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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 March 31, 2024
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 April 18, 2024, there were 5,874 million shares of Alphabet’s Class A stock outstanding, 867 million shares of Alphabet's Class B stock outstanding, and 5,617 million shares of Alphabet's Class C stock outstanding.


Alphabet Inc.
Alphabet Inc.
Form 10-Q
For the Quarterly Period Ended March 31, 2024
TABLE OF CONTENTS
  Page No.
Item 1
Consolidated Balance Sheets - December 31, 2023 and March 31, 2024
Consolidated Statements of Income - Three Months Ended March 31, 2023 and 2024
Consolidated Statements of Comprehensive Income - Three Months Ended March 31, 2023 and 2024
Consolidated Statements of Stockholders' Equity - Three Months Ended March 31, 2023 and 2024
Consolidated Statements of Cash Flows - Three Months Ended March 31, 2023 and 2024
Item 2
Item 3
Item 4
Item 1
Item 1A
Item 2
Item 5
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 growth of our business and revenues and our expectations about the factors that influence our success and trends in our business;
fluctuations in our revenues and margins 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 beyond advertising 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 paid clicks and cost-per-click as well as 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;
our expectation that our capital expenditures will increase, including the expected increase in our technical infrastructure investment to support the growth of our business and our long-term initiatives, in particular in support of artificial intelligence (AI) products and services;
our plans to continue to invest in new businesses, products, services and technologies, and systems, 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;
our expectation that our effective tax rate and cash tax payments could increase in future years;
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, including the possibility that certain legal proceedings to which we are a party could harm our business, financial condition, and operating results;
our expectation that we will continue to face heightened regulatory scrutiny, and changes in regulatory conditions, laws, and public policies, which could affect our business practices and financial results;
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Alphabet Inc.
the expected timing, amount, and effect of Alphabet Inc.'s share repurchases and dividends;
our long-term sustainability and diversity goals;
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, 2023, as updated in this Quarterly Report on Form 10-Q. Forward-looking statements generally can be identified by words such as "anticipates," "believes," "could," "estimates," "expects," "intends," "may," "plans," "predicts," "projects," "will be," "will continue," "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; 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, 2023, as updated in this Quarterly Report on Form 10-Q; the trends discussed in Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023; 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. 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.

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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, 2023
As of
March 31, 2024
(unaudited)
Assets
Current assets:
Cash and cash equivalents$24,048 $24,493 
Marketable securities86,868 83,597 
Total cash, cash equivalents, and marketable securities110,916 108,090 
Accounts receivable, net47,964 44,552 
Other current assets12,650 12,829 
Total current assets171,530 165,471 
Non-marketable securities31,008 33,994 
Deferred income taxes12,169 11,687 
Property and equipment, net134,345 143,182 
Operating lease assets14,091 13,768 
Goodwill29,198 29,183 
Other non-current assets10,051 10,065 
Total assets$402,392 $407,350 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$7,493 $6,198 
Accrued compensation and benefits15,140 9,703 
Accrued expenses and other current liabilities46,168 48,603 
Accrued revenue share8,876 8,520 
Deferred revenue4,137 3,973 
Total current liabilities81,814 76,997 
Long-term debt13,253 13,228 
Deferred revenue, non-current911 921 
Income taxes payable, non-current8,474 9,234 
Deferred income taxes485 486 
Operating lease liabilities12,460 11,957 
Other long-term liabilities1,616 1,683 
Total liabilities119,013 114,506 
Commitments and Contingencies (Note 8)
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); 12,460 (Class A 5,899, Class B 870, Class C 5,691) and 12,381 (Class A 5,879, Class B 867, Class C 5,635) shares issued and outstanding
76,534 77,913 
Accumulated other comprehensive income (loss)(4,402)(4,839)
Retained earnings211,247 219,770 
Total stockholders’ equity283,379 292,844 
Total liabilities and stockholders’ equity$402,392 $407,350 
See accompanying notes.
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Alphabet Inc.
Alphabet Inc.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts; unaudited)
Three Months Ended
March 31,
20232024
Revenues$69,787 $80,539 
Costs and expenses:
Cost of revenues30,612 33,712 
Research and development11,468 11,903 
Sales and marketing6,533 6,426 
General and administrative3,759 3,026 
Total costs and expenses52,372 55,067 
Income from operations17,415 25,472 
Other income (expense), net790 2,843 
Income before income taxes18,205 28,315 
Provision for income taxes3,154 4,653 
Net income$15,051 $23,662 
Basic net income per share of Class A, Class B, and Class C stock$1.18 $1.91 
Diluted net income per share of Class A, Class B, and Class C stock$1.17 $1.89 
See accompanying notes.
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Alphabet Inc.
