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ultimate tax determination is uncertain. We establish reserves for tax-related uncertainties based on estimates of whether, and the extent to which, additional
taxes will be due. These reserves are established when we believe that certain positions might be challenged despite our belief that our tax return positions are
fully supportable. We adjust these reserves in light of changing facts and circumstances, such as the outcome of tax audits. The provision for income taxes
includes the impact of reserve provisions and changes to reserves that are considered appropriate.
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Table of Contents
The reconciliation of our tax contingencies is as follows (in millions):
 December 31,
 2020 2021 2022
Gross tax contingencies – January 1 $ 3,923 $ 2,820 $ 3,242 
Gross increases to tax positions in prior periods 88 403 274 
Gross decreases to tax positions in prior periods (465) (354) (172)
Gross increases to current period tax positions 507 507 706 
Settlements with tax authorities (1,207) (60) (20)
Lapse of statute of limitations (26) (74) (28)
Gross tax contingencies – December 31 (1) $ 2,820 $ 3,242 $ 4,002 
 ___________________
(1)As of December 31, 2022, we had approximately $4.0 billion of accrued tax contingencies of which $2.2 billion, if fully recognized, would decrease our
effective tax rate.
As of December 31, 2021 and 2022, we had accrued interest and penalties, net of federal income tax benefit, related to tax contingencies of $110 million
and $103 million. Interest and penalties, net of federal income tax benefit, recognized for the years ended December 31, 2020, 2021, and 2022 were $(48)
million, $28 million, and $(7) million.
We are under examination, or may be subject to examination, by the Internal Revenue Service for the calendar year 2016 and thereafter. These
examinations may lead to ordinary course adjustments or proposed adjustments to our taxes or our net operating losses with respect to years under examination
as well as subsequent periods.
We are also subject to taxation in various states and other foreign jurisdictions including China, France, Germany, India, Japan, Luxembourg, and the
United Kingdom. We are under, or may be subject to, audit or examination and additional assessments by the relevant authorities in respect of these particular
jurisdictions primarily for 2011 and thereafter. We are currently disputing tax assessments in multiple jurisdictions, including with respect to the allocation and
characterization of income.
In September 2022, the Luxembourg Tax Authority (“LTA”) denied the tax basis of certain intangible assets that we distributed from Luxembourg to the


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U.S. in 2021. We believe the LTA’s position is without merit and intend to defend ourselves vigorously in this matter.
In February 2023, we received a decision by the Indian Tax Authority (“ITA”) that tax applies to cloud services fees paid to the U.S. We will need to
remit taxes on the services in question, including for a portion of prior years, until this matter is resolved, which payments could be significant in the aggregate.
We believe the ITA’s decision is without merit, we intend to defend our position vigorously, and we expect to recoup taxes paid. If this matter is adversely
resolved, we would reflect significant additional tax expense, including for taxes previously paid.
In October 2014, the European Commission opened a formal investigation to examine whether decisions by the tax authorities in Luxembourg with
regard to the corporate income tax paid by certain of our subsidiaries comply with European Union rules on state aid. On October 4, 2017, the European
Commission announced its decision that determinations by the tax authorities in Luxembourg did not comply with European Union rules on state aid. Based on
that decision the European Commission announced an estimated recovery amount of approximately €250 million, plus interest, for the period May 2006
through June 2014, and ordered Luxembourg tax authorities to calculate the actual amount of additional taxes subject to recovery. Luxembourg computed an
initial recovery amount, consistent with the European Commission’s decision, which we deposited into escrow in March 2018, subject to adjustment pending
conclusion of all appeals. In December 2017, Luxembourg appealed the European Commission’s decision. In May 2018, we appealed. On May 12, 2021, the
European Union General Court annulled the European Commission’s state aid decision. In July 2021, the European Commission appealed the decision to the
European Court of Justice. We will continue to defend ourselves vigorously in this matter.
Changes in tax laws, regulations, administrative practices, principles, and interpretations may impact our tax contingencies. Due to various factors,
including the inherent complexities and uncertainties of the judicial, administrative, and regulatory processes in certain jurisdictions, the timing of the
resolution of income tax controversies is highly uncertain, and the amounts ultimately paid, if any, upon resolution of the issues raised by the taxing authorities
may differ from the amounts accrued. It is reasonably possible that within the next twelve months we will receive additional assessments by various tax


