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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, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to _______
Commission file number: 001-37580
________________________________________________________________________________________
Alphabet Inc.
(Exact name of registrant as specified in its charter)
________________________________________________________________________________________
Delaware61-1767919
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)
1600 Amphitheatre Parkway
Mountain View, CA 94043
(Address of principal executive offices, including zip code)
(650) 253-0000
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.001 par valueGOOGLNasdaq Stock Market LLC
(Nasdaq Global Select Market)
Class C Capital Stock, $0.001 par valueGOOGNasdaq Stock Market LLC
(Nasdaq Global Select Market)
________________________________________________________________________________________
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer  Accelerated filer
Non-accelerated filer Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes     No
As of October 18, 2022, there were 5,973 million shares of Alphabet’s Class A stock outstanding, 884 million shares of Alphabet's Class B stock outstanding, and 6,086 million shares of Alphabet's Class C stock outstanding.


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

2

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

Alphabet Inc.
the sufficiency and timing of our proposed remedies in response to decisions from the European Commission (EC) and other regulators and governmental entities;
the expected timing, amount, and effect of Alphabet Inc.'s share repurchases;
our long-term sustainability and diversity goals;
the unpredictability of the ongoing broader economic effects resulting from the war in Ukraine on our future financial results;
as well as other statements regarding our future operations, financial condition and prospects, and business strategies. Forward-looking statements may appear throughout this report and other documents we file with the Securities and Exchange Commission (SEC), including without limitation, the following sections: Part I, Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this Quarterly Report on Form 10-Q and Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and including material changes reflected 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, 2021, and including material changes reflected 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 par value per share amounts)
As of
December 31, 2021
As of
September 30, 2022
(unaudited)
Assets
Current assets:
Cash and cash equivalents$20,945 $21,984 
Marketable securities118,704 94,275 
Total cash, cash equivalents, and marketable securities139,649 116,259 
Accounts receivable, net39,304 34,697 
Income taxes receivable, net966 1,479 
Inventory1,170 3,156 
Other current assets7,054 10,518 
Total current assets188,143 166,109 
Non-marketable securities29,549 30,419 
Deferred income taxes1,284 2,991 
Property and equipment, net97,599 108,363 
Operating lease assets12,959 13,677 
Intangible assets, net1,417 2,192 
Goodwill22,956 28,834 
Other non-current assets5,361 5,670 
Total assets$359,268 $358,255 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$6,037 $6,303 
Accrued compensation and benefits13,889 12,366 
Accrued expenses and other current liabilities31,236 35,038 
Accrued revenue share8,996 7,662 
Deferred revenue3,288 3,585 
Income taxes payable, net808 1,025 
Total current liabilities64,254 65,979 
Long-term debt14,817 14,653 
Deferred revenue, non-current535 594 
Income taxes payable, non-current9,176 8,572 
Deferred income taxes5,257 476 
Operating lease liabilities11,389 11,984 
Other long-term liabilities2,205 2,371 
Total liabilities107,633 104,629 
Contingencies (Note 9)
Stockholders’ equity:
Preferred stock, $0.001 par value per share, 100 shares authorized; no shares issued and outstanding
0 0 
Class A, Class B, and Class C stock and additional paid-in capital, $0.001 par value per share: 300,000 shares authorized (Class A 180,000, Class B 60,000, Class C 60,000); 13,242 (Class A 6,015, Class B 893, Class C 6,334) and 12,971 (Class A 5,978, Class B 884, Class C 6,109) shares issued and outstanding
61,774 66,258 
Accumulated other comprehensive income (loss)(1,623)(8,852)
Retained earnings191,484 196,220 
Total stockholders’ equity251,635 253,626 
Total liabilities and stockholders’ equity$359,268 $358,255 
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,
2021202220212022
Revenues$65,118 $69,092 $182,312 $206,788 
Costs and expenses:
Cost of revenues27,621 31,158 77,951 90,861 
Research and development7,694 10,273 22,854 29,233 
Sales and marketing5,516 6,929 15,308 19,384 
General and administrative3,256 3,597 9,370 10,628 
Total costs and expenses44,087 51,957 125,483 150,106 
Income from operations21,031 17,135 56,829 56,682 
Other income (expense), net2,033 (902)9,503 (2,501)
Income before income taxes23,064 16,233 66,332 54,181 
Provision for income taxes4,128 2,323 10,941 7,833 
Net income$18,936 $13,910 $55,391 $46,348 
Basic net income per share of Class A, Class B, and Class C stock$1.42 $1.07 $4.14 $3.53 
Diluted net income per share of Class A, Class B, and Class C stock$1.40 $1.06 $4.08 $3.50 
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,
 2021202220212022
Net income$18,936 $13,910 $55,391 $46,348 
Other comprehensive loss:
Change in foreign currency translation adjustment(614)(2,175)(671)(3,801)
Available-for-sale investments:
Change in net unrealized gains (losses)(159)(1,800)(699)(5,204)
Less: reclassification adjustment for net (gains) losses included in net income(57)362 (121)743 
Net change, net of income tax benefit (expense) of $63, $409, $235 and $1,269
(216)(1,438)(820)(4,461)
Cash flow hedges:
Change in net unrealized gains (losses)292 1,136 429 2,165 
Less: reclassification adjustment for net (gains) losses included in net income(60)(547)21 (1,132)
Net change, net of income tax benefit (expense) of $(54), $(159), $(89) and $(228)
232 589 450 1,033 
Other comprehensive loss(598)(3,024)(1,041)(7,229)
Comprehensive income$18,338 $10,886 $54,350 $39,119 
See accompanying notes.
7

