What changed in this filing

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Item 1. Business

2023-02-23 compared with 2022-02-11 · 213 added, 154 removed, 428 unchanged (46% of the section changed)

Republic is one of the largest providers of environmental services in the United States, as measured by revenue.

As of December 31, 2021, we operated facilities in 41 states through 356 collection operations, 239 transfer stations, 198 active landfills, 71 recycling processing centers, 3 treatment, recovery and disposal facilities, 3 treatment, storage and disposal facilities (TSDF), 6 salt water disposal wells, and 7 deep injection wells.

We operate across the United States and Canada through 353 collection operations, 233 transfer stations, 71 recycling centers, 206 active landfills, 3 treatment, recovery and disposal facilities, 20 treatment, storage and disposal facilities (TSDF), 6 salt water disposal wells and 7 deep injection wells.

We are engaged in 73 landfill gas-to-energy and other renewable energy projects and had post-closure responsibility for 128 closed landfills.

We were incorporated in Delaware in 1996.

We believe the total addressable environmental services market in which we operate generates approximately $91 billion of annual revenue, which includes the $67 billion U.S.

recycling and solid waste industry and $24 billion of the broader environmental services industry.

We believe the total addressable North American environmental services market in which we operate generates approximately $107 billion of annual revenue, which includes the $78 billion United States and Canada recycling and solid waste industry and $29 billion of the broader environmental solutions industry.

Within our recycling and solid waste business, we prioritize investments in market verticals with above average growth rates and higher return profiles.

Environmental services remains fragmented which provides consolidation opportunities to drive scale.

We believe we will be able to further expand our addressable market into other segments of the environmental services industry over time by leveraging our differentiated capabilities.

Our operations are national in scope, but the physical collection and recycling or disposal of material is very much a local business and the dynamics and opportunities differ in each of our markets.

Environmental solutions remains fragmented which provides consolidation opportunities to drive scale.

We believe we will be able to further expand our addressable market into other segments of the environmental services industry over time by leveraging our differentiated capabilities, including (1) customer zeal, (2) digital and (3) sustainability.

We operate throughout North America, but the physical collection and recycling or disposal of material is very much a local business and the dynamics and opportunities differ in each of the markets we serve.

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.

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We further believe our focus and commitment to sustainability allows us to attract and retain the best talent, win more customers, increase customer loyalty and, ultimately, drive higher revenue and profits.

In March 2020, the World Health Organization declared the outbreak of a new strain of coronavirus (COVID-19) a pandemic.

The COVID-19 pandemic has impacted the global economy as well as certain aspects of our operations and performance.

During this time, we continued to provide essential services to our customers while prioritizing the health and safety of our employees.

In April 2020, we launched our Committed to Serve initiative to help our employees, customers and communities across the United States.

The impact of COVID-19 on our business and associated costs are discussed in Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations in this Annual Report on Form 10-K.

Foundational Elements

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Our goal 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.

We strive to have leading market position in each of the markets we serve, or have a clear path toward 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.

Additionally, our market planning process allows us to analyze market conditions and proactively adjust to trends as they emerge, including the effects of legislation, demographic shifts and changes in the market and the competitive landscape.

Internal Growth

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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 recyclable and solid waste material 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.

We seek to obtain long-term contracts for collecting recyclable, solid waste and industrial waste material under residential collection contracts with municipalities, exclusive franchise agreements, small-container and large-container contracts and environmental solutions service contracts.

We also look to enter into long-term disposal and recycling 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.

• 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 32% of municipal solid waste is recycled and/or composted.

• Expansion of Recycling Capabilities - Based on the most recent United States Environmental Protection Agency (EPA) data, approximately 32% of municipal solid waste is recycled and/or composted.

We expect that percentage to increase over the long-term as communities enhance and expand their recycling programs for their residents.

As a key player in the circular economy, we are strategically focused on expanding recycling volume through 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.

In 2022, we announced the development of our first Polymer Center, a vertical integration that will advance circularity for plastics and help us manage the plastics stream from curbside collection to delivery of recycled content for consumer packaging.

The Polymer Center will enable us to produce food-grade drop-in substitutes for virgin plastics, while allowing us to expand recycling of plastics across North America.

We will continue to look for opportunities to expand or enhance our recycling capabilities in markets where customers are demanding these services, demonstrating a willingness to pay and where 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.

Our goal is to create market-specific, vertically integrated operations typically consisting of one or more collection operations, transfer stations, landfills and recycling centers.

Where appropriate, we seek to obtain permits to build transfer stations, recycling 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.

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We undertake development projects when we believe there is a reasonable probability of success and where reasonably priced acquisition opportunities are not available.

Through landfill and fleet innovation, recycling and circularity of key materials, and renewable energy production, we’re committed to environmentally responsible operations that increase our efficiency as well as our ability to partner with customers to create a more sustainable world.

Through landfill and fleet innovation, recycling and circularity of key materials and renewable energy production, we are committed to environmentally responsible operations that increase our efficiency as well as our ability to partner with customers to create a more sustainable world.

External Growth

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We believe our ability to successfully complete these acquisitions is enhanced by the challenges facing many privately-held companies, including increasing competition in the environmental services industry, increasing capital requirements due to changes in 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 companies.