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authorities or possibly reach resolution of income tax controversies in one or more jurisdictions. These assessments or settlements could result in changes to
our contingencies related to positions on prior years’ tax filings. The actual amount of any change could vary significantly depending on the ultimate timing
and nature of any settlements. We cannot currently provide an estimate of the range of possible outcomes.
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Table of Contents
Note 10 — SEGMENT INFORMATION
We have organized our operations into three segments: North America, International, and AWS. We allocate to segment results the operating expenses
“Fulfillment,” “Technology and content,” “Sales and marketing,” and “General and administrative” based on usage, which is generally reflected in the segment
in which the costs are incurred. The majority of technology infrastructure costs are allocated to the AWS segment based on usage. The majority of the
remaining non-infrastructure technology costs are incurred in the U.S. and are allocated to our North America segment. There are no internal revenue
transactions between our reportable segments. These segments reflect the way our chief operating decision maker evaluates the Company’s business
performance and manages its operations.
North America
The North America segment primarily consists of amounts earned from retail sales of consumer products (including from sellers) and subscriptions
through North America-focused online and physical stores. This segment includes export sales from these online stores.
International
The International segment primarily consists of amounts earned from retail sales of consumer products (including from sellers) and subscriptions through
internationally-focused online stores. This segment includes export sales from these internationally-focused online stores (including export sales from these
online stores to customers in the U.S., Mexico, and Canada), but excludes export sales from our North America-focused online stores.
AWS
The AWS segment consists of amounts earned from global sales of compute, storage, database, and other services for start-ups, enterprises, government
agencies, and academic institutions.
Information on reportable segments and reconciliation to consolidated net income (loss) is as follows (in millions):
  Year Ended December 31,
 2020 2021 2022
North America
Net sales $ 236,282 $ 279,833 $ 315,880 
Operating expenses 227,631 272,562 318,727 
Operating income (loss) $ 8,651 $ 7,271 $ (2,847)
International
Net sales $ 104,412 $ 127,787 $ 118,007 
Operating expenses 103,695 128,711 125,753 
Operating income (loss) $ 717 $ (924)$ (7,746)
AWS
Net sales $ 45,370 $ 62,202 $ 80,096 
Operating expenses 31,839 43,670 57,255


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Operating expenses 31,839 43,670 57,255 
Operating income $ 13,531 $ 18,532 $ 22,841 
Consolidated
Net sales $ 386,064 $ 469,822 $ 513,983 
Operating expenses 363,165 444,943 501,735 
Operating income 22,899 24,879 12,248 
Total non-operating income (expense) 1,279 13,272 (18,184)
Benefit (provision) for income taxes (2,863) (4,791) 3,217 
Equity-method investment activity, net of tax 16 4 (3)
Net income (loss) $ 21,331 $ 33,364 $ (2,722)
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Net sales by groups of similar products and services, which also have similar economic characteristics, is as follows (in millions):
  Year Ended December 31,
 2020 2021 2022
Net Sales:
Online stores (1) $ 197,346 $ 222,075 $ 220,004 
Physical stores (2) 16,227 17,075 18,963 
Third-party seller services (3) 80,461 103,366 117,716 
Subscription services (4) 25,207 31,768 35,218 
Advertising services (5) 19,773 31,160 37,739 
AWS 45,370 62,202 80,096 
Other (6) 1,680 2,176 4,247 
Consolidated $ 386,064 $ 469,822 $ 513,983 
___________________
(1)Includes product sales and digital media content where we record revenue gross. We leverage our retail infrastructure to offer a wide selection of
consumable and durable goods that includes media products available in both a physical and digital format, such as books, videos, games, music, and
software. These product sales include digital products sold on a transactional basis. Digital product subscriptions that provide unlimited viewing or usage
rights are included in “Subscription services.”
(2)Includes product sales where our customers physically select items in a store. Sales to customers who order goods online for delivery or pickup at our
physical stores are included in “Online stores.”
(3)Includes commissions and any related fulfillment and shipping fees, and other third-party seller services.
(4)Includes annual and monthly fees associated with Amazon Prime memberships, as well as digital video, audiobook, digital music, e-book, and other non-
AWS subscription services.
(5)Includes sales of advertising services to sellers, vendors, publishers, authors, and others, through programs such as sponsored ads, display, and video
advertising.
(6)Includes sales related to various other offerings, such as certain licensing and distribution of video content and shipping services, and our co-branded credit
card agreements.
Net sales are attributed to countries primarily based on country-focused online and physical stores or, for AWS purposes, the selling entity. Net sales