Alphabet Inc.
Alphabet Inc.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In millions; unaudited)
 Three Months Ended September 30, 2021
 Class A, Class B, Class C Stock and Additional Paid-In CapitalAccumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
Total
Stockholders’
Equity
 Shares    Amount    
Balance as of June 30, 202113,353 $60,436 $190 $176,939 $237,565 
Stock issued33 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 stock(92)(517)(12,093)(12,610)
Sale of interest in consolidated entities
Net income18,936 18,936 
Other comprehensive income (loss)(598)(598)
Balance as of September 30, 202113,294 $61,193 $(408)$183,782 $244,567 


 Nine Months Ended September 30, 2021
 Class A, Class B, Class C Stock and Additional Paid-In CapitalAccumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
Total
Stockholders’
Equity
 Shares    Amount    
Balance as of December 31, 202013,504 $58,510 $633 $163,401 $222,544 
Stock issued103 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 stock(313)(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, 202113,294 $61,193 $(408)$183,782 $244,567 



8

Alphabet Inc.
 Three Months Ended September 30, 2022
 Class A, Class B, Class C Stock and Additional Paid-In CapitalAccumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
Total
Stockholders’
Equity
 Shares    Amount    
Balance as of June 30, 202213,078 $64,402 $(5,828)$196,845 $255,419 
Stock issued31 
Stock-based compensation expense5,018 5,018 
Tax withholding related to vesting of restricted stock units and other(2,315)(2,315)
Repurchases of stock(138)(857)(14,535)(15,392)
Sale of interest in consolidated entities10 10 
Net income13,910 13,910 
Other comprehensive income (loss)(3,024)(3,024)
Balance as of September 30, 202212,971 $66,258 $(8,852)$196,220 $253,626 


 Nine Months Ended September 30, 2022
 Class A, Class B, Class C Stock and Additional Paid-In CapitalAccumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
Total
Stockholders’
Equity
 Shares    Amount    
Balance as of December 31, 202113,242 $61,774 $(1,623)$191,484 $251,635 
Stock issued98 8 8 
Stock-based compensation expense14,388 14,388 
Tax withholding related to vesting of restricted stock units and other(7,644)(1)(7,645)
Repurchases of stock(369)(2,278)(41,611)(43,889)
Sale of interest in consolidated entities10 10 
Net income46,348 46,348 
Other comprehensive income (loss)(7,229)(7,229)
Balance as of September 30, 202212,971 $66,258 $(8,852)$196,220 $253,626 
See accompanying notes.



