWOODLA PINE, OR 97739 7/13/2012 $15.80

21129 HOOVER,KEN PO BOX 1583LA PINE, OR 97739 4/4/2011 $0.00

21243 NIDEROST,MIKE&MARY 2442 FOX RUNMEDFORD, OR 97504 10/1/1997 $0.00

21302 HUBBARD,BOB G 1066 FT JACKPINEGILCHRIST, OR 97737 10/3/1997 $0.00

21402 BAKER,PATRICIA 12528 ALDERWOOD DRLA PINE, OR 97739 10/14/2016 $0.00

21441 POE,MIKE PO BOX 3255LA PINE, OR 97739 11/3/2006 $0.00

21445 TRUDELL,FRANK PO BOX 854GILCHRIST, OR 97737 9/19/2008 $0.00

21515 MC EUIN,ROBERT 1847 PANNIER CTLA PINE, OR 97739 10/2/2014 $0.00

21557 BERNARD,BETTY 11307 IRONWOOD PLACELA PINE, OR 97739 4/9/1998 $46.40

21594 BURTRAW,GERALD 1828 BUCKBOARD CTLA PINE, OR 97739 4/6/2017 $0.00

21625 BURGESS,ARLEN PO BOX 824GILCHRIST, OR 97737 1/22/1999 $15.80

21651 HILL,WENDELL 733 7th ST, #2CRESCENT VALLEY, NV 89821 1/27/2017 $8.20

21685 BACHE,KAREL 150375 MIDSTATE STLA PINE, OR 97739 3/21/2003 -$21.00

21687 CONWELL,DONALD PO BOX 2835LA PINE, OR 97739 3/23/2007 $0.00

21707 LIGON,JOHN 2717 ALACANO DRLA PINE, OR 97739-8857 8/30/2006 $0.00

21734 ANDERSON,TERRI PO BOX 763GILCHRIST, OR 97737 6/3/2016 $0.00

21768 PRICE,KENNETH PO BOX 2545LA PINE, OR 97739-2545 3/10/2017 $0.00

21783 NEWCOMB JR,DON 153466 STIRRUP DRLA PINE, OR 97739 7/24/1998 $0.00

21811 LEWIS,TINA PO BOX 2158LA PINE, OR 97739 6/10/2016 $23.20

21824 GOSSLING,GERALD 2706 ALACANO DRLA PINE, OR 97739 9/3/2015 $4.10

21867 HARRIS,DEVIN PO BOX 817GILCHRIST, OR 97737 8/5/1999 -$21.60

21900 HAYNES,BOB PO BOX 612GILCHRIST, OR 97737 9/4/1998 $0.00

21901 DRAKE,SANDRA PO BOX 121CRESCENT, OR 97733 9/4/1998 $0.00

21994 SAYER,CAT P O BOX 324GILCHRIST, OR 97737 10/9/1998 $0.00

22020 WEEKS,JULIE 144568 BIRCHWOOD RDLA PINE, OR 97739-9133 12/31/2004 $0.00

22170 LEMON,JANNET 150492 JERRY RDLA PINE, OR 97739-9354 1/5/1999 -$15.80

22188 JONES,COLLEEN PO BOX 1553LA PINE, OR 97739 1/22/1999 -$185.60

22233 PANTON,RENEE 153544 LITTLE RIVER LPLA PINE, OR 97739 6/8/2017 $0.30 22271 PETERSEN,LINDA PO BOX 291CRESCENT, OR 97733 10/8/2010 $0.00

22289 ROA,ROSALIA 11945 CEDARWOOD DRLA PINE, OR 97739 12/20/2002 $0.00

22351 SIRAGUSA,KIM PO BOX 1048CRESCENT LAKE, OR 97733-1048 5/14/2013 $12.30

22404 DYER,LARRY 11738 ALDERWOOD DRLA PINE, OR 97739 10/9/2009 $0.00

22408 CASSAYRE,HARRY PAT CASSAYRE12120 BEECHWOOD DRLAPINE, OR 97739 6/3/1999 $7.00

22471 ENNIS,GARY L P O BOX 268LA PINE, OR 97739 6/3/2005 $0.00

22504 THOMASON,DOROTHY 11846 SUN FOREST DRLA PINE, OR 97739 6/29/2000 -$34.95

22597 CHANCELLOR,KRISTINA & VINT 149161 PAUL DRLA PINE, OR 97739 6/23/2017 $46.40

22650 SMITH,JOSEPH T PO BOX 197CHEMULT, OR 97731 6/26/2001 $0.00

22662 ZIGLER,DONNA P O BOX 2233LA PINE, OR 97739 12/5/2014 -$1.60

22705 THORSON,LARRY 153569 STIRRUPLA PINE, OR 97739 5/24/2007 $0.00

22744 JOHNSON,DONNA PO BOX 313GILCHRIST, OR 97737 5/18/2000 $0.00

22892 HOLDEN,IRA 151859 CONESTOGA RDLA PINE, OR 97739 11/19/1999 -$3.95

23021 NEWTON,MADELINE PO BOX 1947LA PINE, OR 97739 3/9/2000 $0.00

23024 BROWN,ROBERT 11635 BEECHWOOD DRLA PINE, OR 97739 2/18/2005 $0.00

23092 DE ARMOND,GORDAN P O BOX 254CRESCENT, OR 97733 4/12/2000 $0.00

23147 FLETCHER,HAROLD PO BOX 1146LA PINE, OR 97739 5/7/2010 -$110.60

23208 BERES,KATHLEEN 1941 LUND RDLA PINE, OR 97739 6/6/2000 $0.00

23217 PETERS,CINDY 150225 THATCHER ROADLA PINE, OR 97739-3527 6/1/2000 $4.10

23245 THOMASON,JEANNIE 12232 BEECHWOOD DRLA PINE, OR 97739 6/8/2000 $0.00

23281 WOOD,RAY P O Box 3073LA PINE, OR 97739 6/23/2000 $4.10

23325 MENKEN,STEVE JANET MENKEN153510 DERI CTLA PINE, OR 97739 6/28/2000 $4.10

23340 NEWCOMB,DON 153541 WAGONTRAIL RANCH RDLA PINE, OR 97739 7/7/2000 $0.00

23387 HEMMER,VICKIE PO BOX 2737LA PINE, OR 97739 7/21/2000 $0.00

23400 WEBB SR,JAMES PO BOX 556LA PINE, OR 97739 7/26/2000 $0.00

23435 PHILLIPS,LINDA PO BOX 825LA PINE, OR 97739 3/31/2017 $0.00

23487 HOPKINS,JOHN SANDY HOPKINS10419 GALLOP CTLA PINE, OR 97739 8/24/2000 $0.00

23489 GREENE,MARTHA PO BOX 2422LA PINE, OR 97739 1/28/2005 $0.00

23509 JONES,DON & JAN PO BOX 1818LA PINE, OR 97739 9/5/2000 $0.00

23530 BEERY,LARRY 12520 SUN FOREST DRLA PINE, OR 97739 9/13/2000 $0.00

23560 LEECH,WILLIAM 145452 BIRCHWOODLA PINE, OR 97739 9/28/2000 $0.00

23591 WOSNAK,ED 153225 WAGONTRAIL RDLA PINE, OR 97739 10/5/2000 $0.00 23631 ROSEBERRY,LARRY PO BOX 401GILCHRIST, OR 97737 10/19/2000 $0.00

23724 NEWTON,MACI 149065 MABEL DRLA PINE, OR 97739 11/9/2012 $0.00

23771 ALLEN,TINA PO BOX 294LA PINE, OR 97739 11/7/2014 $30.60

23780 HARPER,ALICE 11739 BEECHWOOD DRLA PINE, OR 97739 3/24/2017 $0.00

24040 RICHARDSON,GORDON & KATHERINE PO BOX 1770LA PINE, OR 97739 6/1/2001 $0.00

24070 NICOL,SANDRA P O BOX 3034LA PINE, OR 97739 6/3/2001 $0.00

24075 DEAN,JAMES 3240 ANTELOPE RDWHITE CITY, OR 97503 8/25/2006 -$1118.90

24076 LAWSON,NORMA 153659 WAGONTRAIL RDLA PINE, OR 97739 7/15/2004 $0.00

24097 COOKSEY,LINDA PO BOX 3242LA PINE, OR 97739 1/5/2018 $0.00

24127 NOLL,GARY 153212 LITTLE RIVER LPLA PINE, OR 97739 12/4/2014 $15.80

24128 WALKER,JERRY 144324 INGLEWOODLA PINE, OR 97739 8/28/2015 $0.00

24131 STAPLES,CHARLENE PO BOX 1847LA PINE, OR 97739 9/28/2010 $0.00

24151 SANDERS,TERESA PO BOX 2741LA PINE, OR 97739 6/29/2001 $0.00

24163 HOLMES,ALICE P O BOX 702GILCHRIST, OR 97737 7/6/2001 $23.20

24299 SULLIVAN,MARK 152163 CONESTOGALA PINE, OR 97739 5/1/2014 $0.00

24417 CAMERON,MINNIE 1906 HACKETT DRLA PINE, OR 97739 10/4/2001 $0.00

24536 METHERELL,EDMOND P O BOX 682LA PINE, OR 97739 1/4/2013 $0.00

24546 PARKS,JEFF PO BOX 42CRESCENT, OR 97733 7/1/2010 $0.00

24560 HEDGE,WILLIAM 12245 LARCHWOODLA PINE, OR 97739 6/3/2016 $0.00

24673 KERN,PHYLLIS & DON P O BOX 333GILCHRIST, OR 97737 3/10/2002 $0.00

24687 HASBROUCK,JOHN PO BOX 3266LA PINE, OR 97739 11/27/2015 -$0.20

24707 NELSON,KENNETH J. PO BOX 726GILCHRIST, OR 97737 2/27/2004 $0.00

24733 JACOBS,DOUG 216 TUMBO DRGILCHRIST, OR 97737 4/17/2002 $12.30

24748 MCCALL,CAROLYN PO BOX 2312LA PINE, OR 97739 2/12/2016 $0.00

24802 SWAYZE,CHRISTIN & DONALD 153469 HACKAMORELA PINE, OR 97739 5/16/2002 $0.00

24820 WILLIAMS,WILLIAM B 150047 KURTZ RDLA PINE, OR 97739 5/30/2002 $15.80

24834 LAFFERTY,ALLEN 149356 MIDSTATE RDLA PINE, OR 97739 6/6/2008 $4.10

24842 LOIODICI,JANICE 149477 JERRY RDLA PINE, OR 97739-9346 12/24/2010 $0.00

24908 REDWINE,RICHARD 153540 COLLAR DRLA PINE, OR 97739-9848 6/27/2002 -$23.20

24987 METZGER,DONALD 1620 RECTOR DRLA PINE, OR 97739 9/29/2011 $0.00

24991 BAILEY,WILLIAM 12257 LARCHWOOD RDLA PINE, OR 97739 7/25/2002 $0.00

25009 SMITH,DARREL & TINA PO BOX 24CRESCENT, OR 97733 8/1/2002 -$28.60 25012 ROYER, LYNNE 149164 PAUL DRLA PINE, OR 97739 5/18/2012 $0.00

25164 HARPIGNY,LUC PO BOX 2032LA PINE, OR 97739 4/12/2013 $0.00

25171 HILLER,ELDON 2066 CHECKREIN LNLA PINE, OR 97739 9/26/2002 $0.00

25183 KEPPLE,TERRY 994 CHAPMAN RDGILCHRIST, OR 97737 11/8/2013 $23.20

25195 NOLIN,SHARON PO BOX 822GILCHRIST, OR 97737 10/22/2010 $0.00

25222 WAKEFIELD,ALAN 147334 GRACIE RDGILCHRIST, OR 97737 10/15/2002 $0.00

25235 HARRIS,DEAN 151922 CONESTOGA RDLA PINE, OR 97739 3/9/2017 $0.00

25255 CHAMBERLAIN,PAUL W 147930 S HWY 97LA PINE, OR 97739 12/5/2002 $0.00

25280 BREWER,NORM PO BOX 1513LA PINE, OR 97739 9/25/2015 -$79.00

25326 LARIOS,DENNIS G PO BOX 867GILCHRIST, OR 97737 3/10/2006 $0.00

25377 DANE,MARVIN 12411 SUN FOREST DRLA PINE, OR 97739 1/2/2003 $0.00

25379 NELSON,LOLA PO BOX 2711LA PINE, OR 97739 11/20/2015 -$23.20

25386 WIBLE, KAREN PO BOX 809GILCHRIST, OR 97737 3/18/2016 $8.20

25396 REEVES,ALISHA REEVES CONCRETEPO BOX 1454LA PINE, OR 97739 11/15/2011 $0.00

25438 WELTON,DAVID 1110 HACKETT DRLA PINE, OR 97739 8/30/2013 $0.00

25457 RANF,KEN PO BOX 682GILCHRIST, OR 97737 3/10/2006 $0.00

25535 LUKE,KEN PO BOX 2330LA PINE, OR 97739 10/17/2003 $0.00

25562 RUTHERFORD,HAROLD 1711 SADDLEHORN CTLA PINE, OR 97739 10/13/2011 $0.00

25612 DREILING,JAMES M PO BOX 3088LA PINE, OR 97739 5/23/2003 $0.00

25636 ELLIS,ROBERT PO BOX 1914LA PINE, OR 97739 10/21/2016 $0.00

25646 CAMERON,DUNCAN & BETTY 148728 SNUFFY DRPO BOX 703LA PINE, OR 97739-0703 6/6/2003 -$31.60

25658 DALIN,CLANCY 144314 BIRCHWOOD RDLA PINE, OR 97739 5/28/2004 $0.00

25660 BALDWIN,VERNON 826 WILD MUSTANG LNGILCHRIST, OR 97737 6/6/2003 $0.00

25676 NORTON,DALE 12750 ALDERWOOD DRLA PINE, OR 97739 2/2/2018 -$64.49

25735 BROWNIE, MARY PO BOX 3341LA PINE, OR 97739 6/27/2003 -$47.40

25739 TERRY,TROY & JONEE P O BOX 194CRESCENT, OR 97733 7/4/2003 $23.20

25777 ERICKSON,ALBERT 149136 KURTZ RDLA PINE, OR 97739 8/12/2016 $0.00

25877 NELSON,JEFF & CHERRY 153224 WAGON TRAIL RDLA PINE, OR 97739 8/14/2003 $0.00

26003 KING,AUDRAE P O BOX 622GILCHRIST, OR 97737 9/26/2003 $0.00

26014 GETCHELL,PATRICIA PO BOX 3382LA PINE, OR 97739 10/3/2003 $0.00

26015 WINGATE,JEFF & HEATHER 2060 CHECKREIN LNLAPINE, OR 97739 10/1/2003 -$15.80

26022 HOBLITZELL,ROBERT 1818 BLINKER CTLA PINE, OR 97739 10/2/2003 -$13.80 26036 SANDOVAL,PHILLIP 144824 GRACEWOOD PLACELA PINE, OR 97739 10/10/2003 $0.00

