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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 September 30, 2021
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 October 19, 2021, there were 300,809,676 shares of Alphabet’s Class A common stock outstanding, 45,216,540 shares of Alphabet's Class B common stock outstanding, and 317,737,778 shares of Alphabet's Class C capital stock outstanding.


Alphabet Inc.
Alphabet Inc.
Form 10-Q
For the Quarterly Period Ended September 30, 2021
TABLE OF CONTENTS
  Page No.
Item 1
Item 2
Item 3
Item 4
Item 1
Item 1A
Item 2
Item 6

2

Alphabet Inc.
Note About Forward-Looking Statements
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements 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; and the effect of governmental lockdowns, restrictions and new regulations on our operations and processes;
the growth of our business and revenues and our expectations about the factors that influence our success and trends in our business, including the size and timing of the expected return on our continuing investments in our Google Cloud segment;
fluctuations in our revenue growth rate and operating margin and various factors contributing to such fluctuations;
our expectation that the 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;
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 (including developments and volatility arising from COVID-19), 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 implementation of our new global enterprise resource planning ("ERP") system;
the expected timing, amount, and impact of Alphabet Inc.'s share repurchases;
our long-term sustainability and diversity goals;
our expectation that the change in the estimated useful life of servers and certain network equipment will have a favorable, yet declining, effect on our 2021 operating 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, 2020, as updated in this Quarterly Report on Form 10-Q. 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, 2020, as updated in this Quarterly Report on Form 10-Q, 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 share amounts which are reflected in thousands, and par value per share amounts)
As of
December 31, 2020
As of
September 30, 2021
(unaudited)
Assets
Current assets:
Cash and cash equivalents$26,465 $23,719 
Marketable securities110,229 118,284 
Total cash, cash equivalents, and marketable securities136,694 142,003 
Accounts receivable, net30,930 34,047 
Income taxes receivable, net454 753 
Inventory728 1,278 
Other current assets5,490 6,029 
Total current assets174,296 184,110 
Non-marketable investments20,703 26,101 
Deferred income taxes1,084 1,195 
Property and equipment, net84,749 94,631 
Operating lease assets12,211 12,918 
Intangible assets, net1,445 1,549 
Goodwill21,175 22,623 
Other non-current assets3,953 4,276 
Total assets$319,616 $347,403 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$5,589 $4,616 
Accrued compensation and benefits11,086 12,170 
Accrued expenses and other current liabilities28,631 30,113 
Accrued revenue share7,500 7,745 
Deferred revenue2,543 2,968 
Income taxes payable, net1,485 4,170 
Total current liabilities56,834 61,782 
Long-term debt13,932 14,288 
Deferred revenue, non-current481 510 
Income taxes payable, non-current8,849 8,984 
Deferred income taxes3,561 3,551 
Operating lease liabilities11,146 11,471 
Other long-term liabilities2,269 2,250 
Total liabilities97,072 102,836 
Contingencies (Note 9)
Stockholders’ equity:
Convertible preferred stock, $0.001 par value per share, 100,000 shares authorized; no shares issued and outstanding
0 0 
Class A and Class B common stock, and Class C capital stock and additional paid-in capital, $0.001 par value per share: 15,000,000 shares authorized (Class A 9,000,000, Class B 3,000,000, Class C 3,000,000); 675,222 (Class A 300,730, Class B 45,843, Class C 328,649) and 664,682 (Class A 300,801, Class B 45,261, Class C 318,620) shares issued and outstanding
58,510 61,193 
Accumulated other comprehensive income (loss)633 (408)
Retained earnings163,401 183,782 
Total stockholders’ equity222,544 244,567 
Total liabilities and stockholders’ equity$319,616 $347,403 
See accompanying notes.
5

Alphabet Inc.
Alphabet Inc.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts; unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
2020202120202021
Revenues$46,173 $65,118 $125,629 $182,312 
Costs and expenses:
Cost of revenues21,117 27,621 58,652 77,951 
Research and development6,856 7,694 20,551 22,854 
Sales and marketing4,231 5,516 12,632 15,308 
General and administrative2,756 3,256 8,221 9,370 
Total costs and expenses34,960 44,087 100,056 125,483 
Income from operations11,213 21,031 25,573 56,829 
Other income (expense), net2,146 2,033 3,820 9,503 
Income before income taxes 13,359 23,064 29,393 66,332 
Provision for income taxes2,112 4,128 4,351 10,941 
Net income$11,247 $18,936 $25,042 $55,391 
Basic net income per share of Class A and B common stock and Class C capital stock$16.55 $28.44 $36.69 $82.76 
Diluted net income per share of Class A and B common stock and Class C capital stock$16.40 $27.99 $36.38 $81.53 
See accompanying notes.
6