9

Alphabet Inc.
Alphabet Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions; unaudited)
Nine Months Ended
September 30,
20212022
Operating activities
Net income$55,391 $46,348 
Adjustments:
Depreciation and impairment of property and equipment8,340 11,222 
Amortization and impairment of intangible assets662 505 
Stock-based compensation expense11,422 14,262 
Deferred income taxes192 (6,157)
(Gain) loss on debt and equity securities, net(9,792)3,856 
Other(199)369 
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable(3,276)2,298 
Income taxes, net2,744 (862)
Other assets(1,447)(4,268)
Accounts payable(874)735 
Accrued expenses and other liabilities2,763 491 
Accrued revenue share386 (1,022)
Deferred revenue406 104 
Net cash provided by operating activities66,718 67,881 
Investing activities
Purchases of property and equipment(18,257)(23,890)
Purchases of marketable securities(95,106)(67,253)
Maturities and sales of marketable securities92,126 84,087 
Purchases of non-marketable securities(2,068)(1,628)
Maturities and sales of non-marketable securities590 131 
Acquisitions, net of cash acquired, and purchases of intangible assets(2,233)(6,885)
Other investing activities441 1,367 
Net cash used in investing activities(24,507)(14,071)
Financing activities
Net payments related to stock-based award activities(7,239)(7,221)
Repurchases of stock(36,801)(43,889)
Proceeds from issuance of debt, net of costs13,949 44,322 
Repayments of debt(15,070)(45,350)
Proceeds from sale of interest in consolidated entities, net310 10 
Net cash used in financing activities(44,851)(52,128)
Effect of exchange rate changes on cash and cash equivalents(106)(643)
Net increase (decrease) in cash and cash equivalents(2,746)1,039 
Cash and cash equivalents at beginning of period26,465 20,945 
Cash and cash equivalents at end of period$23,719 $21,984 
See accompanying notes.
10

Alphabet Inc.
Alphabet Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1. Summary of Significant Accounting Policies
Nature of Operations
Google was incorporated in California in September 1998 and re-incorporated in the State of Delaware in August 2003. In 2015, we implemented a holding company reorganization, and as a result, Alphabet Inc. ("Alphabet") became the successor issuer to Google.
We generate revenues by delivering relevant, cost-effective online advertising; cloud-based solutions that provide customers with infrastructure and platform services and collaboration tools; sales of other products and services, such as apps and in-app purchases, digital content products, and hardware; and fees received for subscription-based products such as YouTube Premium and YouTube TV.
Basis of Consolidation
The consolidated financial statements of Alphabet include the accounts of Alphabet and entities consolidated under the variable interest and voting models. All intercompany balances and transactions have been eliminated.
Unaudited Interim Financial Information
These unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP), and in our opinion, include all adjustments of a normal recurring nature necessary for fair financial statement presentation. Interim results are not necessarily indicative of the results to be expected for the full year ending December 31, 2022. We have made estimates and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying notes. Actual results could differ materially from these estimates.
These consolidated financial statements and other information presented in this Form 10-Q should be read in conjunction with the consolidated financial statements and the related notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed with the SEC.
Stock Split Effected in the Form of a Stock Dividend (“Stock Split”)
On February 1, 2022, the company announced that the Board of Directors had approved and declared a 20-for-one stock split in the form of a one-time special stock dividend on each share of the company’s Class A, Class B, and Class C stock. The Stock Split had a record date of July 1, 2022 and an effective date of July 15, 2022. The par value per share of our Class A, Class B, and Class C stock remains unchanged at $0.001 per share after the Stock Split. All prior period references made to share or per share amounts in the accompanying consolidated financial statements and applicable disclosures have been retroactively adjusted to reflect the effects of the Stock Split.
11