Alphabet Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions; unaudited)
Three Months Ended
 March 31,
 20232024
Net income$15,051 $23,662 
Other comprehensive income (loss):
Change in foreign currency translation adjustment, net of income tax benefit (expense) of $47 and $(18)
596 (503)
Available-for-sale investments:
Change in net unrealized gains (losses)866 (360)
Less: reclassification adjustment for net (gains) losses included in net income292 311 
Net change, net of income tax benefit (expense) of $(330) and $14
1,158 (49)
Cash flow hedges:
Change in net unrealized gains (losses)(74)186 
Less: reclassification adjustment for net (gains) losses included in net income(77)(71)
Net change, net of income tax benefit (expense) of $30 and $(23)
(151)115 
Other comprehensive income (loss)1,603 (437)
Comprehensive income$16,654 $23,225 
See accompanying notes.
7

Alphabet Inc.
Alphabet Inc.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in millions; unaudited)
 Three Months Ended March 31, 2023
 Class A, Class B, Class C Stock and Additional Paid-In CapitalAccumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
Total
Stockholders’
Equity
 SharesAmount
Balance as of December 31, 202212,849 $68,184 $(7,603)$195,563 $256,144 
Stock issued30 
Stock-based compensation expense5,313 5,313 
Tax withholding related to vesting of restricted stock units and other(2,093)(2,093)
Repurchases of stock(157)(1,135)(13,989)(15,124)
Net income15,051 15,051 
Other comprehensive income (loss)1,603 1,603 
Balance as of March 31, 202312,722 $70,269 $(6,000)$196,625 $260,894 


 Three Months Ended March 31, 2024
 Class A, Class B, Class C Stock and Additional Paid-In CapitalAccumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
Total
Stockholders’
Equity
 SharesAmount
Balance as of December 31, 202312,460 $76,534 $(4,402)$211,247 $283,379 
Stock issued32 
Stock-based compensation expense5,293 5,293 
Tax withholding related to vesting of restricted stock units and other(2,996)(2,996)
Repurchases of stock(111)(918)(15,139)(16,057)
Net income23,662 23,662 
Other comprehensive income (loss)(437)(437)
Balance as of March 31, 202412,381 $77,913 $(4,839)$219,770 $292,844 
See accompanying notes.
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Alphabet Inc.
Alphabet Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions; unaudited)
Three Months Ended
March 31,
20232024
Operating activities
Net income$15,051 $23,662 
Adjustments:
Depreciation of property and equipment2,635 3,413 
Stock-based compensation expense5,284 5,264 
Deferred income taxes(1,854)419 
Loss (gain) on debt and equity securities, net(84)(1,781)
Other1,104 334 
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable, net4,454 3,167 
Income taxes, net4,069 3,011 
Other assets(746)(1,000)
Accounts payable(1,105)(2,124)
Accrued expenses and other liabilities(4,496)(5,054)
Accrued revenue share(602)(322)
Deferred revenue(201)(141)
Net cash provided by operating activities23,509 28,848 
Investing activities
Purchases of property and equipment(6,289)(12,012)
Purchases of marketable securities(14,227)(20,684)
Maturities and sales of marketable securities18,327 24,985 
Purchases of non-marketable securities(626)(1,206)
Maturities and sales of non-marketable securities36 313 
Acquisitions, net of cash acquired, and purchases of intangible assets(42)(61)
Other investing activities(125)101 
Net cash used in investing activities(2,946)(8,564)
Financing activities
Net payments related to stock-based award activities(1,989)(2,929)
Repurchases of stock(14,557)(15,696)
Proceeds from issuance of debt, net of costs6,927 1,982 
Repayments of debt(6,952)(3,079)
Proceeds from sale of interest in consolidated entities, net3 8 
Net cash used in financing activities(16,568)(19,714)
Effect of exchange rate changes on cash and cash equivalents50 (125)
Net increase (decrease) in cash and cash equivalents4,045 445 
Cash and cash equivalents at beginning of period21,879 24,048 
Cash and cash equivalents at end of period$25,924 $24,493 
See accompanying notes.
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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 enterprise customers with infrastructure and platform services as well as communication and collaboration tools; sales of other products and services, such as fees received for subscription-based products, apps and in-app purchases, and devices.
Basis of Consolidation
The consolidated financial statements of Alphabet include the accounts of Alphabet and entities consolidated under the variable interest and voting models. 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, 2024. 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, 2023 filed with the SEC.
Recent Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for our annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures.
In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topics 740): Improvements to Income Tax Disclosures" to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for our annual periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures.
Prior Period Reclassifications
Certain amounts in prior periods have been reclassified to conform with current period presentation.
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Alphabet Inc.