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attributed to countries that represent a significant portion of consolidated net sales are as follows (in millions):
 Year Ended December 31,
 2020 2021 2022
United States $ 263,520 $ 314,006 $ 356,113 
Germany 29,565 37,326 33,598 
United Kingdom 26,483 31,914 30,074 
Japan 20,461 23,071 24,396 
Rest of world 46,035 63,505 69,802 
Consolidated $ 386,064 $ 469,822 $ 513,983 
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Table of Contents
Total segment assets exclude corporate assets, such as cash and cash equivalents, marketable securities, other long-term investments, corporate facilities,
goodwill and other acquired intangible assets, and tax assets. Technology infrastructure assets are allocated among the segments based on usage, with the
majority allocated to the AWS segment. Total segment assets reconciled to consolidated amounts are as follows (in millions):
 December 31,
 2020 2021 2022
North America (1) $ 108,405 $ 161,255 $ 185,268 
International (1) 42,212 57,983 64,666 
AWS (2) 47,574 63,835 88,491 
Corporate 123,004 137,476 124,250 
Consolidated $ 321,195 $ 420,549 $ 462,675 
___________________
(1)North America and International segment assets primarily consist of property and equipment, operating leases, inventory, and accounts receivable.
(2)AWS segment assets primarily consist of property and equipment and accounts receivable.
Property and equipment, net by segment is as follows (in millions):
 December 31,
 2020 2021 2022
North America $ 54,912 $ 83,640 $ 90,076 
International 15,375 21,718 23,347 
AWS 32,151 43,245 60,324 
Corporate 10,676 11,678 12,968 
Consolidated $ 113,114 $ 160,281 $ 186,715 
Total net additions to property and equipment by segment are as follows (in millions):
 Year Ended December 31,
 2020 2021 2022
North America (1) $ 29,889 $ 37,397 $ 23,682 
International (1) 8,072 10,259 6,711 
AWS (2) 16,530 22,047 27,755 
Corporate 3,485 2,622 2,688 
Consolidated $ 57,976 $ 72,325 $ 60,836 
___________________


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___________________
(1)Includes property and equipment added under finance leases of $5.6 billion, $3.6 billion, and $422 million in 2020, 2021, and 2022, and under build-to-
suit lease arrangements of $2.7 billion, $5.6 billion, and $3.2 billion in 2020, 2021, and 2022.
(2)Includes property and equipment added under finance leases of $7.7 billion, $3.5 billion, and $253 million in 2020, 2021, and 2022, and under build-to-
suit lease arrangements of $130 million, $51 million, and $20 million in 2020, 2021, and 2022.
U.S. property and equipment, net and operating leases were $109.5 billion, $155.0 billion, and $180.0 billion, as of December 31, 2020, 2021, and 2022,
and non-U.S. property and equipment, net and operating leases were $41.2 billion, $61.3 billion, and $72.9 billion as of December 31, 2020, 2021, and 2022.
Except for the U.S., property and equipment, net and operating leases in any single country were less than 10% of consolidated property and equipment, net
and operating leases.
Depreciation and amortization expense on property and equipment, including corporate property and equipment, are allocated to all segments based on
usage. Total depreciation and amortization expense, by segment, is as follows (in millions):
 Year Ended December 31,
 2020 2021 2022
North America $ 6,421 $ 9,234 $ 11,565 
International 2,215 3,022 3,483 
AWS 7,603 10,653 9,876 
Consolidated $ 16,239 $ 22,909 $ 24,924 
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Item 9. Changes in and Disagreements with Accountants On Accounting and Financial Disclosure
None.
Item 9A. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
We carried out an evaluation required by the Securities Exchange Act of 1934 (the “1934 Act”), under the supervision and with the participation of our
principal executive officer and principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as defined
in Rule 13a-15(e) of the 1934 Act, as of December 31, 2022. Based on this evaluation, our principal executive officer and principal financial officer concluded
that, as of December 31, 2022, our disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed
by us in the reports that we file or submit under the 1934 Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s
rules and forms and to provide reasonable assurance that such information is accumulated and communicated to our management, including our principal
executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
Management’s Report on Internal Control over Financial Reporting
Management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rule 13a-15(f) of the 1934
Act. Management has assessed the effectiveness of our internal control over financial reporting as of December 31, 2022 based on criteria established in
Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. As a result of this
assessment, management concluded that, as of December 31, 2022, our internal control over financial reporting was effective in providing reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted
accounting principles. Ernst & Young has independently assessed the effectiveness of our internal control over financial reporting and its report is included
below.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting during the quarter ended December 31, 2022 that materially affected, or are
reasonably likely to materially affect, our internal control over financial reporting.
Limitations on Controls
Our disclosure controls and procedures and internal control over financial reporting are designed to provide reasonable assurance of achieving their


