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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________________________________________________
FORM 10-Q
________________________________________________________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to _______
Commission file number: 001-37580
________________________________________________________________________________________
Alphabet Inc.
(Exact name of registrant as specified in its charter)
________________________________________________________________________________________
Delaware 61-1767919
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number)
1600 Amphitheatre Parkway
Mountain View, CA 94043
(Address of principal executive offices, including zip code)
(650) 253-0000
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Class A Common Stock, $0.001 par value GOOGL Nasdaq Stock Market LLC
(Nasdaq Global Select Market)
Class C Capital Stock, $0.001 par value GOOG Nasdaq Stock Market LLC
(Nasdaq Global Select Market)
________________________________________________________________________________________
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer    Accelerated filer
Non-accelerated filer Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes     No
As of July 22, 2022, there were 5,996 million shares of Alphabet’s Class A stock outstanding, 885 million shares of Alphabet's Class B stock outstanding, and 6,163 million shares of Alphabet's Class C stock outstanding.


Alphabet Inc.
Alphabet Inc.
Form 10-Q
For the Quarterly Period Ended June 30, 2022
TABLE OF CONTENTS
    Page No.
3
Item 1
5
Consolidated Balance Sheets - December 31, 2021 and June 30, 2022
5
Consolidated Statements of Income - Three and Six Months Ended June 30, 2021 and 2022
6
Consolidated Statements of Comprehensive Income - Three and Six Months Ended June 30, 2021 and 2022
7
Consolidated Statements of Stockholders' Equity - Three and Six Months Ended June 30, 2021 and 2022
8
Consolidated Statements of Cash Flows - Six Months Ended June 30, 2021 and 2022
Item 2
Item 3
Item 4
Item 1
Item 1A
Item 2
Item 6

2

Alphabet Inc.
Note About Forward-Looking Statements
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These include, among other things, statements regarding:
the ongoing effect of the novel coronavirus pandemic ("COVID-19"), including its macroeconomic effects on our business, operations, and financial results;
the growth of our business and revenues and our expectations about the factors that influence our success and trends in our business;
fluctuations in our revenue growth rate and operating margin and various factors contributing to such fluctuations;
our expectation that the continuing shift from an offline to online world will continue to benefit our business;
our expectation that the portion of our revenues that we derive from non-advertising revenues will continue to increase and may affect our margins;
our expectation that our traffic acquisition costs (TAC) and the associated TAC rate will fluctuate, which could affect our overall margins;
our expectation that our monetization trends will fluctuate, which could affect our revenues and margins;
fluctuations in our revenue growth, as well as the change in paid clicks and cost-per-click and the change in impressions and cost-per-impression, and various factors contributing to such fluctuations;
our expectation that we will continue to periodically review, refine, and update our methodologies for monitoring, gathering, and counting the number of paid clicks and impressions;
our expectation that our results will be affected by our performance in international markets as users in developing economies increasingly come online;
our expectation that our foreign exchange risk management program will not fully offset our net exposure to fluctuations in foreign currency exchange rates;
the expected variability of gains and losses related to hedging activities under our foreign exchange risk management program;
the amount and timing of revenue recognition from customer contracts with commitments for performance obligations, including our estimate of the remaining amount of commitments and when we expect to recognize revenue;
fluctuations in our capital expenditures;
our plans to continue to invest in new businesses, products, services and technologies, systems, land and buildings for data centers and offices, and infrastructure, as well as to continue to invest in acquisitions and strategic investments;
our pace of hiring and our plans to provide competitive compensation programs;
our expectation that our cost of revenues, research and development (R&D) expenses, sales and marketing expenses, and general and administrative expenses may increase in amount and/or may increase as a percentage of revenues and may be affected by a number of factors;
estimates of our future compensation expenses;
our expectation that our other income (expense), net (OI&E), will fluctuate in the future, as it is largely driven by market dynamics;
fluctuations in our effective tax rate;
seasonal fluctuations in internet usage and advertiser expenditures, underlying business trends such as traditional retail seasonality, which are likely to cause fluctuations in our quarterly results;
the sufficiency of our sources of funding;
our potential exposure in connection with new and pending investigations, proceedings, and other contingencies;
3

Alphabet Inc.
the sufficiency and timing of our proposed remedies in response to decisions from the European Commission (EC) and other regulators and governmental entities;
our expectations regarding the timing, design, and ongoing phased implementation of our new global enterprise resource planning (ERP) system;
the expected timing, amount, and effect of Alphabet Inc.'s share repurchases;
our long-term sustainability and diversity goals;
the unpredictability of the ongoing broader economic effects resulting from the war in Ukraine on our future financial results;
as well as other statements regarding our future operations, financial condition and prospects, and business strategies. Forward-looking statements may appear throughout this report and other documents we file with the Securities and Exchange Commission (SEC), including without limitation, the following sections: Part I, Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this Quarterly Report on Form 10-Q and Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021. Forward-looking statements generally can be identified by words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "predicts," "projects," "will be," "will continue," "may," "could," "will likely result," and similar expressions. These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties, which could cause our actual results to differ materially from those reflected in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in this Quarterly Report on Form 10-Q, and in particular, the risks discussed in Part I, Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and those discussed in other documents we file with the SEC. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.
As used herein, "Alphabet," "the company," "we," "us," "our," and similar terms include Alphabet Inc. and its subsidiaries, unless the context indicates otherwise.
"Alphabet," "Google," and other trademarks of ours appearing in this report are our property. This report contains additional trade names and trademarks of other companies. We do not intend our use or display of other companies' trade names or trademarks to imply an endorsement or sponsorship of us by such companies, or any relationship with any of these companies.

4

Alphabet Inc.
PART I.    FINANCIAL INFORMATION
ITEM 1.FINANCIAL STATEMENTS
Alphabet Inc.
CONSOLIDATED BALANCE SHEETS
(in millions, except par value per share amounts)
As of
December 31, 2021
As of
June 30, 2022
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 20,945  $ 17,936 
Marketable securities 118,704  107,061 
Total cash, cash equivalents, and marketable securities 139,649  124,997 
Accounts receivable, net 39,304  35,707 
Income taxes receivable, net 966  1,366 
Inventory 1,170  1,980 
Other current assets 7,054  8,321 
Total current assets 188,143  172,371 
Non-marketable securities 29,549  30,665 
Deferred income taxes 1,284  1,490 
Property and equipment, net 97,599  106,223 
Operating lease assets 12,959  13,398 
Intangible assets, net 1,417  1,377 
Goodwill 22,956  23,949 
Other non-current assets 5,361  5,712 
Total assets $ 359,268  $ 355,185 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 6,037  $ 4,409 
Accrued compensation and benefits 13,889  10,852 
Accrued expenses and other current liabilities 31,236  32,976 
Accrued revenue share 8,996  7,889 
Deferred revenue 3,288  3,272 
Income taxes payable, net 808  1,956 
Total current liabilities 64,254  61,354 
Long-term debt 14,817  14,734 
Deferred revenue, non-current 535  472 
Income taxes payable, non-current 9,176  8,163 
Deferred income taxes 5,257  924 
Operating lease liabilities 11,389  11,697 
Other long-term liabilities 2,205  2,422 
Total liabilities 107,633  99,766 
Contingencies (Note 9)
Stockholders’ equity:
Preferred stock, $0.001 par value per share, 100 shares authorized; no shares issued and outstanding
Class A, Class B, and Class C stock and additional paid-in capital, $0.001 par value per share: 300,000 shares authorized (Class A 180,000, Class B 60,000, Class C 60,000); 13,242 (Class A 6,015, Class B 893, Class C 6,334) and 13,078 (Class A 6,002, Class B 885, Class C 6,191) shares issued and outstanding
61,774  64,402 
Accumulated other comprehensive income (loss) (1,623) (5,828)
Retained earnings 191,484  196,845 
Total stockholders’ equity 251,635  255,419 
Total liabilities and stockholders’ equity $ 359,268  $ 355,185 
See accompanying notes.
5