Alphabet Inc.
Note 2. Revenues
Disaggregated Revenues
The following table presents revenues disaggregated by type (in millions):
Three Months EndedNine Months Ended
September 30,September 30,
2021202220212022
Google Search & other$37,926 $39,539 $105,650 $119,846 
YouTube ads7,205 7,071 20,212 21,280 
Google Network7,999 7,872 22,396 24,305 
Google advertising53,130 54,482 148,258 165,431 
Google other6,754 6,895 19,871 20,259 
Google Services total59,884 61,377 168,129 185,690 
Google Cloud4,990 6,868 13,665 18,965 
Other Bets182 209 572 842 
Hedging gains (losses)62 638 (54)1,291 
Total revenues$65,118 $69,092 $182,312 $206,788 
The following table presents revenues disaggregated by geography, based on the addresses of our customers (in millions):
 Three Months EndedNine Months Ended
September 30,September 30,
 2021202220212022
United States$29,824 46 %$33,372 48 %$83,064 46 %$97,832 47 %
EMEA(1)
19,839 30 19,450 28 55,954 31 60,300 29 
APAC(1)
11,705 18 11,494 17 33,391 18 35,045 17 
Other Americas(1)
3,688 6 4,138 6 9,957 5 12,320 6 
Hedging gains (losses)62 638 1 (54)1,291 1 
Total revenues$65,118 100 %$69,092 100 %$182,312 100 %$206,788 100 %
(1)    Regions represent Europe, the Middle East, and Africa (EMEA); Asia-Pacific (APAC); and Canada and Latin America ("Other Americas").
Revenue Backlog and Deferred Revenues
As of September 30, 2022, we had $52.4 billion of remaining performance obligations (“revenue backlog”), primarily related to Google Cloud, and expect to recognize approximately half of this amount as revenues over the next 24 months with the remaining to be recognized thereafter. Our revenue backlog represents commitments in customer contracts for future services that have not yet been recognized as revenues. The amount and timing of revenue recognition for these commitments is largely driven by when our customers utilize services and our ability to deliver in accordance with relevant contract terms, which could affect our estimate of revenue backlog and when we expect to recognize such as revenues. Revenue backlog includes related deferred revenue currently recorded as well as amounts that will be invoiced in future periods and excludes contracts with an original expected term of one year or less and cancellable contracts.
We record deferred revenues when cash payments are received or due in advance of our performance, including amounts which are refundable. Deferred revenues primarily relate to Google Cloud and Google other. Total deferred revenue as of December 31, 2021 was $3.8 billion, of which $2.4 billion was recognized as revenues during the nine months ended September 30, 2022.
Note 3. Financial Instruments
Debt Securities
We classify our marketable debt securities, which are accounted for as available-for-sale, within Level 2 in the fair value hierarchy because we use quoted market prices to the extent available or alternative pricing sources and models utilizing market observable inputs to determine fair value.
12

Alphabet Inc.
For certain marketable debt securities, we have elected the fair value option for which changes in fair value are recorded in other income (expense), net. The fair value option was elected for these securities to align with the unrealized gains and losses from related derivative contracts. Unrealized net losses related to debt securities still held where we have elected the fair value option were $35 million and $779 million as of December 31, 2021 and September 30, 2022, respectively. As of December 31, 2021 and September 30, 2022, the fair value of these debt securities was $4.7 billion and $6.6 billion, respectively.
The following tables summarize debt securities, for which we did not elect the fair value option, by significant investment categories (in millions):
 As of December 31, 2021
 Adjusted
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Cash and Cash
Equivalents
Marketable
Securities
Level 2:
Time deposits(1)
$5,133 $0 $0 $5,133 $5,133 $0 
Government bonds53,288 258 (238)53,308 5 53,303 
Corporate debt securities35,605 194 (223)35,576 12 35,564 
Mortgage-backed and asset-backed securities18,829 96 (112)18,813 0 18,813 
Total$112,855 $548 $(573)$112,830 $5,150 $107,680 
 As of September 30, 2022
 Adjusted
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Cash and Cash
Equivalents
Marketable
Securities
Level 2:
Time deposits(1)
$4,925 $0 $0 $4,925 $4,920 $5 
Government bonds42,863 0 (2,523)40,340 93 40,247 
Corporate debt securities29,397 0 (1,833)27,564 179 27,385 
Mortgage-backed and asset-backed securities16,599 0 (1,376)15,223 0 15,223 
Total$93,784 $0 $(5,732)$88,052 $5,192 $82,860 
(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 $109 million and $14 million for the three months ended September 30, 2021 and 2022, respectively, and $360 million and $83 million for the nine months ended September 30, 2021 and 2022, respectively. We recognized gross realized losses of $29 million and $551 million for the three months ended September 30, 2021 and 2022, respectively, and $180 million and $1.2 billion for the nine months ended September 30, 2021 and 2022, respectively. We reflect these gains and losses as a component of other income (expense), net.
The following table summarizes the estimated fair value of investments in marketable debt securities by stated contractual maturity dates (in millions):
As of
September 30, 2022
Due in 1 year or less$7,998 
Due in 1 year through 5 years58,061 
Due in 5 years through 10 years11,848 
Due after 10 years11,353 
Total$89,260 
The following tables present fair values and gross unrealized losses recorded to accumulated other comprehensive income (AOCI), aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in millions):
13

Alphabet Inc.
 As of December 31, 2021
 Less than 12 Months12 Months or GreaterTotal
 Fair ValueUnrealized
Loss
Fair ValueUnrealized
Loss
Fair ValueUnrealized
Loss
Government bonds$32,843 $(236)$71 $(2)$32,914 $(238)
Corporate debt securities22,737 (152)303 (5)23,040 (157)
Mortgage-backed and asset-backed securities11,502 (106)248 (6)11,750 (112)
Total$67,082 $(494)$