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objectives as specified above. Management does not expect, however, that our disclosure controls and procedures or our internal control over financial
reporting will prevent or detect all error and fraud. Any control system, no matter how well designed and operated, is based upon certain assumptions and can
provide only reasonable, not absolute, assurance that its objectives will be met. Further, no evaluation of controls can provide absolute assurance that
misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within the Company have been detected.
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Report of Independent Registered Public Accounting Firm
The Board of Directors and Shareholders
Amazon.com, Inc.
Opinion on Internal Control Over Financial Reporting
We have audited Amazon.com, Inc.’s internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control
— Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our
opinion, Amazon.com, Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2022,
based on the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated
balance sheets of the Company as of December 31, 2022 and 2021, and the related consolidated statements of operations, comprehensive income (loss),
stockholders’ equity, and cash flows for each of the three years in the period ended December 31, 2022 and the related notes and our report dated February 2,
2023 expressed an unqualified opinion thereon.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness
of internal control over financial reporting included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our
responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered
with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules
and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether effective internal control over financial reporting was maintained in all material respects.
Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and
evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered
necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting


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Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control
over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being
made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or
timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation
of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance
with the policies or procedures may deteriorate.
/s/ Ernst & Young LLP
Seattle, Washington
February 2, 2023
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Item 9B. Other Information
Not applicable.
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not applicable.
PART III
Item 10. Directors, Executive Officers, and Corporate Governance
Information regarding our Executive Officers required by Item 10 of Part III is set forth in Item 1 of Part I “Business — Information About Our
Executive Officers.” Information required by Item 10 of Part III regarding our Directors and any material changes to the process by which security holders may
recommend nominees to the Board of Directors is included in our Proxy Statement relating to our 2023 Annual Meeting of Shareholders, and is incorporated
herein by reference. Information relating to our Code of Business Conduct and Ethics and, to the extent applicable, compliance with Section 16(a) of the 1934
Act is set forth in our Proxy Statement relating to our 2023 Annual Meeting of Shareholders and is incorporated herein by reference. To the extent permissible
under Nasdaq rules, we intend to disclose amendments to our Code of Business Conduct and Ethics, as well as waivers of the provisions thereof, on our
investor relations website under the heading “Corporate Governance” at amazon.com/ir.
Item 11. Executive Compensation
Information required by Item 11 of Part III is included in our Proxy Statement relating to our 2023 Annual Meeting of Shareholders and is incorporated
herein by reference.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters
Information required by Item 12 of Part III is included in our Proxy Statement relating to our 2023 Annual Meeting of Shareholders and is incorporated
herein by reference.
Item 13. Certain Relationships and Related Transactions, and Director Independence
Information required by Item 13 of Part III is included in our Proxy Statement relating to our 2023 Annual Meeting of Shareholders and is incorporated
herein by reference.
Item 14. Principal Accountant Fees and Services
Information required by Item 14 of Part III is included in our Proxy Statement relating to our 2023 Annual Meeting of Shareholders and is incorporated
herein by reference.
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PART IV
Item 15. Exhibits, Financial Statement Schedules
(a) List of Documents Filed as a Part of This Report:
(1) Index to Consolidated Financial Statements:
Report of Ernst & Young LLP, Independent Registered Public Accounting Firm
Consolidated Statements of Cash Flows for each of the three years ended December 31, 2022
Consolidated Statements of Operations for each of the three years ended December 31, 2022
Consolidated Statements of Comprehensive Income (Loss) for each of the three years ended December 31, 2022
Consolidated Balance Sheets as of December 31, 2021 and 2022
Consolidated Statements of Stockholders’ Equity for each of the three years ended December 31, 2022
Notes to Consolidated Financial Statements
Report of Ernst & Young LLP, Independent Registered Public Accounting Firm
(2) Index to Financial Statement Schedules:
All schedules have been omitted because the required information is included in the consolidated financial statements or the notes thereto, or
because it is not required.
(3) Index to Exhibits
See exhibits listed under Part (b) below.
(b) Exhibits:
Exhibit
Number Description
3.1 Amended and Restated Certificate of Incorporation of Amazon.com, Inc. (incorporated by reference to the Company’s Current Report on Form
8-K, filed May 27, 2022).
3.2 Amended and Restated Bylaws of Amazon.com, Inc. (incorporated by reference to the Company’s Current Report on Form 8-K, filed January 6,
2023).
4.1 Indenture, dated as of November 29, 2012, between Amazon.com, Inc. and Wells Fargo Bank, National Association, as trustee (incorporated by
reference to the Company’s Current Report on Form 8-K, filed November 29, 2012).
4.2 Supplemental Indenture, dated as of April 13, 2022, among Amazon.com, Inc., Wells Fargo Bank, National Association, as prior trustee, and
Computershare Trust Company, National Association, as successor trustee, containing Form of 2.730% Note due 2024, Form of 3.000% Note