Alphabet Inc.
Alphabet Inc.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts; unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2021 2022 2021 2022
Revenues $ 61,880  $ 69,685  $ 117,194  $ 137,696 
Costs and expenses:
Cost of revenues 26,227  30,104  50,330  59,703 
Research and development 7,675  9,841  15,160  18,960 
Sales and marketing 5,276  6,630  9,792  12,455 
General and administrative 3,341  3,657  6,114  7,031 
Total costs and expenses 42,519  50,232  81,396  98,149 
Income from operations 19,361  19,453  35,798  39,547 
Other income (expense), net 2,624  (439) 7,470  (1,599)
Income before income taxes 21,985  19,014  43,268  37,948 
Provision for income taxes 3,460  3,012  6,813  5,510 
Net income $ 18,525  $ 16,002  $ 36,455  $ 32,438 
Basic net income per share of Class A, Class B, and Class C stock $ 1.38  $ 1.22  $ 2.72  $ 2.46 
Diluted net income per share of Class A, Class B, and Class C stock $ 1.36  $ 1.21  $ 2.68  $ 2.44 
See accompanying notes.
6

Alphabet Inc.
Alphabet Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions; unaudited)
Three Months Ended Six Months Ended
  June 30, June 30,
  2021 2022 2021 2022
Net income $ 18,525  $ 16,002  $ 36,455  $ 32,438 
Other comprehensive income (loss):
Change in foreign currency translation adjustment 366  (1,665) (57) (1,626)
Available-for-sale investments:
Change in net unrealized gains (losses) (52) (926) (540) (3,404)
Less: reclassification adjustment for net (gains) losses included in net income (75) 233  (64) 381 
Net change, net of income tax benefit (expense) of $37, $227, $172 and $860
(127) (693) (604) (3,023)
Cash flow hedges:
Change in net unrealized gains (losses) (42) 915  137  1,029 
Less: reclassification adjustment for net (gains) losses included in net income (4) (336) 81  (585)
Net change, net of income tax benefit (expense) of $15, $(113), $(35) and $(69)
(46) 579  218  444 
Other comprehensive income (loss) 193  (1,779) (443) (4,205)
Comprehensive income $ 18,718  $ 14,223  $ 36,012  $ 28,233 
See accompanying notes.
7

Alphabet Inc.
Alphabet Inc.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In millions; unaudited)
  Three Months Ended June 30, 2021
  Class A, Class B, Class C Stock and Additional Paid-In Capital Accumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
Total
Stockholders’
Equity
  Shares     Amount    
Balance as of March 31, 2021 13,422  $ 59,436  $ (3) $ 170,580  $ 230,013 
Stock issued 39 
Stock-based compensation expense 3,844  3,844 
Tax withholding related to vesting of restricted stock units and other (2,515) (2,515)
Repurchases of stock (108) (630) (12,166) (12,796)
Sale of interest in consolidated entities 300  300 
Net income 18,525  18,525 
Other comprehensive income (loss) 193  193 
Balance as of June 30, 2021 13,353  $ 60,436  $ 190  $ 176,939  $ 237,565 


  Six Months Ended June 30, 2021
  Class A, Class B, Class C Stock and Additional Paid-In Capital Accumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
Total
Stockholders’
Equity
  Shares     Amount    
Balance as of December 31, 2020 13,504  $ 58,510  $ 633  $ 163,401  $ 222,544 
Stock issued 70 
Stock-based compensation expense 7,632  7,632 
Tax withholding related to vesting of restricted stock units and other (4,749) (4,749)
Repurchases of stock (221) (1,274) (22,917) (24,191)
Sale of interest in consolidated entities 310  310 
Net income 36,455  36,455 
Other comprehensive income (loss) (443) (443)
Balance as of June 30, 2021 13,353  $ 60,436  $ 190  $ 176,939  $ 237,565 



8

Alphabet Inc.
  Three Months Ended June 30, 2022
  Class A, Class B, Class C Stock and Additional Paid-In Capital Accumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
Total
Stockholders’
Equity
  Shares     Amount    
Balance as of March 31, 2022 13,175  $ 62,832  $ (4,049) $ 195,221  $ 254,004 
Stock issued 36 
Stock-based compensation expense 4,823  4,823 
Tax withholding related to vesting of restricted stock units and other (2,434) (1) (2,435)
Repurchases of stock (133) (820) (14,377) (15,197)
Net income 16,002  16,002 
Other comprehensive income (loss) (1,779) (1,779)
Balance as of June 30, 2022 13,078  $ 64,402  $ (5,828) $ 196,845  $ 255,419 


  Six Months Ended June 30, 2022
  Class A, Class B, Class C Stock and Additional Paid-In Capital Accumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
Total
Stockholders’
Equity
  Shares     Amount    
Balance as of December 31, 2021 13,242  $ 61,774  $ (1,623) $ 191,484  $ 251,635 
Stock issued 67 
Stock-based compensation expense 9,370  9,370 
Tax withholding related to vesting of restricted stock units and other (5,329) (1) (5,330)
Repurchases of stock (231) (1,421) (27,076) (28,497)
Net income 32,438  32,438 
Other comprehensive income (loss) (4,205) (4,205)
Balance as of June 30, 2022 13,078  $ 64,402  $ (5,828) $ 196,845  $ 255,419 
See accompanying notes.



9

Alphabet Inc.
Alphabet Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions; unaudited)
Six Months Ended
June 30,
2021 2022
Operating activities
Net income $ 36,455  $ 32,438 
Adjustments:
Depreciation and impairment of property and equipment 5,255  7,289 
Amortization and impairment of intangible assets 443  392 
Stock-based compensation expense 7,548  9,286 
Deferred income taxes 1,479  (4,237)
(Gain) loss on debt and equity securities, net (7,634) 2,478 
Other (263) 202 
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable (867) 2,395 
Income taxes, net (297) (253)
Other assets (192) (1,621)
Accounts payable (1,112) (1,172)
Accrued expenses and other liabilities 201  (1,719)
Accrued revenue share 29  (942)
Deferred revenue 134  (8)
Net cash provided by operating activities 41,179  44,528 
Investing activities
Purchases of property and equipment (11,438) (16,614)
Purchases of marketable securities (60,609) (50,199)
Maturities and sales of marketable securities 60,667  55,374 
Purchases of non-marketable securities (1,412) (1,264)
Maturities and sales of non-marketable securities 256  125 
Acquisitions, net of cash acquired, and purchases of intangible assets (1,974) (1,236)
Other investing activities 53  576 
Net cash used in investing activities (14,457) (13,238)
Financing activities
Net payments related to stock-based award activities (4,637) (5,180)
Repurchases of stock (24,191) (28,497)
Proceeds from issuance of debt, net of costs 7,599  29,228 
Repayments of debt (8,678) (29,582)
Proceeds from sale of interest in consolidated entities, net 310 
Net cash used in financing activities (29,597) (34,031)
Effect of exchange rate changes on cash and cash equivalents 40  (268)
Net decrease in cash and cash equivalents (2,835) (3,009)
Cash and cash equivalents at beginning of period 26,465  20,945 
Cash and cash equivalents at end of period $ 23,630  $ 17,936 
See accompanying notes.
10