Note 2. Revenues
Disaggregated Revenues
The following table presents revenues disaggregated by type (in millions):
Three Months Ended
March 31,
20232024
Google Search & other$40,359 $46,156 
YouTube ads6,693 8,090 
Google Network7,496 7,413 
Google advertising54,548 61,659 
Google subscriptions, platforms, and devices
7,413 8,739 
Google Services total61,961 70,398 
Google Cloud7,454 9,574 
Other Bets288 495 
Hedging gains (losses)84 72 
Total revenues$69,787 $80,539 
The following table presents revenues disaggregated by geography, based on the addresses of our customers (in millions):
 Three Months Ended
March 31,
 20232024
United States$32,864 47 %$38,737 48 %
EMEA(1)
21,078 30 23,788 30 
APAC(1)
11,681 17 13,289 16 
Other Americas(1)
4,080 6 4,653 6 
Hedging gains (losses)84 0 72 0 
Total revenues$69,787 100 %$80,539 100 %
(1)    Regions represent Europe, the Middle East, and Africa (EMEA); Asia-Pacific (APAC); and Canada and Latin America ("Other Americas").
Revenue Backlog
As of March 31, 2024, we had $72.5 billion of remaining performance obligations (“revenue backlog”), primarily related to Google Cloud. Our revenue backlog represents commitments in customer contracts for future services that have not yet been recognized as revenue. The estimated revenue backlog and timing of revenue recognition for these commitments is largely driven by our ability to deliver in accordance with relevant contract terms and when our customers utilize services. We expect to recognize approximately half of the revenue backlog as revenues over the next 24 months with the remaining to be recognized thereafter. 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.
Deferred Revenues
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 subscriptions, platforms, and devices. Total deferred revenue as of December 31, 2023 was $5.0 billion, of which $2.4 billion was recognized as revenues during the three months ended March 31, 2024.
Note 3. Financial Instruments
Fair Value Measurements
Investments Measured at Fair Value on a Recurring Basis
Cash, cash equivalents, and marketable equity securities are measured at fair value and classified within Level 1 and Level 2 in the fair value hierarchy, because we use quoted prices for identical assets in active markets
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Alphabet Inc.
or inputs that are based upon quoted prices for similar instruments in active markets.
Debt securities are measured at fair value and classified 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 OI&E. The fair value option was elected for these securities to align with the unrealized gains and losses from related derivative contracts.
The following tables summarize our cash, cash equivalents, and marketable securities measured at fair value on a recurring basis (in millions):
As of December 31, 2023
Fair Value HierarchyAdjusted CostGross Unrealized GainsGross Unrealized LossesFair ValueCash and Cash EquivalentsMarketable Securities
Fair value changes recorded in other comprehensive income
Time depositsLevel 2$2,628 $0 $0 $2,628 $2,628 $0 
Government bondsLevel 238,106233 (679)37,660 1,993 35,667 
Corporate debt securitiesLevel 222,457112 (637)21,932 0 21,932 
Mortgage-backed and asset-backed securitiesLevel 217,24388 (634)16,697 0 16,697 
Total investments with fair value change reflected in other comprehensive income(1)
$80,434 $433 $(1,950)$78,917 $4,621 $74,296 
Fair value adjustments recorded in net income
Money market fundsLevel 1$6,480 $6,480 $0 
Current marketable equity securities(2)
Level 14,282 0 4,282 
Mutual fundsLevel 2311 0 311 
Government bondsLevel 21,952 347 1,605 
Corporate debt securitiesLevel 23,782 91 3,691 
Mortgage-backed and asset-backed securitiesLevel 22,683 0 2,683 
Total investments with fair value change recorded in net income$19,490 $6,918 $12,572 
Cash12,509 
Total$80,434 $433 $(1,950)$98,407 $24,048 $86,868 
(1)Represents gross unrealized gains and losses for debt securities recorded to accumulated other comprehensive income (AOCI).
(2)The long-term portion of marketable equity securities (subject to long-term lock-up restrictions) of $1.4 billion as of December 31, 2023 is included within other non-current assets.
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Alphabet Inc.
As of March 31, 2024
Fair Value HierarchyAdjusted CostGross Unrealized GainsGross Unrealized LossesFair ValueCash and Cash EquivalentsMarketable Securities
Fair value changes recorded in other comprehensive income
Time depositsLevel 2$2,812 $0 $0 $2,812 $2,812 $0 
Government bondsLevel 236,336 88 (595)35,829 2,724 33,105 
Corporate debt securitiesLevel 222,085 64 (546)21,603 0 21,603 
Mortgage-backed and asset-backed securitiesLevel 217,018 47 (642)16,423 0 16,423 
Total investments with fair value change reflected in other comprehensive income(1)
$78,251 $199 $(1,783)$76,667 $5,536 $71,131 
Fair value adjustments recorded in net income
Money market fundsLevel 1$6,890 $6,890 $0 
Current marketable equity securities(2)
Level 13,998 0 3,998 
Mutual fundsLevel 22780 278
Government bondsLevel 21,965158 1,807
Corporate debt securitiesLevel 23,77280 3,692
Mortgage-backed and asset-backed securitiesLevel 22,6910 2,691
Total investments with fair value change recorded in net income$19,594 $7,128 $12,466 
Cash11,829 
Total$78,251 $199 $(1,783)$96,261 $24,493 $83,597 
(1)Represents gross unrealized gains and losses for debt securities recorded to AOCI.