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due 2025, Form of 3.300% Note due 2027, Form of 3.450% Note due 2029, Form of 3.600% Note due 2032, Form of 3.950% Note due 2052,
and Form of 4.100% Note due 2062 (incorporated by reference to the Company’s Current Report on Form 8-K, filed April 13, 2022).
4.3 Officers’ Certificate of Amazon.com, Inc., dated as of December 5, 2014, containing Form of 2.600% Note due 2019, Form of 3.300% Note due
2021, Form of 3.800% Note due 2024, Form of 4.800% Note due 2034, and Form of 4.950% Note due 2044 (incorporated by reference to the
Company’s Current Report on Form 8-K, filed December 5, 2014).
4.4 Officers’ Certificate of Amazon.com, Inc., dated as of August 22, 2017, containing Form of 1.900% Note due 2020, Form of 2.400% Note due
2023, Form of 2.800% Note due 2024, Form of 3.150% Note due 2027, Form of 3.875% Note due 2037, Form of 4.050% Note due 2047, and
Form of 4.250% Note due 2057 (incorporated by reference to the Company’s Current Report on Form 8-K, filed August 22, 2017).
4.5 Officers’ Certificate of Amazon.com, Inc., dated as of December 20, 2017, containing Form of 5.200% Note due 2025 (incorporated by
reference to the Company’s Current Report on Form 8-K, filed December 20, 2017).
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4.6 Officers’ Certificate of Amazon.com, Inc., dated as of June 3, 2020, containing Form of 0.400% Note due 2023, Form of 0.800% Note due
2025, Form of 1.200% Note due 2027, Form of 1.500% Note due 2030, Form of 2.500% Note due 2050, and Form of 2.700% Note due 2060
(incorporated by reference to the Company’s Current Report on Form 8-K, filed June 3, 2020).
4.7 Officers’ Certificate of Amazon.com, Inc., dated as of May 12, 2021, containing Form of 0.250% Note due 2023, Form of 0.450% Note due
2024, Form of 1.000% Note due 2026, Form of 1.650% Note due 2028, Form of 2.100% Note due 2031, Form of 2.875% Note due 2041, Form
of 3.100% Note due 2051, and Form of 3.250% Note due 2061 (incorporated by reference to the Company’s Current Report on Form 8-K, filed
May 12, 2021).
4.8 Officers’ Certificate of Amazon.com, Inc., dated as of December 1, 2022, containing Form of 4.700% Note due 2024, Form of 4.600% Note due
2025, Form of 4.550% Note due 2027, Form of 4.650% Note due 2029, and Form of 4.700% Note due 2032 (incorporated by reference to the
Company’s Current Report on Form 8-K, filed December 1, 2022).
4.9 Description of Securities (incorporated by reference to the Company’s Annual Report on Form 10-K for the Year ended December 31, 2019).
10.1† 1997 Stock Incentive Plan (amended and restated) (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the Quarter
ended June 30, 2022).