26038 CHENEY,RONALD PO BOX 85CRESCENT, OR 97733 10/17/2003 $0.00

26074 CLAYTON,WILLIAM PO BOX 3027LA PINE, OR 97739 8/12/2011 $0.00

26078 CHILDERS,DAN PO BOX 1385LA PINE, OR 97739 10/20/2003 $0.00

26079 MOORE,ROXANNE PO BOX 52CRESCENT, OR 97733 11/7/2003 $0.00

26248 GULLO,GAIL 12526 SUN FOREST DRLA PINE, OR 97739 2/13/2004 $0.00

26255 MARTIN,KEN PO BOX 111CRESCENT, OR 97733 12/30/2016 $0.00

26302 SOKOL,DEBORAH PO BOX 3373LA PINE, OR 97739 3/18/2004 $0.00

26359 TERRELL,CHARLES & TINA PO BOX 1247LA PINE, OR 97739 12/24/2004 $0.00

26446 STICHLER,RANDY PO BOX 241CRESCENT, OR 97733 5/7/2004 $0.00

26456 BOWEN,LINDA PO BOX 145CRESCENT, OR 97733 11/21/2014 -$47.80

26513 COLLINS,DENNIS PO BOX 434GILCRIST, OR 97737 11/9/2012 $0.00

26516 REINSCH,ALLEN 145116 LANEWOOD DRLA PINE, OR 97739 5/27/2004 $0.00

26552 PETERSEN,ROBERT PO BOX 336GILCHRIST, OR 97737 6/11/2004 $0.00

26572 MARTIN,RODGER 151051 ANVIL LNLA PINE, OR 97739 6/11/2004 $0.00

26573 ALEXANDER,LUCINDA PO BOX 1373LA PINE, OR 97739 6/11/2004 -$18.20

26593 PIPER,CHARLES 2625 MEADOW LNWOODBURN, OR 97071 7/9/2004 $0.00

26641 POTTER,DUANE 149536 PAUL DRLA PINE, OR 97739 7/2/2004 $0.00

26666 BELL,DAVID & DONNA PO BOX 227CRESCENT, OR 97733 7/9/2004 -$79.71

26691 SAKRAIDA,JOHN PO BOX 405GILCHRIST, OR 97737 11/24/2017 $0.00

26696 MIX,LINDA & GREG PO BOX 212LA PINE, OR 97739 7/16/2004 $0.00

26735 AYDELOTT,DAVE 144911 CORRAL CTLA PINE, OR 97739-9234 3/31/2017 $0.00

26755 BARRON,LINDA 19140 SPRINGFIELD CTCRESCENT LAKE, OR 97733 1/20/2015 $0.00

26883 GREEN,TIFFANY PO BOX 2394LA PINE, OR 97739 6/24/2011 $4.10

26888 MINTZ,JOANNE PO BOX 841LA PINE, OR 97739 5/17/2013 $0.32

26911 GRAHAM,VERN P O BOX 34CRESCENT, OR 97733 10/2/2015 -$0.20

27028 WINFORD,DANDA 7819 REEVES RDLA PINE, OR 97739 4/4/2008 $19.50

27100 DALTON,BRIAN 150271 KURTZ RDLA PINE, OR 97739 8/1/2008 -$1.20

27155 BREWER,RICHARD PO BOX 499LA PINE, OR 97739 12/27/2004 -$39.60

27167 DAVIS,ELISA & MACK PO BOX 443LA PINE, OR 97739 1/19/2005 $0.00

27182 SMITH,DUKE 148340 SNUFFY DRLA PINE, OR 97739 1/13/2005 $0.00

27195 JAEGER,FRED BOX 16574474SIOUX FALLS, SD 57186-0001 3/23/2017 $0.00 27275 WINFORD,MARY 6511 RANDY RDLA PINE, OR 97739 5/29/2009 $18.45

27362 COOPER,JERALD 149588 JERRY RDLA PINE, OR 97739 4/22/2005 -$39.00

27416 LAWNICKI,STEVE PO BOX 2273LA PINE, OR 97739 5/12/2005 $0.00

27487 WYLIE,ALLEN PO BOX 313CRESCENT, OR 97733 6/3/2005 $0.00

27493 WEBER,CLARENCE PO BOX 1555LA PINE, OR 97739 3/17/2017 $0.00

27497 ALFORD,WILLIAM 146736 JUNOS RDGILCHRIST, OR 97737 10/5/2007 $0.00

27555 DORNIK,WANDA PO BOX 143LA PINE, OR 97739 6/17/2005 $0.00

27585 FARLEIGH,NATALIE PO BOX 2487LA PINE, OR 97739 6/30/2005 $0.00

27610 FULLER,MARY PO BOX 325CRESCENT, OR 97733 6/8/2012 $0.00

27681 JENSEN,THOMAS & KATHRYN 144556 BIRCHWOOD RDLA PINE, OR 97739 10/3/2008 $6.60

27700 LONG,LARRY & LORIE PO BOX 155GERVAIS, OR 97026 8/13/2004 -$18.80

27708 ALFORD,JOHN&MONICA PO BOX 2550LA PINE, OR 97739 7/29/2016 $15.80

27712 KOOKER,SARENA 514 FT JACKPINE RDGILCHRIST, OR 97737 8/5/2005 $0.00

27719 STACEY,MIKE & ERIN 2665 BEAR FLAT RDCHEMULT, OR 97731 11/4/2014 $0.00

27721 SOUZA,FRANK CLAUDIA R SOUZA2008 LASSO CTLA PINE, OR 97739 3/31/2011 $0.00

27733 THORPE,DENNIS 144204 GREENWOOD RDLA PINE, OR 97739 8/5/2005 $0.00

27752 BRADFORD,PHILLIP 1043 SE NAZOMI AVEHILLSBORO, OR 97123 6/28/2011 $0.00

27754 LEE-SPROTT,PENNY PO BOX 716LA PINE, OR 97739 8/12/2005 $0.00

27775 HOLLIS,MARK PO BOX 703GILCHRIST, OR 97737 8/5/2005 $0.00

27839 OWENS,CURTIS 145574 LANEWOOD DRLA PINE, OR 97739 5/30/2014 $0.00

27881 DAVIS,MARCI PO BOX 3239PMB 319LA PINE, OR 97739 4/13/2017 $0.00

27882 WAY,GARY W PO BOX 3014LAPINE, OR 97739 4/23/2010 $0.00

27902 FINDLEY,LAWRENCE P O BOX 195CHEMULT, OR 97731 4/25/2017 -$33.23

27904 GOEVELINGER,NICK & CAROL 19109 ROYCE MOUNTAIN WAYCRESCENT, OR 97733 6/14/2016 -$35.40

27934 CHANDLER,TINA 145070 BIRCHWOOD RDLAPINE, OR 97739 7/7/2006 $0.00

27935 MEINICKE,JENNIFER PO BOX 3105LA PINE, OR 97739 7/18/2014 $27.30

27938 COLEMAN,JIM 152354 SILVER SPUR RDLA PINE, OR 97739 4/22/2010 $0.00

27967 BATEMAN,CAROL PO BOX 3368LA PINE, OR 97739 7/4/2008 -$126.40

27978 BACHE,PATRICIA PO BOX 338GILCHRIST, OR 97737 10/7/2005 $0.00

28011 MORGAN,DOUG 145309 GAIT CTLA PINE, OR 97739 10/20/2005 $0.00

28016 MAYS,STEVE 12635 BEECHWOOD DRLA PINE, OR 97739 11/6/2015 $4.10

28084 GIAMANCO,JOHN T 11948 CEDARWOOD DRLA PINE, OR 97739 11/10/2005 $0.00 28090 ALLEN,LAURA PO BOX 99CRESCENT, OR 97733 9/28/2012 $0.00

28107 HALE, PHILLIP & JANET P O BOX 97CRESCENT, OR 97733 11/18/2005 $0.00

28130 BERLING,ELLEN 1114 FRED MAHN DRLA PINE, OR 97739 12/16/2005 $0.00

28145 MICKELSON,RANDY 1670 HACKETT DRLA PINE, OR 97739 5/26/2017 -$31.60

28155 GEMBALA,CHERYL PO BOX 3252LA PINE, OR 97739 12/9/2005 $0.00

28226 HOOD,KAYLA 149347 SNUFFY DRLA PINE, OR 97739 1/12/2018 $0.00

28233 HAYS,ANNETTE 153559 LITTLE RIVER LPLA PINE, OR 97739 1/26/2006 $0.00

28242 BOOHER,DENNIS & LISA 2021 LASSO CTLA PINE, OR 97739 8/23/2007 -$47.04

28259 ARCHER,DENARE PO BOX 3441LA PINE, OR 97739 12/4/2015 $0.00

28294 KLEINSASSER, MARSHA & SAMUEL PO BOX 304GILCHRIST, OR 97737 10/16/2009 $0.00

28312 GRAHAM,CHARANNE TODD STEINPO BOX 1982LA PINE, OR 97739 5/16/2016 $0.00

28317 BECKER,CARL 1316 CHERYL DRLA PINE, OR 97739 6/20/2014 $0.00

28347 GILPIN,JOHN PO BOX 3492LA PINE, OR 97739 8/2/2013 $0.00

28363 LLOYD,DIANNA PO BOX 742GILCHRIST, OR 97737 4/21/2006 $0.00

28369 BUSS,EARL 1713 STETSON CTLA PINE, OR 97739 4/20/2006 $0.00

28383 KENNEDY,SHARI 630 FT JACKPINE RDGILCHRIST, OR 97737 1/3/2014 -$0.80

28414 JACKSON,KAREN PO BOX 342CRESCENT, OR 97733 9/26/2014 $0.00

28451 HULL,ERIC PO BOX 2788LA PINE, OR 97739 9/23/2015 $0.00

28539 PARSLEY,MISTY PO BOX 3239 # 310LA PINE, OR 97739 10/20/2014 $55.90

28554 DEAN,GARY & JAMI 16388 3RD ST PMB 106LA PINE, OR 97739 10/8/2009 $0.00

28666 KASTNER,DOUG 1134 LINDA DRLA PINE, OR 97739 6/15/2007 $0.00

28714 REYES,SANDY PO BOX 1672LA PINE, OR 97739 7/28/2006 -$36.80

28738 MONIZ,DOROTHY PO BOX 1792LA PINE, OR 97739 8/4/2006 $0.00

28772 DIXON,GENE PO BOX 3451LA PINE, OR 97739 3/7/2014 -$63.20

28859 CROWDER,ALAN 146503 JUNOS RDGILCHRIST, OR 97737 9/7/2006 $0.00

28888 MATSON, TRACI PO BOX 306CRESCENT, OR 97733 9/15/2006 $0.00

28904 OCHOA,SHERRI PO BOX 94CHEMULT, OR 97731 6/12/2012 $0.00

28964 FINLEY,MAURINE PO BOX 366CRESCENT, OR 97733 10/13/2006 $0.00

28973 GRUHLKE, CINDY 149648 PAUL DRLA PINE, OR 97739-9115 12/15/2006 $0.00

29056 REDWINE,KATHY 152519 WAGON TRAIL RDLA PINE, OR 97739 11/23/2006 $0.00

29157 MARTIN,JOYCE 148617 AHEARN DRLAPINE, OR 97739 1/12/2007 $0.00

29177 BARKER,ELWYN & JOETTA 12420 ALDERWOOD DRLA PINE, OR 97739 1/26/2007 $0.00 29198 JETER,STEVE 145137 TROTTER CTLA PINE, OR 97739 2/2/2007 $0.80

29262 SCHREIBER, ELLEN 153424 COLLAR DRLA PINE, OR 97739 4/28/2011 -$0.25

29283 MOORE,CLINT & BEV PO BOX 464LA PINE, OR 97739 3/22/2007 -$116.75

29293 STACY,SUSAN PO BOX 1211LA PINE, OR 97739 11/7/2008 $15.80

29297 WOLFF,MISTY PO BOX 943LA PINE, OR 97739 3/30/2007 $0.00

29327 SKINNER,MARGO 851 HACKETT DRLA PINE, OR 97739 8/11/2017 $0.00

29402 SUTTON,SUE 665 HOLIDAY LNCHEMULT, OR 97731 5/15/2007 $0.00

29404 PETERS,WALT 152039 CONESTOGA RDLA PINE, OR 97739 9/17/2015 $0.00

29437 SMITH,FRANKLIN 153357 HACKAMORE LNLA PINE, OR 97739 5/24/2007 -$46.40

29447 CONASTER,MIKE 11742 BEECHWOOD DRLA PINE, OR 97739 6/3/2011 $15.80

29497 MCCLELLIN, SAM 11510 SUNFOREST DRLA PINE, OR 97739 6/8/2007 $0.00

29513 DEMERS,JANET 11414 FERNWOOD PLLA PINE, OR 97739 7/18/2014 $0.00

29515 FERRELL, MIKE 149071 MABEL DRLAPINE, OR 97739 10/6/2017 $0.00

29519 CAVEYE, FRAN PO BOX 462LA PINE, OR 97739 10/6/2016 $0.00

29558 HARSHBARGER, DAN 1143 LINDA DRLA PINE, OR 97739 6/22/2007 $0.50

29606 LAYMAN,CECIL BRUCE LAYMAN11121 NORTH ASTORSPOKANE, WA 99218 7/13/2007 $0.00

29615 KLINE,TOM 2053 CHECKREIN LNLA PINE, OR 97739 3/14/2013 $0.00

29634 HOFFMAN,ANGIE PO BOX 3452LA PINE, OR 97739 7/20/2007 $0.00

29643 WILLIAMS,ASHLEY PO BOX 497LA PINE, OR 97739 7/4/2013 $3.76

29648 GARRICK,STEVE PO BOX 705GILCHRIST, OR 97737 7/20/2007 $0.00

29654 EVERLY,JOE & DIANNA 144911 TROTTER CTLA PINE, OR 97739-9196 12/4/2015 -$17.16

29688 REINSCH,JEFF 145116 LANEWOOD DRLA PINE, OR 97739 5/1/2009 $0.00

29732 ROSAS,CHERIE 11405 FERNWOOD PLLAPINE, OR 97739 2/6/2015 $23.20

29752 TAUBENKRAU,WALTER & LOUISE 1838 RECTOR DRLA PINE, OR 97739 10/26/2007 $0.00

29790 RYDEL,MATT PO BOX 3354LA PINE, OR 97739 8/31/2007 $0.00

29796 LAMBERT,LEVI PO BOX 1154LA PINE, OR 97739 9/3/2007 $23.20

29818 WILLIAMS,ARA PO BOX 1534LAPINE, OR 97739 4/1/2016 $0.00

29873 LABEREE, OWEN SR. & AUDREA PO BOX 812GILCHRIST, OR 97737-0812 8/3/2009 $0.00

29979 HERRING,DOUG PO BOX 1163CRESCENT, OR 97733 11/20/2007 $0.00

30014 WAITS,BILL 1156 WILD MUSTANG LNGILCHRIST, OR 97737-9737 12/7/2007 $0.00

30038 HEATHERSHAW,JUNE 150385 JERRY RDLA PINE, OR 97739 12/14/2007 $0.00

30045 COX,MARTIN 38938 SAILFISH CMNFREMONT, CA 94536 12/14/2007 $0.00 30180 ELLIOTT,CHRIS 1718 MARE CRTLAPINE, OR 97739 3/20/2008 $0.00

