diff --git a/src/main/java/com/android/tools/r8/Version.java b/src/main/java/com/android/tools/r8/Version.java
index 091b934..e374f53 100644
--- a/src/main/java/com/android/tools/r8/Version.java
+++ b/src/main/java/com/android/tools/r8/Version.java
@@ -11,7 +11,7 @@
 
   // This field is accessed from release scripts using simple pattern matching.
   // Therefore, changing this field could break our release scripts.
-  public static final String LABEL = "1.6.46";
+  public static final String LABEL = "1.6.47";
 
   private Version() {
   }
diff --git a/src/main/java/com/android/tools/r8/graph/AppInfoWithSubtyping.java b/src/main/java/com/android/tools/r8/graph/AppInfoWithSubtyping.java
index c4e704c..7d2cc6f 100644
--- a/src/main/java/com/android/tools/r8/graph/AppInfoWithSubtyping.java
+++ b/src/main/java/com/android/tools/r8/graph/AppInfoWithSubtyping.java
@@ -4,6 +4,7 @@
 package com.android.tools.r8.graph;
 
 import com.android.tools.r8.errors.CompilationError;
+import com.android.tools.r8.ir.analysis.type.ClassTypeLatticeElement;
 import com.android.tools.r8.ir.desugar.LambdaDescriptor;
 import com.android.tools.r8.origin.Origin;
 import com.android.tools.r8.utils.SetUtils;
@@ -34,7 +35,8 @@
   private static final Set<DexType> NO_DIRECT_SUBTYPE = ImmutableSet.of();
 
   private static class TypeInfo {
-    final DexType type;
+
+    private final DexType type;
 
     int hierarchyLevel = UNKNOWN_LEVEL;
     /**
@@ -87,7 +89,7 @@
       setLevel(ROOT_LEVEL);
     }
 
-    void tagAsInteface() {
+    void tagAsInterface() {
       setLevel(INTERFACE_LEVEL);
     }
 
@@ -123,6 +125,11 @@
   // Map from types to their subtyping information.
   private final Map<DexType, TypeInfo> typeInfo;
 