We also evaluate stand-alone opportunities to acquire businesses and/or facilities that are being divested by other publicly-owned companies.

We continue to invest in value-enhancing acquisitions in existing markets.

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.

For instance, during the second quarter of 2022, we acquired US Ecology, Inc.

(US Ecology), a leading provider of environmental solutions, offering treatment, recycling and disposal of hazardous, non-hazardous and specialty waste.

We also focus on growth through public-private partnerships, which include the recycling and waste operations and facilities of municipal and other local governments.

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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.

Key elements of our operating model are our organizational structure, safety, fleet automation, compressed natural gas vehicles, fleet electrification and standardized maintenance.

Key elements of our operating model are our

organizational structure, safety, fleet automation, compressed natural gas vehicles, fleet electrification and standardized maintenance.

Organizational Structure

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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.

Our senior management evaluates, oversees and manages the financial performance of our operations through three field groups, referred to as Group 1, Group 2 and Group 3.

Group 1 is our recycling and solid waste business operating primarily in geographic areas located in the western United States.

Group 2 is our recycling and solid waste business operating primarily in geographic areas located in the southeastern and mid-western United States and the eastern seaboard of the United States.

Group 3 is our environmental solutions business operating in geographic areas located across the United States and Canada.

These groups each provide integrated environmental services, including but not limited to collection, transfer, recycling and disposal.

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.

We have a dedicated team of safety professionals at our corporate headquarters and in our field operations, led by our Vice President of Safety who reports directly to our Chief Operating Officer.

Due to the nature of our industry, we make safety a top priority and we recognize and reward employees for outstanding safety records.

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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.

With the phrase printed on numerous items, including hard hats and the equipment our employees use, 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.

Through our Safety Amplified program, we are providing more tools and driving greater awareness to help our teams better execute our safety standards.

Regular training, multifaceted programs and strategic partnerships are key components to this program.

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• Innovate Together:

We employ the latest technologies in our fleet, including automation, rear cameras, in-cab backup alarms, and event recording systems and take a data-driven approach to support our employees.

We employ the latest technologies in our fleet, including automation, rear cameras, in-cab backup alarms and event recording systems, and we take a data-driven approach to support our employees.

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.

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For more information regarding our safety performance, refer to our Sustainability Accounting Standards Board (SASB) report, which can be found at republicservices.com/sustainability.

The information contained on our website shall not be deemed

incorporated by reference in this Annual Report on Form 10-K or in any other filing we make under the Securities Exchange Act of 1934, as amended (Exchange Act).

The information contained on our website shall not be deemed incorporated by reference in this Annual Report on Form 10-K or in any other filing we make under the Securities Exchange Act of 1934, as amended (Exchange Act).

Fleet Automation

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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.

Additionally, communities using automated vehicles generally have higher participation rates in recycling programs, thereby complementing our initiative to expand our recycling capabilities.

Compressed Natural Gas (CNG) Vehicles

Approximately 21% of our fleet operates on CNG.

Approximately 13% of our replacement vehicle purchases during 2021 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.

Approximately 20% of our recycling and solid waste collection fleet operates on CNG and approximately 17% of our replacement recycling and solid waste vehicle purchases during 2022 were CNG vehicles.

We believe using CNG vehicles provides us with a competitive advantage in communities with strict clean emission initiatives that focus on protecting the environment.

Although upfront capital costs are higher, using CNG vehicles reduces our overall fleet operating costs through lower fuel expenses.

As of December 31, 2021, we operated over 40 CNG fueling stations.

As of December 31, 2022, we operated 45 CNG fueling stations.

Fleet Electrification

We are taking a leadership position in electric technology innovation for our fleet.

This is a critical step toward reducing our environmental impact through lower fleet emissions, and we believe it will also improve our total cost of ownership while providing a competitive advantage in certain communities.

We believe we are taking a leadership position in electric technology innovation for our recycling and solid waste collection fleet.

This is a critical step toward reducing our environmental impact through lower fleet emissions.

We believe it will also improve our total cost of ownership while providing a competitive advantage in certain communities.

We are partnering with multiple manufacturers to pilot electric-powered recycling and solid waste trucks.

As electric vehicle technology continues to develop, we will further deploy electrification to our fleet.

As electric vehicle technology continues to develop, we expect to further deploy electrification to our fleet.

Standardized Maintenance

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We strive to maintain an environment that attracts and retains the best talent.

Our over 35,000 full-time employees are a critical component in successfully executing our strategy and running our operations.

We aspire to always be a company where the best people, with exceptional talents and diverse backgrounds, can thrive, and we foster a culture of caring where people feel respected, supported, and encouraged to bring their best selves to work.

Our approximately 40,000 full-time employees are a critical component in successfully executing our strategy and running our operations.

We work hard to remain a company where the best people, with exceptional talents and diverse backgrounds, can thrive and foster a culture of caring where people feel respected, supported and encouraged to bring their best selves to work every day.

We are dedicated to driving our people and talent agenda, which includes (1) representing the diversity of the communities we serve and sustaining a safe and inclusive culture, (2) maintaining a highly engaged workforce, (3) developing our talent through learning and development experiences and (4) offering rewards that attract and retain the best workforce.