30330 GORDON,MONTE 11400 WEST OLYMPIC BLVD #200LOS ANGELES, CA 90064-1584 8/26/2010 $0.00

30331 NEUHALFEN,MIKE PO BOX 836LA PINE, OR 97739 6/1/2012 $0.00

30495 BURBANK,COLLEEN PO BOX 348GILCHRIST, OR 97737 8/1/2008 $0.00

30596 JAMES & PEGGY WANDELL 146646 OLD CABIN RDGILCHRIST, OR 97737 3/8/2018 $0.00

30598 ESTELENA HECKMAN 153030 COLLAR DRLA PINE, OR 97739 2/4/2010 $17.40

30618 MCALLISTER, NORMA PO BOX 990LAPINE, OR 97739 8/20/2010 $0.00

30650 BEER,LORI & CURTIS PO BOX 1045CRESCENT LAKE, OR 97733 8/13/2012 $0.00

30656 ANDERSON,ELLEN PO BOX 71CHEMULT, OR 97731 8/16/2016 $0.00

30687 SKIBINSKI,DONNA PO BOX 788GILCHRIST, OR 97737-3251 3/8/2018 $0.00

30692 NEAL,WILLIAM PO BOX 826GILCHRIST, OR 97737-0826 3/8/2018 $0.00

30766 SHAFFER,JOHN 150489 KURTZ RDLAPINE, OR 97739 12/12/2008 $0.00

30788 EGGER,ROSANNA 1875 LADIGO CTLA PINE, OR 97739 1/1/2009 $0.00

30793 HIBBS,ARLETTE PO BOX 1345LAPINE, OR 97739 1/9/2009 $0.00

30807 BLANCHARD,SHANE PO BOX 837GILCHRIST, OR 97737 11/26/2010 $0.00

30818 ANDERSON,LYLE PO BOX 2332LA PINE, OR 97739 4/14/2017 5/22/2020 -$11.85

30874 JUDGE,JOSHUA CRYSTAL REAGLE149011 SNUFFY DRLA PINE, OR 97739 3/18/2009 $0.00

30880 LINDEBERG,JON PO BOX 1185LAPINE, OR 97739 3/20/2009 $0.00

30911 COOPER,DAVE 152049 CONESTOGA RDLA PINE, OR 97739 4/23/2009 $0.00

30932 POWERS,COLLIN&JUNE PO BOX 1812LAPINE, OR 97739 4/24/2009 -$15.80

30957 UDELL,ROSEMOND PO BOX 63CRESCENT, OR 97733 5/15/2009 $0.00

30992 CAREY,CHARLES PO BOX 829GILCHRIST, OR 97737 5/29/2009 $0.00

31008 COX,BOB & LAURIE PO BOX 1692LA PINE, OR 97739 6/5/2009 $0.00

31018 PHILLIPS,CLYDE 1727 RECTOR DRLAPINE, OR 97739 11/6/2009 $0.00

31040 EDMUND LARIOS PO BOX 787GILCHRIST, OR 97737-0787 3/14/2018 $0.00

31061 WITTIG,CHERYL&DENNIS PO BOX 2804LAPINE, OR 97739 1/29/2016 $0.00

31088 GARCIA,BRENDA PO BOX 433GILCHRIST, OR 97737 5/13/2016 $0.00

31107 LARSON, KAREN PO BOX 385CRESCENT, OR 97733 7/31/2009 $0.00

31121 LINK,GABY PO BOX 2268LA PINE, OR 97739 7/31/2009 $0.00

31158 BUBRIG,BETTY 152113 SILVER SPUR RDLA PINE, OR 97739 8/13/2009 $0.00

31220 CONATSER,ROBERT 11830 CEDARWOOD DRLA PINE, OR 97739 9/11/2009 $0.00

31268 WHITE,TODD PO BOX 442GILCHRIST, OR 97737 10/9/2009 $0.00 31319 LOONEY,GALEN&CAROL 152512 WAGONTRAIL RD #G13LA PINE, OR 97739 12/1/2010 $0.00

31327 GIBSON, CAROLYN J 1254 RECTOR DRLA PINE, OR 97739 6/24/2016 $0.00

31344 HINKLE,JERRY&KAREN 1927 CHECKREIN LNLA PINE, OR 97739 1/7/2010 $0.00

31358 TINKER,SANDY 12356 LARCHWOOD DRLA PINE, OR 97739 12/18/2009 -$29.75

31378 ACKLEY,DEREK PO BOX 831GILCHRIST, OR 97737 2/6/2017 -$69.40

31383 FLOYD,THOMAS G PO BOX 134LAPINE, OR 97739 9/30/2016 $4.10

31396 ANDERSON,CATHE 149177 AHERN DRLA PINE, OR 97739 2/5/2010 $0.00

31430 TOLENTINO,TERRI PO BOX 3571LA PINE, OR 97739 2/19/2010 $0.00

31434 LOHNER,KYLE PO BOX 1113LA PINE, OR 97739 2/25/2010 $8.20

31501 SMITH,DONALD E PO BOX 3328LAPINE, OR 97739 4/16/2010 $0.00

31509 ACEY,KIRK 146315 BEALLA PINE, OR 97739 4/23/2010 $0.00

31517 CRADDOCK,MELINDA PO BOX 1563LA PINE, OR 97739 12/2/2016 $0.00

31623 CRUZ,OFELIA 144329 INGLEWOOD RDLA PINE, OR 97739 6/25/2010 $0.00

31686 CLARK,DEBRA PO BOX 250LA PINE, OR 97739 7/23/2010 $0.00

31687 HENSE,MISTY PO BOX 133CRESCENT, OR 97733 12/2/2016 $30.60

31731 GRAY,GEORGE PO BOX 181CHEMULT, OR 97731 8/13/2010 -$67.20

31733 DODGE,RICHARD PO BOX 2042LAPINE, OR 97739 8/12/2010 $0.00

31773 HANEY,KEVIN PO BOX 1425LA PINE, OR 97739 8/26/2010 $4.10

31801 NAGORE,KIMBERLY 11506 CEDARWOOD DRLA PINE, OR 97739 9/10/2010 $0.00

31864 STUEMKE,KURT&PAMELA PO BOX 2604LA PINE, OR 97707 10/8/2010 $0.00

31874 LARSEN,STEVE PO BOX 2484LA PINE, OR 97739 10/21/2010 $0.00

31877 BOWEN,LLOYD 146747 OLD CABIN RDGILCHRIST, OR 97737 11/24/2017 $0.00

31945 LEWIS,JESSE 146532 OLD CABIN RDGILCHRIST, OR 97737 10/3/2014 $0.00

31948 SMITH,JERIMIAH PO BOX 110CRESCENT, OR 97733 11/30/2010 $0.00

31953 CRENSHAW,JERRY 12014 BEECHWOODLAPINE, OR 97739 12/3/2010 $0.00

31960 HENDRICKS,SHERRY 145039 GRACEWOOD PLLA PINE, OR 97739 12/10/2010 $0.00

31986 DAVIDSON,MILO PO BOX 865GILCHRIST, OR 97737 1/11/2011 $0.00

32033 NEWTON,STACY 12009 LARCHWOOD DRLA PINE, OR 97739 8/25/2017 $31.40

32045 PIERCE,LINDA 5018 BROPHY RDEAGLE POINT, OR 97524 1/6/2017 -$5.40

32058 SCHMIDT,DEBBIE 7065 MICHAEL RDLAPINE, OR 97739 3/4/2011 $0.00

32072 RICHARDS,STEVE & SANDY 885 CHAPMAN RDGILCHRIST, OR 97737 3/11/2016 $0.00

32073 MANNING,TRAVIS 8859 SPLIT RAIL LA PINE, OR 97739 3/28/2011 $30.60 32105 PHILLIPS,MARIE 2014 LASSOLA PINE, OR 97739 4/27/2017 $15.80

32127 ROBINSON,TINA 152046 CONESTOGA RDLA PINE, OR 97739 4/15/2011 $30.60

32141 SALLY CURTIS PO BOX 193CRESCENT, OR 97733 3/29/2018 $0.00

32148 SAMMIS,DIANA PO BOX 781GILCHRIST, OR 97737 4/22/2011 $0.00

32156 BOB MISNER 7016 HOWARD RDLA PINE, OR 97739-9348 3/29/2018 $0.00

32249 REID,STEVEN PO BOX 281CRESCENT, OR 97733 6/17/2011 $25.05

32258 MOORE, KEELY PO BOX 1151LA PINE, OR 97739 8/12/2016 $0.00

32285 FREITAS, JOSEPH III PO BOX 677LAPINE, OR 97739 7/1/2011 $0.00

32293 KILLITZ,TERRI P O BOX 813GILCHRIST, OR 97737 7/8/2011 $30.60

32303 ISRAEL, RONALD&ANNETTE 1663 HACKETT DRLAPINE, OR 97739 7/11/2011 $0.00

32336 YANKEY,RON & PATTY 12416 BEECHWOOD DRLA PINE, OR 97739 7/22/2011 $0.00

32354 SMITH,DAN 145504 RANGER CTLAPINE, OR 97739 7/29/2011 $0.00

32374 ADAMS,BELINDA & DENNIS PO BOX 346GILCHRIST, OR 97737 8/5/2011 $0.00

32377 THUNE,LOUIS 10338 RIDER CTLAPINE, OR 97739 8/5/2011 $0.00

32380 ALBUSCHIE,WALTER 2833 ALACANO DRLA PINE, OR 97739 11/10/2016 $0.00

32405 FINK,CAROL PO BOX 858GILCHRIST, OR 97737 5/13/2016 $0.00

32440 HANNAFORD,JULIE & LEN PO BOX 437LAPINE, OR 97739 8/30/2011 $0.00

32532 MORTON,MIKE & MONETTE 144444 BIRCHWOOD RDLA PINE, OR 97739 10/28/2011 $0.00

32534 MCDANIEL,MICHELLE & KEVIN PO BOX 3258LA PINE, OR 97739 10/14/2011 $0.00

32536 ANDERSON,ZALE 52630 ANTLER LNLAPINE, OR 97739 2/16/2018 $29.00

32544 LEMONS,TONY PO BOX 325LAPINE, OR 97739 1/5/2018 $0.00

32580 BOGART,DEVON PO BOX 28CRESCENT, OR 97733 5/31/2013 $23.20

32663 THATCHER,LONNIE PO BOX 3453LAPINE, OR 97739 12/30/2011 $0.00

32666 STINSON,KAREN PO BOX 158CRESCENT, OR 97733 3/4/2016 $0.00

32672 CHEMULT BIBLE FELLOWSHIP PO BOX 135CHEMULT, OR 97731 1/10/2012 $16.40

32678 SUSAN NEWTON PO BOX 1148CRESCENT LAKE, OR 97733-1148 4/2/2018 -$47.40

32685 TENNIMON,TERRY & BILL PO BOX 174CRESCENT, OR 97733 2/1/2012 $0.00

32688 THATCHER, KAREN 145519 RANGER CTLAPINE, OR 97739 1/27/2012 $4.10

32701 JAKE BOYD PO BOX 49CHEMULT, OR 97731-0049 4/2/2018 $0.00

32749 HOPKINS,RICK 8853 SPLIT RAIL RDLAPINE, OR 97739 3/23/2012 -$167.44

32792 ELLIS,TOM 145586 LANEWOOD DRLA PINE, OR 97739 4/20/2012 $0.00

32794 MEADOWS,DARRELL PO BOX 165CRESCENT, OR 97733 4/20/2012 -$35.30 32800 NIKOLAUSON,KRYSTAL PO BOX 2836LA PINE, OR 97739 9/5/2016 $0.00

32801 IRONS,EDWARD 152126 LONG PRAIRIE DRLAPINE, OR 97739 4/27/2012 $16.40

32804 MEADOWS,LAURA PO BOX 315GILCHRIST, OR 97737 4/23/2012 $0.00

32840 ZIMMERMAN,JOE&SUSAN PO BOX 879GILCHRIST, OR 97737 1/26/2018 $0.00

32844 WILLEY,MARTIN 1706 SADDLEHORN CTLA PINE, OR 97739 5/10/2012 -$30.60

32921 MAY,CHARLOTTE PO BOX 2224LAPINE, OR 97739 6/14/2012 $0.00

32930 STUMP,PATRICK 10048 SPLIT RAIL RDLA PINE, OR 97739 6/15/2012 $0.00

32960 WELLS,BRYAN 6140 BARKER ELMS CTCARMICHAEL, CA 95608 5/4/2017 $0.00

32962 CARRINGTON,CANDY PO BOX 223LA PINE, OR 97739 6/29/2012 -$46.40

32964 FRITZ,LESLIE 152114 SILVER SPUR RDLA PINE, OR 97739 7/4/2012 $0.00

32978 MCBRIDE,LIONEL & ELLEN 153036 COLLAR DRLA PINE, OR 97739 4/20/2017 $0.00

32983 GILBRIDE,BRIAN & KAREN 153210 COLLAR DRLAPINE, OR 97739 10/2/2013 $0.00

33002 NEUMANN,DAN PO BOX 1091LAPINE, OR 97739 7/13/2012 $0.00

33005 MCMAHAN,JAYME PO BOX 44CRESCENT, OR 97733 7/13/2012 $0.00

33032 SHAW,KELLY PO BOX 56CRESCENT, OR 97733 7/27/2012 $0.00

33053 HARRELL,WILMA 146315 BEAL RDLAPINE, OR 97739 8/3/2012 $0.00

33082 DONALD,JERRY PO BOX 350LA PINE, OR 97739 8/17/2012 -$23.20

33097 WHITE,JOHN H PO BOX 646GILCHRIST, OR 97737 8/20/2012 $0.00

33129 PRICE,JIM PO BOX 470LA PINE, OR 97739 9/7/2012 $0.00

33152 CARLSON,DENNY PO BOX 146CRESCENT, OR 97733 9/10/2012 $0.00

33185 HAMPTON,DIANA PO BOX 3024LAPINE, OR 97739 8/4/2015 $0.00

33202 WEST,RICK PO BOX 142CRESCENT, OR 97733 10/4/2013 -$0.40

33214 PEARCE,DON PO BOX 348CRESCENT, OR 4/28/2017 $0.00

33221 CROUCH,CAROL 7464 HOWARD RDLA PINE, OR 97739 10/12/2012 $0.00

33240 FREEMAN,KATHY PO BOX 1012CRESCENT, OR 97425 10/30/2012 $0.00

33259 WEST,SANDY SHARON HOUSERPO BOX 765GILCHRIST, OR 97737 11/9/2012 $0.00

33276 KESTER,CHERYL 51830 PINE LOOP DRLA PINE, OR 97739-9588 4/5/2018 $0.00

33283 BISBEE,BUD PO BOX 35CRESCENT, OR 97733 5/12/2017 $0.00

33330 MILLER,LINDA PO BOX 137CRESCENT, OR 97733 12/28/2012 $30.60

33333 EVANS,MICHELLE 153520 TWILLA CTLA PINE, OR 97739 6/2/2016 $0.00

33354 SEARCY,TANYA 52694 CENTER DRLA PINE, OR 97739 1/28/2013 $30.60

33357 SOARES,CECILIA 152106 SILVER SPURLA PINE, OR 97739 1/24/2013 $0.00 33371 HARRISON,ROBIN & BECCA PO BOX 2454LA PINE, OR 97739-2454 2/15/2013 $0.00