+  // Caches which static types that may store an object that has a non-default finalize() method.
+  // E.g., `java.lang.Object -> TRUE` if there is a subtype of Object that overrides finalize().
+  private final Map<DexType, Boolean> mayHaveFinalizeMethodDirectlyOrIndirectlyCache =
+      new ConcurrentHashMap<>();
+
   public AppInfoWithSubtyping(DexApplication application) {
     super(application);
     typeInfo = new ConcurrentHashMap<>();
@@ -226,7 +233,7 @@
         getTypeInfo(inter).addInterfaceSubtype(holder);
       }
       if (holderClass.isInterface()) {
-        getTypeInfo(holder).tagAsInteface();
+        getTypeInfo(holder).tagAsInterface();
       }
     } else {
       if (baseClass.isProgramClass() || baseClass.isClasspathClass()) {
@@ -709,4 +716,56 @@
   public boolean inDifferentHierarchy(DexType type1, DexType type2) {
     return !isSubtype(type1, type2) && !isSubtype(type2, type1);
   }
+
+  public boolean mayHaveFinalizeMethodDirectlyOrIndirectly(ClassTypeLatticeElement type) {
+    Set<DexType> interfaces = type.getInterfaces();
+    if (!interfaces.isEmpty()) {
+      for (DexType interfaceType : interfaces) {
+        if (computeMayHaveFinalizeMethodDirectlyOrIndirectlyIfAbsent(interfaceType, false)) {
+          return true;
+        }
+      }
+      return false;
+    }
+    return computeMayHaveFinalizeMethodDirectlyOrIndirectlyIfAbsent(type.getClassType(), true);
+  }
+
+  private boolean computeMayHaveFinalizeMethodDirectlyOrIndirectlyIfAbsent(
+      DexType type, boolean lookUpwards) {
+    assert type.isClassType();
+    Boolean cache = mayHaveFinalizeMethodDirectlyOrIndirectlyCache.get(type);
+    if (cache != null) {
+      return cache;
+    }
+    DexClass clazz = definitionFor(type);
+    if (clazz == null) {
+      // This is strictly not conservative but is needed to avoid that we treat Object as having
+      // a subtype that has a non-default finalize() implementation.
+      mayHaveFinalizeMethodDirectlyOrIndirectlyCache.put(type, false);
+      return false;
+    }
+    if (clazz.isProgramClass()) {
+      if (lookUpwards) {
+        DexEncodedMethod resolutionResult =
+            resolveMethod(type, dexItemFactory().objectMethods.finalize).asSingleTarget();
+        if (resolutionResult != null && resolutionResult.isProgramMethod(this)) {
+          mayHaveFinalizeMethodDirectlyOrIndirectlyCache.put(type, true);
+          return true;
+        }
+      } else {
+        if (clazz.lookupVirtualMethod(dexItemFactory().objectMethods.finalize) != null) {
+          mayHaveFinalizeMethodDirectlyOrIndirectlyCache.put(type, true);
+          return true;
+        }
+      }
+    }
+    for (DexType subtype : allImmediateSubtypes(type)) {
+      if (computeMayHaveFinalizeMethodDirectlyOrIndirectlyIfAbsent(subtype, false)) {
+        mayHaveFinalizeMethodDirectlyOrIndirectlyCache.put(type, true);
+        return true;
+      }
+    }
+    mayHaveFinalizeMethodDirectlyOrIndirectlyCache.put(type, false);
+    return false;
+  }
 }
diff --git a/src/main/java/com/android/tools/r8/ir/code/FieldInstruction.java b/src/main/java/com/android/tools/r8/ir/code/FieldInstruction.java
index e041d5a..77e084d 100644
--- a/src/main/java/com/android/tools/r8/ir/code/FieldInstruction.java
+++ b/src/main/java/com/android/tools/r8/ir/code/FieldInstruction.java
@@ -8,9 +8,12 @@
 import com.android.tools.r8.graph.AppView;
 import com.android.tools.r8.graph.DexClass;
 import com.android.tools.r8.graph.DexEncodedField;
+import com.android.tools.r8.graph.DexEncodedMethod;
 import com.android.tools.r8.graph.DexField;
+import com.android.tools.r8.graph.DexItemFactory;
 import com.android.tools.r8.graph.DexType;
 import com.android.tools.r8.ir.analysis.AbstractError;
+import com.android.tools.r8.ir.analysis.type.TypeLatticeElement;
 import com.android.tools.r8.shaking.AppInfoWithLiveness;
 import java.util.Collections;
 import java.util.List;
@@ -131,4 +134,39 @@
     // TODO(jsjeon): what if the target field is known to be non-null?
     return true;
   }
+
+  /**
+   * Returns {@code true} if this instruction may store an instance of a class that has a non-
+   * default finalize() method in a field. In that case, it is not safe to remove this instruction,
+   * since that could change the lifetime of the value.
+   */
+  boolean isStoringObjectWithFinalizer(AppInfoWithLiveness appInfo) {
+    assert isFieldPut();
+    TypeLatticeElement type = value().getTypeLattice();
+    TypeLatticeElement baseType =
+        type.isArrayType() ? type.asArrayTypeLatticeElement().getArrayBaseTypeLattice() : type;
+    if (baseType.isClassType()) {
+      Value root = value().getAliasedValue();
+      if (!root.isPhi() && root.definition.isNewInstance()) {
+        DexClass clazz = appInfo.definitionFor(root.definition.asNewInstance().clazz);
+        if (clazz == null) {
+          return true;
+        }
+        if (clazz.superType == null) {
+          return false;
+        }
+        DexItemFactory dexItemFactory = appInfo.dexItemFactory();
+        DexEncodedMethod resolutionResult =
+            appInfo
+                .resolveMethod(clazz.type, dexItemFactory.objectMethods.finalize)
+                .asSingleTarget();
+        return resolutionResult != null && resolutionResult.isProgramMethod(appInfo);
+      }
+
+      return appInfo.mayHaveFinalizeMethodDirectlyOrIndirectly(
+          baseType.asClassTypeLatticeElement());
+    }
+
+    return false;
+  }
 }
diff --git a/src/main/java/com/android/tools/r8/ir/code/InstancePut.java b/src/main/java/com/android/tools/r8/ir/code/InstancePut.java
index 4dcb749..32484c3 100644
--- a/src/main/java/com/android/tools/r8/ir/code/InstancePut.java
+++ b/src/main/java/com/android/tools/r8/ir/code/InstancePut.java
@@ -110,7 +110,8 @@
 