Alphabet Inc.
Alphabet Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1. Summary of Significant Accounting Policies
Nature of Operations
Google was incorporated in California in September 1998 and re-incorporated in the State of Delaware in August 2003. In 2015, we implemented a holding company reorganization, and as a result, Alphabet Inc. ("Alphabet") became the successor issuer to Google.
We generate revenues by delivering relevant, cost-effective online advertising; cloud-based solutions that provide customers with infrastructure and platform services and collaboration tools; sales of other products and services, such as apps and in-app purchases, digital content products, and hardware; and fees received for subscription-based products such as YouTube Premium and YouTube TV.
Basis of Consolidation
The consolidated financial statements of Alphabet include the accounts of Alphabet and entities consolidated under the variable interest and voting models. All intercompany balances and transactions have been eliminated.
Unaudited Interim Financial Information
These unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP), and in our opinion, include all adjustments of a normal recurring nature necessary for fair financial statement presentation. Interim results are not necessarily indicative of the results to be expected for the full year ending December 31, 2022. We have made estimates and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying notes. Actual results could differ materially from these estimates.
These consolidated financial statements and other information presented in this Form 10-Q should be read in conjunction with the consolidated financial statements and the related notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed with the SEC.
Stock Split Effected in the Form of a Stock Dividend (“Stock Split”)
On February 1, 2022, the company announced that the Board of Directors had approved and declared a 20-for-one stock split in the form of a one-time special stock dividend on each share of the company’s Class A, Class B, and Class C stock. The Stock Split had a record date of July 1, 2022 and an effective date of July 15, 2022. The par value per share of our Class A, Class B, and Class C stock remains unchanged at $0.001 per share after the Stock Split. All references made to share or per share amounts in the accompanying consolidated financial statements and applicable disclosures have been retroactively adjusted to reflect the effects of the Stock Split.
Note 2. Revenues
Revenue Recognition
The following table presents revenues disaggregated by type (in millions).
Three Months Ended Six Months Ended
June 30, June 30,
2021 2022 2021 2022
Google Search & other $ 35,845  $ 40,689  $ 67,724  $ 80,307 
YouTube ads 7,002  7,340  13,007  14,209 
Google Network 7,597  8,259  14,397  16,433 
Google advertising 50,444  56,288  95,128  110,949 
Google other 6,623  6,553  13,117  13,364 
Google Services total 57,067  62,841  108,245  124,313 
Google Cloud 4,628  6,276  8,675  12,097 
Other Bets 192  193  390  633 
Hedging gains (losses) (7) 375  (116) 653 
Total revenues $ 61,880  $ 69,685  $ 117,194  $ 137,696 
11

Alphabet Inc.
The following table presents revenues disaggregated by geography, based on the addresses of our customers (in millions):
  Three Months Ended Six Months Ended
June 30, June 30,
  2021 2022 2021 2022
United States $ 28,208  46  % $ 32,727  47  % $ 53,240  45  % $ 64,460  47  %
EMEA(1)
19,084  31  20,533  29  36,115  31  40,850  30 
APAC(1)
11,231  18  11,710  17  21,686  19  23,551  17 
Other Americas(1)
3,364  4,340  6,269  8,182 
Hedging gains (losses) (7) 375  (116) 653 
Total revenues $ 61,880  100  % $ 69,685  100  % $ 117,194  100  % $ 137,696  100  %
(1)    Regions represent Europe, the Middle East, and Africa (EMEA); Asia-Pacific (APAC); and Canada and Latin America ("Other Americas").
Revenue Backlog and Deferred Revenues
As of June 30, 2022, we had $51.2 billion of remaining performance obligations (“revenue backlog”), primarily related to Google Cloud, and expect to recognize approximately half of this amount as revenues over the next 24 months with the remaining to be recognized thereafter. Our revenue backlog represents commitments in customer contracts for future services that have not yet been recognized as revenues. The amount and timing of revenue recognition for these commitments is largely driven by when our customers utilize services and our ability to deliver in accordance with relevant contract terms, which could affect our estimate of revenue backlog and when we expect to recognize such as revenues. Revenue backlog includes related deferred revenue currently recorded as well as amounts that will be invoiced in future periods and excludes contracts with an original expected term of one year or less and cancellable contracts.
We record deferred revenues when cash payments are received or due in advance of our performance, including amounts which are refundable. Deferred revenues primarily relate to Google Cloud and Google other. Total deferred revenue as of December 31, 2021 was $3.8 billion, of which $2.1 billion was recognized as revenues during the six months ended June 30, 2022.
Note 3. Financial Instruments
Debt Securities
We classify our marketable debt securities, which are accounted for as available-for-sale, within Level 2 in the fair value hierarchy because we use quoted market prices to the extent available or alternative pricing sources and models utilizing market observable inputs to determine fair value.
For certain marketable debt securities, we have elected the fair value option for which changes in fair value are recorded in other income (expense), net. The fair value option was elected for these securities to align with the unrealized gains and losses from related derivative contracts. Unrealized net losses related to debt securities still held where we have elected the fair value option were $35 million and $602 million as of December 31, 2021 and June 30, 2022, respectively. As of December 31, 2021 and June 30, 2022, the fair value of these debt securities was $4.7 billion and $6.4 billion, respectively.
The following tables summarize debt securities, for which we did not elect the fair value option, by significant investment categories (in millions):
  As of December 31, 2021
  Adjusted
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Cash and Cash
Equivalents
Marketable
Securities
Level 2:
Time deposits(1)
$ 5,133  $ $ $ 5,133  $ 5,133  $
Government bonds 53,288  258  (238) 53,308  53,303 
Corporate debt securities 35,605  194  (223) 35,576  12  35,564 
Mortgage-backed and asset-backed securities 18,829  96  (112) 18,813  18,813 
Total $ 112,855  $ 548  $ (573) $ 112,830  $ 5,150  $ 107,680 
12

Alphabet Inc.
  As of June 30, 2022
  Adjusted
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Cash and Cash
Equivalents
Marketable
Securities
Level 2:
Time deposits(1)
$ 4,054  $ $ $ 4,054  $ 4,054  $
Government bonds 46,782  36  (1,575) 45,243  45  45,198 
Corporate debt securities 35,486  (1,449) 34,043  34,043 
Mortgage-backed and asset-backed securities 18,426  (903) 17,524  17,524 
Total $ 104,748  $ 43  $ (3,927) $ 100,864  $ 4,099  $ 96,765 
(1)The majority of our time deposits are domestic deposits.
We determine realized gains or losses on the sale or extinguishment of debt securities on a specific identification method. We recognized gross realized gains of $116 million and $29 million for the three months ended June 30, 2021 and 2022, respectively, and $251 million and $69 million for the six months ended June 30, 2021 and 2022, respectively. We recognized gross realized losses of $15 million and $368 million for the three months ended June 30, 2021 and 2022, respectively, and $151 million and $639 million for the six months ended June 30, 2021 and 2022, respectively. We reflect these gains and losses as a component of other income (expense), net.
The following table summarizes the estimated fair value of investments in marketable debt securities by stated contractual maturity dates (in millions):
As of
June 30, 2022
Due in 1 year or less $ 12,374 
Due in 1 year through 5 years 73,397 
Due in 5 years through 10 years 4,795 
Due after 10 years 12,210 
Total $ 102,776 
The following tables present fair values and gross unrealized losses recorded to AOCI, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in millions):
  As of December 31, 2021
  Less than 12 Months 12 Months or Greater Total
  Fair Value Unrealized
Loss
Fair Value Unrealized
Loss
Fair Value Unrealized
Loss
Government bonds $ 32,843  $ (236) $ 71  $ (2) $ 32,914  $ (238)
Corporate debt securities 22,737  (152) 303  (5) 23,040  (157)
Mortgage-backed and asset-backed securities 11,502  (106) 248  (6) 11,750  (112)
Total $ 67,082  $ (494) $ 622  $ (13) $ 67,704  $ (507)
  As of June 30, 2022
  Less than 12 Months 12 Months or Greater Total
  Fair Value Unrealized
Loss
Fair Value Unrealized
Loss
Fair Value Unrealized
Loss
Government bonds $ 36,141  $ (1,390) $ 3,525  $ (185) $ 39,666  $ (1,575)
Corporate debt securities 29,241  (1,136) 3,111  (235) 32,352  (1,371)
Mortgage-backed and asset-backed securities 15,453  (796) 1,648  (107) 17,101  (903)
Total $ 80,835  $ (3,322) $ 8,284  $ (527) $ 89,119  $ (3,849)
During the three and six months ended June 30, 2021 and 2022, we did not recognize significant credit losses, and the ending allowance balances for credit losses were immaterial as of December 31, 2021 and June 30, 2022. See Note 6 for further details on other income (expense), net.
13