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Our commitment to inclusion and diversity starts at the top of our organization, as outlined in our Mission of Supporting an Inclusive Culture (MOSAIC), established in 2013 and supported by the MOSAIC Council.

The MOSAIC Council consists of leaders from across the Company who serve as ambassadors and thought partners

for inclusion and diversity.

The MOSAIC Council consists of leaders from across the Company who serve as ambassadors and thought partners for inclusion and diversity.

This enables us to continue to develop new strategies and activities that are tied to the needs of our employees, customers and business with the goal of creating an even more inclusive work environment and diverse workforce.

We support inclusion and connectivity for our diverse populations through our business resource groups, including Women of Republic, VALOR (Veterans, Advocacy, Learning, Outreach and Recruiting), and the Black Employee Network (BEN).

Given the representation of LatinX employees in our workforce and the desire to create community amongst this valued population, we launched Unidos in the summer of 2021.

While business resource groups help to drive a more inclusive environment for our diverse populations, we remain committed to driving inclusion for all of our employees.

As the nation continues to experience inflection points in race relations, we are well-positioned to address the call for social justice because it aligns with our human centered values and is reinforced by our existing commitment to advancing and supporting Black employees and Black communities.

We support inclusion and connectivity for our diverse populations through our Business Resource Groups (BRG) and focus on the involvement of our field locations in all of our BRGs, including Women of Republic, VALOR (Veterans, Advocacy, Learning, Outreach and Recruiting), UNIDOS and the Black Employee Network (BEN).

In January 2023, we also launched a new LGBTQ+ BRG.

In 2022, we continued our focus on providing programs and virtual events to advance awareness, education and connectivity across our workforce.

Our “Let’s Talk” series, which has had over 10,000 virtual attendees, is aimed at furthering our employees' understanding and empathy related to the topic of inclusion and diversity.

In conjunction with this series, we launched "Let's Connect" – an opportunity for employees and diverse groups to share their unique experiences and perspectives directly with our CEO.

We will continue to offer opportunities to help our employees conduct courageous and authentic conversations with one another, and we are committed to maintaining a work environment where people of all backgrounds feel valued and safe to share their perspectives.

Our well-attended “Let’s Talk” series aimed at furthering our employees' understanding and empathy related to the topic of inclusion and diversity.

In conjunction with this series, we have held multiple "Let's Connect" sessions, providing an opportunity for employees across an array of intersectionalities to share their unique experiences and perspectives directly with our CEO.

We will continue to offer opportunities to help our employees conduct courageous and authentic conversations with one another.

We are committed to maintaining a work environment where people of all backgrounds feel valued and safe to share their perspectives.

Employee Engagement

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Our goal is to achieve and maintain employee engagement scores at or above 88 by 2030.

Our employee engagement score was approximately 84% in 2021, which is above national benchmarks by almost eight points.

Approximately 98% of our employees participated in the engagement survey process in October 2021 which represented an all-time high participation rate, compared to approximately 92% in April 2021.

Employee engagement is a core part of our business strategy, which is why we compensate our General Managers on their employee engagement scores.

Our employee engagement score was 85 in 2022, which is above national benchmarks by five points.

Approximately 97% of our employees participated in the engagement survey process in April and October 2022, which represented an all-time high participation rate and is more than 20% higher than the national benchmark.

Employee engagement is a core part of our business strategy, which is why we compensate our General Managers, in part, on their employee engagement scores.

This reinforces our commitment for leaders to listen and take action on employee feedback and helps to ensure that our leaders are held accountable and rewarded for their efforts to drive a more engaged workforce.

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Our programs, including new hire onboarding and new leader assimilation, reinforce our Company values, expectations and business approach.

Targeted development experiences support the growth of people in key roles, including Driver Training, Technician Training, Supervisor Training, Sales Acceleration, General Manager Onboarding, and more.

We relaunched our successful Leadership Fundamentals program in 2022, targeting field leaders.

With a goal of reaching all leaders through this program, approximately 650 leaders completed this training in 2022, with approximately 2,150 more slated in 2023.

Targeted development experiences support the growth of people in key roles, including Driver Training, Technician Training, Supervisor Training, Sales Acceleration and General Manager Onboarding, among others.

We believe these programs provide the fundamental skills necessary to be successful across roles.

In order to meet the specific needs of the business, in July 2021, we opened a comprehensive Technical Training Institute where we are able to train and develop technicians.

In 2021, 20 technicians participated in the program.

Additionally, to meet the specific needs of the business, we opened a comprehensive Technical Training Institute in April 2021 where we train and develop our technicians.

We have had 98 participants in the course so far.

Our leadership programs are a critical part of growing our people.

We remain focused on attracting, hiring and developing early career leaders.

Our rotational training and development programs, including our General Manager Acceleration Program and Leadership Trainee Program, help us attract, develop and advance a diverse and talented pool of individuals from across our organization.

Our rotational training and development programs, including our General Manager Acceleration Program (GMAP) and Leadership Trainee Program, help us attract, develop and advance a diverse and talented pool of individuals from across our organization.