       DexEncodedField encodedField = appInfoWithLiveness.resolveField(getField());
       assert encodedField != null : "NoSuchFieldError (resolution failure) should be caught.";
-      return appInfoWithLiveness.isFieldRead(encodedField);
+      return appInfoWithLiveness.isFieldRead(encodedField)
+          || isStoringObjectWithFinalizer(appInfoWithLiveness);
     }
 
     // In D8, we always have to assume that the field can be read, and thus have side effects.
diff --git a/src/main/java/com/android/tools/r8/ir/code/StaticPut.java b/src/main/java/com/android/tools/r8/ir/code/StaticPut.java
index 6db965b..63e5c10 100644
--- a/src/main/java/com/android/tools/r8/ir/code/StaticPut.java
+++ b/src/main/java/com/android/tools/r8/ir/code/StaticPut.java
@@ -120,7 +120,8 @@
         return false;
       }
 
-      return appInfoWithLiveness.isFieldRead(encodedField);
+      return appInfoWithLiveness.isFieldRead(encodedField)
+          || isStoringObjectWithFinalizer(appInfoWithLiveness);
     }
 
     // In D8, we always have to assume that the field can be read, and thus have side effects.
diff --git a/src/main/java/com/android/tools/r8/ir/conversion/IRConverter.java b/src/main/java/com/android/tools/r8/ir/conversion/IRConverter.java
index 9c4215e..7dffe9d 100644
--- a/src/main/java/com/android/tools/r8/ir/conversion/IRConverter.java
+++ b/src/main/java/com/android/tools/r8/ir/conversion/IRConverter.java
@@ -796,8 +796,12 @@
     return builder.build();
   }
 
-  private void waveStart() {
+  private void waveStart(Collection<DexEncodedMethod> wave) {
     onWaveDoneActions = Collections.synchronizedList(new ArrayList<>());
+
+    if (lambdaRewriter != null) {
+      wave.forEach(method -> lambdaRewriter.synthesizeLambdaClassesFor(method, lensCodeRewriter));
+    }
   }
 
   private void waveDone() {
diff --git a/src/main/java/com/android/tools/r8/ir/conversion/LensCodeRewriter.java b/src/main/java/com/android/tools/r8/ir/conversion/LensCodeRewriter.java
index c093b1c..7cab0e3 100644
--- a/src/main/java/com/android/tools/r8/ir/conversion/LensCodeRewriter.java
+++ b/src/main/java/com/android/tools/r8/ir/conversion/LensCodeRewriter.java
@@ -118,24 +118,8 @@
         if (current.isInvokeCustom()) {
           InvokeCustom invokeCustom = current.asInvokeCustom();
           DexCallSite callSite = invokeCustom.getCallSite();
-          DexProto newMethodProto =
-              factory.applyClassMappingToProto(
-                  callSite.methodProto, graphLense::lookupType, protoFixupCache);
-          DexMethodHandle newBootstrapMethod = rewriteDexMethodHandle(
-              callSite.bootstrapMethod, method, NOT_ARGUMENT_TO_LAMBDA_METAFACTORY);
-          boolean isLambdaMetaFactory =
-              factory.isLambdaMetafactoryMethod(callSite.bootstrapMethod.asMethod());
-          MethodHandleUse methodHandleUse = isLambdaMetaFactory
-              ? ARGUMENT_TO_LAMBDA_METAFACTORY
-              : NOT_ARGUMENT_TO_LAMBDA_METAFACTORY;
-          List<DexValue> newArgs =
-              rewriteBootstrapArgs(callSite.bootstrapArgs, method, methodHandleUse);
-          if (!newMethodProto.equals(callSite.methodProto)
-              || newBootstrapMethod != callSite.bootstrapMethod
-              || !newArgs.equals(callSite.bootstrapArgs)) {
-            DexCallSite newCallSite =
-                factory.createCallSite(
-                    callSite.methodName, newMethodProto, newBootstrapMethod, newArgs);
+          DexCallSite newCallSite = rewriteCallSite(callSite, method);
+          if (newCallSite != callSite) {
             Value newOutValue = makeOutValue(invokeCustom, code);
             InvokeCustom newInvokeCustom =
                 new InvokeCustom(newCallSite, newOutValue, invokeCustom.inValues());
@@ -422,6 +406,28 @@
     assert code.hasNoVerticallyMergedClasses(appView);
   }
 