33374 HOGREFE,RANDOLPH 147453 GRACIE RDGILCHRIST, OR 97737 2/8/2013 $10.95

33404 ALEXANDER,RALPH PO BOX 324CRESCENT, OR 97733 2/22/2013 $0.00

33413 RAINY,LATRICIA 10216 SPLIT RAIL RDLA PINE, OR 97739-9084 5/8/2017 $0.00

33415 ALLEN,ALYSSA JUSTAN ALLENPO BOX 2487LAPINE, OR 97739 10/13/2017 $34.70

33427 HOOPES,GERALD 959 HACKETT DRLAPINE, OR 97739 3/7/2013 $0.00

33435 WHITTEN,THERESA PO BOX 160CRESCENT, OR 97733 3/15/2013 $0.00

33441 BIG FOOT TAVERN MATTHEW LOWEPO BOX 224CRESCENT, OR 97733 1/8/2016 $0.00

33462 SMITH,TOM PO BOX 2608LAPINE, OR 97739 3/28/2013 $0.00

33487 CROOK,TIM & KAREN 153668 WAGON TRAIL RDLAPINE, OR 97739 4/11/2013 $0.00

33508 STUMP,JIM PO BOX 1635LAPINE, OR 97739 4/26/2013 $4.10

33522 HOLSINGER,ROBERT 149703 MIDSTATE RDLA PINE, OR 97739-7648 10/4/2013 $0.00

33528 ROGERS,EUGENE PO BOX 321LAPINE, OR 97739 5/3/2013 $0.00

33542 HOWARD,ANN PO BOX 2192LA PINE, OR 97739 5/10/2013 $0.00

33569 WEAVER,GARY & VALERIE 1764 LARIAT CTLA PINE, OR 97739 1/7/2016 $0.00

33583 LESSARD,KAREN 153665 WAGON TRAIL RDLA PINE, OR 97739 6/6/2013 -$15.80

33590 MCCRAEKEN,JUNE 146909 BILLS RDGILCHRIST, OR 97737 5/31/2013 $0.00

33603 NEWTON,RONDA PO BOX 2681LAPINE, OR 97739 5/26/2015 -$1.61

33635 WHISPERING PINES MOTEL SHEILA POWLEYPO BOX 175CHEMULT, OR 97731 1/2/2018 $53.55

33645 MATTHEWS,MELISSA 1731 LUND RDLA PINE, OR 97739 3/14/2014 $0.00

33687 PELLICO,ALEX 2203 N MOHAWK AVEPORTLAND, OR 97203 6/25/2015 $0.00

33707 CARLSON,PEGGY PO BOX 39CRESCENT, OR 97733 7/12/2013 $0.00

33711 KEPHART,MILO PO BOX 924LAPINE, OR 97739 7/11/2013 -$153.95

33714 HAYNES,JOHN PO BOX 2816LA PINE, OR 97739 7/11/2013 $23.20

33742 RAMAGE,WALT 1931 ROYAL PALM AVEYAKIMA, WA 98903-1305 1/19/2018 $67.85

33752 POULSEN,NANCY 153025 COLLAR DRLA PINE, OR 97739 1/4/2018 $0.00

33753 DYER,DEAN 144911 CORRAL CTLA PINE, OR 97739 8/4/2017 $0.00

33759 HAMERL,MARK 2614 BARROWS CTLAPINE, OR 97739 8/1/2013 $0.00

33770 MCPIKE,DEAN PO BOX 2431LA PINE, OR 97739 8/2/2013 $0.00

33801 BATESON,LEAH PO BOX 38CRESCENT, OR 97733 8/16/2013 -$0.40

33806 MCLOUGHLIN,SHANE PO BOX 71LA PINE, OR 97739 8/16/2013 $0.00

33874 MOORE,DAVID PO BOX 712LAPINE, OR 97739 3/27/2015 -$158.00 33890 DAVIS,SEAN PO BOX 1453LA PINE, OR 97739-1453 6/22/2017 $6.05

33898 SHELLEY,JOHN 930 RECTOR DRLA PINE, OR 97739 12/29/2017 $18.75

33921 LONG,JOE & STEPHANIE PO BOX 853GILCHRIST, OR 97737 9/23/2013 $162.40

33963 WILLEY,TYLER 152229 SILVER SPUR RDLA PINE, OR 97739 6/5/2014 $0.00

34002 DUNCAN,THOMAS&DORTHY 152908 STIRRUP DRLAPINE, OR 97739 10/24/2013 $0.00

34004 HARRISON,TAMMY PO BOX 814LA PINE, OR 97739 10/28/2013 $0.00

34011 WITT,DAVID 12647 LARCHWOOD DRLA PINE, OR 97739 11/1/2013 $15.80

34088 HANSON,MARK 144912 TROTTER CTLA PINE, OR 97739 7/5/2017 $0.00

34101 SWARTZ,MATTHEW PO BOX 316CRESCENT, OR 97733 12/20/2013 -$52.60

34188 LITTLE,ROBBIN PO BOX 623GILCHRIST, OR 97737 2/28/2014 $0.00

34197 LESLIE,DEBRA PO BOX 22CRESCENT, OR 97733 3/7/2014 $0.00

34209 LOOMIS,MICHAEL 152403 WAGON TRAIL RDLA PINE, OR 97739 3/20/2014 -$202.00

34222 MEADOWS,DANA PO BOX 165CRESCENT, OR 97733 3/28/2014 $0.00

34232 KONGSLI,WILLIAM 2054 CHECKREIN LNLAPINE, OR 97739 3/27/2014 $0.00

34237 FORREST,VIOLET PO BOX 50CRESCENT, OR 97733 4/4/2014 $0.00

34251 STURGES,CARL PO BOX 1024LA PINE, OR 97739 4/11/2014 $0.00

34258 JARVI,MIKE 11817 PINEWOOD PLLA PINE, OR 97739 4/11/2014 $15.80

34271 TRISTAN,MONICA PO BOX 165CRESCENT, OR 97733 4/18/2014 $0.00

34276 BRUNO,GARRETT PO BOX 695GILCHRIST, OR 97737 4/22/2014 $0.00

34291 GOODWIN,JAYNE PO BOX 92CRESCENT, OR 97733 5/2/2014 $0.00

34341 SWANSON,CHARLENE PO BOX 131CRESCENT, OR 97739 5/30/2014 $0.00

34364 MADEWELL,BRIAN AND BILLIE P O BOX 180CHEMULT, OR 97731 6/3/2014 $0.00

34371 MOUGHLER,VONDA PO BOX 1063CRESCENT LAKE, OR 97733 7/19/2016 $0.00

34388 STACEY,BILL 2027 BEAR FLAT RDCHEMULT, OR 97731 11/11/2014 -$13.90

34401 LINDENAU,CAROL 152381 WAGON TRAIL RDLA PINE, OR 97739 10/26/2017 $0.00

34407 WILLIAMS,PAT PO BOX 614GILCHRIST, OR 97737 6/16/2017 $0.00

34409 WILES,KILEY PO BOX 118CRESCENT, OR 97733 6/13/2014 $0.00

34423 WHITE,MARK & KIMBERLY 148740 AHERN DRLA PINE, OR 97739 6/20/2014 $23.20

34451 OWNBY, SARAH BRANDON HYDE100634 DALLES STCHEMULT, OR 97731-9737 7/2/2014 $23.20

34452 CHINN,JERRY 1711 TERRET RDLAPINE, OR 97739 7/3/2014 $0.00

34453 LANE,MILDRED PO BOX 178CRESCENT, OR 97733 6/27/2014 $0.00

34470 VOLK,JANETTE PO BOX 57CHEMULT, OR 97731 7/1/2014 $0.00 34503 FOOTE,TYLER 146634 BILLS RDGILCHRIST, OR 97733 12/5/2014 $6.40

34512 PAULSON,SCOTT PO BOX 724GILCHRIST, OR 97737 8/18/2017 $0.00

34518 MCCONNEL,DAVID & VERONICA PO BOX 3158LA PINE, OR 97739-3158 7/29/2014 -$5.92

34528 MURRAY,DEON PO BOX 126CRESCENT, OR 97733 4/14/2017 $0.00

34544 THUNE,TONY & DEBRA 10344 RIDER CTLA PINE, OR 97739 11/24/2017 $0.00

34564 JANISCH,PATRICK PO BOX 95CRESCENT, OR 97733 8/8/2014 $0.00

34575 WILKERSON,GEORGE & MALINDA PO BOX 1160CRESCENT LAKE, OR 97733 8/12/2014 $0.00

34577 KLUMP,LEANNE PO BOX 714GILCHRIST, OR 97737 8/15/2014 $0.00

34592 TILLER,ROCKY PO BOX 823GILCHRIST, OR 97737 8/15/2014 $0.00

34627 LANE,ALAN PO BOX 109CRESCENT, OR 97733 9/5/2014 $0.00

34633 PRENTICE,STEVE PO BOX 2148LAPINE, OR 97739 9/4/2014 $0.00

34637 MIZZLES,TED 151852 CONESTOGA RDLA PINE, OR 97739 9/11/2014 $0.00

34638 IVANS,JAMES 12523 BEECHWOOD DRLA PINE, OR 97739 7/14/2017 -$42.54

34664 FIKE,CARI 11548 BURLWOOD DRLA PINE, OR 97739 9/18/2014 -$79.10

34674 MOORE,TAMMY&PAUL PO BOX 332CRESCENT, OR 97733-0332 4/25/2017 -$19.25

34691 MUELLER,M MELANIE 12240 ALDERWOOD DRLA PINE, OR 97739 10/3/2014 -$91.80

34697 ROSE,SHELLIE 760 SE 4TH STTOLEDO, OR 97391 10/10/2014 $29.45

34701 ROBBINS,SHELIA PO BOX 2508LA PINE, OR 97739 10/3/2014 $0.00

34708 ERICKSON,DENNIS PO BOX 1172CRESCENT LAKE, OR 97733 10/17/2017 $0.00

34716 SMOUSE,CHRISTINE PO BOX 14CRESCENT, OR 97733 10/3/2014 $11.20

34721 WALTERS,DIANA PO BOX 91CHEMULT, OR 97731 10/7/2014 $0.00

34731 MERCY FELLOWSHIP PO BOX 347GILCHRIST, OR 97737 10/17/2014 $0.00

34752 NAIRNS,DON PO BOX 2771LA PINE, OR 97739 1/6/2017 $0.00

34756 COYLE, FRED & BONNIE PO BOX 1005LAPINE, OR 97739 10/17/2014 $0.00

34760 PEDERSEN,MATTHEW WRIGHT, KATRINAPO BOX 764GILCHRIST, OR 97737 2/18/2016 $0.00

34786 CURYEA,CARISSA PO BOX 40CRESCENT, OR 97733 11/14/2014 $0.00

34820 HARSHBARGER,TIM PO BOX 2035LA PINE, OR 97739 11/7/2014 $0.00

34825 COLOMBERO,ANNE 153650 WAGON TRAIL RDLA PINE, OR 97739 11/13/2014 $0.00

34836 NOEL,DONALD & MARILYN 151854 HACKAMORE LNLA PINE, OR 97739 11/27/2014 $0.00

34841 FRISBIE,VIC 146621 JUNOS RDGILCHRIST, OR 97737 11/21/2014 -$23.20

34844 MATSON,JAMES PO BOX 185CRESCENT, OR 97733 5/5/2017 $0.00

34847 LUCAS,DEBBIE 151060 ANVIL LNLA PINE, OR 97739 11/21/2014 $6.25 34862 DALLWIG,LINDA 4693 SUNNYVIEW RD NESALEM, OR 977305 11/27/2014 -$77.90

34889 NAYLOR,MICHAEL 145241 CORRAL CTLAPINE, OR 97739 1/6/2017 -$30.03

34932 FOUCAULT,BARBARA PO BOX 3235LA PINE, OR 97739 1/16/2015 $0.00

34943 MINICH,ROBERT 100471 HIGHWAY 97 NCHEMULT, OR 97731-9746 1/27/2014 -$68.30

34983 MENDES,MELISSA&BENNY PO BOX 159CRESENT, OR 97733 2/20/2015 $32.80

35008 CRITES,SHARON PO BOX 2336LA PINE, OR 97739 6/9/2015 $0.00

35037 MYERS,JAMES PO BOX 835GILCHRIST, OR 97737 1/13/2017 -$26.90

35048 MCLEMORE,SCOTTY 423 HACKETT DRLA PINE, OR 97739 3/20/2015 $0.00

35050 BOLTON,MARK PO BOX 1014CRESCENT LAKE, OR 97733 3/23/2015 -$10.90

35084 MATTHEWS,NETTI PO BOX 305CRESCENT, OR 97733 3/17/2017 $0.00

35098 PALMER,DAVID PO BOX 245CRESCENT, OR 97733 4/7/2015 $0.00

35107 ADAMS,CHARLES 1018 CHAPMANGILCHRIST, OR 97737 4/10/2015 $0.00

35118 CARRINGTON,JASON 1772 CHERYL DRLA PINE, OR 97739 4/10/2015 $0.00

35128 MOORE,THOMAS PO BOX 341GILCHRIST, OR 97737 4/20/2015 $15.80

35164 CLARK,JIM 150153 KURTZ RDLA PINE, OR 97739 5/1/2015 $0.00

35165 MOORE,JOHN PO BOX 276CRESCENT, OR 97733 5/1/2015 -$23.20

35167 ROESNER,GLEN & DIANA PO BOX 1137LA PINE, OR 97739 5/7/2015 -$77.60

35170 OLMSTEAD,AUSTIN 1810 POMMEL CTLA PINE, OR 97739 3/8/2016 $0.00

35176 KEATING,MICHALENE 1720 SADDLEHORN CTLA PINE, OR 97739-9372 5/7/2015 -$46.64

35178 CARLISLE,ELEANOR JULIE MANDISHPO BOX 1099LA PINE, OR 97739 5/7/2015 $0.00

35189 FINNEY,STEVE&SHARI 2155 SW EASTWOODGRESHAM, OR 97080 5/15/2015 $0.00

35190 LITSTER,DAVE&LINDA 144903 RINGO CTLA PINE, OR 97739 5/12/2015 $0.00

35214 GRAY,KYLIE 6950 MICHAEL RDLA PINE, OR 97739 5/15/2015 -$93.80

35243 FRANK,YVONNE PO BOX 766GILCHRIST, OR 97737 5/29/2015 $0.00

35245 BOND,JOHN PO BOX 311GILCHRIST, OR 97737-0311 12/8/2016 $15.80

35276 CARLSON,JUDY 1252 LINDA DRLAPINE, OR 97739 6/8/2015 $0.00

35294 OBERFOELL,ROD 10850 SPLIT RAIL RDLA PINE, OR 97739 6/15/2015 $0.00

35302 HEDRICK,MITCH 1811 STALLION RDLA PINE, OR 97739 1/4/2018 $0.00

35333 PALMER,BOB PO BOX 1192LA PINE, OR 97739 12/1/2016 $0.00

35357 HAYES,BRUCE P O BOX 65cescent, OR 97733 7/3/2015 $0.00

35367 DAWSON HOUSE COLLEEN RILEYPO BOX 189CHEMULT, OR 97731 5/31/2016 $0.00

35369 DAVIS,DENISE 1716 STETSON CTLAPINE, OR 97739 7/2/2015 $0.00 35384 SMITH,WILLIAM PO BOX 212CRESCENT, OR 97733-0212 7/3/2015 $0.00