(2)The long-term portion of marketable equity securities (subject to long-term lock-up restrictions) of $1.4 billion as of March 31, 2024 is included within other non-current assets.
Investments Measured at Fair Value on a Nonrecurring Basis
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. 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. Non-marketable equity securities that have been remeasured due to impairment are classified within Level 3. Our valuation methods include option pricing models, market comparable approach, and common stock equivalent method, which may include a combination of the observable transaction price at the transaction date and other unobservable inputs including volatility, expected time to exit, risk free rate, and the rights, and obligations of the securities we hold. These inputs significantly vary based on investment type.
As of March 31, 2024, the carrying value of our non-marketable equity securities was $31.4 billion, of which $13.6 billion were remeasured at fair value during the three months ended March 31, 2024 and primarily classified within Level 2 of the fair value hierarchy at the time of measurement.
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Debt Securities
The following table summarizes the estimated fair value of investments in available-for-sale marketable debt securities by effective contractual maturity dates (in millions):
As of
March 31, 2024
Due in 1 year or less$8,551 
Due in 1 year through 5 years42,755 
Due in 5 years through 10 years13,972 
Due after 10 years14,043 
Total$79,321 
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, 2023
 Less than 12 Months12 Months or GreaterTotal
 Fair ValueUnrealized
Loss
Fair ValueUnrealized
Loss
Fair ValueUnrealized
Loss
Government bonds$1,456 $(22)$13,897 $(657)$15,353 $(679)
Corporate debt securities827 (5)15,367 (592)16,194 (597)
Mortgage-backed and asset-backed securities2,945 (26)7,916 (608)10,861 (634)
Total$5,228 $(53)$37,180 $(1,857)$42,408 $(1,910)
 As of March 31, 2024
 Less than 12 Months12 Months or GreaterTotal
 Fair ValueUnrealized
Loss
Fair ValueUnrealized
Loss
Fair ValueUnrealized
Loss
Government bonds$14,539 $(116)$9,276 $(479)$23,815 $(595)
Corporate debt securities2,653 (8)13,022 (494)15,675 (502)
Mortgage-backed and asset-backed securities4,895 (79)6,851 (563)11,746 (642)
Total$22,087 $(203)$29,149 $(1,536)$51,236 $(1,739)
We determine realized gains or losses on the sale or extinguishment of debt securities on a specific identification method. The following table summarizes gains and losses for debt securities, reflected as a component of OI&E (in millions):    
Three Months Ended
March 31,
 20232024
Unrealized gain (loss) on fair value option debt securities$145 $(46)
Gross realized gain on debt securities57 68 
Gross realized loss on debt securities(492)(480)
(Increase) decrease in allowance for credit losses(3)(4)
Total gain (loss) on debt securities recognized in other income (expense), net$(293)$(462)

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Equity Investments
The carrying value of equity securities is measured as the total initial cost plus the cumulative net gain (loss). Gains and losses, including impairments, are included as a component of OI&E in the Consolidated Statements of Income. See Note 6 for further details on OI&E.
The carrying values for marketable and non-marketable equity securities are summarized below (in millions):
As of December 31, 2023As of March 31, 2024
Marketable Equity SecuritiesNon-Marketable Equity SecuritiesTotalMarketable Equity SecuritiesNon-Marketable Equity SecuritiesTotal
Total initial cost$5,418 $17,616 $23,034 $5,083 $18,505 $23,588 
Cumulative net gain (loss)(1)
555 11,150 11,705 570 12,925 13,495 
Carrying value$5,973 $28,766 $34,739 $5,653 $31,430 $37,083 
(1)Non-marketable equity securities cumulative net gain (loss) is comprised of $18.1 billion gains and $6.9 billion losses (including impairments) as of December 31, 2023 and $20.6 billion gains and $7.7 billion losses (including impairments) as of March 31, 2024.
Gains and Losses on Marketable and Non-marketable Equity Securities
Gains and losses (including impairments), net, for marketable and non-marketable equity securities included in OI&E are summarized below (in millions):
Three Months Ended
March 31,
20232024
Realized net gain (loss) on equity securities sold during the period$105 $95 
Unrealized net gain (loss) on marketable equity securities51 164 
Unrealized net gain (loss) on non-marketable equity securities(1)
221 1,984 
Total gain (loss) on equity securities in other income (expense), net$377 $2,243 
(1)Unrealized gain (loss) on non-marketable equity securities accounted for under the measurement alternative is comprised of $915 million and $2.8 billion of upward adjustments and $694 million and $814 million of downward adjustments (including impairments) for the three months ended March 31, 2023 and 2024, respectively.
