ITEM 7.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion in conjunction with our Consolidated Financial Statements and their Notes contained in this Annual Report on Form 10-K.  Overview of Our Business We are a leading provider of non-hazardous solid waste collection and disposal services in the United States.
We provide solid waste collection services for commercial, industrial, municipal and residential customers through 140 collection companies in 21 states.
We also own or operate 92 transfer stations, 59 solid waste landfills and 32 recycling facilities.
We generate revenue primarily from our solid waste collection operations.
Our remaining revenue is from other services including landfill disposal, recycling, compost, mulch and soil operations.
The following table reflects our revenue by source for the years ended December 31, 2005, 2004 and 2003 (in millions):
## Table 0 ##
Our revenue from collection operations consists of fees we receive from commercial, industrial, municipal and residential customers.
Our residential and commercial collection operations in some markets are based on longterm contracts with municipalities.
We generally provide industrial and commercial collection services to individual customers under contracts with terms up to three years.
Our revenue from landfill operations is from disposal or tipping fees charged to third parties.
In general, we integrate our recycling operations with our collection operations and obtain revenue from the sale of recyclable materials.
No one customer has individually accounted for more than 10% of our consolidated revenue or of our reportable segment revenue in any of the last three years.
The cost of our collection operations is primarily variable and includes disposal, labor, self-insurance, fuel and equipment maintenance costs.
We seek operating efficiencies by controlling the movement of waste from the point of collection through disposal.
During the three months ended December 31, 2005 and 2004, approximately 57% and 54%, respectively, of the total volume of waste we collected was disposed of at landfills we own or operate.
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 and disposal, methane gas and groundwater monitoring and system maintenance, interim cap maintenance, and costs associated with the application of 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 cell development.
In life cycle accounting, certain direct costs are capitalized, and charged to expense based upon the consumption of cubic yards of available airspace.
These costs include all costs to acquire and construct a site including excavation, natural and
Depreciation, Amortization and Depletion of Property and Equipment – 2014 compared to 2013 Depreciation and amortization of property and equipment increased primarily due to higher acquisition costs of replacement vehicles and an increased number of CNG vehicles in our fleet.
In addition, we made increased investments in new and upgraded recycling infrastructure projects.
Landfill depletion and amortization expense increased primarily due to increased landfill disposal volumes and an overall increase in our average depletion rate.
Offsetting these increases were favorable amortization adjustments of $13.3 million that were recognized in 2014 relative to asset retirement obligations, compared to favorable adjustments of $0.3 million in 2013.
Included in these favorable adjustments are increases in deemed probable expansion airspace at certain of our active solid waste landfills.
Amortization of Other Intangible Assets and Other Assets Expenses for amortization of other intangible assets and other assets were $71.9 million, $68.4 million and $70.7 million for the years ended December 31, 2015, 2014 and 2013, respectively, or 0.8% of revenue for each of 2015, 2014 and 2013.
Our other intangible assets and other assets primarily relate to customer relationships, franchise agreements, other municipal agreements, favorable lease assets and, to a lesser extent, non-compete agreements and trade names.
The increase in amortization expense is the result of assets acquired in the acquisitions of various waste businesses throughout the year, partially offset by certain intangible assets now being fully amortized.
Accretion Expense Accretion expense was $79.4 million, $78.0 million and $76.6 million, or 0.9% of revenue, for each of the years ended December 31, 2015, 2014 and 2013, 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 below.
The following table summarizes our selling, general and administrative expenses for the years ended December 31, 2015, 2014 and 2013 (in millions of dollars and as a percentage of revenue):
## Table 1 ##
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.
REPUBLIC SERVICES, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) 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, 2016, 2015 and 2014, issuances under this plan totaled 130,085 shares, 141,055 shares and 139,941 shares, respectively.
As of December 31, 2016, shares reserved for issuance to employees under this plan totaled 0.5 million and Republic held employee contributions of approximately $1.5 million for the purchase of common stock.12.
STOCK REPURCHASES AND DIVIDENDS Stock Repurchases Stock repurchase activity during the years ended December 31, 2016 and 2015 follows (in millions except per share amounts):
## Table 2 ##
As of December 31, 2016, there were no repurchased shares pending settlement.
In October 2015, our board of directors added $900.0 million to the existing share repurchase authorization, which now extends through December 31, 2017.
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, 2016, the October 2015 repurchase program had remaining authorized purchase capacity of $451.7 million.
In December 2015, our board of directors changed the status of 71,272,964 treasury shares to authorized and unissued.
In doing so, the number of our issued shares was reduced by the stated amount.
Our accounting policy is to deduct the par value from common stock and to reflect the excess of cost over par value as a deduction from additional paid-in capital.
The change in unissued shares resulted in a reduction of $2,295.3 million in treasury stock, $0.6 million in common stock, and $2,294.7 million in additional paid-in capital.