Alphabet Inc.
Equity Investments
The following discusses our marketable equity securities, non-marketable equity securities, gains and losses on marketable and non-marketable equity securities, as well as our equity securities accounted for under the equity method.
Our marketable equity securities are publicly traded stocks or funds measured at fair value and classified within Level 1 and 2 in the fair value hierarchy because we use quoted prices for identical assets in active markets or inputs that are based upon quoted prices for similar instruments in active markets.
Our non-marketable equity securities are investments in privately held companies without readily determinable market values. The carrying value of our non-marketable equity securities is adjusted to fair value upon observable transactions for identical or similar investments of the same issuer or impairment (referred to as the measurement alternative). Non-marketable equity securities that have been remeasured during the period based on observable transactions are classified within Level 2 or Level 3 in the fair value hierarchy because we estimate the value based on valuation methods which may include a combination of the observable transaction price at the transaction date and other unobservable inputs including volatility, rights, and obligations of the securities we hold. The fair value of non-marketable equity securities that have been remeasured due to impairment are classified within Level 3.
Gains and losses on marketable and non-marketable equity securities
Gains and losses (including impairments) reflected in other income (expense), net, for marketable and non-marketable equity securities are summarized below (in millions):
Three Months Ended Six Months Ended
June 30, June 30,
2021 2022 2021 2022
Net gain (loss) on equity securities sold during the period $ 138  $ 26  $ 506  $ (230)
Net unrealized gain (loss) on equity securities held as of the end of the period 2,634  (277) 7,103  (1,091)
Total gain (loss) recognized in other income (expense), net $ 2,772  $ (251) $ 7,609  $ (1,321)
In the table above, net gain (loss) on equity securities sold during the period reflects the difference between the sale proceeds and the carrying value of the equity securities at the beginning of the period or the purchase date, if later. 
Cumulative net gains (losses) on equity securities sold during the period, which is summarized in the following table (in millions), represents the total net gains (losses) recognized after the initial purchase date of the equity security. While these net gains may have been reflected in periods prior to the period of sale, we believe they are important supplemental information as they reflect the economic net gains on the securities sold during the period. Cumulative net gains are calculated as the difference between the sale price and the initial purchase price for the equity security sold during the period.
Equity Securities Sold
Three Months Ended Six Months Ended
June 30, June 30,
  2021 2022 2021 2022
Total sale price $ 2,629  $ 645  $ 3,353  $ 1,335 
Total initial cost 409  168  766  428 
Cumulative net gains(1)
$ 2,220  $ 477  $ 2,587  $ 907 
(1)Cumulative net gains for the three and six months ended June 30, 2021 excludes cumulative losses of $684 million resulting from our equity derivatives, which hedged the changes in fair value of certain marketable equity securities sold. The associated derivative liabilities arising from these losses were settled against our holdings of the underlying equity securities.
14

Alphabet Inc.
Carrying value of marketable and non-marketable equity securities
The carrying value is measured as the total initial cost plus the cumulative net gain (loss). The carrying values for marketable and non-marketable equity securities are summarized below (in millions):
As of December 31, 2021
Marketable Securities Non-Marketable Securities Total
Total initial cost $ 4,211  $ 15,135  $ 19,346 
Cumulative net gain (loss)(1)
3,587  12,436  16,023 
Carrying value(2)
$ 7,798  $ 27,571  $ 35,369 
(1)Non-marketable equity securities cumulative net gain (loss) is comprised of $14.1 billion gains and $1.7 billion losses (including impairments).
(2)The long-term portion of marketable equity securities (subject to long-term lock-up restrictions) of $1.4 billion is included within other non-current assets.
As of June 30, 2022
Marketable Securities Non-Marketable Securities Total
Total initial cost $ 5,451  $ 15,262  $ 20,713 
Cumulative net gain (loss)(1)
146  13,595  13,741 
Carrying value(2)
$ 5,597  $ 28,857  $ 34,454 
(1)Non-marketable equity securities cumulative net gain (loss) is comprised of $16.7 billion gains and $3.1 billion losses (including impairments).
(2)The long-term portion of marketable equity securities (subject to long-term lock-up restrictions) of $1.3 billion is included within other non-current assets.
Marketable equity securities
The following table summarizes marketable equity securities measured at fair value by significant investment categories (in millions):
  As of December 31, 2021 As of June 30, 2022
  Cash and Cash Equivalents Marketable
Securities
Cash and Cash Equivalents Marketable
Securities
Level 1:
Money market funds $ 7,499  $ $ 6,593  $
Marketable equity securities(1)(2)
7,447  5,242 
7,499  7,447  6,593  5,242 
Level 2:
Mutual funds 351  355 
Total $ 7,499  $ 7,798  $ 6,593  $ 5,597 
(1)The balance as of December 31, 2021 and June 30, 2022 includes investments that were reclassified from non-marketable equity securities following the commencement of public market trading of the issuers or acquisition by public entities (certain investments are subject to short-term lock-up restrictions).
(2)As of December 31, 2021 and June 30, 2022 the long-term portion of marketable equity securities (subject to long-term lock-up restrictions) of $1.4 billion and $1.3 billion, respectively, is included within other non-current assets.
15

Alphabet Inc.
Non-marketable equity securities
The following is a summary of unrealized gains and losses (including impairments) recorded in other income (expense), net, which are included as adjustments to the carrying value of non-marketable equity securities held as of the end of the period (in millions):
Three Months Ended Six Months Ended
June 30, June 30,
2021 2022 2021 2022
Unrealized gains on non-marketable equity securities $ 1,852  $ 2,179  $ 5,128  $ 3,016 
Unrealized losses on non-marketable equity securities (including impairments) (65) (1,268) (67) (1,645)
Total unrealized gain (loss) recognized on non-marketable equity securities $ 1,787  $ 911  $ 5,061  $ 1,371 
During the three months ended June 30, 2022, included in the $28.9 billion of non-marketable equity securities held as of the end of the period, $10.8 billion were measured at fair value resulting in a net unrealized gain of $911 million.
Equity securities accounted for under the Equity Method
As of December 31, 2021 and June 30, 2022, equity securities accounted for under the equity method had a carrying value of approximately $1.5 billion and $1.4 billion, respectively. Our share of gains and losses, including impairments, are included as a component of other income (expense), net, in the Consolidated Statements of Income. See Note 6 for further details on other income (expense), net.
Derivative Financial Instruments
We enter into derivative instruments to manage risks relating to our ongoing business operations. The primary risk managed with derivative instruments is foreign exchange risk. We use foreign currency contracts to reduce the risk that our cash flows, earnings, and investment in foreign subsidiaries will be adversely affected by foreign currency exchange rate fluctuations. We also enter into derivative instruments to partially offset our exposure to other risks and enhance investment returns.
We recognize derivative instruments as either assets or liabilities in the Consolidated Balance Sheets at fair value and classify the derivatives primarily within Level 2 in the fair value hierarchy. We present our collar contracts (an option strategy comprised of a combination of purchased and written options) at net fair values where both the purchased and written options are with the same counterparty. For other derivative contracts, we present at gross fair values. We primarily record changes in the fair value in the Consolidated Statements of Income as either other income (expense), net, or revenues, or in the Consolidated Balance Sheets in AOCI, as discussed below.
We enter into master netting arrangements, which reduce credit risk by permitting net settlement of transactions with the same counterparty. Further, we enter into collateral security arrangements that provide for collateral to be received or pledged when the net fair value of certain financial instruments fluctuates from contractually established thresholds. Cash collateral received related to derivative instruments under our collateral security arrangements are included in other current assets with a corresponding liability. Cash and non-cash collateral pledged related to derivative instruments under our collateral security arrangements are included in other current assets.
Cash Flow Hedges
We designate foreign currency forward and option contracts (including collars) as cash flow hedges to hedge certain forecasted revenue transactions denominated in currencies other than the U.S. dollar. These contracts have maturities of 24 months or less.
Cash flow hedge amounts included in the assessment of hedge effectiveness are deferred in AOCI and subsequently reclassified to revenue when the hedged item is recognized in earnings. We exclude the change in forward points and time value from our assessment of hedge effectiveness. The initial value of the excluded component is amortized on a straight-line basis over the life of the hedging instrument and recognized in revenues. The difference between fair value changes of the excluded component and the amount amortized to revenues is recorded in AOCI. If the hedged transactions become probable of not occurring, the corresponding amounts in AOCI are reclassified to other income (expense), net in the period of de-designation.
As of June 30, 2022, the net accumulated gain on our foreign currency cash flow hedges before tax effect was $1.1 billion, which is expected to be reclassified from AOCI into earnings within the next 12 months.
16