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ended June 30, 2022).
10.2† 1999 Nonofficer Employee Stock Option Plan (amended and restated) (incorporated by reference to the Company’s Quarterly Report on Form
10-Q for the Quarter ended June 30, 2022).
10.3† Form of Indemnification Agreement between Amazon.com, Inc. and each of its Directors (incorporated by reference to Exhibit 10.1 to the
Company’s Registration Statement on Form S-1 (Registration No. 333-23795) filed March 24, 1997, as amended on April 21, 1997).
10.4† Form of Restricted Stock Unit Agreement for Officers and Employees (incorporated by reference to the Company’s Annual Report on Form 10-
K for the Year ended December 31, 2002).
10.5† Form of Restricted Stock Unit Agreement for Directors (incorporated by reference to the Company’s Annual Report on Form 10-K for the Year
ended December 31, 2002).
10.6† Form of Restricted Stock Agreement (incorporated by reference to the Company’s Annual Report on Form 10-K for the Year ended December
31, 2001).
10.7† Form of Global Restricted Stock Unit Award Agreement for Executive Officers (incorporated by reference to the Company’s Annual Report on
Form 10-K for the Year ended December 31, 2021).
10.8 Amended and Restated Credit Agreement, dated as of March 29, 2022, among Amazon.com, Inc., JPMorgan Chase Bank, N.A., as
administrative agent, and the other lenders party thereto (incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the
Quarter ended March 31, 2022).
10.9 364-Day Revolving Credit Agreement, dated as of November 18, 2022, among Amazon.com, Inc., JPMorgan Chase Bank, N.A., as
administrative agent, and the other lenders party thereto (incorporated by reference to the Company’s Current Report on Form 8-K, filed
November 18, 2022).
10.10 Term Loan Agreement, dated as of January 3, 2023, among Amazon.com, Inc., Toronto Dominion (Texas) LLC, as administrative agent, and the


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other lenders party thereto (incorporated by reference to the Company’s Current Report on Form 8-K, filed January 3, 2023).
21.1 List of Significant Subsidiaries.
23.1 Consent of Independent Registered Public Accounting Firm.
31.1 Certification of Andrew R. Jassy, President and Chief Executive Officer of Amazon.com, Inc., pursuant to Rule 13a-14(a) under the Securities
Exchange Act of 1934.
31.2 Certification of Brian T. Olsavsky, Senior Vice President and Chief Financial Officer of Amazon.com, Inc., pursuant to Rule 13a-14(a) under the
Securities Exchange Act of 1934.
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32.1 Certification of Andrew R. Jassy, President and Chief Executive Officer of Amazon.com, Inc., pursuant to 18 U.S.C. Section 1350.
32.2 Certification of Brian T. Olsavsky, Senior Vice President and Chief Financial Officer of Amazon.com, Inc., pursuant to 18 U.S.C. Section 1350.
101 The following financial statements from the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, formatted in
Inline XBRL: (i) Consolidated Statements of Cash Flows, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of
Comprehensive Income (Loss), (iv) Consolidated Balance Sheets, (v) Consolidated Statements of Stockholders’ Equity, and (vi) Notes to
Consolidated Financial Statements, tagged as blocks of text and including detailed tags.
As permitted by Item 601(b)(4)(iii)(A) of Regulation S-K, the Company has not filed with this Annual Report on Form 10-K certain instruments
defining the rights of holders of long-term debt of the Company and its subsidiaries because the total amount of securities authorized thereunder
does not exceed 10 percent of the total assets of the Company and its subsidiaries on a consolidated basis. The Company agrees to furnish a
copy of such agreements to the Commission upon request.
104 The cover page from the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, formatted in Inline XBRL (included
as Exhibit 101).
__________________
†    Executive Compensation Plan or Agreement.
Item 16. Form 10-K Summary
None.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its
behalf by the undersigned, thereunto duly authorized, as of February 2, 2023.
 