In the table above, realized 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 sold during the period. While these net gains (losses) 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 (losses) on the securities sold during the period. Cumulative net gains (losses) 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
March 31,
 20232024
Total sale price$312 $1,090 
Total initial cost211 661 
Cumulative net gains (losses)
$101 $429 
Equity Securities Accounted for Under the Equity Method
As of December 31, 2023 and March 31, 2024, equity securities accounted for under the equity method had a carrying value of approximately $1.7 billion and $2.0 billion, respectively. Our share of gains and losses, including impairments, are included as a component of OI&E, in the Consolidated Statements of Income. See Note 6 for further details on OI&E.
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Derivative Financial Instruments
We use derivative instruments to manage risks relating to our ongoing business operations. The primary risk managed 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 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 and present all other derivatives at gross fair values. The accounting treatment for derivatives is based on the intended use and hedge designation.
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 United States (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 forward points and time value from our assessment of hedge effectiveness and amortize them on a straight-line basis over the life of the hedging instrument in revenues. The difference between fair value changes of the excluded component and the amount amortized to revenues is recorded in AOCI.
As of March 31, 2024, the net accumulated gain on our foreign currency cash flow hedges before tax effect was $128 million, which is expected to be reclassified from AOCI into revenues within the next 12 months.
Fair Value Hedges
We designate foreign currency forward contracts as fair value hedges to hedge foreign currency risks for our marketable securities denominated in currencies other than the U.S. dollar. Fair value hedge amounts included in the assessment of hedge effectiveness are recognized in OI&E, along with the offsetting gains and losses of the related hedged items. We exclude forward points from the assessment of hedge effectiveness and recognize changes in the excluded     component in OI&E.
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 forward points from the assessment of hedge effectiveness and recognize changes in the excluded component in OI&E.
Other Derivatives
We enter into foreign currency forward and option contracts that are not designated as hedging instruments 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 derivatives that are not designated as accounting hedges are primarily recorded in OI&E 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, and credit exposures, and to enhance investment returns. From time to time, we enter into derivatives to hedge the market price risk on certain of our marketable equity securities. Gains and losses arising from other derivatives are primarily reflected within the “other” component of OI&E. See Note 6 for further details.
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The gross notional amounts of outstanding derivative instruments were as follows (in millions):
As of December 31, 2023As of March 31, 2024
Derivatives designated as hedging instruments:
Foreign exchange contracts
Cash flow hedges $18,039 $17,726 
Fair value hedges$2,065 $1,847 
Net investment hedges$9,472 $9,321 
Derivatives not designated as hedging instruments:
Foreign exchange contracts(1)
$39,722 $107,978 
Other contracts$10,818 $10,902 
(1)     The gross notional amounts of these derivative instruments as of March 31, 2024 reflect a rollover in timing of settlement into our second quarter as a result of a holiday market closure.    
The fair values of outstanding derivative instruments were as follows (in millions):
 As of December 31, 2023As of March 31, 2024
  
Assets(1)
Liabilities(2)
Assets(1)
Liabilities(2)
Derivatives designated as hedging instruments:
Foreign exchange contracts$205 $242 $150 $125 
Derivatives not designated as hedging instruments:
Foreign exchange contracts134156317221
Other contracts1144716440
Total derivatives not designated as hedging instruments248 203 481 261 
Total$453 $445 $631 $386 
(1)    Derivative assets are recorded as other current and non-current assets in the Consolidated Balance Sheets.
(2)    Derivative liabilities are recorded as accrued expenses and other liabilities, current and non-current in the Consolidated Balance Sheets.
The gains (losses) on derivatives in cash flow hedging and net investment hedging relationships recognized in other comprehensive income (OCI) are summarized below (in millions):
Three Months Ended
 March 31,
20232024
Derivatives in cash flow hedging relationship:
Foreign exchange contracts
Amount included in the assessment of effectiveness$(138)$155 
Amount excluded from the assessment of effectiveness47 58 
Derivatives in net investment hedging relationship:
Foreign exchange contracts
Amount included in the assessment of effectiveness(215)82 
Total$(306)$295 
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 The table below presents the gains (losses) of our derivatives on the Consolidated Statements of Income: (in millions):
Three Months Ended March 31, 2024
20232024
RevenuesOther income (expense), netRevenuesOther income (expense), net
Total amounts in the Consolidated Statements of Income$69,787 $790 $80,539 $2,843 
Effect of cash flow hedges:
Foreign exchange contracts
Amount reclassified from AOCI to income$88 $0 $74 $0 
Amount excluded from the assessment of effectiveness (amortized)(4)0 (2)0 
Effect of fair value hedges:
Foreign exchange contracts
Hedged items0 32 0 (16)
Derivatives designated as hedging instruments0 (32)0 15 
Amount excluded from the assessment of effectiveness0 5 0 3 
Effect of net investment hedges:
Foreign exchange contracts
Amount excluded from the assessment of effectiveness0 51 0 36 
Effect of non designated hedges:
Foreign exchange contracts0 30 0 21 
Other contracts0 3 0 76 
Total gains (losses)$84 $89 $72 $135 
Offsetting of Derivatives
We enter into master netting arrangements and collateral security arrangements to reduce credit risk. 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.