35402 SKELTON,JOYCE 35205 SE BRONZE RDEAGLE CREEK, OR 97022 7/10/2015 $0.00

35404 COLIN,LINDA PO BOX 2400LA PINE, OR 97739 7/10/2015 $0.00

35408 MATHERS,KIM & DENNIS PO BOX 376CRESCENT, OR 97733 7/17/2015 $0.00

35447 BERNARD,MARTIN 147126 BILLS RDGILCHRIST, OR 97737 7/17/2015 $0.00

35456 CHRISTIANSEN,EDWARD 151628 HACKAMORE LNLA PINE, OR 97739 7/23/2015 -$22.75

35485 REED,ALLIE PO BOX 852GILCHRIST, OR 97737 7/31/2015 $0.00

35493 ROOT,HENRY ELOISE ROOT JR & ROBERT PARK147360 BILLS RDGILCHRIST, OR 97737 8/7/2015 $30.60

35501 OLSON, CHRISTOPHER & DESTINY 11309 BURLWOODLA PINE, OR 97739 8/3/2015 -$1.45

35521 COOPER,REGINA PO BOX 347CRESCENT, OR 97733 8/10/2015 $0.00

35531 SOLITO,AMBERLEE 150446 THATCHER RDLA PINE, OR 97739 8/21/2015 $0.00

35560 RAY,ANGELA BRANDON RAYPO BOX 172CHEMULT, OR 97731 6/14/2016 $2.96

35570 LANDERKING,VALERIE 150331 THATCHER RDLA PINE, OR 97739 1/8/2016 $19.50

35571 HOWARD,SARAH PO BOX 312CRESCENT, OR 97737 8/21/2015 $0.00

35603 WILSON,RICHARD & CASSANDRA 1813 POMMEL CTLA PINE, OR 97739 9/3/2015 $0.00

35615 SUTTON,JAMES 148847 MABEL DRLA PINE, OR 97739-9274 9/4/2015 -$15.80

35616 PEIRSEE,AMY 1940 CHECKREIN LNLA PINE, OR 97739-9397 9/8/2015 $23.20

35629 ANDERSON,BAILEY ZANE ANDERSONPO BOX 1131LA PINE, OR 97739 9/11/2015 $0.00

35669 YOUNG,RODNEY 152361 SILVER SPUR RDLA PINE, OR 97739 9/24/2015 $0.00

35672 CONASTER,CHRISTINA PO BOX 7833BEND, OR 97708-7833 9/25/2015 -$0.06

35688 DALE,STEPHANI&CLIFFORD 152224 SILVER SPUR RDLA PINE, OR 97739 10/1/2015 $23.20

35690 CUYKENDALL,MARCIA FRANSISCUS POULISSEN1870 IRON WHEEL CTLA PINE, OR 97739 10/1/2015 -$126.40

35695 MULL,GREG 152906 COLLAR DRLAPINE, OR 97739 10/1/2015 $0.00

35697 PRICE,JIM 149527 PAUL DRLAPINE, OR 97739 10/9/2015 $0.00

35703 GILLIAND,EARL 147127 BILLS RDGILCHRIST, OR 97737 10/9/2015 $0.00

35707 COLE,DAVID PO BOX 3239 # 317LA PINE, OR 97739 3/16/2017 $0.00

35725 SMITH,LARRY PO BOX 156CRESCENT, OR 97733 10/23/2015 $0.00

35733 KIERNAN,AL PO BOX 2477LA PINE, OR 97739-2477 10/20/2015 $0.00

35745 MADSON,AMANDA 138044 MANZANITA DRGILCHRIST, OR 97737 10/26/2015 $23.20

35748 LOWELL,RICHARD PO BOX 345CRESCENT, OR 97733 4/11/2017 $8.20

35749 WHITE,CAMERON 12007 ALDERWOOD DRLAPINE, OR 97739 10/23/2015 $0.00

35782 HARTSEL,LIZ PO BOX 777GILCHRIST, OR 97737 11/3/2015 -$25.20 35790 RIFFLE,WESLEY & REBECCA 640 WILLIS LNGILCHRIST, OR 97737-9755 11/9/2015 $0.00

35794 NIELSEN,MARTHA 13273 DEER MEADOW RDOREGON CITY, OR 97045 11/5/2015 $0.00

35800 COX,JASON 17390 WELLS RDBEND, OR 97707 11/13/2015 -$4.30

35805 PATRICK,DAN PO BOX 2306LA PINE, OR 97739 11/20/2015 $0.00

35822 KLOBERTANZ,MIKE PO BOX 1105CRESCENT, OR 97733 11/24/2015 $15.80

35831 SNODGRASS,ASTRID PO BOX 314CRESCENT, OR 97733 3/11/2016 $8.20

35845 WILSON,RHONDA PO BOX 1316LA PINE, OR 97739-1316 4/14/2017 -$103.60

35848 MASON,CHRISSA PO BOX 806GILCHRIST, OR 97733 12/4/2015 $23.20

35853 SKELTON,DANNI 145139 CORRAL CTLA PINE, OR 97739 12/11/2015 $30.60

35861 YOUNG,DEBRA 149931 JERRY RDLA PINE, OR 97739 12/11/2015 $23.20

35898 MEALEY,ASHLEY PO BOX 2256LA PINE, OR 97739 1/8/2016 $0.00

35900 WEBB,DYLAN PO BOX 805GILCHRIST, OR 97737 1/8/2016 $0.00

35914 BUCKINGHAM,DIANNE PO BOX 341CRESCENT, OR 97733 1/15/2016 $23.20

35917 LINK,LES PO BOX 761LA PINE, OR 97739 1/15/2016 $23.20

35923 HUSTON-LANE,CARRIE CAMERON LANEPO BOX 644LA PINE, OR 97739 1/21/2016 -$12.30

35960 GONCE,DIANA PO BOX 1154CRESCENT LAKE, OR 97733 2/16/2016 $15.80

35973 HOLMES,GUY 12238 BEECHWOOD DRLA PINE, OR 97739 2/19/2016 $23.20

35983 GARETT,STEVE PO BOX 204CRESCENT, OR 97733 3/4/2016 $0.00

35987 LOEWEN,STEPHANIE 11545 BURLWOOD DRLA PINE, OR 97739 3/11/2016 $39.60

35990 PORTER,DANIEL PO BOX 32CRESCENT, OR 97733 3/4/2016 $0.00

36076 DRAKE,SANDRA PO BOX 121CRESCENT, OR 97733 4/22/2016 $0.00

36111 WALTERS,STEVE 1325 CHERYL DRLAPINE, OR 97739 3/17/2017 $0.00

36152 STRICKLAND, ROCKY & CINDI 149106 AUDERINE CIRCLELA PINE, OR 97739 5/20/2016 $0.00

36164 BROWN,RICK & SUSAN PO BOX 2865LA PINE, OR 97739 6/16/2016 $0.00

36167 DEFFENBAUGH,LOREN PO BOX 1144CRESCENT LAKE, OR 97733 5/24/2016 $0.00

36169 SMITH,ROBERT PO BOX 1735LA PINE, OR 97739 5/27/2016 $0.00

36175 HYDE,CAMELIA 10437 SPLIT RAIL RDLAPINE, OR 97739 5/27/2016 $0.00

36177 FOWKE,CORRINA 144432 BIRCHWOOD RDLA PINE, OR 97739 5/27/2016 $0.00

36187 ORTH,RICHARD 36488 LOG LABARRE LNESTACADA, OR 97023 6/3/2016 $0.00

36188 HAWK,LINDA PO BOX 2595LA PINE, OR 97739 6/3/2016 -$15.80

36193 CASSIDY,TAMSEN PO BOX 1092CRESCENT LAKE, OR 97733 6/28/2016 $0.00

36201 ANDERSON,RICHARD PO BOX 1980LA PINE, OR 97739 4/20/2017 $0.00 36217 JONES,JAN 153144 COLLAR DRLAPINE, OR 97739 6/16/2016 $0.00

36230 WINSTEAD,ANNIE PO BOX 1133LA PINE, OR 97739 6/16/2016 $0.00

36277 PETERSEN,SUSAN 1643 YOKE RDLAPINE, OR 97739 6/30/2016 $0.00

36280 SEPKOVIC,JAMES PO BOX 608LA PINE, OR 97739-0608 7/1/2016 $0.00

36289 THIELKE,MAT & KELLY 11556 SW COLLINA LNWILSONVILLE, OR 97070-7119 7/7/2017 $10.95

36292 LAIBACH,DANIEL PO BOX 2406LA PINE, OR 97739 7/8/2016 $0.00

36314 JONES,LISA 11769 BURLWOOD DRLA PINE, OR 97739 1/5/2018 $0.00

36323 JOHNSON,JAMES PO BOX 134CRESCENT, OR 97733 7/15/2016 -$4.20

36325 LANGFORD,JERALD 11740 LARCHWOOD DRLA PINE, OR 97739 7/8/2016 -$15.80

36335 FARWELL,MIKE&YVONNE PO BOX 3041LAPINE, OR 97739 4/14/2017 $0.00

36378 WICKS, GAVREEL WICKS, GAVREEL& TONIA CASTROPO BOX 579LAPINE, OR 97739 7/22/2016 -$23.20

36388 COLLINS,LINDA L PO BOX 2625LA PINE, OR 97739 7/22/2016 $0.00

36415 ZELLWEGER,BETHANY 146315 BEAL RDLA PINE, OR 97739 8/5/2016 $0.00

36416 MORGAN,MIKE & JULIE 500 SKI HILL LNCHEMULT, OR 97731 8/2/2016 $0.00

36420 REXROAT,LES TAMMY REXROAT145048 GRACEWOOD PLLA PINE, OR 97739 2/10/2017 $0.93

36424 GRASSMAN,FRED RUTH NEUFELDPO BOX 1436LA PINE, OR 97739 8/4/2016 $0.00

36427 RYGH,DAVID 6642 REEVES RDLA PINE, OR 97739 8/12/2016 -$68.07

36438 TAYLOR,CHERYL PO BOX 255CRESCENT, OR 97733 8/9/2016 -$31.60

36448 PROBST,MARLENE 1175 MORSE LN SWALBANY, OR 97321 8/9/2016 $0.00

36450 GALBREATH,ADRIANA PO BOX 122CHEMULT, OR 97731 8/9/2016 $0.00

36458 JUNGCLAUS,PAUL PO BOX 847GILCRHIST, OR 97737 8/12/2016 $0.00

36471 SCHOONOVER,KEN&BECKY 146960 GRACIE RDGILCHRIST, OR 97737 8/12/2016 $0.00

36490 PUNZEL,RICHARD PO BOX 3353LAPINE, OR 97739 8/26/2016 -$63.20

36491 HARTY,KIM 135744 HWY 97CRESCENT, OR 97733 8/19/2016 -$53.55

36494 BRYAN,KATHY & JOHN PO BOX 1140LA PINE, OR 97739 8/19/2016 $0.00

36495 GODFREY,JEAN 12346 ALDERWOOD DRLAPINE, OR 97739 8/26/2016 $0.00

36500 MILLAGE,STEVEN & MARIETTA 11660 BURLWOOD DRLA PINE, OR 97739 8/26/2016 $0.00

36501 BOYER,BECKY 12251 LARCHWOOD DRLA PINE, OR 97739 8/26/2016 $12.30

36502 WILSON,MELISSA PO BOX 741GILCHRIST, OR 97737-0741 8/19/2016 $0.00

36505 BAKER,STEVE PO BOX 23CRESCENT, OR 97739 8/5/2016 $0.00

36534 STORY,ARLETTA 147341 GRACIE RDGILCHRIST, OR 97737 9/2/2016 $0.00

36537 HERRICK,TRESA PO BOX 832GILCHRIST, OR 97737 9/2/2016 -$0.20 36546 LOOMIS,HEATHER 152629 WAGON TRAIL RDLA PINE, OR 97739 9/8/2016 $0.00