Our Executive Leadership team sponsors these programs, providing visibility and support for the career advancement of our high-potential talent across the organization.

Since the beginning of these programs in 2017, approximately 60 leaders have graduated into leadership positions.

Since the beginning of these programs in 2017, 78 leaders have graduated into leadership positions.

Additionally, our MBA intern program, with 24 participants since 2019, introduces

strong talent to the organization and is a path of opportunity into the GMAP program.

We have found that these programs and experiences help ensure that the next generation of leaders build the necessary skills and experiences to be successful in their roles today and in the future.

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As we continue to grow as a Company, we are investing in new technology and tools so employees can do their jobs safely and effectively, while providing day-to-day stability and professional development.

Compensation and Benefits

We offer compensation and benefits that help improve our employees' overall financial, physical and emotional wellbeing, as well as recognize hard work with opportunities to grow.

Our commitment to paying market competitive wages enables us to

attract and hire talent all across the country, including an expansion of many opportunities to work remotely.

Our commitment to paying market competitive wages enables us to attract and hire talent all across the country, including an expansion of many opportunities to work remotely.

Our approach to paying for performance supports our focus on pay equity.

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• 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 and universal recycling.

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 our centralized Customer Resource Center.

This state-of-the-art center and the technology it employs provide our customer service employees with the tools and capabilities they need to provide better levels of service though a variety of communication channels.

These centers enhance the customer experience and provide us a platform to reduce the cost to service our customers.

We continue to expand our offering of products and services to meet customer demand for a single provider for their environmental service needs.

We have made progress on this front, primarily through acquisitions, including the acquisition of US Ecology in May 2022.

US Ecology is a leading provider of environmental solutions, offering treatment, recycling and disposal of hazardous, non-hazardous and specialty waste.

For 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 our centralized Customer Experience function.

This modern technology provides our customer services employees with the tools and capabilities they need to provide better levels of service through a variety of communication channels.

The standardized approach enhances the customer experience and provides 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.

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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 employee interaction.

The implementation of the "RISE" dispatch platform was substantially completed in 2020.

With the roll-out of this technology we are improving productivity through more real-time routing information and data visualization tools, increasing customer connectivity and enabling automated service verification communications and enhancing the employee experience by providing better tools and technology designed around employee interaction.

The rollout of the "RISE" in-cab technology enhancements across our collection fleet will continue through 2023.

Sustainability

The goal of our sustainability strategic pillar is to provide our customers with sustainable solutions that support a cleaner, safer, and healthier world.

The goal of our differentiating sustainability capabilities is to provide our customers with sustainable solutions that support a cleaner, safer and healthier world.

We have long been a leader in environmental services and sustainability.

We introduced our Elements of

Sustainability, the foundation of our sustainability platform, in 2014.

We introduced our Elements of Sustainability, the foundation of our sustainability platform, in 2014.

Our elements, Safety, Talent, Climate Leadership and Communities, are deeply integrated into our business and anchor our ambitious 2030 sustainability goals.

Our Board of Directors’ Sustainability & Corporate Responsibility 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, climate related risks and opportunities, and reputational risks.

Our Board of Directors’ Sustainability & Corporate Responsibility 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 environmental, climate related risks and opportunities and reputational risks.

The Committee meets at least quarterly to be updated on progress and conducts a formal comprehensive review of the Company’s performance in these areas on an annual basis.

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As we grow, so does our opportunity to make a meaningful, positive impact on the environment and society.

Our ambitious 2030 goals are aligned with the UN Sustainable Development Goals (1) and have guided our strategy since 2019.

Each goal is aligned with one of the Company's elements of sustainability, 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 ambitious 2030 goals are aligned with the UN Sustainable Development Goals (1) and our greenhouse gas reduction goal is aligned with The Paris Agreement, an international treaty on climate change adopted in 2015.

Each goal is aligned with one of the Company's elements of sustainability.

Together they are designed to significantly benefit the environment and society, while enhancing the foundation and profitability of our business for the long-term.

• Safety Amplified:

Achieve zero annual employee fatalities and reduce OSHA Total Recordable Incident Rate (TRIR) to 2.0 or less by 2030

Achieve zero annual employee fatalities

• Incident Reduction:

Reduce OSHA Total Recordable Incident Rate (TRIR) to 2.0 or less by 2030

• Engaged Workforce:

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• Charitable Giving:

Positively impact 20 million people by 2030 (2)

Create sustainable neighborhoods through strong community partnerships for 45 million people by 2030 (2)

We believe that reducing our impact on the planet and improving the quality of life for its inhabitants are the right things to do, and they are also necessary actions to ensure a vibrant future for our organization.

Refer to our Sustainability, Task Force on Climate-Related Financial Disclosures (TCFD), SASB, and Global Reporting Initiative (GRI) Reports and CDP Climate Change Questionnaire for updates regarding our progress towards these goals, which can be found at republicservices.com/sustainability.

Refer to our Sustainability Report for our progress toward our 2030 sustainability goals, and refer to our full suite of climate-related sustainability reporting for updates regarding our progress toward our climate goals, including Task Force on Climate-Related Financial Disclosures (TCFD), SASB, Global Reporting Initiative (GRI) and CDP Climate Change, all of which can be found at investor.republicservices.com/sustainability.