Alphabet Inc.
Fair Value Hedges
We designate foreign currency forward contracts as fair value hedges to hedge foreign currency risks for our investments denominated in currencies other than the U.S. dollar. Fair value hedge amounts included in the assessment of hedge effectiveness are recognized in other income (expense), net, along with the offsetting gains and losses of the related hedged items. We exclude changes in forward points from the assessment of hedge effectiveness and recognize changes in the excluded component in other income (expense), net.
Net Investment Hedges
We designate foreign currency forward contracts as net investment hedges to hedge the foreign currency risks related to our investment in foreign subsidiaries. Net investment hedge amounts included in the assessment of hedge effectiveness are recognized in AOCI along with the foreign currency translation adjustment. We exclude changes in forward points from the assessment of hedge effectiveness and recognize changes in the excluded component in other income (expense), net.
Other Derivatives
Other derivatives not designated as hedging instruments consist primarily of foreign currency forward contracts that we use to hedge intercompany transactions and other monetary assets or liabilities denominated in currencies other than the functional currency of a subsidiary. Gains and losses on these contracts, as well as the related costs, are recognized in other income (expense), net, along with the foreign currency gains and losses on monetary assets and liabilities.
We also use derivatives not designated as hedging instruments to manage risks relating to interest rates, commodity prices, credit exposures and to enhance investment returns. Additionally, from time to time, we enter into derivatives to hedge the market price risk on certain of our marketable equity securities. Gains (losses) arising from these derivatives are reflected within the "other" component of other income (expense), net and the offsetting recognized gains (losses) on the marketable equity securities are reflected within the gain (loss) on equity securities, net component of other income (expense), net. See Note 6 for further details on other income (expense), net.
The gross notional amounts of outstanding derivative instruments were as follows (in millions):
As of December 31, 2021 As of June 30, 2022
Derivatives Designated as Hedging Instruments:
Foreign exchange contracts
    Cash flow hedges $ 16,362  $ 17,871 
    Fair value hedges $ 2,556  $ 2,151 
    Net investment hedges $ 10,159  $ 9,801 
Derivatives Not Designated as Hedging Instruments:
Foreign exchange contracts $ 41,031  $ 42,270 
Other contracts $ 4,275  $ 7,347 
17

Alphabet Inc.
The fair values of outstanding derivative instruments were as follows (in millions):
    As of December 31, 2021
  
Balance Sheet Location Fair Value of
Derivatives
Designated as
Hedging Instruments
Fair Value of
Derivatives Not
Designated as
Hedging Instruments
Total Fair Value
Derivative Assets:
Level 2:
Foreign exchange contracts Other current and non-current assets $ 867  $ 42  $ 909 
Other contracts Other current and non-current assets 52  52 
Total $ 867  $ 94  $ 961 
Derivative Liabilities:
Level 2:
Foreign exchange contracts Accrued expenses and other liabilities, current and non-current $ $ 452  $ 460 
Other contracts Accrued expenses and other liabilities, current and non-current 121  121 
Total $ $ 573  $ 581 
    As of June 30, 2022
  