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):
As of December 31, 2023
Gross Amounts Not Offset in the Consolidated Balance Sheets, but Have Legal Rights to Offset
Gross Amounts RecognizedGross Amounts Offset in the Consolidated Balance SheetsNet Amounts Presented in the Consolidated Balance Sheets
Financial Instruments(1)
Cash and Non-Cash Collateral Received or PledgedNet Amounts
Derivatives assets$535 $(82)$453 $(213)$(75)$165 
Derivatives liabilities$527 $(82)$445 $(213)$(16)$216 

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As of March 31, 2024
Gross Amounts Not Offset in the Consolidated Balance Sheets, but Have Legal Rights to Offset
Gross Amounts RecognizedGross Amounts Offset in the Consolidated Balance SheetsNet Amounts Presented in the Consolidated Balance Sheets
Financial Instruments(1)
Cash and Non-Cash Collateral Received or PledgedNet Amounts
Derivatives assets$705 $(74)$631 $(179)$(264)$188 
Derivatives liabilities$460 $(74)$386 $(179)$(9)$198 
(1)The balances as of December 31, 2023 and March 31, 2024 were related to derivatives allowed to be net settled in accordance with our master netting agreements.
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, 2023 and March 31, 2024, assets that can only be used to settle obligations of these VIEs were $4.9 billion and $4.1 billion, respectively, and the liabilities for which creditors only have recourse to the VIEs were $2.5 billion and $2.2 billion, respectively. We may continue to fund ongoing operations of certain VIEs that are included within Other Bets.
Total noncontrolling interests (NCI) in our consolidated subsidiaries were $3.4 billion and $3.2 billion as of December 31, 2023 and March 31, 2024, respectively, of which $1.1 billion and $1.0 billion is redeemable noncontrolling interest (RNCI) as of December 31, 2023 and March 31, 2024, 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 OI&E. See Note 6 for further details on OI&E.
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 primarily 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. The maximum exposure and carrying value of these unconsolidated VIEs were $5.7 billion and $4.0 billion, respectively, as of December 31, 2023 and $6.9 billion and $5.3 billion, respectively, as of March 31, 2024. The difference between the maximum exposure and the carrying value relates primarily to future funding commitments.
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, 2023 and March 31, 2024.
Our short-term debt balance also includes the current portion of certain long-term debt.
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Long-Term Debt
Total outstanding debt is summarized below (in millions, except percentages):
MaturityCoupon RateEffective Interest RateAs of December 31, 2023As of
March 31, 2024
Debt
2016-2020 Notes issuances2025 - 2060
0.45% - 2.25%
0.57% - 2.33%
$13,000 $12,000 
Future finance lease payments, net and other (1)
1,746 1,672 
      Total debt14,746 13,672 
Unamortized discount and debt issuance costs(130)(127)
Less: Current portion of long-term notes(2)
(1,000)0 
Less: Current portion of future finance lease payments, net and other current debt(1)(2)
(363)(317)
       Total long-term debt$13,253 $13,228 
(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 for further details.
The notes in the table above are fixed-rate senior unsecured obligations and 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 $10.3 billion and $9.0 billion as of December 31, 2023 and March 31, 2024, 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 March 31, 2024, we had $10.0 billion of revolving credit facilities, of which $4.0 billion expires in April 2024 and $6.0 billion expires in April 2028. In April 2024, we entered into a new $4.0 billion revolving credit facility expiring in April 2025. 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, 2023 and March 31, 2024.
Note 6. Supplemental Financial Statement Information
Accounts Receivable
The allowance for credit losses on accounts receivable was $771 million and $745 million as of December 31, 2023 and March 31, 2024, respectively.
Property and Equipment, Net
Property and equipment, net, consisted of the following (in millions):
As of
December 31, 2023
As of
March 31, 2024
Land and buildings$74,083 $77,421 
Information technology assets80,594 85,976 
Construction in progress35,229 37,679 
Leasehold improvements11,425 11,576 
Furniture and fixtures472 534 
Property and equipment, gross201,803 213,186 
Less: accumulated depreciation(67,458)(70,004)
Property and equipment, net$134,345 $143,182 
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Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in millions):
As of
December 31, 2023
As of
March 31, 2024
European Commission fines(1)
$9,525 $9,475 
Accrued purchases of property and equipment4,679 5,666 
Accrued customer liabilities4,140 4,355 
Current operating lease liabilities2,791 2,874 
Income taxes payable, net2,748 4,926 
Other accrued expenses and current liabilities22,285 21,307 
Accrued expenses and other current liabilities$46,168 $48,603 
(1)    While each European Commission (EC) decision is under appeal, the fines are included in accrued expenses and other current liabilities on our Consolidated Balance Sheets, as we provided bank guarantees (in lieu of a cash payment) for the fines. Amounts include the effects of foreign exchange and interest. See Note 8 for further details.