The information contained on our website shall not be deemed incorporated by reference in this Annual Report on Form 10-K or in any other filing we make under the Exchange Act.

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and Baa2 by Moody’s Investors Service, Inc.

as of December 31, 2021.

Such ratings have allowed us, and should continue to allow us, to readily access capital markets at competitive rates.

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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 environmental, social, governance, and executive compensation.

We have an active shareholder outreach program and routinely interact with shareholders on a number of matters, including environmental, social, governance, talent and executive compensation.

Management Team

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Bales serves on the Board of Directors of Insurance Auto Auctions, Inc.

Sumona De Graaf was named Executive Vice President, Chief Human Resources Officer effective January 2022.

De Graaf joined the Company in January 2020 as Senior Vice President and Chief Human Resources Officer where she was responsible for overseeing and executing our talent strategy.

Prior to joining the Company, Ms.

De Graaf worked for ghSMART advising

boards and coaching executive leaders.

Before ghSMART, Ms.

De Graaf was the Global Head of Career Development at Bloomberg LP and held roles in learning and diversity for both American Express and Goldman Sachs.

Brian DelGhiaccio was named Executive Vice President, Chief Financial Officer in June 2020.

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Before that, Mr.

DelGhiaccio served as Vice President, Investor Relations from 2012 to 2014, progressed to Senior Vice President, Finance from 2014 to 2017 and then to Senior Vice President, Business Transformation in 2017.

DelGhiaccio served as Vice President, Investor Relations from 2012 to

2014, progressed to Senior Vice President, Finance from 2014 to 2017 and then to Senior Vice President, Business Transformation in 2017.

Prior to his time at Republic, Mr.

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Hodges worked as a consultant for McKinsey & Company.

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 Waste Industries, Inc.

(Allied) from 2004 until the Allied acquisition in December 2008.

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.

Hughes has over 29 years of experience in the solid waste industry.

Katrina Liddell was named Executive Vice President, Chief Commercial Officer in June 2021.

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Liddell spent 14 years with Johnson Controls International, where she held senior leadership roles in enterprise account management, vertical market development, operations, product development and customer relations.

Liddell serves on the Board of Directors of The Kristine Pettoni Foundation.

Tim Stuart was named Executive Vice President, Chief Operating Officer in May 2019.

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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.

Stuart serves on the Board of Directors of Romeo Power, Inc.

Our local and area management teams have extensive industry experience in growing, operating and managing environmental services companies and have substantial experience in their local geographic markets.

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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

Comprehensive Environmental Services

We serve customers with a strong, vertically-integrated operating platform and offer a complete set of products and services, including the collection and processing of recyclable, solid waste and industrial waste materials;

transportation and disposal of non-hazardous and hazardous waste streams;

and other environmental solutions.

We offer a wide array of products and services with a proven track record in safety, compliance and environmental stewardship.

Recycling & Solid Waste Services

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.

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During the year ended December 31, 2022, approximately 68% of the total solid 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.

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 environmental services, including the collection and processing of recyclable materials, collection, transfer and disposal of non-hazardous solid waste, and other environmental solutions.

We also operate recycling 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.

Collection Services

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In 2022, approximately 69% of our total revenue was derived from our collection business, of which approximately 20% of our total revenue related to residential services, approximately 29% related to small-container services and approximately 20% related to large-container services.

Our residential collection business involves the curbside collection of material for transport to transfer stations, or directly to landfills, recycling processing centers, or organics processing facilities.

Our residential collection business involves the curbside collection of material for transport to transfer stations, or directly to landfills, recycling centers, or organics processing facilities.

We typically perform residential 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.

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Revenue at our transfer stations is primarily generated by charging tipping or disposal fees, which accounted for approximately 5% of our revenue during 2022.

Our collection operations deposit material at these transfer stations, as do other private and municipal haulers, for compaction and transfer to disposal sites or recycling processing centers.

Our collection operations deposit material at these transfer stations, as do other private and municipal haulers, for compaction and transfer to disposal sites or recycling centers.

Transfer stations provide collection operations with a cost-effective means to consolidate material and reduce transportation costs while providing our landfills with an additional mechanism to extend their geographic reach.

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and (3) we can retain volume by managing the material to one of our own landfills or processing centers rather than to a competitor’s.

Recycling Processing Services

We own or operate 71 recycling centers.

These centers generate revenue through the and sale of old corrugated containers (OCC), old newsprint (ONP), aluminum, glass and other materials, which accounted for approximately 3% of our total revenue during 2022.

Approximately 81% of our total recycling center volume is fiber based and includes OCC, ONP and other mixed paper.

During 2022, we processed and sold 2.0 million tons, excluding glass and organics, from our recycling centers.

An additional 2.0 million tons were collected by us and delivered to third parties.

We are investing in innovative recycling technology and have expanded our organics operations to help customers meet their diversion goals.

We processed 1.0 million and sold 0.3 million tons of organic materials, respectively, from our recycling centers in 2022.

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 both annual revenue and operating income by approximately $10 million.