+  public DexCallSite rewriteCallSite(DexCallSite callSite, DexEncodedMethod context) {
+    DexItemFactory dexItemFactory = appView.dexItemFactory();
+    DexProto newMethodProto =
+        dexItemFactory.applyClassMappingToProto(
+            callSite.methodProto, appView.graphLense()::lookupType, protoFixupCache);
+    DexMethodHandle newBootstrapMethod =
+        rewriteDexMethodHandle(
+            callSite.bootstrapMethod, context, NOT_ARGUMENT_TO_LAMBDA_METAFACTORY);
+    boolean isLambdaMetaFactory =
+        dexItemFactory.isLambdaMetafactoryMethod(callSite.bootstrapMethod.asMethod());
+    MethodHandleUse methodHandleUse =
+        isLambdaMetaFactory ? ARGUMENT_TO_LAMBDA_METAFACTORY : NOT_ARGUMENT_TO_LAMBDA_METAFACTORY;
+    List<DexValue> newArgs = rewriteBootstrapArgs(callSite.bootstrapArgs, context, methodHandleUse);
+    if (!newMethodProto.equals(callSite.methodProto)
+        || newBootstrapMethod != callSite.bootstrapMethod
+        || !newArgs.equals(callSite.bootstrapArgs)) {
+      return dexItemFactory.createCallSite(
+          callSite.methodName, newMethodProto, newBootstrapMethod, newArgs);
+    }
+    return callSite;
+  }
+
   // If the given invoke is on the form "invoke-direct A.<init>, v0, ..." and the definition of
   // value v0 is "new-instance v0, B", where B is a subtype of A (see the Art800 and B116282409
   // tests), then fail with a compilation error if A has previously been merged into B.
diff --git a/src/main/java/com/android/tools/r8/ir/conversion/MethodProcessor.java b/src/main/java/com/android/tools/r8/ir/conversion/MethodProcessor.java
index 195583d..9a55240 100644
--- a/src/main/java/com/android/tools/r8/ir/conversion/MethodProcessor.java
+++ b/src/main/java/com/android/tools/r8/ir/conversion/MethodProcessor.java
@@ -92,7 +92,7 @@
    */
   public <E extends Exception> void forEachMethod(
       ThrowingBiConsumer<DexEncodedMethod, Predicate<DexEncodedMethod>, E> consumer,
-      Action waveStart,
+      Consumer<Collection<DexEncodedMethod>> waveStart,
       Action waveDone,
       ExecutorService executorService)
       throws ExecutionException {
@@ -100,7 +100,7 @@
       Collection<DexEncodedMethod> wave = waves.removeFirst();
       assert wave.size() > 0;
       List<Future<?>> futures = new ArrayList<>();
-      waveStart.execute();
+      waveStart.accept(wave);
       for (DexEncodedMethod method : wave) {
         futures.add(
             executorService.submit(
diff --git a/src/main/java/com/android/tools/r8/ir/desugar/LambdaRewriter.java b/src/main/java/com/android/tools/r8/ir/desugar/LambdaRewriter.java
index 65eb486..30c22b4 100644
--- a/src/main/java/com/android/tools/r8/ir/desugar/LambdaRewriter.java
+++ b/src/main/java/com/android/tools/r8/ir/desugar/LambdaRewriter.java
@@ -7,6 +7,8 @@
 import com.android.tools.r8.dex.Constants;
 import com.android.tools.r8.graph.AppInfo;
 import com.android.tools.r8.graph.AppView;
+import com.android.tools.r8.graph.Code;
+import com.android.tools.r8.graph.DefaultUseRegistry;
 import com.android.tools.r8.graph.DexApplication.Builder;
 import com.android.tools.r8.graph.DexCallSite;
 import com.android.tools.r8.graph.DexEncodedMethod;
@@ -30,6 +32,7 @@
 import com.android.tools.r8.ir.code.StaticGet;
 import com.android.tools.r8.ir.code.Value;
 import com.android.tools.r8.ir.conversion.IRConverter;
+import com.android.tools.r8.ir.conversion.LensCodeRewriter;
 import com.google.common.collect.BiMap;
 import com.google.common.collect.HashBiMap;
 import com.google.common.collect.ImmutableSet;
@@ -101,6 +104,36 @@
     this.createInstanceMethodName = factory.createString(LAMBDA_CREATE_INSTANCE_METHOD_NAME);
   }
 