Alphabet Inc.
Alphabet Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions; unaudited)
Three Months EndedNine Months Ended
 September 30,September 30,
 2020202120202021
Net income$11,247 $18,936 $25,042 $55,391 
Other comprehensive income (loss):
Change in foreign currency translation adjustment459 (614)193 (671)
Available-for-sale investments:
Change in net unrealized gains (losses)(19)(159)1,346 (699)
Less: reclassification adjustment for net (gains) losses included in net income(73)(57)(391)(121)
Net change, net of income tax benefit (expense) of $27, $63, $(274) and $235
(92)(216)955 (820)
Cash flow hedges:
Change in net unrealized gains (losses)(48)292 244 429 
Less: reclassification adjustment for net (gains) losses included in net income23 (60)(114)21 
Net change, net of income tax benefit (expense) of $8, $(54), $(38) and $(89)
(25)232 130 450 
Other comprehensive income (loss)342 (598)1,278 (1,041)
Comprehensive income$11,589 $18,338 $26,320 $54,350 
See accompanying notes.
7

Alphabet Inc.
Alphabet Inc.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In millions, except share amounts which are reflected in thousands; unaudited)
 Three Months Ended September 30, 2020
 Class A and Class B Common Stock, Class C Capital Stock and Additional Paid-In CapitalAccumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
Total
Stockholders’
Equity
 Shares    Amount    
Balance as of June 30, 2020681,215 $55,937 $(296)$151,681 $207,322 
Common and capital stock issued1,669 15 15 
Stock-based compensation expense3,230 3,230 
Tax withholding related to vesting of restricted stock units and other(1,339)(1,339)
Repurchases of capital stock(5,160)(536)(7,361)(7,897)
Sale of interest in consolidated entities0 0 
Net income11,247 11,247 
Other comprehensive income (loss)342 342 
Balance as of September 30, 2020677,724 $57,307 $46 $155,567 $212,920 

 Nine Months Ended September 30, 2020
 Class A and Class B Common Stock, Class C Capital Stock and Additional Paid-In CapitalAccumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
Total
Stockholders’
Equity
 Shares    Amount    
Balance as of December 31, 2019688,335 $50,552 $(1,232)$152,122 $201,442 
Common and capital stock issued6,185 158 158 
Stock-based compensation expense9,865 9,865 
Tax withholding related to vesting of restricted stock units and other(4,076)(4,076)
Repurchases of capital stock(16,796)(1,648)(21,597)(23,245)
Sale of interest in consolidated entities2,456 2,456 
Net income25,042 25,042 
Other comprehensive income (loss)1,278 1,278 
Balance as of September 30, 2020677,724 $57,307 $46 $155,567 $212,920 
8

Alphabet Inc.
 Three Months Ended September 30, 2021
 Class A and Class B Common Stock, Class C Capital Stock and Additional Paid-In CapitalAccumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
Total
Stockholders’
Equity
 Shares    Amount    
Balance as of June 30, 2021667,637 $60,436 $190 $176,939 $237,565 
Common and capital stock issued1,626 1 1 
Stock-based compensation expense3,914 3,914 
Tax withholding related to vesting of restricted stock units and other(2,641)(2,641)
Repurchases of common and capital stock(4,581)(517)(12,093)(12,610)
Sale of interest in consolidated entities0 0 
Net income18,936 18,936 
Other comprehensive income (loss)(598)(598)
Balance as of September 30, 2021664,682 $61,193 $(408)$183,782 $244,567 

 Nine Months Ended September 30, 2021
 Class A and Class B Common Stock, Class C Capital Stock and Additional Paid-In CapitalAccumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
Total
Stockholders’
Equity
 Shares    Amount    
Balance as of December 31, 2020675,222 $58,510 $633 $163,401 $222,544 
Common and capital stock issued5,114 8 8 
Stock-based compensation expense11,546 11,546 
Tax withholding related to vesting of restricted stock units and other(7,390)(7,390)
Repurchases of common and capital stock(15,654)(1,791)(35,010)(36,801)
Sale of interest in consolidated entities310 310 
Net income55,391 55,391 
Other comprehensive income (loss)(1,041)(1,041)
Balance as of September 30, 2021664,682 $61,193 $(408)$183,782 $244,567 
See accompanying notes.