Accumulated Other Comprehensive Income (Loss)
Components of AOCI, net of income tax, were as follows (in millions):
Foreign Currency Translation AdjustmentsUnrealized Gains (Losses) on Available-for-Sale InvestmentsUnrealized Gains (Losses) on Cash Flow HedgesTotal
Balance as of December 31, 2022$(4,142)$(3,477)$16 $(7,603)
Other comprehensive income (loss) before reclassifications596 866 (121)1,341 
Amounts excluded from the assessment of hedge effectiveness recorded in AOCI0 0 47 47 
Amounts reclassified from AOCI0 292 (77)215 
Other comprehensive income (loss)596 1,158 (151)1,603 
Balance as of March 31, 2023$(3,546)$(2,319)$(135)$(6,000)
Foreign Currency Translation AdjustmentsUnrealized Gains (Losses) on Available-for-Sale InvestmentsUnrealized Gains (Losses) on Cash Flow HedgesTotal
Balance as of December 31, 2023$(3,407)$(965)$(30)$(4,402)
Other comprehensive income (loss) before reclassifications(503)(360)128 (735)
Amounts excluded from the assessment of hedge effectiveness recorded in AOCI0 0 58 58 
Amounts reclassified from AOCI0 311 (71)240 
Other comprehensive income (loss)(503)(49)115 (437)
Balance as of March 31, 2024$(3,910)$(1,014)$85 $(4,839)
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The effects on net income of amounts reclassified from AOCI were as follows (in millions):
Three Months Ended
 March 31,
 AOCI ComponentsLocation20232024
Unrealized gains (losses) on available-for-sale investments
Other income (expense), net$(374)$(399)
Benefit (provision) for income taxes82 88 
Net of income tax(292)(311)
Unrealized gains (losses) on cash flow hedges
Foreign exchange contractsRevenue88 74 
Interest rate contractsOther income (expense), net2 1 
Benefit (provision) for income taxes(13)(4)
Net of income tax77 71 
Total amount reclassified, net of income tax$(215)$(240)
Other Income (Expense), Net
Components of OI&E were as follows (in millions):
 Three Months Ended
March 31,
 20232024
Interest income$797 $1,061 
Interest expense(1)
(80)(94)
Foreign currency exchange gain (loss), net(210)(238)
Gain (loss) on debt securities, net(293)(462)
Gain (loss) on equity securities, net377 2,243 
Performance fees118 104 
Income (loss) and impairment from equity method investments, net(51)(26)
Other132 255 
Other income (expense), net$790 $2,843 
(1)Interest expense is net of interest capitalized of $40 million and $43 million for the three months ended March 31, 2023 and 2024, respectively.
Note 7. Goodwill
Goodwill
Changes in the carrying amount of goodwill for the three months ended March 31, 2024 were as follows (in millions):
Google ServicesGoogle CloudOther BetsTotal
Balance as of December 31, 2023$21,118 $7,199 $881 $29,198 
Acquisitions9 0 0 9 
Foreign currency translation and other adjustments(22)(2)0 (24)
Balance as of March 31, 2024$21,105 $7,197 $881 $29,183 
Note 8. Commitments and Contingencies
Commitments
We have content licensing agreements with future fixed or minimum guaranteed commitments of $10.1 billion as of March 31, 2024, of which the majority is paid quarterly through the first quarter of 2030.
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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, distribution partners, customers of Google Cloud offerings, lessors, and service providers with respect to certain matters. We have agreed to defend and/or 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, 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 March 31, 2024, we did not have any material indemnification claims that were probable or reasonably possible.
Legal Matters
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.
Certain outstanding matters seek speculative, substantial or indeterminate monetary amounts, substantial changes to our business practices and products, or structural remedies. Significant judgment is required to determine both the likelihood of there being a loss and the estimated amount of a loss related to such matters, and we may be unable to estimate the reasonably possible loss or range of losses. The outcomes of outstanding legal matters are inherently unpredictable and subject to significant uncertainties, and could, either individually or in aggregate, have a material adverse effect.
We expense legal fees in the period in which they are incurred.
Antitrust Matters
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 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, and on October 29, 2018, we implemented changes to certain of our Android distribution practices. On September 14, 2022, the General Court reduced the fine from €4.3 billion to €4.1 billion. We subsequently filed an appeal with the European Court of Justice. In 2018, we recognized a charge of $5.1 billion for the fine, which we reduced by $217 million in 2022.