There was no effect on our total stockholders’ equity position as a result of the change.
Dividends In October 2016, our board of directors approved a quarterly dividend of $0.32 per share.
Cash dividends declared were $423.8 million, $404.3 million and $383.6 million for the years ended December 31, 2016, 2015 and 2014, respectively.
As of December 31, 2016, we recorded a quarterly dividend payable of $108.6 million to shareholders of record at the close of business on January 3, 2017.
Landfill depletion and amortization expense increased primarily due to increased landfill disposal volumes and an overall increase in our average depletion and amortization rate.
Additionally, during 2015, we recorded favorable amortization adjustments of $0.7 million relative to asset retirement obligations, compared to favorable amortization adjustments of $13.3 million during 2014.
Amortization of Other Intangible Assets and Other Assets Expenses for amortization of other intangible assets and other assets were $71.3 million, $71.9 million and $68.4 million for the years ended December 31, 2016, 2015 and 2014, respectively, or 0.8% of revenue for each of 2016, 2015 and 2014.
Our other intangible assets and other assets primarily relate to customer relationships, franchise agreements, other municipal agreements, and, to a lesser extent, non-compete agreements and trade names.
The changes in amortization expense are the result of assets acquired in the acquisitions of various waste businesses throughout the year, offset by certain intangible assets now being fully amortized.
Accretion Expense Accretion expense was $79.1 million, $79.4 million and $78.0 million, or 0.8% of revenue, for the year ended December 31, 2016, and 0.9% of revenue for the years ended December 31, 2015 and 2014.
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 below.
The following table summarizes our selling, general and administrative expenses for the years ended December 31, 2016, 2015 and 2014 (in millions of dollars and as a percentage of revenue):

<table><tr><td></td><td colspan="6"> Years Ended December 31,</td></tr><tr><td></td><td colspan="2">2005</td><td colspan="2">2004</td><td colspan="2"> 2003</td></tr><tr><td>Collection:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Residential</td><td>$683.6</td><td>23.9%</td><td>$655.2</td><td>24.2%</td><td>$601.2</td><td>23.9%</td></tr><tr><td>Commercial</td><td>781.1</td><td>27.3</td><td>737.9</td><td>27.2</td><td>706.0</td><td>28.0</td></tr><tr><td>Industrial</td><td>597.8</td><td>20.9</td><td>558.1</td><td>20.6</td><td>523.0</td><td>20.8</td></tr><tr><td>Other</td><td>76.6</td><td>2.6</td><td>62.2</td><td>2.3</td><td>50.9</td><td>2.0</td></tr><tr><td>Total collection</td><td>2,139.1</td><td>74.7</td><td>2,013.4</td><td>74.3</td><td>1,881.1</td><td>74.7</td></tr><tr><td>Transfer and disposal</td><td>1,108.6</td><td></td><td>1,031.0</td><td></td><td>967.5</td><td></td></tr><tr><td>Less: Intercompany</td><td>-560.1</td><td></td><td>-519.8</td><td></td><td>-493.7</td><td></td></tr><tr><td>Transfer and disposal, net</td><td>548.5</td><td>19.1</td><td>511.2</td><td>18.9</td><td>473.8</td><td>18.8</td></tr><tr><td>Other</td><td>176.3</td><td>6.2</td><td>183.5</td><td>6.8</td><td>162.9</td><td>6.5</td></tr><tr><td>Revenue</td><td>$2,863.9</td><td>100.0%</td><td>$2,708.1</td><td>100.0%</td><td>$2,517.8</td><td>100.0%</td></tr></table>
<table><tr><td></td><td colspan="2">2015</td><td colspan="2">2014</td><td colspan="2">2013</td></tr><tr><td>Salaries</td><td>$636.6</td><td>7.0%</td><td>$579.8</td><td>6.6%</td><td>$545.4</td><td>6.5%</td></tr><tr><td>Provision for doubtful accounts</td><td>22.7</td><td>0.2</td><td>22.6</td><td>0.3</td><td>16.1</td><td>0.2</td></tr><tr><td>Other</td><td>323.8</td><td>3.6</td><td>316.5</td><td>3.5</td><td>292.3</td><td>3.4</td></tr><tr><td>Total selling, general and administrative expenses</td><td>$983.1</td><td>10.8%</td><td>$918.9</td><td>10.4%</td><td>$853.8</td><td>10.1%</td></tr></table>
<table><tr><td></td><td>2016</td><td>2015</td></tr><tr><td>Number of shares repurchased</td><td>8.4</td><td>9.8</td></tr><tr><td>Amount paid</td><td>$403.8</td><td>$404.7</td></tr><tr><td>Weighted average cost per share</td><td>$48.56</td><td>$41.39</td></tr></table>

Question: Which year Ended December 31 is the Revenue for Total collection the highest?