AMAZON.COM, INC.
By: /s/ Andrew R. Jassy
Andrew R. Jassy
President and Chief Executive Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the
registrant and in the capacities indicated as of February 2, 2023.  
Signature Title
/s/ Andrew R. Jassy
Andrew R. Jassy President and Chief Executive Officer (Principal Executive Officer) and Director
/s/ Brian T. Olsavsky
Brian T. Olsavsky Senior Vice President and Chief Financial Officer (Principal Financial Officer)
/s/ Shelley L. Reynolds
Shelley L. Reynolds Vice President, Worldwide Controller (Principal Accounting Officer)
/s/ Jeffrey P. Bezos
Jeffrey P. Bezos Executive Chair
/s/ Keith B. Alexander
Keith B. Alexander Director
/s/ Edith W. Cooper
Edith W. Cooper Director
/s/ Jamie S. Gorelick
Jamie S. Gorelick Director
/s/ Daniel P. Huttenlocher
Daniel P. Huttenlocher Director
/s/ Judith A. McGrath
Judith A. McGrath Director
/s/ Indra K. Nooyi
Indra K. Nooyi Director
/s/ Jonathan J. Rubinstein
Jonathan J. Rubinstein Director
/s/ Patricia Q. Stonesifer
Patricia Q. Stonesifer Director
/s/ Wendell P. Weeks
Wendell P. Weeks Director
75


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Exhibit 21.1
AMAZON.COM, INC.
LIST OF SIGNIFICANT SUBSIDIARIES
Legal Name Jurisdiction Percent Owned
Amazon.com Services LLC Delaware 100 %
Amazon.com Sales, Inc. Delaware 100 %
Amazon Data Services, Inc. Delaware 100 %
Amazon Web Services, Inc. Delaware 100 %
Amazon Technologies, Inc. Nevada 100 %
Amazon.com NV Investment Holdings LLC Nevada 100 %
Amazon US Services LLC Delaware 100 %
A100 ROW, Inc. Delaware 100 %


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Exhibit 23.1
 
Consent of Independent Registered Public Accounting Firm
We consent to the incorporation by reference in the following Registration Statements:
(a)    Registration Statement (Form S-4 No. 333-55943), as amended, pertaining to the acquisition shelf-registration of Amazon.com, Inc. common stock,
(b)    Registration Statement (Form S-8 No. 333-28763), as amended, pertaining to the Amazon.com, Inc. 1997 Stock Incentive Plan (formerly the “1997
Stock Option Plan”) and the Amended and Restated 1994 Stock Option Plan of Amazon.com, Inc.,
(c)    Registration Statement (Form S-8 No. 333-74419) pertaining to the Amazon.com, Inc. 1999 Nonofficer Employee Stock Option Plan,
(d)    Registration Statement (Form S-8 POS No. 333-160831) pertaining to the Zappos.com, Inc. 2009 Stock Plan,
(e)    Registration Statement (Form S-8 No. 333-169470) pertaining to the Amazon.com, Inc. 1997 Stock Incentive Plan,
(f)    Registration Statement (Form S-8 No. 333-173054), pertaining to the Quidsi, Inc. (fka1800Diapers, Inc.) 2006 Stock Option/Stock Issuance Plan,
(g)    Registration Statement (Form S-8 No. 333-181073) pertaining to the Kiva Systems, Inc. 2003 Stock Plan, as amended,
(h)    Registration Statement (Form S-8 No. 333-199572) pertaining to the Twitch Interactive, Inc. Amended and Restated 2007 Stock Plan,
(i)    Registration Statement (Form S-8 No. 333-207591) pertaining to the Elemental Technologies, Inc. 2006 Stock Incentive Plan, as amended and
restated,
(j)    Registration Statement (Form S-3 No. 333-238831) pertaining to the shelf-registration of Amazon.com, Inc. securities, and
(k)    Registration Statement (Form S-8 No. 333-249847) pertaining to the Amazon.com, Inc. 1997 Stock Incentive Plan (as Amended and Restated).


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of our reports dated February 2, 2023, with respect to the consolidated financial statements of Amazon.com, Inc. and the effectiveness of internal control over
financial reporting of Amazon.com, Inc. included in this Annual Report (Form 10-K) of Amazon.com, Inc. for the year ended December 31, 2022.
/s/ Ernst & Young LLP
Seattle, Washington
February 2, 2023


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Exhibit 31.1
CERTIFICATIONS
I, Andrew R. Jassy, certify that:
1. I have reviewed this Form 10-K of Amazon.com, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the
registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent
fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect,
the registrant’s internal control over financial reporting; and


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the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the
registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control
over financial reporting.
 