+  public void synthesizeLambdaClassesFor(
+      DexEncodedMethod method, LensCodeRewriter lensCodeRewriter) {
+    if (!method.hasCode() || method.isProcessed()) {
+      // Nothing to desugar.
+      return;
+    }
+
+    Code code = method.getCode();
+    if (!code.isCfCode()) {
+      // Nothing to desugar.
+      return;
+    }
+
+    // Introduce a lambda class in AppInfo for each call site such that we do not modify the
+    // application (and, in particular, the class hierarchy) during wave processing.
+    code.registerCodeReferences(
+        method,
+        new DefaultUseRegistry(appView.dexItemFactory()) {
+
+          @Override
+          public void registerCallSite(DexCallSite callSite) {
+            LambdaDescriptor descriptor =
+                inferLambdaDescriptor(lensCodeRewriter.rewriteCallSite(callSite, method));
+            if (descriptor != LambdaDescriptor.MATCH_FAILED) {
+              getOrCreateLambdaClass(descriptor, method.method.holder);
+            }
+          }
+        });
+  }
+
   /**
    * Detect and desugar lambdas and method references found in the code.
    *
diff --git a/src/test/java/com/android/tools/r8/ir/analysis/sideeffect/PutObjectWithFinalizeTest.java b/src/test/java/com/android/tools/r8/ir/analysis/sideeffect/PutObjectWithFinalizeTest.java
new file mode 100644
index 0000000..d133adf
--- /dev/null
+++ b/src/test/java/com/android/tools/r8/ir/analysis/sideeffect/PutObjectWithFinalizeTest.java
@@ -0,0 +1,151 @@
+// Copyright (c) 2019, the R8 project authors. Please see the AUTHORS file
+// for details. All rights reserved. Use of this source code is governed by a
+// BSD-style license that can be found in the LICENSE file.
+
+package com.android.tools.r8.ir.analysis.sideeffect;
+
+import static com.android.tools.r8.utils.codeinspector.Matchers.isPresent;
+import static org.hamcrest.CoreMatchers.not;
+import static org.hamcrest.MatcherAssert.assertThat;
+import static org.junit.Assert.assertTrue;
+
+import com.android.tools.r8.NeverInline;
+import com.android.tools.r8.NeverMerge;
+import com.android.tools.r8.TestBase;
+import com.android.tools.r8.TestParameters;
+import com.android.tools.r8.TestParametersCollection;
+import com.android.tools.r8.utils.codeinspector.ClassSubject;
+import com.android.tools.r8.utils.codeinspector.FieldSubject;
+import com.android.tools.r8.utils.codeinspector.InstructionSubject;
+import com.android.tools.r8.utils.codeinspector.MethodSubject;
+import com.google.common.collect.ImmutableList;
+import java.util.List;
+import org.junit.Test;
+import org.junit.runner.RunWith;
+import org.junit.runners.Parameterized;
+import org.junit.runners.Parameterized.Parameters;
+
+@RunWith(Parameterized.class)
+public class PutObjectWithFinalizeTest extends TestBase {
+
+  private final TestParameters parameters;
+
+  @Parameters(name = "{0}")
+  public static TestParametersCollection data() {
+    return getTestParameters().withAllRuntimes().build();
+  }
+
+  public PutObjectWithFinalizeTest(TestParameters parameters) {
+    this.parameters = parameters;
+  }
+
+  @Test
+  public void test() throws Exception {
+    testForR8(parameters.getBackend())
+        .addInnerClasses(PutObjectWithFinalizeTest.class)
+        .addKeepMainRule(TestClass.class)
+        // The class staticizer does not consider the finalize() method.
+        .addOptionsModification(options -> options.enableClassStaticizer = false)
+        .enableInliningAnnotations()
+        .enableMergeAnnotations()
