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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)
________________________________________________________________________________________
Delaware61-1767919
(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 classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.001 par valueGOOGLNasdaq Stock Market LLC
(Nasdaq Global Select Market)
Class C Capital Stock, $0.001 par valueGOOGNasdaq 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.
Item 1
Consolidated Balance Sheets - December 31, 2021 and June 30, 2022
Consolidated Statements of Income - Three and Six Months Ended June 30, 2021 and 2022
Consolidated Statements of Comprehensive Income - Three and Six Months Ended June 30, 2021 and 2022
Consolidated Statements of Stockholders' Equity - Three and Six Months Ended June 30, 2021 and 2022
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

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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 securities118,704 107,061 
Total cash, cash equivalents, and marketable securities139,649 124,997 
Accounts receivable, net39,304 35,707 
Income taxes receivable, net966 1,366 
Inventory1,170 1,980 
Other current assets7,054 8,321 
Total current assets188,143 172,371 
Non-marketable securities29,549 30,665 
Deferred income taxes1,284 1,490 
Property and equipment, net97,599 106,223 
Operating lease assets12,959 13,398 
Intangible assets, net1,417 1,377 
Goodwill22,956 23,949 
Other non-current assets5,361 5,712 
Total assets$359,268 $355,185 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$6,037 $4,409 
Accrued compensation and benefits13,889 10,852 
Accrued expenses and other current liabilities31,236 32,976 
Accrued revenue share8,996 7,889 
Deferred revenue3,288 3,272 
Income taxes payable, net808 1,956 
Total current liabilities64,254 61,354 
Long-term debt14,817 14,734 
Deferred revenue, non-current535 472 
Income taxes payable, non-current9,176 8,163 
Deferred income taxes5,257 924 
Operating lease liabilities11,389 11,697 
Other long-term liabilities2,205 2,422 
Total liabilities107,633 99,766 
Contingencies (Note 9)
Stockholders’ equity:
Preferred stock, $0.001 par value per share, 100 shares authorized; no shares issued and outstanding
0 0 
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 earnings191,484 196,845 
Total stockholders’ equity251,635 255,419 
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 EndedSix Months Ended
June 30,June 30,
2021202220212022
Revenues$61,880 $69,685 $117,194 $137,696 
Costs and expenses:
Cost of revenues26,227 30,104 50,330 59,703 
Research and development7,675 9,841 15,160 18,960 
Sales and marketing5,276 6,630 9,792 12,455 
General and administrative3,341 3,657 6,114 7,031 
Total costs and expenses42,519 50,232 81,396 98,149 
Income from operations19,361 19,453 35,798 39,547 
Other income (expense), net2,624 (439)7,470 (1,599)
Income before income taxes21,985 19,014 43,268 37,948 
Provision for income taxes3,460 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 EndedSix Months Ended
 June 30,June 30,
 2021202220212022
Net income$18,525 $16,002 $36,455 $32,438 
Other comprehensive income (loss):
Change in foreign currency translation adjustment366 (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 CapitalAccumulated
Other
Comprehensive
Income (Loss)		Retained
Earnings		Total
Stockholders’
Equity
 Shares    Amount    
Balance as of March 31, 202113,422 $59,436 $(3)$170,580 $230,013 
Stock issued39 1 0 0 1 
Stock-based compensation expense0 3,844 0 0 3,844 
Tax withholding related to vesting of restricted stock units and other0 (2,515)0 0 (2,515)
Repurchases of stock(108)(630)0 (12,166)(12,796)
Sale of interest in consolidated entities0 300 0 0 300 
Net income0 0 0 18,525 18,525 
Other comprehensive income (loss)0 0 193 0 193 
Balance as of June 30, 202113,353 $60,436 $190 $176,939 $237,565 


 Six Months Ended June 30, 2021
 Class A, Class B, Class C Stock and Additional Paid-In CapitalAccumulated
Other
Comprehensive
Income (Loss)		Retained
Earnings		Total
Stockholders’
Equity
 Shares    Amount    
Balance as of December 31, 202013,504 $58,510 $633 $163,401 $222,544 
Stock issued70 7 0 0 7 
Stock-based compensation expense0 7,632 0 0 7,632 
Tax withholding related to vesting of restricted stock units and other0 (4,749)0 0 (4,749)
Repurchases of stock(221)(1,274)0 (22,917)(24,191)