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 across our collection service offerings.

Our goal is to provide a complete material 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.

Landfill Services

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Our landfill tipping fees charged to third parties accounted for approximately 11% of our revenue during 2022.

As of December 31, 2021, we had 39,618 permitted acres and total available permitted and probable expansion disposal capacity of 5.0 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.

As of December 31, 2022, we had estimated permitted acres of 40,400 and estimated total available disposal capacity of 5.0 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.

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We also have responsibility for 128 closed landfills, for which we have associated closure and post-closure obligations.

Recycling Processing Services

We own or operate 71 recycling processing centers.

These centers generate revenue through the processing and sale of old corrugated containers (OCC), old newsprint (ONP), aluminum, glass and other materials, which accounted for approximately 4% of our total revenue during 2021.

Approximately 80% of our total recycling processing center volume is fiber based and includes OCC, ONP and other mixed paper.

During 2021, we processed and sold 2.2 million tons, excluding glass and organics, from our recycling processing centers.

An additional 2.1 million tons were collected by us and delivered to third parties.

We are investing in advanced recycling technology and have expanded our organics operations to help customers meet their diversion goals, processing and selling 1.0 million tons of organic material from our recycling processing centers in 2021.

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 $22 million and $10 million, respectively.

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 into each of our collection service offerings.

Our goal is to provide a complete material 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.

Environmental Solutions

In addition to certain of our landfill disposal sites, we own or operate 3 treatment, recovery and disposal facilities, 3 treatment, storage and disposal facilities, 6 salt water disposal wells and 7 deep injection wells.

Environmental solutions volume is generated by the daily operations of industrial, petrochemical and refining facilities, including maintenance, plant turnarounds and capital projects.

Additionally, it is generated from the by-products of oil and natural gas exploration and production activity.

We provide these customers with environmentally responsible solutions to manage their waste needs including treatment, consolidation and disposal of solid and liquid material, field and industrial services, rental, and in-plant services, such as transportation and logistics.

We have the capabilities to address the complex sustainability needs of our customers.

Our environmental solutions offerings include collection, treatment, consolidation, disposal and recycling of hazardous and non-hazardous waste;

field and industrial services;

equipment rental;

emergency response and standby services;

and in-plant services.

Environmental solutions volume is generated by the daily operations of industrial, petrochemical and refining facilities and oil and natural gas exploration and production sites, including maintenance, plant turnarounds and capital projects.

Volume also is generated by private and government funded projects including site remediation, redevelopment or emergency spill response.

In 2022, approximately 9% of our revenue was derived from environmental solutions.

Waste Treatment & Disposal

We own or operate 6 active hazardous waste landfills, 9 active energy waste landfills, 3 treatment, recovery and disposal facilities, 20 treatment, storage and disposal facilities, 6 salt water disposal wells and 7 deep injection wells.

We recycle, treat and dispose of hazardous and non-hazardous industrial wastes.

The waste handled include substances which are classified as “hazardous” because of their corrosive, ignitable, reactive or toxic properties and other wastes subject to federal, state and provincial environmental regulation.

The waste we handle comes in solid, liquid and sludge form and can be received in a variety of containerized and bulk forms and transported to our facilities by truck and rail.

We also operate thermal desorption units that recover oil and metal bearing catalyst from refinery and other organic and oil-based waste.

The recycled oil and recycled catalyst are sold to third parties.

Field Services

Our field services include a wide range of specialty and total waste management services provided to refineries, chemical plants, manufacturing plants and other government, commercial and industrial facilities either on-site or at our network of facilities.

These services include industrial cleaning and maintenance, retail services, lab pack, site remediation, equipment cleaning and maintenance services, specialty equipment rental, transportation and emergency response.

As an integral part of our services, we employ highly trained staff and operate a network of service centers that characterize, package and collect hazardous and non-hazardous wastes from customers and transport such wastes to and between our facilities for treatment or bulking for shipment to final disposal locations.

Other Services

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In any given market, competitors may have larger operations and greater resources.

In addition, we

compete with municipalities that maintain material collection or disposal operations.

In addition, we compete with municipalities that maintain material collection or disposal operations.

These municipalities may have financial advantages due to the availability of tax revenue and greater opportunities for tax-exempt financing.

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Our operations can also be favorably affected by severe weather and natural disasters, which could increase the volume of material in situations where we are able to charge for our additional services.

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 processing centers, certain solid waste collection vehicles, fuel storage tanks and other equipment and facilities that we own or operate.

Refer to our TCFD Report for more information on climate impacts and our risk management strategies, available at investor.republicservices.com/sustainability.

The information contained on our website shall not be deemed incorporated by reference in this Annual Report on Form 10-K or in any other filing we make under the Exchange Act.

Our facilities and operations are subject to a variety of federal, state, provincial 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 centers, 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.

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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.

EPA and various other federal, state and local authorities administer these regulations.

In order to comply with these regulations, we must incur substantial capital expenditures relating to our vehicles, landfills, transfer stations, and recycling processing centers, and in connection with our capping, closure, post-closure and environmental remediation activities.

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, could increase our costs to operate or require additional capital expenditures.

The United States EPA and various other federal, state, provincial and local authorities administer these regulations.