9

Alphabet Inc.
Alphabet Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions; unaudited)
Nine Months Ended
September 30,
20202021
Operating activities
Net income$25,042 $55,391 
Adjustments:
Depreciation and impairment of property and equipment9,366 8,340 
Amortization and impairment of intangible assets606 662 
Stock-based compensation expense9,768 11,422 
Deferred income taxes(280)192 
Gain on debt and equity securities, net(3,055)(9,792)
Other875 (199)
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable(1,079)(3,276)
Income taxes, net469 2,744 
Other assets(592)(1,447)
Accounts payable(269)(874)
Accrued expenses and other liabilities891 2,763 
Accrued revenue share277 386 
Deferred revenue428 406 
Net cash provided by operating activities42,447 66,718 
Investing activities
Purchases of property and equipment(16,802)(18,257)
Purchases of marketable securities(104,932)(95,106)
Maturities and sales of marketable securities97,751 92,126 
Purchases of non-marketable investments(1,864)(2,068)
Maturities and sales of non-marketable investments598 590 
Acquisitions, net of cash acquired, and purchases of intangible assets(368)(2,233)
Other investing activities125 441 
Net cash used in investing activities(25,492)(24,507)
Financing activities
Net payments related to stock-based award activities(4,073)(7,239)
Repurchases of common and capital stock(23,245)(36,801)
Proceeds from issuance of debt, net of costs11,761 13,949 
Repayments of debt(2,043)(15,070)
Proceeds from sale of interest in consolidated entities, net2,462 310 
Net cash used in financing activities(15,138)(44,851)
Effect of exchange rate changes on cash and cash equivalents(186)(106)
Net increase (decrease) in cash and cash equivalents1,631 (2,746)
Cash and cash equivalents at beginning of period18,498 26,465 
Cash and cash equivalents at end of period$20,129 $23,719 
See accompanying notes.
10

Alphabet Inc.
Alphabet Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1. Nature of Operations and 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 became the successor issuer to Google.
We generate revenues by delivering relevant, cost-effective online advertising, cloud-based solutions that provide customers with platforms, collaboration tools and services, and sales of other products and services, such as apps and in-app purchases, digital content and subscriptions for digital content, and hardware.
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
The Consolidated Balance Sheet as of September 30, 2021, the Consolidated Statements of Income for the three and nine months ended September 30, 2020 and 2021, the Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2020 and 2021, the Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2020 and 2021 and the Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2021 are unaudited. These unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). In our opinion, the unaudited interim consolidated financial statements include all adjustments of a normal recurring nature necessary for the fair presentation of our financial position as of September 30, 2021, our results of operations for the three and nine months ended September 30, 2020 and 2021, and our cash flows for the nine months ended September 30, 2020 and 2021. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021.
These unaudited interim consolidated financial statements 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, 2020 filed with the SEC.
Use of Estimates
Preparation of consolidated financial statements in conformity with GAAP requires us to make 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. On an ongoing basis, we evaluate our estimates, including those related to the allowance for credit losses, fair values of financial instruments, intangible assets and goodwill, useful lives of intangible assets and property and equipment, income taxes, and contingent liabilities, among others. We base our estimates on assumptions, both historical and forward looking, that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities.
The allowance for credit losses on accounts receivable was $789 million and $567 million as of December 31, 2020 and September 30, 2021, respectively.
Change in Accounting Estimate
In January 2021, we completed an assessment of the useful lives of our servers and network equipment and adjusted the estimated useful life of our servers from three years to four years and the estimated useful life of certain network equipment from three years to five years. This change in accounting estimate was effective beginning in fiscal year 2021. Based on the carrying value of servers and certain network equipment as of December 31, 2020, and those acquired during the nine months ended September 30, 2021, the effect of this change in estimate was a reduction in depreciation expense of $591 million and $2.1 billion and an increase in net income of $460 million and $1.7 billion, or $0.69 and $2.50 per basic share and $0.68 and $2.46 per diluted share, for the three and nine months ended September 30, 2021, respectively.
11