36557 BORK,DERK P O BOX 1113CRESCENT LAKE, OR 97425 9/13/2016 $0.00

36572 ROBINETT,KATHY 1920 HALTER CTLA PINE, OR 97739 9/15/2016 $0.00

36586 RUSCHMAN,KRYSTIN 12901 SE TEN EYCK RDSANDY, OR 97055 9/27/2016 $0.00

36600 MORGAN,CHARLES&DIANNE PO BOX 1491LAPINE, OR 97739 9/2/2016 $0.00

36603 ROLAND,ROGER PO BOX 273CRESCENT, OR 97733 9/26/2016 $0.00

36611 CLARK,HEATHER 145046 RINGO CTLA PINE, OR 97739 9/23/2016 $15.80

36616 CHASTAIN,GARY PO BOX 423LAPINE, OR 97739 10/3/2016 $0.00

36618 LEWIS,BRANNAN D 137904 HILLCREST STGILCHRIST, OR 97737 9/8/2017 $4.10

36623 MATHERS,JOYCE PO BOX 376CRESCENT, OR 9773 10/7/2016 $0.00

36630 COOPER,GARY 152164 CONESTOGA RDLA PINE, OR 97739 9/29/2016 $0.00

36654 SMITH,RONALD PO BOX 382CRESCENT, OR 97733 10/7/2016 $0.00

36672 RAYBURN,KRIS PO BOX 3323LA PINE, OR 97739 10/21/2016 $0.00

36682 DANIEL,DAVID PO BOX 866GILCRHRIST, OR 97737 10/28/2016 $0.00

36694 HOLLENECK,SHEILA PO BOX 73CRESECENT, OR 97733 10/28/2016 $0.00

36711 ZUMWUALT,JANN 420 HACKETT DRLA PINE, OR 97739 11/4/2016 $0.00

36724 CALAVAN,KAYLA PO BOX 1352LAPINE, OR 97739 11/4/2016 $0.00

36725 LEEPER,DAN 151849 CONESTOGA RDLAPINE, OR 97739 11/3/2016 $0.00

36742 SHARR,TIM PO BOX 1157CRESCENT, OR 97733 11/1/2016 $0.00

36747 WHISLER,CHARLES 144936 GRACEWOOD PLLA PINE, OR 97739 11/18/2016 $4.10

36793 TERRELL,ELAINA PO BOX 2448LAPINE, OR 97739 12/2/2016 $0.00

36799 BARTLETT,ALAN PO BOX 81CRESCENT, OR 97733 12/2/2016 -$40.20

36800 HANSON,ROBERT 147134 BILLS RDGILCHRIST, OR 97737 12/2/2016 $0.00

36818 RITCHIE,WALTER PO BOX 248CRESCENT, OR 97733 12/13/2016 $0.00

36894 WEBB,JERALD PO BOX 805GILCHRIST, OR 97737-0805 4/17/2018 $0.00

36897 MARTIN,BARBARA PO BOX 1294LA PINE, OR 97739 1/30/2017 $0.00

36899 WHITE,RICHARD & PAULINA PO BOX 2664LA PINE, OR 97739 2/3/2017 -$46.40

36919 RASH,JAMES 145249 TROTTER CT BOX 10LA PINE, OR 97739-9155 4/17/2018 $0.00

36929 RIDDLE, ED PO BOX 3136LAPINE, OR 97739 3/3/2017 -$63.20

36937 BARNES,DAN 146625 GRACIES RDGILCHRIST, OR 97737-9702 4/17/2018 $0.00

36946 KINNE, MELINDA PO BOX 128CRESCENT, OR 97733 3/2/2017 $4.10

36947 HICKS,JAMIE PO BOX 36CRESCENT, OR 97733 2/24/2017 -$2.60 36970 FELDER,WILLIAM & DEBORAH PO BOX 274CRESCENT LAKE, OR 97733 3/14/2017 -$15.80

36980 STEC,IRMA 152168 CONESTOGA RDLA PINE, OR 97739 3/9/2017 $0.00

36990 WILMOTH,ROY 10535 SPLIT RAIL RD #9LA PINE, OR 97739 3/17/2017 $0.00

36991 HUETTNER,HUGH &ARLENE PO BOX 3417LA PINE, OR 97739-3417 3/24/2017 $0.00

36994 KITTRIDGE,KIMLY 145018 CORRAL CTLA PINE, OR 97739 3/17/2017 $0.00

37010 WAINSCOAT,RENESH PO BOX 266CRESCENT, OR 97733 3/24/2017 $0.00

37043 GREENFEILD,JOAN 144217 INGLEWOOD RDLA PINE, OR 97739 1/5/2018 $0.00

37046 WOFFORD,JULIET PO BOX 521LAPINE, OR 97739 4/14/2017 $0.00

37061 CANTONWINE,MARY 101040 HWY 97 NCHEMULT, OR 97731 4/18/2017 $0.00

37071 QUESENBERRY, RINDA & RICK 222 CHAPMAN RDGILCHRIST, OR 97737 4/28/2017 $0.00

37079 WAHLE,CALVIN 5527 NE 35TH PLACEPORTLAND, OR 97211 4/28/2017 $0.00

37091 HANSON,DON&LINDA 20705 SW DELINE STALOHA, OR 97078 4/27/2017 $0.00

37100 SENNER,GREG & JAN PO BOX 2131LA PINE, OR 97739 5/5/2017 $0.00

37103 PIERCE,NICHOLE PO BOX 58CRESCENT, OR 97733 5/5/2017 -$0.60

37130 SMITH,TYLER 2256 NW MAPLE CTREDMOND, OR 97756 12/21/2017 $0.00

37133 HAAK,MARIANNE SVEN HENDRICKSON149930 KURTZ RDLA PINE, OR 97739-9497 4/18/2018 $0.00

37146 VANORSOW,SEAN 1951 LUKES DRLAPINE, OR 97739 5/19/2017 $0.00

37161 SWEE,STEPHANIE PO BOX 814GILCHRIST, OR 97737 6/2/2017 -$107.90

37189 FITZGERALD,CINDY 153671 WAGON TRAIL RDLA PINE, OR 97739 5/25/2017 $0.00

37192 RAINS,MISTY JASON RAINSPO BOX 943CHRISTMAS VALLEY, OR 97641 9/8/2017 $0.00

37213 HENDRIX,RICHARD PO BOX 1887LAPINE, OR 97739 6/2/2017 -$40.00

37214 HOOD,DEBBIE 1919 BLANKET CTLA PINE, OR 97739 2/15/2018 $10.95

37223 MC CURDY,LARRY P O BOX 272CRESCENT, OR 97733 6/2/2017 $0.00

37227 MILLER,DAVID 152235 SILVER SPUR RDLA PINE, OR 97739 6/15/2017 -$30.20

37228 ROBERTS,ALENA PO BOX 808GILCHRIST, OR 97737 6/2/2017 $0.00

37229 GRIFFITH,GARY PO BOX 1212LA PINE, OR 97739 6/2/2017 $30.60

37235 HORN,EDDIE & LISA PO BOX 1162CRESCENT, OR 97733 6/6/2017 $0.00

37244 NICKESON,ELMA 2057 CHECKREIN LNLA PINE, OR 97739 2/22/2018 $0.00

37287 PAYNTER,RUTHANN 145138 CORRAL CTLA PINE, OR 97739 6/23/2017 $0.00

37301 SCHOENMOSER,EILEEN PO BOX 331CRESCENT, OR 97733 6/23/2017 $0.00

37310 NORTH,CRAIG PO BOX 157CHEMULT, OR 97731-0157 6/27/2017 $0.00

37311 STEWART,LAURA PO BOX 410LA PINE, OR 97739 6/29/2017 -$39.40 37319 DEL FLORENTINO, BETH PO BOX 2400LA PINE, OR 97739 6/30/2017 $0.00

37350 WALKER,CHRIS 16655 WILLIAM FOSS RDLA PINE, OR 97739 1/2/2018 $36.20

37359 GRAB,ASHLEY 8146 REEVES RDLA PINE, OR 97739 7/7/2017 -$23.20

37361 BARKER,LORI PO BOX 2546LA PINE, OR 97739 7/7/2017 $0.00

37377 NEPSTAD,CHRIS PO BOX 833GILCHRIST, OR 97737 7/7/2017 $0.00

37388 STOCKTON,TEENA 109315 HWY 97 NAPT #1CHEMULT, OR 97731 7/11/2017 $0.00

37391 HARSHEARGER,AMY PO BOX 1935LA PINE, OR 97739 7/14/2017 $0.00

37395 JACKSON,KATHY PO BOX 2897LA PINE, OR 97739 7/13/2017 $0.00

37432 RUSSELL,GEORGE&LINDA 10455 SPLIT RAILLA PINE, OR 97739 7/21/2017 $0.00

37452 HOUCK,JAN 1819 POMMEL CTLA PINE, OR 97739 7/27/2017 $0.00

37457 WOLF,JEFF & LITA 146522 BILLS RDGILCHRIST, OR 97737 7/28/2017 $0.00

37458 KINDER,MICHELLE 1664 HACKET DRLAPINE, OR 97739 7/28/2017 $30.60

37466 HORN,BRETT PO BOX 3362LA PINE, OR 97739 8/4/2017 $0.00

37470 HAND,DENVER PO BOX 901LAPINE, OR 97739 7/31/2017 $23.20

37475 LLOYD,JACK PO BOX 834GILCHRIST, OR 97733 8/18/2017 $0.00

37494 KIERSEY,RICHARD PO BOX 262CRESCENT, OR 97733 8/7/2017 $0.00

37498 OWENS,SUSAN JEFF OWENS151741 CONESTOGA RDLA PINE, OR 97739 11/30/2017 $0.00

37503 EASTEP,ALECIA PO BOX 171CRESCENT, OR 97733 8/11/2017 $0.00

37512 MARTINEZ,JEFF PO BOX 3135LA PINE, OR 97739 12/29/2017 $0.00

37525 WOOLERY,ERIC 1953 RECTOR DRLAPINE, OR 97739 8/18/2017 $0.00

37532 DUBISAR,DOUG PO BOX 819GILCHREST, OR 97737 8/18/2017 $0.00

37536 HILL,CLIFFORD PO BOX 350GILCHRIST, OR 97737 8/18/2017 $0.00

37555 SCHIPPER,MATHEW 106 NW ALSEA BAY DRWALDPORT, OR 97394 8/23/2017 $0.00

37562 HARRIS,ANTONIETTE 2063 CHECKREIN LNLA PINE, OR 97739 8/24/2017 $0.00

37618 BROWN,KRYSTAL 441 BONNER LNCRESCENT, OR 97733 9/8/2017 $0.00

37620 ROMMEL,ELIZABETH 1721 MARE CTLA PINE, OR 97739 9/14/2017 $0.00

37629 PHILLIPS,JEFFREY PO BOX 876GILCHRIST, OR 97737 9/8/2017 $0.00

37638 ALLEN,STEVE & ARLENE PO BOX 159CHEMULT, OR 97731 9/11/2017 $0.00

37659 SANCHEZ,RICARDO PO BOX 164CRESCENT, OR 97733 9/19/2017 $0.00

37668 TYLER,ROBERT 1204 CHERYL DRLA PINE, OR 97739 9/22/2017 $0.00

37669 CAVINTA,JOY 1211 CHERYL DRLA PINE, OR 97739 9/22/2017 $0.00

37682 COOGAN,ROBERT PO BOX 2340LA PINE, OR 97739 9/28/2017 $0.00 37688 WIBLE,JAMES JR PO BOX 872GILCHRIST, OR 97737 9/29/2017 $23.20

37692 WYMAN,WILLIAM PO BOX 79CRESCENT, OR 97733 9/29/2017 $53.80

37702 CHESNEY,JAMES 146971 OLD CABIN RDGILCHRIST, OR 97737 10/6/2017 $0.00

37706 RIDGE,MICHELLE 1153 WILD MUSTANG LNGILCHRIST, OR 97737 9/29/2017 $0.00

37722 METZER,KATHLEEN PO BOX 62LA PINE, OR 97739 10/6/2017 $0.00

37741 ANDERSON,NEAL PO BOX 619LA PINE, OR 97739 10/12/2017 $0.00

37758 HUNT,KATHY 144933 GRACE WOOD PLLA PINE, OR 97739 10/20/2017 $0.00

37762 BISHOP, JAMES M&ALICE PO BOX 221CRESCENT, OR 97733 11/3/2017 $0.00

37787 FARMER,CHESTER & BEVERLY RHONDA KIERSEYPO BOX 391CRESCENT, OR 97733 10/27/2017 $23.20

37815 KRAUSS,TAMMY 152043 CONESTOGA RDLA PINE, OR 97739 11/9/2017 -$12.60

37824 PYLE-ERICKSON,SUSAN 8 OTHELLO STLAKE OSWEGO, OR 97035 11/3/2017 $0.00

37841 HOPPER,STEPHEN 1723 SADDLEHORN CTLAPINE, OR 97739 11/16/2017 $0.00

37860 BALES,KATHY 150045 JERRY RDLAPINE, OR 97739 11/24/2017 $0.00

37869 CASCADE REALTY ROBERT SANDBERGPO BOX 426LA PINE, OR 97739 11/24/2017 $8.20

37870 DENNIS,MARION PO BOX 1029CRESCENT LAKE, OR 97733 11/21/2017 $16.40

37872 BUSSEY,NOLAN PO BOX 377CRESCENT, OR 97733 11/24/2017 $0.00

37883 MINTZ,MARK L 149245 KURTZ RDLAPINE, OR 97739 12/1/2017 -$23.20

37892 CECIL,JAMES PO BOX 811LA PINE, OR 97739 12/1/2017 $0.00

37894 RATCLIFF,KATRINA 145080 HWY 31-MP8LA PINE, OR 97739 12/8/2017 -$131.40

37907 COCHELL,KEN PO BOX 2655LA PINE, OR 97739 12/15/2017 -$25.50

37910 BERG,TERRY&VALERIE 152429 HACKAMORE LNLAPINE, OR 97739 12/14/2017 $0.00

37924 THUNE,MIKE 11212 NE 104THVANCOUVER, WA 98662 12/29/2017 $0.00

37938 TRUMPER,DANIEL PO BOX 798GILCHRIST, OR 97737 12/29/2017 $0.00

37969 BURT,DAVID 151856 CONASTOGA RDLAPINE, OR 97739 1/18/2018 -$53.90

37977 CHUDZIK,GERALD 145471 LANEWOOD DRLA PINE, OR 97739 1/19/2018 $0.00

37978 RK GUNS & SPORTING GOODS PO BOX 783GILCHRIST, OR 97733 1/19/2018 $0.00

37981 MCLAUGHLIN,JOHN PO BOX 3419LAPINE, OR 97739 1/26/2018 $0.00

37983 HOPKINS,BRANDON 153662 WAGON TRAIL RDLAPINE, OR 97739 1/1/2018 $0.00

37987 HALL,CHRISTOPHER 6905 REEVE RDLA PINE, OR 97739 1/26/2018 $0.00

37988 CRAFT,LANCE 1927 HALTER CTLA PINE, OR 97739 1/25/2018 $0.00

37992 CROCKER,PHIL&KAREN 144906 RINGO CTLAPINE, OR 97739 2/2/2018 $0.00

38002 LITTLE,MARGIE PO BOX 3116LAPINE, OR 97739 2/8/2018 $0.00 38007 FIGGHOBLYN,KURT 1476 LINDA DRLA PINE, OR 97739-9043 2/2/2018 $0.00