Regulations with respect to hazardous waste are particularly relevant for our Group 3 reportable segment that provides treatment, recycling and disposal of hazardous waste.

In order to comply with these regulations, we must incur substantial capital expenditures relating to our vehicles, landfills, transfer stations, recycling centers and in connection with our capping, closure, post-closure and environmental remediation activities.

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, could increase our costs to operate or require additional capital expenditures.

A decrease in regulation may lower barriers to entry for our competitors.

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Operating and design criteria for existing operations have been modified to comply with these regulations.

Compliance with Subtitles C and 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.

Compliance with Subtitles C and D regulations has resulted in increased capital expenditures and operating 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).

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The EPA may also designate additional substances as hazardous;

in 2022, the EPA issued a proposed rule that would designate certain PFAS as hazardous substances.

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.

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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

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.

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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.

In 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.

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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.

In July 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 at the same time, 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.

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In 2021, the EPA issued a rule further setting the standards for model years 2023 to 2026, making them more stringent;

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.

On August 5, 2021, the EPA announced its intent to move forward with a Clean Trucks Plan, which would involve setting emissions standards for model years 2027 and beyond.

that rule has also been 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.

In August 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 August 2021, the EPA announced its intent to move forward with a Clean Trucks Plan, which would involve setting emissions standards for model years 2027 and beyond and the EPA released a proposed rule on March 28, 2022.

• 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.

This act authorizes the Occupational Safety and Health Administration of the United States 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.

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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.

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.

Some jurisdictions have enacted or are considering enacting “extended producer responsibility” regulations, which are designed to obligate producers to fund the post-use life cycle of their products by providing recycling programs for their products.

State and municipal governments may also enact “organic diversion” regulations that require food waste to be managed separately from the other waste streams, similar to the rules recently enacted in California.

State and municipal governments also have enacted or may enact “organic diversion” regulations that require food waste to be managed separately from the other waste streams, similar to the rules recently enacted in California.

Several states have also enacted or are considering “minimum recycled content” regulations mandating certain minimum post-consumer recycled content in certain types of packaging, including California.

Legislative and regulatory measures to mandate or encourage waste reduction and recycling also have been considered, or are under consideration by, the U.S.

Congress and the EPA.

Legislative and regulatory measures to mandate or encourage waste reduction and recycling also have been considered, or are under consideration by, the United States Congress and the EPA.

These regulations may present new opportunities to offer sustainable environmental services to our customers but may require investment of time, effort and money to be able to offer these new solutions and expose us to additional regulatory requirements and competition from others offering these services.

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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.

Canadian Hazardous Waste Regulation

Certain of our Group 3 operations and facilities are subject to, among other regulations, Canadian hazardous waste regulations.

The Canadian federal government regulates issues within federal jurisdiction, including activities that cross provincial boundaries or affect Canada’s relations with other nations.

The Canadian provinces also have jurisdiction over environmental matters within their respective boundaries, including primary responsibility for regulation and management of hazardous waste.

The main federal laws governing hazardous waste management are the Canadian Environmental Protection Act, 1999 (CEPA) and the Transportation of Dangerous Goods Act, 1992.

Environment and Climate Change Canada (ECCC) is the federal agency with responsibility for environmental matters.

CEPA charges ECCC and Health Canada with the protection of human health and the environment and seeks to control the production, importation and use of substances in Canada and their impact on the environment.

The Cross-border Movement of Hazardous Waste and Hazardous Recyclable Material Regulations under CEPA control the transboundary movement of hazardous waste and hazardous recyclable materials.

These regulations require that anyone proposing to export or import hazardous waste or hazardous recyclable materials or transport them through Canada notify ECCC and obtain a permit to do so.

Certain of our facilities are subject to the Québec Environment Quality Act, the Ontario Environmental Protection Act or the Alberta Environmental Protection and Enhancement Act and their respective regulations.

These statutes and regulations regulate the generation, collection, characterization, transport, storage, treatment, recovery and disposal of hazardous wastes, establish the requirements for waste management facilities and govern actual or potential releases of contaminants in the environment, such as air emissions and soil, groundwater and surface water contamination issues.

Hazardous waste transporters are required to hold a permit to operate under the provincial regulations and are also subject to the safety and reporting requirements of the Canadian Transportation of Dangerous Goods Act, 1992.

Maritime Regulations

Our Group 3 operations own and use 37 vessels registered under the United States flag.

Accordingly, we are subject to various United States federal, state and local statutes and regulations governing the ownership, operation and maintenance of our vessels.

Our United States-flag vessels are subject to the direct jurisdiction of the United States Coast Guard, the United States Customs and Border Protection and the United States Maritime Administration as well as other federal and state agencies.

We are also subject to international laws and conventions and the local laws of foreign jurisdictions where we operate.

A portion of the operations of our standby services business within Group 3 is conducted in the United States coastwise trade.

This is a protected market that is subject to United States cabotage laws that impose certain restrictions on the ownership and operation of vessels in the United States coastwise trade.

These laws are principally contained in 46 U.S.C.