Balance Sheet Location Fair Value of
Derivatives
Designated as
Hedging Instruments
Fair Value of
Derivatives Not
Designated as
Hedging Instruments
Total Fair Value
Derivative Assets:
Level 2:
Foreign exchange contracts Other current and non-current assets $ 1,540  $ 77  $ 1,617 
Other contracts Other current and non-current assets 80  80 
Total $ 1,540  $ 157  $ 1,697 
Derivative Liabilities:
Level 2:
Foreign exchange contracts Accrued expenses and other liabilities, current and non-current $ 36  $ 749  $ 785 
Other contracts Accrued expenses and other liabilities, current and non-current 56  56 
Total $ 36  $ 805  $ 841 
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The gains (losses) on derivatives in cash flow hedging and net investment hedging relationships recognized in other comprehensive income (OCI) are summarized below (in millions):
  Gains (Losses) Recognized in OCI on Derivatives Before Tax Effect
Three Months Ended Six Months Ended
  June 30, June 30,
2021 2022 2021 2022
Derivatives in Cash Flow Hedging Relationship:
Foreign exchange contracts
Amount included in the assessment of effectiveness $ (60) $ 1,131  $ 102  $ 1,266 
Amount excluded from the assessment of effectiveness (4) (39) 45  (54)
Derivatives in Net Investment Hedging Relationship:
Foreign exchange contracts
Amount included in the assessment of effectiveness (179) 509  199  658 
Total $ (243) $ 1,601  $ 346  $ 1,870 
 The effect of derivative instruments on income is summarized below (in millions):
  Gains (Losses) Recognized in Income
Three Months Ended
  June 30,
2021 2022
Revenues Other income (expense), net Revenues Other income (expense), net
Total amounts presented in the Consolidated Statements of Income in which the effects of cash flow and fair value hedges are recorded $ 61,880  $ 2,624  $ 69,685  $ (439)
Gains (Losses) on Derivatives in Cash Flow Hedging Relationship:
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI to income $ (3) $ $ 400  $
Amount excluded from the assessment of effectiveness recognized in earnings based on an amortization approach (4) (24)
Gains (Losses) on Derivatives in Fair Value Hedging Relationship:
Foreign exchange contracts
Hedged items 28  (136)
Derivatives designated as hedging instruments (28) 136 
Amount excluded from the assessment of effectiveness
Gains (Losses) on Derivatives in Net Investment Hedging Relationship:
Foreign exchange contracts
Amount excluded from the assessment of effectiveness 21  28 
Gains (Losses) on Derivatives Not Designated as Hedging Instruments:
Foreign exchange contracts (64) (149)
Other Contracts (142) 86 
Total gains (losses) $ (7) $ (183) $ 376  $ (33)
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  Gains (Losses) Recognized in Income
Six Months Ended
  June 30,
2021 2022
Revenues Other income (expense), net Revenues Other income (expense), net
Total amounts presented in the Consolidated Statements of Income in which the effects of cash flow and fair value hedges are recorded $ 117,194  $ 7,470  $ 137,696  $ (1,599)
Gains (Losses) on Derivatives in Cash Flow Hedging Relationship:
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI to income $ (108) $ $ 697  $
Amount excluded from the assessment of effectiveness recognized in earnings based on an amortization approach (8) (43)
Gains (Losses) on Derivatives in Fair Value Hedging Relationship:
Foreign exchange contracts
Hedged items 28  (123)
Derivatives designated as hedging instruments (28) 124 
Amount excluded from the assessment of effectiveness
Gains (Losses) on Derivatives in Net Investment Hedging Relationship:
Foreign exchange contracts
Amount excluded from the assessment of effectiveness 41  40 
Gains (Losses) on Derivatives Not Designated as Hedging Instruments:
Foreign exchange contracts (404) (396)
Other Contracts 181  124 
Total gains (losses) $ (116) $ (178) $ 654  $ (228)
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Offsetting of Derivatives
The gross amounts of derivative instruments subject to master netting arrangements with various counterparties, and cash and non-cash collateral received and pledged under such agreements were as follows (in millions):
Offsetting of Assets
As of December 31, 2021
Gross Amounts Not Offset in the Consolidated Balance Sheets, but Have Legal Rights to Offset
Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheets Net Presented in the Consolidated Balance Sheets Financial Instruments  Cash Collateral Received Non-Cash Collateral Received Net Assets Exposed
Derivatives $ 999  $ (38) $ 961  $ (434)
(1)
$ (394) $ (12) $ 121 
As of June 30, 2022
Gross Amounts Not Offset in the Consolidated Balance Sheets, but Have Legal Rights to Offset
Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheets Net Presented in the Consolidated Balance Sheets Financial Instruments Cash Collateral Received Non-Cash Collateral Received Net Assets Exposed
Derivatives $ 1,773  $ (76) $ 1,697  $ (736)
(1)
$ (880) $ (18) $ 63 
(1)The balances as of December 31, 2021 and June 30, 2022 were related to derivative liabilities which are allowed to be net settled against derivative assets in accordance with our master netting agreements.
Offsetting of Liabilities
As of December 31, 2021
Gross Amounts Not Offset in the Consolidated Balance Sheets, but Have Legal Rights to Offset
Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Presented in the Consolidated Balance Sheets Financial Instruments  Cash Collateral Pledged Non-Cash Collateral Pledged Net Liabilities
Derivatives $ 619  $ (38) $ 581  $ (434)
(2)
$ (4) $ (110) $ 33 
As of June 30, 2022
Gross Amounts Not Offset in the Consolidated Balance Sheets, but Have Legal Rights to Offset
Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Presented in the Consolidated Balance Sheets Financial Instruments  Cash Collateral Pledged Non-Cash Collateral Pledged Net Liabilities
Derivatives $ 917  $ (76) $ 841  $ (736)
(2)
$ (13) $ (1) $ 91 
(2)    The balances as of December 31, 2021 and June 30, 2022 were related to derivative assets which are allowed to be net settled against derivative liabilities in accordance with our master netting agreements.
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Note 4. Variable Interest Entities (VIE)
Consolidated VIEs
We consolidate VIEs in which we hold a variable interest and are the primary beneficiary. The results of operations and financial position of these VIEs are included in our consolidated financial statements.
For certain consolidated VIEs, their assets are not available to us and their creditors do not have recourse to us. As of December 31, 2021 and June 30, 2022, assets that can only be used to settle obligations of these VIEs were $6.0 billion and $4.5 billion, respectively, and the liabilities for which creditors only have recourse to the VIEs were $2.5 billion for both periods.
As of December 31, 2021 and June 30, 2022, total noncontrolling interests (NCI), including redeemable noncontrolling interests (RNCI), in our consolidated subsidiaries was $4.3 billion and $4.1 billion, respectively. NCI and RNCI are included within additional paid-in capital. Net loss attributable to noncontrolling interests was not material for any period presented and is included within the "other" component of other income (expense), net. See Note 6 for further details on other income (expense), net.
Unconsolidated VIEs
We have investments in VIEs in which we are not the primary beneficiary. These VIEs include private companies that are primarily early stage companies and certain renewable energy entities in which activities involve power generation using renewable sources.
We have determined that the governance structures of these entities do not allow us to direct the activities that would significantly affect their economic performance. Therefore, we are not the primary beneficiary, and the results of operations and financial position of these VIEs are not included in our consolidated financial statements. We account for these investments as non-marketable equity securities or equity method investments.
The maximum exposure of these unconsolidated VIEs is generally based on the current carrying value of the investments and any future funding commitments. We have determined that the single source of our exposure to these VIEs is our capital investments in them. The carrying value and maximum exposure of these unconsolidated VIEs were $2.7 billion and $2.9 billion, respectively, as of December 31, 2021 and $2.4 billion and $2.4 billion, respectively, as of June 30, 2022.
Note 5. Debt
Short-Term Debt
We have a debt financing program of up to $10.0 billion through the issuance of commercial paper. Net proceeds from this program are used for general corporate purposes. We had no commercial paper outstanding as of December 31, 2021 and June 30, 2022.
Our short-term debt balance also includes the current portion of certain long-term debt.
Long-Term Debt
Total outstanding debt is summarized below (in millions, except percentages):
Maturity Coupon Rate Effective Interest Rate As of December 31, 2021 As of
June 30, 2022
Debt
2014-2020 Notes Issuances 2024 - 2060
0.45% - 3.38%
0.57% - 3.38%
$ 13,000  $ 13,000 
Future finance lease payments, net and other (1)
2,086  1,966 
      Total debt 15,086  14,966 
Unamortized discount and debt issuance costs (156) (150)
Less: Current portion future finance lease payments, net and other current debt(1)(2)
(113) (82)
       Total long-term debt $ 14,817  $ 14,734 
(1)Future finance lease payments are net of imputed interest.
(2)Total current portion of long-term debt is included within other accrued expenses and current liabilities. See Note 6.
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The notes in the table above are fixed-rate senior unsecured obligations and generally rank equally with each other. We may redeem the notes at any time in whole or in part at specified redemption prices. The effective interest rates are based on proceeds received with interest payable semi-annually.
