text: **REPUBLIC SERVICES, INC. AND SUBSIDIARIES**
  
  **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**
  **(All tables in millions, except per share data) Ì (Continued)**
  
  prices. Unrealized gains and losses, net of tax, are recorded as a component of accumulated other 
  comprehensive income (loss). The Company liquidated a portion of these marketable securities and used the 
  proceeds to repay the $225.0 million of public notes, which matured in May 2004. 
  
  **Other Matters**
  
  The Company's business activities are conducted in the context of a developing and changing statutory 
  and regulatory framework. Governmental regulation of the waste management industry requires the Company 
  to obtain and retain numerous governmental permits to conduct various aspects of its operations. These 
  permits are subject to revocation, modiÑcation or denial. The costs and other capital expenditures which may 
  be required to obtain or retain the applicable permits or comply with applicable regulations could be 
  signiÑcant. Any revocation, modiÑcation or denial of permits could have a material adverse eÅect on the 
  Company. 
  
  **13. RELATED PARTY TRANSACTIONS**
  
  It is the Company's policy that transactions with related parties must be on terms that, on the whole, are 
  no less favorable than those that would be available from unaÇliated parties. It is management's belief that all 
  of these transactions met that standard at the time such transactions were eÅected. 