Chapters 121, 505 and 551 and the related regulations, which are commonly referred to collectively as the “Jones Act.” The Jones Act restricts transportation of merchandise by water or by land and water, either directly or via a foreign port, between points in the United States and certain of its island territories.

Subject to limited exceptions, the Jones Act requires that vessels engaged in United States coastwise trade be owned and operated by United States citizens within the meaning of the Jones Act, be built in and registered under the laws of the United States and manned by predominantly United States Citizen crews.

We have systems in place designed to assist with monitoring and maintaining compliance with the ownership requirements of the Jones Act.

All of our offshore vessels are subject to either United States or international safety and classification standards and sometimes both.

United States-flag vessels, barges and crew boats are required to undergo periodic inspections pursuant to United States Coast Guard regulations.

We are also subject to the International Ship and Port Facility Security Code (ISPFS Code), an amendment to the International Convention for the Safety of Life at Sea (SOLAS) as implemented in the Maritime Transportation and Security Act of 2002 to align United States regulations with those of SOLAS and the ISPS Code.

The ISPS Code provides that owners or operators of certain vessels and facilities must provide security and security plans for their vessels and facilities and obtain appropriate certification of compliance.

Under the ISPS Code, we perform worldwide security assessments, risk analyses and develop vessel and required port facility security plans to enhance safe and secure vessel and facility operations.

Additionally, we have developed security annexes for those United States-flag vessels that transit or work in waters designated as high risk by the United States Coast Guard pursuant to the latest revision of Marsec Directive 104-6.

Other Regulations

Some of our facilities and operations are subject to the Toxic Substances Control Act of 1976 (TSCA) and the Atomic Energy Act of 1954, as amended (AEA).

TSCA regulates the treatment, storage and disposal of polychlorinated biphenyls and asbestos.

The AEA assigns the United States Nuclear Regulatory Commission (USNRC) regulatory authority over receipt, possession, use and transfer of certain radioactive materials, including disposal.

The USNRC has adopted regulations for licensing commercial low-level radioactive waste regulated under the AEA for disposal and has delegated regulatory authority to certain states, including states where one or more of our facilities are located.

The USNRC and United States Department of Transportation regulate the transport of radioactive materials.

Shippers must comply with both the general requirements for hazardous materials transportation and specific requirements for transporting radioactive materials.

Many of our facilities own and operate underground storage tanks that are generally used to store petroleum-based products.

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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;

In 1978, the United States 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.

In 1994, the United States 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 United States 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.

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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.

We are engaged in 73 landfill gas-to-energy and other renewable energy projects.

The production of renewable fuel through certain of these projects is incentivized by the federal Renewable Fuel Standard (RFS) program, which was authorized under the Energy Policy Act of 2005 and expanded through the Energy Independence and Security Act of 2007.

Oil refiners and importers are required through the RFS program to blend specified volumes of renewable transportation fuels with gasoline or buy credits, known as renewable identification numbers (RINs), from renewable fuel producers.

The amount of RIN credits generated by each gallon of renewable fuel depends on the process and feedstock used to create the specific renewable fuel.

There is a market for RINs and, as we and/or our partners produce RFS-compliant renewable fuel, RINs are generated and sold to parties purchasing such RINs to achieve compliance with the RFS program.

Climate and Sustainability Trends

Jurisdictions have been updating climate policies toward the goal of reporting and reducing greenhouse gas (GHG) emissions through a broad range of sustainability initiatives.

We believe reducing our impact on the planet and improving the quality of life of its inhabitants are the right things to do, and have continually committed to heightened emissions reduction goals.

Taking into account the challenges associated with quantifying environmental services emissions precisely, we evaluate and offer strategic opportunities to provide our customers with sustainable solutions to reduce their GHG emissions as new regulatory and business developments related to concerns about climate change arise.

As a provider of a highly regulated public service, we recognize the importance of broad stakeholder engagement in these endeavors, and we actively seek opportunities for discussion on more sustainable materials management practices.

In addition, we cooperate with and support initiatives at the federal and state level in support of legislation that encourages sustainable practices including the production and use of renewable, low-carbon fuels and electricity and the processing of recyclables and organics.

We have long been a leader in sustainability as it relates to environmental services and expect to maintain this reputation.

Our sustainability commitments, as well as our progress toward our current goals, are published in our Sustainability Report and accompanying reports and can be found at investor.republicservices.com/sustainability.

The information contained on our website shall not be deemed incorporated by reference in this Annual Report on Form 10-K or in any other filing we make under the Exchange Act.

Liabilities Established for Landfill and Environmental Costs

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however, environmental laws may change, and our recorded reserves may not 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 M aterial Cash Requirements and Intended Uses of Cash section of our Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in Part II, Item 7 of this Annual Report on Form 10-K and to Note 2, Summary of Significant Accounting Policies , to our consolidated financial statements in Part II, Item 8 of this Annual Report on Form 10-K for further information.

Refer to the Material Cash Requirements and Intended Uses of Cash section of our Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in Part II, Item 7 of this Annual Report on Form 10-K and to Note 2, Summary of Significant Accounting Policies , to our audited consolidated financial statements in Part II, Item 8 of this Annual Report on 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.

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, or those resulting from cyber incidents.

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.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business