The total estimated fair value of the outstanding notes was approximately $12.4 billion and $10.4 billion as of December 31, 2021 and June 30, 2022, respectively. The fair value was determined based on observable market prices of identical instruments in less active markets and is categorized accordingly as Level 2 in the fair value hierarchy.
Credit Facility
As of June 30, 2022, we had $10.0 billion of revolving credit facilities, $4.0 billion expiring in April 2023 and $6.0 billion expiring in April 2026. The interest rates for all credit facilities are determined based on a formula using certain market rates, as well as our progress toward the achievement of certain sustainability goals. No amounts were outstanding under the credit facilities as of December 31, 2021 and June 30, 2022.
Note 6. Supplemental Financial Statement Information
Accounts Receivable
The allowance for credit losses on accounts receivable was $550 million and $634 million as of December 31, 2021 and June 30, 2022, respectively.
Property and Equipment, Net
Property and equipment, net, consisted of the following (in millions):
As of
December 31, 2021
As of
June 30, 2022
Land and buildings $ 58,881  $ 65,015 
Information technology assets 55,606  59,643 
Construction in progress 23,172  25,341 
Leasehold improvements 9,146  9,992 
Furniture and fixtures 208  267 
Property and equipment, gross 147,013  160,258 
Less: accumulated depreciation (49,414) (54,035)
Property and equipment, net $ 97,599  $ 106,223 
Accrued expenses and other current liabilities
Accrued expenses and other current liabilities consisted of the following (in millions):
As of
December 31, 2021
As of
June 30, 2022
European Commission fines(1)
$ 9,799  $ 9,191 
Accrued customer liabilities 3,505  2,948 
Accrued purchases of property and equipment 2,415  2,797 
Current operating lease liabilities 2,189  2,297 
Other accrued expenses and current liabilities 13,328  15,743 
Accrued expenses and other current liabilities $ 31,236  $ 32,976 
(1)    Includes the effects of foreign exchange and interest. See Note 9 for further details.
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Accumulated Other Comprehensive Income (Loss)
Components of AOCI, net of income tax, were as follows (in millions):
Foreign Currency Translation Adjustments Unrealized Gains (Losses) on Available-for-Sale Investments Unrealized Gains (Losses) on Cash Flow Hedges Total
Balance as of December 31, 2020 $ (864) $ 1,612  $ (115) $ 633 
Other comprehensive income (loss) before reclassifications (57) (540) 92  (505)
Amounts excluded from the assessment of hedge effectiveness recorded in AOCI 45  45 
Amounts reclassified from AOCI (64) 81  17 
Other comprehensive income (loss) (57) (604) 218  (443)
Balance as of June 30, 2021 $ (921) $ 1,008  $ 103  $ 190 
Foreign Currency Translation Adjustments Unrealized Gains (Losses) on Available-for-Sale Investments Unrealized Gains (Losses) on Cash Flow Hedges Total
Balance as of December 31, 2021 $ (2,306) $ 236  $ 447  $ (1,623)
Other comprehensive income (loss) before reclassifications (1,626) (3,404) 1,083  (3,947)
Amounts excluded from the assessment of hedge effectiveness recorded in AOCI (54) (54)
Amounts reclassified from AOCI 381  (585) (204)
Other comprehensive income (loss) (1,626) (3,023) 444  (4,205)
Balance as of June 30, 2022 $ (3,932) $ (2,787) $ 891  $ (5,828)
The effects on net income of amounts reclassified from AOCI were as follows (in millions):
Gains (Losses) Reclassified from AOCI to the Consolidated Statements of Income
Three Months Ended Six Months Ended
  June 30, June 30,
 AOCI Components Location 2021 2022 2021 2022
Unrealized gains (losses) on available-for-sale investments
Other income (expense), net $ 96  $ (299) $ 82  $ (489)
Benefit (provision) for income taxes (21) 66  (18) 108 
Net of income tax 75  (233) 64  (381)
Unrealized gains (losses) on cash flow hedges
Foreign exchange contracts Revenue (3) 400  (108) 697 
Interest rate contracts Other income (expense), net
Benefit (provision) for income taxes (65) 24  (115)
Net of income tax 336  (81) 585 
Total amount reclassified, net of income tax $ 79  $ 103  $ (17) $ 204 
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Other Income (Expense), Net
Components of other income (expense), net, were as follows (in millions):
  Three Months Ended Six Months Ended
June 30, June 30,
  2021 2022 2021 2022
Interest income $ 389  $ 486  $ 734  $ 900 
Interest expense(1)
(76) (83) (152) (166)
Foreign currency exchange gain (loss), net (51) (260) 62  (333)
Gain (loss) on debt securities, net 111  (790) 25  (1,157)
Gain (loss) on equity securities, net 2,772  (251) 7,609  (1,321)
Performance fees (523) 318  (1,188) 551 
Income (loss) and impairment from equity method investments, net 92  (118) 97  (207)
Other (90) 259  283  134 
Other income (expense), net $ 2,624  $ (439) $ 7,470  $ (1,599)
(1)Interest expense is net of interest capitalized of $45 million and $37 million for the three months ended June 30, 2021 and 2022, respectively, and $92 million and $71 million for the six months ended June 30, 2021 and 2022, respectively.
Note 7. Acquisitions
Pending Acquisition of Mandiant
In March 2022, we entered into an agreement to acquire Mandiant, a leader in dynamic cyber defense and response, for $23.00 per share, in an all-cash transaction valued at approximately $5.4 billion, net of cash and debt. The acquisition of Mandiant is subject to customary closing conditions, including the receipt of regulatory and Mandiant stockholder approvals, and is expected to close later this year. Upon the close of the acquisition, Mandiant will be part of the Google Cloud segment.
Note 8. Goodwill and Other Intangible Assets
Goodwill
Changes in the carrying amount of goodwill for the six months ended June 30, 2022 were as follows (in millions):
Google Services Google Cloud Other Bets Total
Balance as of December 31, 2021 $ 19,826  $ 2,337  $ 793  $ 22,956 
Acquisitions 896  103  113  1,112 
Foreign currency translation and other adjustments (104) (12) (3) (119)
Balance as of June 30, 2022 $ 20,618  $ 2,428  $ 903  $ 23,949 
Other Intangible Assets
Information regarding purchased intangible assets was as follows (in millions):
As of December 31, 2021
  Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Patents and developed technology $ 4,786  $ 4,112  $ 674 
Customer relationships 506  140  366 
Trade names and other 534  295  239 
Total definite-lived intangible assets 5,826  4,547  1,279 
Indefinite-lived intangible assets 138  —  138 
Total intangible assets $ 5,964  $ 4,547  $ 1,417 
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As of June 30, 2022
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Patents and developed technology $ 962  $ 462  $ 500 
Customer relationships 521  193  328 
Trade names and other 408  97  311 
Total definite-lived intangible assets 1,891  752  1,139 
Indefinite-lived intangible assets 238  238 
Total intangible assets $ 2,129  $ 752  $ 1,377 
For the six months ended June 30, 2022, $4.2 billion of intangible assets that were fully amortized have been removed from gross intangible assets and accumulated amortization.
Amortization expense relating to purchased intangible assets was $215 million and $201 million for the three months ended June 30, 2021 and 2022, respectively, and $432 million and $392 million for the six months ended June 30, 2021 and 2022, respectively.
Expected amortization expense related to purchased intangible assets held as of June 30, 2022 was as follows (in millions):
Remainder of 2022 $ 193 
2023 294 
2024 275 
2025 145 
2026 99 
Thereafter 133 
Total $ 1,139 
Note 9. Contingencies
Indemnifications
In the normal course of business, including to facilitate transactions in our services and products and corporate activities, we indemnify certain parties, including advertisers, Google Network partners, customers of Google Cloud offerings, lessors, and service providers with respect to certain matters. We have agreed to hold certain parties harmless against losses arising from a breach of representations or covenants, or out of intellectual property infringement or other claims made against certain parties. Several of these agreements limit the time within which an indemnification claim can be made and the amount of the claim. In addition, we have entered into indemnification agreements with our officers and directors, and our bylaws contain similar indemnification obligations to our agents.
It is not possible to make a reasonable estimate of the maximum potential amount under these indemnification agreements due to the unique facts and circumstances involved in each particular agreement. Additionally, we have a limited history of prior indemnification claims and the payments we have made under such agreements have not had a material adverse effect on our results of operations, cash flows, or financial position. However, to the extent that valid indemnification claims arise in the future, future payments by us could be significant and could have a material adverse effect on our results of operations or cash flows in a particular period.
As of June 30, 2022, we did not have any material indemnification claims that were probable or reasonably possible.
Legal Matters
Antitrust Investigations
On November 30, 2010, the EC's Directorate General for Competition opened an investigation into various antitrust-related complaints against us.
On June 27, 2017, the EC announced its decision that certain actions taken by Google regarding its display and ranking of shopping search results and ads infringed European competition law. The EC decision imposed a €2.4 billion ($2.7 billion as of June 27, 2017) fine. On September 11, 2017, we appealed the EC decision to the General Court, and on September 27, 2017, we implemented product changes to bring shopping ads into
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compliance with the EC's decision. We recognized a charge of $2.7 billion for the fine in the second quarter of 2017. On November 10, 2021, the General Court rejected our appeal, and we subsequently filed an appeal with the European Court of Justice on January 20, 2022.