Alphabet Inc.
Prior Period Reclassifications
Certain amounts in prior periods have been reclassified to conform with current period presentation.
Note 2. Revenues
Revenue Recognition
The following table presents our revenues disaggregated by type (in millions).
Three Months EndedNine Months Ended
September 30,September 30,
2020202120202021
Google Search & other$26,338 $37,926 $72,159 $105,650 
YouTube ads5,037 7,205 12,887 20,212 
Google Network5,720 7,999 15,679 22,396 
Google advertising37,095 53,130 100,725 148,258 
Google other5,478 6,754 15,037 19,871 
Google Services total42,573 59,884 115,762 168,129 
Google Cloud3,444 4,990 9,228 13,665 
Other Bets178 182 461 572 
Hedging gains (losses)(22)62 178 (54)
Total revenues$46,173 $65,118 $125,629 $182,312 
The following table presents our revenues disaggregated by geography, based on the addresses of our customers (in millions):
 Three Months EndedNine Months Ended
September 30,September 30,
 2020202120202021
United States$21,442 47 %$29,824 46 %$58,311 47 %$83,064 46 %
EMEA(1)
13,924 30 19,839 30 38,132 30 55,954 31 
APAC(1)
8,458 18 11,705 18 22,641 18 33,391 18 
Other Americas(1)
2,371 5 3,688 6 6,367 5 9,957 5 
Hedging gains (losses)(22)62 178 (54)
Total revenues$46,173 100 %$65,118 100 %$125,629 100 %$182,312 100 %
(1)    Regions represent Europe, the Middle East, and Africa ("EMEA"); Asia-Pacific ("APAC"); and Canada and Latin America ("Other Americas").
Deferred Revenues and Remaining Performance Obligations
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. Our total deferred revenue was $3.0 billion and $3.5 billion as of December 31, 2020 and September 30, 2021, respectively. Of the total deferred revenue as of December 31, 2020, $2.1 billion was recognized as revenues during the nine months ended September 30, 2021.
Additionally, we have performance obligations associated with commitments in customer contracts, primarily related to Google Cloud, for future services that have not yet been recognized as revenues, also referred to as remaining performance obligations. Remaining performance obligations include related deferred revenue currently recorded as well as amounts that will be invoiced in future periods, and excludes (i) contracts with an original expected term of one year or less, (ii) cancellable contracts, and (iii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. As of September 30, 2021, the amount not yet recognized as revenues from these commitments was $37.1 billion. We expect to recognize approximately half over the next 24 months with the remaining thereafter. However, the amount and timing of revenue recognition is largely driven by when the customer utilizes the services and our ability to deliver in accordance with relevant contract terms, which could affect our estimate of the remaining performance obligations and when we expect to recognize such as revenues.
12

Alphabet Inc.
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 gains related to debt securities still held where we have elected the fair value option were $87 million and $22 million as of December 31, 2020 and September 30, 2021, respectively. As of December 31, 2020 and September 30, 2021, the fair value of these debt securities was $2.0 billion and $3.0 billion, respectively.
The following tables summarize our debt securities, for which we did not elect the fair value option, by significant investment categories (in millions):
 As of December 31, 2020
 Adjusted
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Cash and Cash
Equivalents
Marketable
Securities
Level 2:
Time deposits(1)
$3,564 $0 $0 $3,564 $3,564 $0 
Government bonds55,156 793 (9)55,940 2,527 53,413 
Corporate debt securities31,521 704 (2)32,223 8 32,215 
Mortgage-backed and asset-backed securities16,767 364 (7)17,124 0 17,124 
Total$107,008 $1,861 $(18)$108,851 $6,099 $102,752 
 As of September 30, 2021
 Adjusted
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Cash and Cash
Equivalents
Marketable
Securities
Level 2:
Time deposits(1)
$5,277 $0 $0 $5,277 $5,277 $0 
Government bonds53,793 371 (93)54,071 3 54,068 
Corporate debt securities35,156 362 (51)35,467 0 35,467 
Mortgage-backed and asset-backed securities18,327 172 (44)18,455 0 18,455 
Total$112,553 $905 $(188)$113,270 $5,280 $107,990 
(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 $127 million and $109 million for the three months ended September 30, 2020 and 2021, respectively, and $690 million and $360 million for the nine months ended September 30, 2020 and 2021, respectively. We recognized gross realized losses of $8 million and $29 million for the three months ended September 30, 2020 and 2021, respectively, and $135 million and $180 million for the nine months ended September 30, 2020 and 2021, respectively. We reflect these gains and losses as a component of other income (expense), net.
13

Alphabet Inc.
The following table summarizes the estimated fair value of our investments in marketable debt securities by stated contractual maturity dates (in millions):
As of
September 30, 2021
Due in 1 year or less$19,074 
Due in 1 year through 5 years73,675 
Due in 5 years through 10 years4,207 
Due after 10 years13,993 
Total$110,949 
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, 2020
 Less than 12 Months12 Months or GreaterTotal
 Fair ValueUnrealized
Loss
Fair ValueUnrealized
Loss
Fair ValueUnrealized
Loss
Government bonds$5,516 $(9)$3 $0 $5,519 $(9)
Corporate debt securities1,999 (1)0 0 1,999 (1)
Mortgage-backed and asset-backed securities929 (5)242 (2)1,171 (