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. We recognized a charge of $1.7 billion for the fine in the first quarter of 2019.
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In addition, 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 September 2023, we reached a settlement in principle with 50 state Attorneys General and three territories. The U.S. District Court subsequently vacated the trial date with the states, and we expect any final approval of the settlement would come in 2024.
In December 2023, a California jury delivered a verdict in a similar lawsuit in Epic Games v. Google. The jury found that Google violated antitrust laws related to Google Play's business. Epic did not seek monetary damages. The presiding judge will determine non-monetary remedies in 2024, and the range of potential remedies vary widely. We plan to appeal.
From time to time we are subject to formal and informal inquiries and investigations on various competition matters by regulatory authorities in the U.S., Europe, and other jurisdictions globally. Examples, for which given their nature we cannot estimate a possible loss include:
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 in the U.S. District Court for the District of Columbia on October 20, 2020 alleging that Google violated U.S. antitrust laws relating to Search and Search advertising. The trial ended on November 16, 2023, and we expect a decision in 2024. 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, and a trial is scheduled for March 2025. Additionally, on January 24, 2023, the DOJ, along with a number of state Attorneys General, filed an antitrust complaint in the U.S. District Court for the Eastern District of Virginia alleging that Google’s digital advertising technology products violate U.S. antitrust laws, and on April 17, 2023, a number of additional state Attorneys General joined the complaint. A trial is scheduled for September 2024. 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 June 14, 2023, the EC issued a Statement of Objections (SO) informing Google of its preliminary view that Google violated European antitrust laws relating to its advertising technology. We responded to the SO on December 1, 2023.

In May 2022, the EC and the CMA each opened investigations into Google Play’s business practices. Korean regulators are investigating Google Play's billing practices, including a formal review in May 2022 of Google's compliance with the new app store billing regulations.

We believe we have strong arguments against these claims 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.
Privacy Matters
We are subject to a number of privacy-related laws and regulations, and we currently are party to a number of privacy investigations and lawsuits ongoing in multiple jurisdictions. For example, there are ongoing investigations and litigation in the U.S. and the European Union, including those relating to our collection and use of location information and advertising practices, which could result in significant fines, judgments, and product changes.
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.
24


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.
Other
We are subject to claims, lawsuits, regulatory and government investigations, other proceedings, and consent orders involving competition, intellectual property, data security, 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 periodically have data incidents that we report to relevant regulators as required by law. Such claims, consent orders, lawsuits, regulatory and government investigations, and other proceedings could result in substantial fines and penalties, injunctive relief, ongoing monitoring and auditing 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. For example, civil judgments that include compounding penalties have been imposed upon us in connection with disputes regarding the termination of accounts, including those of sanctioned parties. We do not believe these ongoing legal matters will have a material adverse effect.
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.
See Note 12 for information regarding income tax contingencies.
Note 9. Stockholders' Equity
Share Repurchases
During the three months ended March 31, 2023 and 2024, we repurchased $15.1 billion and $16.1 billion, respectively, of Alphabet's Class A and Class C shares.
In April 2023, the Board of Directors of Alphabet authorized the company to repurchase up to $70.0 billion of its Class A and Class C shares. As of March 31, 2024, $20.4 billion remained available for Class A and Class C share repurchases. In April 2024, 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.
The following table presents Class A and Class C shares repurchased and subsequently retired (in millions):
Three Months Ended March 31, 2024
SharesAmount
Class A share repurchases23 $3,350 
Class C share repurchases88 12,707 
Total share repurchases(1)
111 $16,057 
(1)    Shares repurchased include unsettled repurchases as of March 31, 2024.
Class A and Class C shares are repurchased 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. Repurchases are executed from time to time, subject to general business and market conditions and other investment opportunities, through open market purchases or privately negotiated transactions, including through Rule 10b5-1 plans. The repurchase program does not have an expiration date.
25


Dividends
On April 25, 2024, the Board of Directors of Alphabet declared a cash dividend of $0.20 per share to be paid on June 17, 2024, to stockholders of record as of June 10, 2024, on each of the company’s Class A, Class B, and Class C shares.
The company intends to pay quarterly cash dividends in the future, subject to review and approval by the company’s Board of Directors in its sole discretion. In connection with the cash dividend (and any future dividend the company’s Board of Directors may declare from time to time), the company will also award dividend equivalent units to holders of all unvested stock units in accordance with the Alphabet Inc. Amended and Restated 2021 Stock Plan and pursuant to each holder’s outstanding stock unit grant agreements, as amended.
Note 10. Net Income Per Share
The following table sets forth the computation of basic and diluted net income per share of Class A, Class B, and Class C stock (in millions, except per share amounts):
Three Months Ended March 31,
 20232024
 Class AClass BClass CClass AClass BClass C
Basic net income per share:
Numerator
Allocation of undistributed earnings $