38019 HAMLIN,SHILO 146739 JUNOSGILCHRIST, OR 97739 2/9/2018 $15.80

38043 TIMMONS,JEREMY PO BOX 815GILCHRIST, OR 97737 2/23/2018 $0.00

38055 JOHNSON,SIRI PO BOX 1033CRESCENT LAKE, OR 97733-1033 4/24/2018 $10.95

38073 FOUST,DANIEL MARANDA CROUCHPO BOX 12CRESCENT, OR 97733-0012 4/26/2018 $0.00

38090 LAITALIA,LISA PO BOX 1418REDMOND, OR 97756-0400 5/1/2018 $0.00

38097 BYRD,LANA PO BOX 308GILCHRIST, OR 97737-0308 5/2/2018 $17.40

38101 HOFFMAN,FRANK PO BOX 232CRESCENT, OR 97733-0232 5/3/2018 $0.00

38102 SHAFER,GENNA PO BOX 192CRESCENT, OR 97733-0192 5/3/2018 $0.00

38116 BRANDON,GARY PO BOX 1825LA PINE, OR 97739-1825 5/8/2018 -$0.80

38119 SMITH, GREGORY PO BOX 230CRESCENT LAKE, OR 97733-0230 5/9/2018 $0.00

38141 HUBERTY, SANDY JEANNE BIGGS819 OAK STCOLUSA, CA 95932-2332 5/15/2018 $0.00

38159 ODONNELL, ALEXANDRA PO BOX 60CRESCENT, OR 97733 5/23/2018 $0.00

38168 UNDERWOOD, MARTHA PO BOX 244CRESCENT, OR 97733-0244 5/24/2018 $0.00

38172 ALVAREZ, TRENT 1900 NE 3RD ST. SUITE #106 #47 BEND, OR 97701 5/24/2018 $0.00

38177 FRANSISCO, VALERIE 1874 LADIGO CTLA PINE, OR 97739-9259 5/29/2018 -$23.20

38180 VANSCOYK, MARTHA PO BOX 1544LA PINE, OR 97739-1544 5/30/2018 $0.00

38185 DRUMHILLER, DON PO BOX 2602LA PINE, OR 97739-2602 5/31/2018 $0.00

38208 DEAN, DEBORAH 149825 JERRY RDLA PINE, OR 97739-9045 6/6/2018 $15.80

38210 WRISTEN, HARRY 146613 WILD COUGAR LANEGILCHRIST, OR 97737 6/6/2018 $0.00

38221 CHARVAT, DIANE 1304 HARKNESS STMANHATTAN BCH, CA 90266-4220 6/11/2018 $0.00

38226 VROMAN, MARY PO BOX 147CRESCENT, OR 97733-0147 6/11/2018 $0.00

38235 GRAFF, TYLER 153485 HACKAMORE LNLA PINE, OR 97739-9392 6/14/2018 $0.00

38240 PATTEE, GARY & MILLIE 11511 ALDERWOOD DRLA PINE, OR 97739 6/14/2018 $0.00

38256 ROYSE, CAROL PO BOX 860GILCHRIST, OR 97737-0860 6/19/2018 $0.00

38271 GREEN, MIKE PO BOX 3660LA PINE, OR 97739-0088 6/21/2018 $0.00

38275 TIBBITS, ALLIE PO BOX 115CRESCENT, OR 97733-0115 6/21/2018 $0.00

38296 RISER, LARRY PO BOX 6813BEND, OR 97708-6813 6/26/2018 $0.00

38301 OTTENS, HARM & MICHAEL PO BOX 321GILCHRIST, OR 97737 6/27/2018 $0.00

38306 PARSONS, SHAUNTAE PO BOX 91LA PINE, OR 97739-0091 6/28/2018 $0.00

38308 ESPARZA, BETTY 146607 WILD COUGAR LNGILCHRIST, OR 97737 6/28/2018 $0.00

38310 MATHIS, GERALD 1707 STETSON CTLA PINE, OR 97739-9373 6/28/2018 $0.00 38312 BAKER, CHUCK PO BOX 1128CRESCENT LAKE, OR 97733-1128 6/29/2018 $0.00

38320 DAVIS, MIKE 1716 TERRET RDLA PINE, OR 97739-9257 7/3/2018 $0.00

38327 ZUBER, JUSTIN & REBECCA 148729 MABEL DRLA PINE, OR 97739-9167 7/3/2018 $0.00

38328 WINTERS, HOLLY 16430 RILEY DRLA PINE, OR 97739-8600 7/3/2018 $0.00

38334 YOUNT,GREGORY PO BOX 304CRESCENT, OR 97733-0304 7/9/2018 $0.00

38340 BRONS, STEPHEN 144815 GRACEWOOD PLLA PINE, OR 97739 7/11/2018 $0.00

38352 JACOB, HOLLY PO BOX 684LA PINE, OR 97739 7/12/2018 -$63.20

38353 COTTRIEL, KARYL PO BOX 183CRESCENT, OR 97733-0183 7/12/2018 $0.00

38354 PALMBLAD, MELISSA 148909 KURTZ RDLA PINE, OR 97739-9331 7/12/2018 $4.10

38388 GERMYN, LINDA 144927 RINGO CTLA PINE, OR 97739-9235 7/23/2018 -$50.50

38389 CUMMINGS, MARCY PO BOX 2577LA PINE, OR 97739-2577 7/23/2018 $0.00

38412 LESLIE, DALE & CHRIS PO BOX 1122CRESCENT LAKE, OR 97733-1122 7/30/2018 $0.00

38418 SIMERAL, GORDON & DEBBIE 2022 LASSO CTLA PINE, OR 97739-9380 8/1/2018 $0.00

38422 CUTLER, JIM & WANDA 6634 RANDY RDLA PINE, OR 97739-9330 8/2/2018 $0.00

38424 ESBENSHADE, MIKE 8050 HOWARD RDLA PINE, OR 97739-7643 8/2/2018 $0.00

38425 SCHMIDLKOFER, LACY 16496 RILEY DRLA PINE, OR 97739-8600 8/2/2018 $0.00

38440 RETTMANN, ROY 11981 BURLWOOD DRLA PINE, OR 97739-9821 8/9/2018 $0.00

38441 SIGADO, SHELLI PO BOX 896REDMOND, OR 97756 8/9/2018 -$19.98

38448 TINDALL, DEBRA PO BOX 617LA PINE, OR 97739 8/9/2018 -$23.20

38466 SINCLAIR, DEBRA PO BOX 513LA PINE, OR 97739-0513 8/16/2018 $0.00

38467 BENDER, LORI PO BOX 2471LA PINE, OR 97739-2471 8/17/2018 $0.00

38501 CLARK, KAREN & TOM PO BOX 6143BEND, OR 97708-6143 8/27/2018 $0.00

38514 SMITH, HANNAH PO BOX 372CRESCENT, OR 97733-0372 8/30/2018 $0.00

38536 LEIDENFORST,MAX PO BOX 351CRESCENT, OR 97733-0351 9/6/2018 $0.00

38548 LANCASTER, CRYSTAL PO BOX 2083LA PINE, OR 97739 9/11/2018 $0.00

38563 PECK, TRACY 627 FT JACKPINE DRGILCHRIST, OR 97737-9716 9/13/2018 $0.00

38564 FITZPATRICK, DOROTHY 145230 BIRCHWOOD RDLA PINE, OR 97739-7641 9/13/2018 $0.00

38565 BUTLER, DAVID PO BOX 383CRESCENT, OR 97733-0383 9/13/2018 $0.00

38584 MAY, JOHN & TAMARA 1293 FT JACKPINE DRGILCHRIST, OR 97737- 9/19/2018 $0.00

38593 HATCHER JR, NORMAN & BETH PO BOX 786GILCHRIST, OR 97737-0786 9/20/2018 $0.00

38614 BUCKMAN, DENNIS PO BOX 107WEST LINN, OR 97068-0107 9/24/2018 $0.00

38619 RAINS,KISA PO BOX 13CRESCENT, OR 97733-0013 9/26/2018 -$15.80 38621 REED, DONNA 146507 BILLS RDGILCHRIST, OR 97737-9749 9/27/2018 $0.00

38623 PERRY, JOHN PO BOX 1470LA PINE, OR 97739 9/27/2018 $0.00

38625 REID, LINDA 148920 JERRY RDLA PINE, OR 97739-7644 9/27/2018 $0.00

38652 CASTELLAW,LAUREN PO BOX 321CRESCENT, OR 97733-0321 10/9/2018 $0.00

38661 GRYGELKO, ELIZABETH PO BOX 94CRESCENT, OR 97733-0094 10/10/2018 $0.00

38663 JOHNSON, BARBARA & JOHN 152391 WAGON TRAIL RDLA PINE, OR 97739-9368 10/10/2018 $0.00

38683 WADE, JOEL 6621 RANDY RDLA PINE, OR 97739-9330 10/17/2018 $0.00

38686 SNYDER, MINNIE 149705 KURTZ RDLA PINE, OR 97739-7647 10/18/2018 -$107.55

38687 WATKINS, CINDY PO BOX 3093LA PINE, OR 97739-3093 10/18/2018 $0.00

38691 COLE,DANIEL 148730 MABEL DRLA PINE, OR 97739-9167 10/18/2018 -$40.00

38708 WOOD, THOMAS PO BOX 16CRESCENT, OR 97733-0016 10/25/2018 $0.00

38719 CARTWRIGHT,LANI 551 N MAIN STYREKA, CA 96097-2524 10/30/2018 $23.20

38726 WESTWANG, JOHN PO BOX 803GILCHRIST, OR 97737-0803 11/1/2018 $0.00

38727 STIDHAM, KAREY & ALEX PO BOX 578COLTON, OR 97017-0578 11/1/2018 $0.00

38750 LEWIS, LORI 1229 FRED MAHN RDLA PINE, OR 97739-9817 11/8/2018 $0.00

38754 SAMPSON, KATIE 1229 FRED MAHN RDLA PINE, OR 97739-9817 11/8/2018 $0.00

38771 JONES, JENNIFER PO BOX 111CHEMULT, OR 97731-0111 11/16/2018 -$7.60

38778 KETSDEVER, JEFFRY J. PO BOX 205CRESCENT, OR 97733-0205 11/20/2018 $0.00

38785 BERLING,KEVIN 12011 BEECHWOOD DRLA PINE, OR 97739-9231 11/26/2018 $19.50

38793 MULVANY-MANNING,REBECCA 145242 CORRAL CTLA PINE, OR 97739-9079 11/28/2018 $30.60

38800 JOHNSON, LARRY PO BOX 1303LA PINE, OR 97739-1303 11/29/2018 $0.00

38815 AXE, KAILLIATI 1827 STALLION RDLA PINE, OR 97739-9388 12/6/2018 $8.20

38822 OLSEN CONSTRUCTION & PROPERTY NICK OLSEN56084 BROWNING DRBEND, OR 97707-2202 12/11/2018 $0.00 MAINTENANCE LLC 38844 STOKES, CHARLES PO BOX 2025LA PINE, OR 97739-2025 12/20/2018 $0.00

38847 STEVENS, GLENN 144320 BIRCHWOOD RDLA PINE, OR 97739-9247 12/20/2018 -$185.60

38849 UNULLISI, KATEYANNE PO BOX 838GILCHRIST, OR 97737 12/20/2018 $0.00

38880 OBERMAN, KALAN PO BOX 72CRESCENT, OR 97733-0072 1/10/2019 $0.00

38885 RUSSELL, ASHLEY PO BOX 2655LA PINE, OR 97739-2655 1/11/2019 $0.00

38890 HECTOR, JOELLA MORE, NICKPO BOX 794GILCHRIST, OR 97737-0794 1/14/2019 -$53.60

38899 WILLARD, RASCHELE 15948 TALLWOOD CTLA PINE, OR 97739-9774 1/16/2019 $23.20

38913 WALKER,JIM & KATHIE 11811 PINEWOOD PLLA PINE, OR 97739-9156 1/22/2019 $0.00 38926 SALVITELLI, CAMERON PO BOX 1851LA PINE, OR 97739 1/29/2019 $0.00

38928 MARINO,MICHAEL PO BOX 2CRESCENT, OR 97733-0002 1/29/2019 $15.80

38929 MILL TOWN ESPRESSO LLC PO BOX 243CRESCENT, OR 97733-0243 1/30/2019 $0.00

38936 HOHENSHELT, SUE 142024 BLUE SKY WAYCRESCENT LAKE, OR 97733- 2/4/2019 $0.00

38938 LAWRENCE, JASON 1728 LUND RDLA PINE, OR 97739-9105 2/4/2019 $0.00

38941 DRYER, SCOTT 12017 BEECHWOOD DRLA PINE, OR 97739-9231 2/5/2019 -$15.80

38953 CUSSINS, RON PO BOX 82CRESCENT, OR 97733-0082 2/14/2019 $0.00

38962 TIPTON, LORETTA 144776 INGLEWOOD RDLA PINE, OR 97739-9207 2/21/2019 $23.20

38965 SOTO, THOMAS 144775 INGLEWOOD RDLA PINE, OR 97739-9207 2/21/2019 $0.00

38973 COLLINS, MARYANNE 16579 DAISY PLLA PINE, OR 97739-9067 2/28/2019 -$15.80

38987 FREEMAN,MATTHEW 145525 POST CTLA PINE, OR 97739-9360 3/7/2019 $0.00

38994 O'CONNOR, PAULA 1948 LUKES RDLA PINE, OR 97739-9291 3/11/2019 $0.00

39002 GROAT, KARI 153461 STIRRUP DRLA PINE, OR 97739-9364 3/13/2019 $0.00

39004 STURGES, JANET PO BOX 48CRESCENT, OR 97733-0048 3/14/2019 -$51.80

39021 ELLINGTON,BILL PO BOX 1007CRESCENT LAKE, OR 97733-1007 3/21/2019 $0.00

39022 BRILLHART, LAUREN ROSS BEDILION11875 BURLWOOD DRLA PINE, OR 97739-9863 3/21/2019 $30.60

39035 COLEMAN,SHAUNA 145341 LANEWOOD DRLA PINE, OR 97739-9527 3/27/2019 $4.10

39058 WELLS SR, DOUGLAS & MARY PO BOX 263CRESCENT, OR 97733-0263 4/4/2019 $0.00

39069 YOUNG, ALYSSA & JUSTIN 144905 CORRAL CTLA PINE, OR 97739-9234 4/11/2019 $0.00

39073 NAZELROD, JESSICA PO BOX 3027LA PINE, OR 97739-3027 4/11/2019 $0.00

39110 DEHARPPORT, ROBERT PO BOX 1056CRESCENT LAKE, OR 97733-1056 4/29/2019 $0.00

39123 WEIGEL, JILL & JERRY 1882 IRONWHEEL CTLA PINE, OR 97739-8874 5/1/2019 $0.00

39130 RAMEY, PATTY & DENNIS PO BOX 458GILCHRIST, OR 97737-0458 5/2/2019 $0.00

39154 OWENS,ROGER PO BOX 257CRESCENT, OR 97733-0257 5/13/2019 $0.00

39165 ROSS, GENEVIEVE CHRIS BRIN625 W MCKELLIPS RD LOT 271MESA, AZ 85201-1262 5/16/2019 $11.85

39168 SPEIR,JIM & ROBERTA PO BOX 1581LA PINE, OR 97739-1581 5/17/2019 $0.00

39170 SANDERS, BRIAN PO BOX 1055CRESCENT LAKE, OR 97733-1055 5/20/2019 $0.00

39179 GONDEN, LOUIS PO BOX 1350LA PINE, OR 97739-1350 5/22/2019 $0.00

39185 DIECKHOFF, MELISSA & TONY PO BOX 797GILCHRIST, OR 97737-0797 5/22/2019 $0.00

39189 BUCKNER, ROBERT & LAURA PO BOX 772GILCHRIST, OR 97737 5/23/2019 $0.00

39207 HOWARD, SANDY & CHARLES 1050 WILD MUSTANG LNGILCHRIST, OR 97737-9727 5/30/2019 $0.00

39210 RODRIGUEZ,ARTURO 824 RECTOR DRLA PINE, OR 97739-9131 5/30/2019 $0.00 39226 GRIFFITH,MARY 150388 JERRY RDLA PINE, OR 97739-7646 6/4/2019 $0.00