Sale of interest in consolidated entities0 310 0 0 310 
Net income0 0 0 36,455 36,455 
Other comprehensive income (loss)0 0 (443)0 (443)
Balance as of June 30, 202113,353 $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 CapitalAccumulated
Other
Comprehensive
Income (Loss)		Retained
Earnings		Total
Stockholders’
Equity
 Shares    Amount    
Balance as of March 31, 202213,175 $62,832 $(4,049)$195,221 $254,004 
Stock issued36 1 0 0 1 
Stock-based compensation expense0 4,823 0 0 4,823 
Tax withholding related to vesting of restricted stock units and other0 (2,434)0 (1)(2,435)
Repurchases of stock(133)(820)0 (14,377)(15,197)
Net income0 0 0 16,002 16,002 
Other comprehensive income (loss)0 0 (1,779)0 (1,779)
Balance as of June 30, 202213,078 $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 CapitalAccumulated
Other
Comprehensive
Income (Loss)		Retained
Earnings		Total
Stockholders’
Equity
 Shares    Amount    
Balance as of December 31, 202113,242 $61,774 $(1,623)$191,484 $251,635 
Stock issued67 8 0 0 8 
Stock-based compensation expense0 9,370 0 0 9,370 
Tax withholding related to vesting of restricted stock units and other0 (5,329)0 (1)(5,330)
Repurchases of stock(231)(1,421)0 (27,076)(28,497)
Net income0 0 0 32,438 32,438 
Other comprehensive income (loss)0 0 (4,205)0 (4,205)
Balance as of June 30, 202213,078 $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,
20212022
Operating activities
Net income$36,455 $32,438 
Adjustments:
Depreciation and impairment of property and equipment5,255 7,289 
Amortization and impairment of intangible assets443 392 
Stock-based compensation expense7,548 9,286 
Deferred income taxes1,479 (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 liabilities201 (1,719)
Accrued revenue share29 (942)
Deferred revenue134 (8)
Net cash provided by operating activities41,179 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 securities60,667 55,374 
Purchases of non-marketable securities(1,412)(1,264)
Maturities and sales of non-marketable securities256 125 
Acquisitions, net of cash acquired, and purchases of intangible assets(1,974)(1,236)
Other investing activities53 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 costs7,599 29,228 
Repayments of debt(8,678)(29,582)
Proceeds from sale of interest in consolidated entities, net310 0 
Net cash used in financing activities(29,597)(34,031)
Effect of exchange rate changes on cash and cash equivalents40 (268)
Net decrease in cash and cash equivalents(2,835)(3,009)
Cash and cash equivalents at beginning of period26,465 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 EndedSix Months Ended
June 30,June 30,
2021202220212022
Google Search & other$35,845 $40,689 $67,724 $80,307 
YouTube ads7,002 7,340 13,007 14,209 
Google Network7,597 8,259 14,397 16,433 
Google advertising50,444 56,288 95,128 110,949 
Google other6,623 6,553 13,117 13,364 
Google Services total57,067 62,841 108,245 124,313 
Google Cloud4,628 6,276 8,675 12,097 
Other Bets192 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 EndedSix Months Ended
June 30,June 30,
 2021202220212022
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 5 4,340 6 6,269 5 8,182 6 
Hedging gains (losses)(7)0 375 1 (116)0 653 0 
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 $0 $0 $5,133 $5,133 $0 
Government bonds53,288 258 (238)53,308 5 53,303 
Corporate debt securities35,605 194 (223)35,576 12 35,564 
Mortgage-backed and asset-backed securities18,829 96 (112)18,813 0 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 $0 $0 $4,054 $4,054 $0 
Government bonds46,782 36 (1,575)45,243 45 45,198 
Corporate debt securities35,486 6 (1,449)34,043 0 34,043 
Mortgage-backed and asset-backed securities18,426 1 (903)17,524 0 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 years73,397 
Due in 5 years through 10 years4,795 
Due after 10 years12,210 
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 Months12 Months or GreaterTotal
 Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss
Government bonds$32,843 $(236)$71 $(2)$32,914 $(238)
Corporate debt securities22,737 (152)303 (5)23,040 (157)
Mortgage-backed and asset-backed securities11,502 (106)248 (6)11,750 (112)
Total$67,082 $(494)$622 $(13)$67,704 $(507)
 As of June 30, 2022
 Less than 12 Months12 Months or GreaterTotal
 Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss
Government bonds$36,141 $(1,390)$3,525 $(185)$39,666 $(1,575)
Corporate debt securities29,241 (1,136)3,111 (235)32,352 (