+        .setMinApi(parameters.getRuntime())
+        .compile()
+        .inspect(
+            inspector -> {
+              ClassSubject classSubject = inspector.clazz(TestClass.class);
+              assertThat(classSubject, isPresent());
+
+              MethodSubject mainSubject = classSubject.clinit();
+              assertThat(mainSubject, isPresent());
+
+              List<String> presentFields =
+                  ImmutableList.of(
+                      "directInstanceWithDirectFinalizer",
+                      "directInstanceWithIndirectFinalizer",
+                      "indirectInstanceWithDirectFinalizer",
+                      "indirectInstanceWithIndirectFinalizer",
+                      "otherIndirectInstanceWithoutFinalizer",
+                      "arrayWithDirectFinalizer",
+                      "arrayWithIndirectFinalizer",
+                      "otherArrayInstanceWithoutFinalizer");
+              for (String name : presentFields) {
+                FieldSubject fieldSubject = classSubject.uniqueFieldWithName(name);
+                assertThat(fieldSubject, isPresent());
+                assertTrue(
+                    mainSubject
+                        .streamInstructions()
+                        .filter(InstructionSubject::isStaticPut)
+                        .map(InstructionSubject::getField)
+                        .map(field -> field.name.toSourceString())
+                        .anyMatch(fieldSubject.getFinalName()::equals));
+              }
+
+              List<String> absentFields =
+                  ImmutableList.of(
+                      "directInstanceWithoutFinalizer",
+                      "otherDirectInstanceWithoutFinalizer",
+                      "indirectInstanceWithoutFinalizer",
+                      "arrayWithoutFinalizer");
+              for (String name : absentFields) {
+                assertThat(classSubject.uniqueFieldWithName(name), not(isPresent()));
+              }
+            })
+        .run(parameters.getRuntime(), TestClass.class)
+        .assertSuccessWithOutputLines("Hello world!");
+  }
+
+  static class TestClass {
+
+    static A directInstanceWithDirectFinalizer = new A();
+    static A directInstanceWithIndirectFinalizer = new B();
+    static Object directInstanceWithoutFinalizer = new C();
+    static Object otherDirectInstanceWithoutFinalizer = new Object();
+
+    static A indirectInstanceWithDirectFinalizer = createA();
+    static A indirectInstanceWithIndirectFinalizer = createB();
+    static Object indirectInstanceWithoutFinalizer = createC();
+    static Object otherIndirectInstanceWithoutFinalizer = createObject();
+
+    static A[] arrayWithDirectFinalizer = new A[42];
+    static A[] arrayWithIndirectFinalizer = new B[42];
+    static Object[] arrayWithoutFinalizer = new C[42];
+    static Object[] otherArrayInstanceWithoutFinalizer = new Object[42];
+
+    public static void main(String[] args) {
+      System.out.println("Hello world!");
+    }
+
+    @NeverInline
+    static A createA() {
+      return new A();
+    }
+
+    @NeverInline
+    static B createB() {
+      return new B();
+    }
+
+    @NeverInline
+    static C createC() {
+      return new C();
+    }
+
+    @NeverInline
+    static Object createObject() {
+      return new Object();
+    }
+  }
+
+  @NeverMerge
+  static class A {
+
+    @Override
+    public void finalize() {
+      System.out.println("Finalize!");
+    }
+  }
+
+  static class B extends A {}
+
+  static class C {}
+}