39236 DOCKTER, JEFFREY PO BOX 362CRESCENT, OR 97733-0362 6/6/2019 $0.00

39258 HAMILTON,MARVIN 12642 ALDERWOOD DRLA PINE, OR 97739-9237 6/12/2019 -$15.80

39262 BARSTAD, JEN & BRIAN PO BOX 756GILCHRIST, OR 97737-0756 6/12/2019 $0.00

39272 LAUDENSLAGER, BRETT STE 1004857 AIRWAY DRCENTRAL POINT, OR 97502-3664 6/17/2019 $3.95

39281 LASSETTER, GARY PO BOX 5481BAKERSFIELD, CA 93388 6/19/2019 $0.00

39287 WALLACE,SHAWN TAYLOR MCBRIDEPO BOX 642GILCHRIST, OR 97737-0642 6/20/2019 $26.90

39288 COLTON, JACK & SALLY 145630 RANGER CTLA PINE, OR 97739-8701 6/20/2019 $0.00

39289 LYON, CARMEN PO BOX 1621LA PINE, OR 97739-1621 6/20/2019 $38.25

39299 ARNTZEN,GLENN 2682 LAUREL HILL DREUGENE, OR 97403-2237 6/24/2019 $10.95

39308 MATTESON,JOSH & KIM 1717 SADDLEHORN CTLA PINE, OR 97739-9372 6/25/2019 $0.00

39317 JOHNSON, THERESA PO BOX 782GILCHRIST, OR 97737-0782 6/27/2019 $0.00

39321 BERQUIST, CLARENCE 4638 SW 201ST AVEALOHA, OR 97078-2260 6/27/2019 $21.90

39325 HARRINGTON, JENNIFER 4315 NE 90TH AVEPORTLAND, OR 97220-5021 6/27/2019 $0.00

39330 HISATAKE, ELIZABETH PO BOX 2572LA PINE, OR 97739 7/1/2019 -$15.80

39345 ROBINSON, JENNIFER PO BOX 3462LA PINE, OR 97739-0085 7/2/2019 $0.00

39377 RAUSCH, DENNIS 152911 STIRRUP DRLA PINE, OR 97739-9365 7/10/2019 $0.00

39380 GALE, PATRICK & VALORIE 151615 WAGON TRAIL RDLA PINE, OR 97739-8978 7/10/2019 $0.00

39383 JASON ZINN 1319 CHERYL DRLA PINE, OR 97739-9826 7/11/2019 $0.00

39411 MENGES, KEITH 153435 WAGON TRAIL RDLA PINE, OR 97739-4902 7/17/2019 $0.00

39414 COLTON, PATTY 1274 WILD MUSTANG LNGILCHRIST, OR 97737-9761 7/18/2019 $19.90

39415 QUIRE, MARY & SHANE 149686 KURTZ RDLA PINE, OR 97739-7647 7/18/2019 $0.00

39419 MARTIN, GRADY & DEBBRAH PO BOX 252CRESCENT, OR 97733-0252 7/22/2019 $0.00

39422 RAYSON, CHRIS DENA TURNERPO BOX 202CRESCENT, OR 97733-0202 7/22/2019 $0.00

39459 HEIL, LISA PO BOX 2601LA PINE, OR 97739-2601 8/1/2019 $0.00

39477 BROWN, BENJAMIN 152863 WAGON TRAIL RDLA PINE, OR 97739 8/5/2019 $0.00

39487 RHOADES, JEFF PO BOX 80926PORTLAND, OR 97280-1926 8/7/2019 -$1.20

39494 KING, ASHLEY PO BOX 457GILCHRIST, OR 97737-0457 8/8/2019 $0.00

39502 CAMPBELL, JANICE ANNA CLARDYPO BOX 121CHEMULT, OR 97731-0121 8/12/2019 $0.00

39540 STINSON,RANDY PO BOX 3213LA PINE, OR 97739 8/21/2019 $0.00

39551 ELLS, CHRIS & TERRI PO BOX 1152CRESCENT LAKE, OR 97733-1152 8/26/2019 $0.00

39554 HELMS,KATLYN 151910 CONESTOGA RDLA PINE, OR 97739-9699 8/27/2019 $0.00 39569 HYATT, DAVID 2540 PATKEN CIRLA PINE, OR 97739-9492 8/28/2019 $0.00

39573 MEADER, THOMAS 16480 RILEY DRLA PINE, OR 97739-8600 8/29/2019 $0.00

39598 WALDRON, KRYSTAL 148953 SNUFFY DRLA PINE, OR 97739-9106 9/9/2019 $0.00

39605 CLINE, CURTIS PO BOX 187CRESCENT, OR 97733-0187 9/9/2019 $0.00

39641 HOBBS, MICHAEL 1923 HALTER CTLA PINE, OR 97739-9375 9/18/2019 $0.00

39645 FLATT, HEATHER 11430 BURLWOOD DRLA PINE, OR 97739-9135 9/19/2019 $4.10

39646 SULLINGER, GREG 149818 MIDSTATE RDLA PINE, OR 97739-7648 9/19/2019 $0.00

39647 CAFFEY, BRITTNEY 15420 LIBERTY RDLA PINE, OR 97739-7571 9/20/2019 $0.00

39653 ST. CLAIRE, ANDY PO BOX 256CRESCENT, OR 97733-0256 9/23/2019 $0.00

39663 SIEWERT, DOROTHY 147135 BILLS RDGILCHRIST, OR 97737-9721 9/24/2019 $0.00

39672 ROSQVIST-GERARD, JULIE PO BOX 254LA PINE, OR 97739-0254 9/26/2019 -$0.40

39681 AVERETTE, LARRY 148507 MABEL DRLA PINE, OR 97739-9169 10/1/2019 $0.00

39694 BOLIN,GARY & AMBER PO BOX 2196LA PINE, OR 97739-2196 10/3/2019 $0.00

39702 WILSON, SABRINA PO BOX 1091CRESCENT LAKE, OR 97733-1091 10/4/2019 $15.80

39714 BROWN, TAMMI PO BOX 3659LA PINE, OR 97739-0088 10/9/2019 -$0.20

39719 BALL, ANGELA PO BOX 1261LA PINE, OR 97739-1261 10/10/2019 $0.00

39721 BARNHART, BETSY PO BOX 32WISHRAM, WA 98673-0032 10/11/2019 $11.95

39738 FREDERIC,MICHAEL PO BOX 1937LA PINE, OR 97739-1937 10/16/2019 $15.80

39760 PETERSON, BECKY PO BOX 3287LA PINE, OR 97739-3287 10/22/2019 $8.20

39761 DUMONT, ELISABETH PO BOX 393CRESCENT, OR 97733 10/22/2019 $0.00

39805 SHOBE,KRISTIE 12416 ALDERWOOD DRLA PINE, OR 97739- 11/6/2019 $0.00

39806 BUTCHER, DEBORAH PO BOX 2284LA PINE, OR 97739-2284 11/7/2019 $23.20

39812 RUSSELL, AUSTIN PO BOX 3562LA PINE, OR 97739-0087 11/12/2019 $0.00

39822 HARRITER, SARAH PO BOX 1021CRESCENT LAKE, OR 97733-1021 11/14/2019 $0.00

39838 CARROLL, KRISTY PO BOX 3477LA PINE, OR 97739-0085 11/21/2019 $0.00

39852 CHAVEZ, MAKENNA PO BOX 343CRESCENT, OR 97733-0343 11/27/2019 $0.00

39859 SWEAT,JERRY 12012 LARCHWOOD DRLA PINE, OR 97739-9143 12/4/2019 $0.00

39863 SCHMITT, DIANE & CHRIS 88584 CHUKAR LNVENETA, OR 97487-9618 12/4/2019 $0.00

39891 MONTGOMERY, DEEANN PO BOX 2866LA PINE, OR 97739 12/17/2019 $0.00

39896 KNIAZIOWSKI, NICK PO BOX 836GILCHRIST, OR 97737-0836 12/19/2019 $29.00

39903 UNRAU, RACHEL PO BOX 327GILCHRIST, OR 97737-0327 12/24/2019 $0.00

39906 SIMENTAL, REBECCA 147228 GRACIES RDGILCHRIST, OR 97737-9742 12/30/2019 -$46.40 39908 CADOTTE, CHARLENE & RICK 65301 E TIMBERLINE DR ERHODODENDRON, OR 97049-9759 12/30/2019 -$11.85

39920 PLOGSTERD, SARA JOSH WANDELLPO BOX 343GILCHRIST, OR 97737-0343 1/2/2020 $0.00

39943 CASCADE REALTY ROBERT SANDBERGPO BOX 426LA PINE, OR 97739-0426 1/9/2020 $0.00

39948 CASCADE REALITY ROBERT SANDBERGPO BOX 426LA PINE, OR 97739-0426 1/14/2020 $0.00

39966 STURDEVENT,JAMES SANDRA LIONSPO BOX 2983LA PINE, OR 97739-2983 1/29/2020 $0.00

39968 FESSLER, CHERYL PO BOX 773GILCHRIST, OR 97737-0773 1/30/2020 $0.00

39971 SHINN, ANGELA 6849 RANDY RDLA PINE, OR 97739-8997 1/30/2020 -$3.40

39985 THORNTON,BROOKE PO BOX 101FORT ROCK, OR 97735 2/6/2020 -$3.95

39986 DELABASTIDE, KAREI CONRAD HERNANDEZ149637 VIOLA DRLA PINE, OR 97739-9114 2/6/2020 $23.20

40001 HALL, IRENE 10675 SW FONNER STTIGARD, OR 97223-3964 2/13/2020 $15.80

40009 COLE, LESLEY & DOUGLAS PO BOX 3210LA PINE, OR 97739-3210 2/20/2020 $0.00

40010 WEDEKIND, JASMINE PO BOX 325GILCHRIST, OR 97737-0325 2/20/2020 $0.00

40019 BODDY, JESSICA PO BOX 228CRESCENT, OR 97733-0228 2/24/2020 $0.00

40034 HIRKL,MARCY PO BOX 1307LA PINE, OR 97739-1307 2/27/2020 -$30.60

40035 FAHNING, AMBER & RICHARD PO BOX 1637LA PINE, OR 97739-1637 2/27/2020 $35.50

40048 RAMIEREZ-TURNER, KAYLA 147229 GRACIES RDGILCHRIST, OR 97737-9742 3/5/2020 $0.00

40051 DAVIS, TIFFANY 820 WILD MUSTANG LNGILCHRIST, OR 97737-9723 3/5/2020 $0.00

40054 COOPER, GARY PO BOX 84CRESCENT, OR 97733-0084 3/9/2020 -$38.25

40076 DAY,GARY & MARY PO BOX 309GILCHRIST, OR 97737 3/18/2020 $0.00

40084 GUARCELLLO, PAT & JOHN PO BOX 1086CRESCENT LAKE, OR 97733-1086 3/23/2020 $0.00

40086 MCLAUGHLIN,SCOTT 5951 KALMIA LNSPRINGFIELD, OR 97478-6985 3/23/2020 $0.00

40091 TAPPY, JACKIE PO BOX 165CHEMULT, OR 97731-0165 3/23/2020 $0.00

40104 LENT,GORDON PO BOX 368CRESCENT, OR 97733-0368 3/26/2020 $30.60

40113 LEWIS, SHARON PO BOX 3162LA PINE, OR 97739-3162 3/30/2020 $45.80

40117 MAUPIN, VERNON PO BOX 437GILCHRIST, OR 97737-0437 3/30/2020 $0.00

40136 RICH, CHERI PO BOX 113CRESCENT, OR 97733-0113 4/6/2020 -$35.55

40144 ANDERSON, TIANNA 147633 MABEL DRLA PINE, OR 97739-8974 4/8/2020 $0.00

40145 DUFF, BETSY PO BOX 433GILCHRIST, OR 97737-0433 4/8/2020 -$58.00

40153 OWREN, DAVID PO BOX 3404LA PINE, OR 97739-3404 4/9/2020 $0.00

40163 ERNO, MELISSA 142016 BLUE SKY WAYCRESCENT LAKE, OR 97733- 4/13/2020 $0.00

40174 BENTON, KENDRA PO BOX 3021LA PINE, OR 97739-3021 4/15/2020 -$30.15

40186 ESCOTT, GEORGE 366 RIDDLE RDCRESCENT, OR 97733 4/16/2020 $5.80 40200 CRAMER, WILLIAM PO BOX 878GILCHRIST, OR 97737-0878 4/20/2020 $0.00

40209 NORED,STAN 1840 BUCKBOARD CTLA PINE, OR 97739-9376 4/21/2020 $7.90

40215 YARNELL, RICHARD PO BOX 344GILCHRIST, OR 97737-0344 4/21/2020 $0.00

40238 LEGGETT, ALISHA 2665 BEAR FLAT RDCHEMULT, OR 97731-9762 4/27/2020 -$49.77

40261 HUNT, LEANNA PO BOX 1290LA PINE, OR 97739-1290 4/30/2020 $0.00

40268 GAUB, JANESE & JIMMY PO BOX 2814LA PINE, OR 97739-2814 5/1/2020 -$100.00

40277 PLEASANT, TERESA 6743 RANDY RDLA PINE, OR 97739-9267 5/4/2020 $0.00

40294 ADAMS, KETHERINE 3621 SW 110TH STSEATTLE, WA 98146-1762 5/6/2020 $0.00

40296 WALDEN, SUSAN & JAMES 147018 BILLS RDGILCHRIST, OR 97737-9715 5/6/2020 $0.00

40303 JONES, JENNIFER PO BOX 338CRESCENT, OR 97733-0338 5/7/2020 -$69.60

40304 GILLILAND, TRUSTYN 1365 LINDA DRLA PINE, OR 97739-9044 5/7/2020 -$91.80

40312 MARCHAND, PATTY PO BOX 386CRESCENT, OR 97733-0386 5/8/2020 -$36.20

40332 BEMANETT, CINDY & SAM PO BOX 1081CRESCENT LAKE, OR 97733-1081 5/18/2020 $0.00

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