On July 18, 2018, the EC announced its decision that certain provisions in Google’s Android-related distribution agreements infringed European competition law. The EC decision imposed a €4.3 billion ($5.1 billion as of June 30, 2018) fine and directed the termination of the conduct at issue. On October 9, 2018, we appealed the EC decision, which remains pending. On October 29, 2018, we implemented changes to certain of our Android distribution practices. We recognized a charge of $5.1 billion for the fine in the second quarter of 2018.
On March 20, 2019, the EC announced its decision that certain contractual provisions in agreements that Google had with AdSense for Search partners infringed European competition law. The EC decision imposed a fine of €1.5 billion ($1.7 billion as of March 20, 2019) and directed actions related to AdSense for Search partners' agreements, which we implemented prior to the decision. On June 4, 2019, we appealed the EC decision, which remains pending. We recognized a charge of $1.7 billion for the fine in the first quarter of 2019.
While each EC decision is under appeal, we included the fines in accrued expenses and other current liabilities on our Consolidated Balance Sheets as we provided bank guarantees (in lieu of a cash payment) for the fines.
From time to time we are subject to formal and informal inquiries and investigations on various competition matters by regulatory authorities in the United States (U.S.), Europe, and other jurisdictions globally. For example:
In August 2019, we began receiving civil investigative demands from the U.S. Department of Justice (DOJ) requesting information and documents relating to our prior antitrust investigations and certain aspects of our business. The DOJ and a number of state Attorneys General filed a lawsuit on October 20, 2020 alleging that Google violated U.S. antitrust laws relating to Search and Search advertising. Further, in June 2022, the Australian Competition and Consumer Commission (ACCC) and the United Kingdom's Competition and Markets Authority (CMA) each opened an investigation into Search distribution practices.
On December 16, 2020, a number of state Attorneys General filed an antitrust complaint in the U.S. District Court for the Eastern District of Texas, alleging that Google violated U.S. antitrust laws as well as state deceptive trade laws relating to its advertising technology. The DOJ's investigation of similar issues remains ongoing. The EC, the CMA, and the ACCC each opened a formal investigation into Google's advertising technology business practices on June 22, 2021, May 25, 2022, and June 29, 2022, respectively.
On July 7, 2021, a number of state Attorneys General filed an antitrust complaint in the U.S. District Court for the Northern District of California, alleging that Google’s operation of Android and Google Play violated U.S. antitrust laws and state antitrust and consumer protection laws. In May 2022, the EC and the CMA each opened a formal investigation into Google Play’s business practices. Korean regulators are investigating Google Play's billing practices, most recently opening a formal review in May 2022 of Google's compliance with the new app store billing regulations.
We believe these complaints are without merit and will defend ourselves vigorously. We continue to cooperate with federal and state regulators in the U.S., the EC, and other regulators around the world.
Patent and Intellectual Property Claims
We have had patent, copyright, trade secret, and trademark infringement lawsuits filed against us claiming that certain of our products, services, and technologies infringe others' intellectual property rights. Adverse results in these lawsuits may include awards of substantial monetary damages, costly royalty or licensing agreements, or orders preventing us from offering certain features, functionalities, products, or services. As a result, we may have to change our business practices and develop non-infringing products or technologies, which could result in a loss of revenues for us and otherwise harm our business. In addition, the U.S. International Trade Commission (ITC) has increasingly become an important forum to litigate intellectual property disputes because an ultimate loss in an ITC action can result in a prohibition on importing infringing products into the U.S. Because the U.S. is an important market, a prohibition on importation could have an adverse effect on us, including preventing us from importing many important products into the U.S. or necessitating workarounds that may limit certain features of our products.
Furthermore, many of our agreements with our customers and partners require us to indemnify them against certain intellectual property infringement claims, which would increase our costs as a result of defending such claims, and may require that we pay significant damages if there were an adverse ruling in any such claims. In addition, our customers and partners may discontinue the use of our products, services, and technologies, as a result of injunctions or otherwise, which could result in loss of revenues and adversely affect our business.
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Other
We are also regularly subject to claims, suits, regulatory and government investigations, other proceedings, and consent decrees involving competition, intellectual property, privacy and cybersecurity, tax and related compliance, labor and employment, commercial disputes, content generated by our users, goods and services offered by advertisers or publishers using our platforms, personal injury, consumer protection, and other matters. For example, we currently have a number of privacy investigations and suits ongoing in multiple jurisdictions. Such claims, suits, regulatory and government investigations, other proceedings, and consent decrees could result in substantial fines and penalties, injunctive relief, ongoing auditing and monitoring obligations, changes to our products and services, alterations to our business models and operations, and collateral related civil litigation or other adverse consequences, all of which could harm our business, reputation, financial condition, and operating results.
We have ongoing legal matters relating to Russia. We do not believe these ongoing legal matters will have a material adverse effect on our business, consolidated financial position, results of operations, or cash flows.
Certain outstanding matters include speculative, substantial or indeterminate monetary amounts. We record a liability when we believe that it is probable that a loss has been incurred, and the amount can be reasonably estimated. If we determine that a loss is reasonably possible and the loss or range of loss can be estimated, we disclose the reasonably possible loss. We evaluate developments in our legal matters that could affect the amount of liability that has been previously accrued, and the matters and related reasonably possible losses disclosed, and make adjustments as appropriate. Significant judgment is required to determine both the likelihood of there being and the estimated amount of a loss related to such matters.
With respect to our outstanding matters, based on our current knowledge, we believe that the amount or range of reasonably possible loss will not, either individually or in aggregate, have a material adverse effect on our business, consolidated financial position, results of operations, or cash flows. However, the outcome of such matters is inherently unpredictable and subject to significant uncertainties.
We expense legal fees in the period in which they are incurred.
Non-Income Taxes
We are under audit by various domestic and foreign tax authorities with regards to non-income tax matters. The subject matter of non-income tax audits primarily arises from disputes on the tax treatment and tax rate applied to the sale of our products and services in these jurisdictions and the tax treatment of certain employee benefits. We accrue non-income taxes that may result from examinations by, or any negotiated agreements with, these tax authorities when a loss is probable and reasonably estimable. If we determine that a loss is reasonably possible and the loss or range of loss can be estimated, we disclose the reasonably possible loss. Due to the inherent complexity and uncertainty of these matters and judicial process in certain jurisdictions, the final outcome may be materially different from our expectations.
For information regarding income tax contingencies, see Note 13.
Note 10. Stockholders' Equity
Stock Split
On July 15, 2022, the company executed a 20-for-one stock split with a record date of July 1, 2022, effected in the form of a one-time special stock dividend on each share of the company's Class A, Class B, and Class C stock. All references made to share or per share amounts in the accompanying consolidated financial statements and applicable disclosures have been retroactively adjusted to reflect the effects of the Stock Split. See Note 1 for further details.
Share Repurchases
In April 2021, the Board of Directors of Alphabet authorized the company to repurchase up to $50.0 billion of its Class C stock. In July 2021, the Board of Directors of Alphabet approved an amendment to the April 2021 authorization, permitting the company to repurchase both Class A and Class C shares in a manner deemed in the best interest of the company and its stockholders, taking into account the economic cost and prevailing market conditions, including the relative trading prices and volumes of the Class A and Class C shares. The repurchases from the April 2021 authorization were completed during the second quarter of 2022.
In April 2022, the Board of Directors of Alphabet authorized the company to repurchase up to an additional $70.0 billion of its Class A and Class C shares. As of June 30, 2022, $58.9 billion remains available for Class A and Class C share repurchases from the April 2022 authorization.