/s/ Andrew R. Jassy
Andrew R. Jassy
President and Chief Executive Officer
(Principal Executive Officer)
Date: February 2, 2023


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Exhibit 31.2
CERTIFICATIONS
I, Brian T. Olsavsky, certify that:
1. I have reviewed this Form 10-K of Amazon.com, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the
registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent
fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect,
the registrant’s internal control over financial reporting; and


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the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the
registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control
over financial reporting.
 
/s/ Brian T. Olsavsky
Brian T. Olsavsky
Senior Vice President and
Chief Financial Officer
(Principal Financial Officer)
Date: February 2, 2023


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Exhibit 32.1
Certification Pursuant to 18 U.S.C. Section 1350
In connection with the Annual Report of Amazon.com, Inc. (the “Company”) on Form 10-K for the year ended December 31, 2022, as filed with the
Securities and Exchange Commission (the “SEC”) on or about the date hereof (the “Report”), I, Andrew R. Jassy, President and Chief Executive Officer of the
Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the
Company.
A signed original of this written statement has been provided to the Company and will be retained by the Company and furnished to the SEC or its staff
upon request.
/s/ Andrew R. Jassy
Andrew R. Jassy
President and Chief Executive Officer
(Principal Executive Officer)
Date: February 2, 2023


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Exhibit 32.2
Certification Pursuant to 18 U.S.C. Section 1350
In connection with the Annual Report of Amazon.com, Inc. (the “Company”) on Form 10-K for the year ended December 31, 2022, as filed with the
Securities and Exchange Commission (the “SEC”) on or about the date hereof (the “Report”), I, Brian T. Olsavsky, Senior Vice President and Chief Financial
Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the
Company.
A signed original of this written statement has been provided to the Company and will be retained by the Company and furnished to the SEC or its staff
upon request.
 
/s/ Brian T. Olsavsky
Brian T. Olsavsky
Senior Vice President and
Chief Financial Officer
(Principal Financial Officer)
Date: February 2, 2023


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________________
FORM 10-K  
___________________________________________
(Mark One)
☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2023  
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             .
Commission file number: 001-37580  
___________________________________________
Alphabet Inc.  
(Exact name of registrant as specified in its charter)
___________________________________________
Delaware 61-1767919
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
1600 Amphitheatre Parkway  
Mountain View , CA 94043  
(Address of principal executive offices, including zip code)
(650) 253-0000  
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Class A Common Stock, $0.001 par value GOOGL Nasdaq Stock Market LLC
(Nasdaq Global Select Market)
Class C Capital Stock, $0.001 par value GOOG Nasdaq Stock Market LLC
(Nasdaq Global Select Market)
Securities registered pursuant to Section 12(g) of the Act:
Title of each class
None
___________________________________________
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities 
Act.    Yes  ☒    No  ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the 
Act.    Yes  ☐   No  ☒
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


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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.


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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 has filed a report on and attestation to its management's assessment of the 
effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by 
the registered public accounting firm that prepared or issued its audit report. ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the 
registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based 
compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐ 
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 June 30, 2023 , the aggregate market value of shares held by non-affiliates of the registrant (based upon the closing sale 
prices of such shares on the Nasdaq Global Select Market on June 30, 2023 ) was approximately $1,331.2 billion . For purposes of 
calculating the aggregate market value of shares held by non-affiliates, we have assumed that all outstanding shares are held by 
non-affiliates, except for shares held by each of our executive officers, directors, and 5% or greater stockholders. In the case of 5% 
or greater stockholders, we have not deemed such stockholders to be affiliates unless there are facts and circumstances which 
would indicate that such stockholders exercise any control over our company, or unless they hold 10% or more of our outstanding


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common stock. These assumptions should not be deemed to constitute an admission that all executive officers, directors, and 5% or 
greater stockholders are, in fact, affiliates of our company, or that there are not other persons who may be deemed to be affiliates of 
our company. Further information concerning shareholdings of our officers, directors, and principal stockholders is included or 
incorporated by reference in Part III, Item 12 of this Annual Report on Form 10-K.
As of January 23, 2024 , there wer e 5,893 million  shares of Alphabet’s Class A stock outstanding, 869 million  shares of Alphabet’s 
Class B stock outstanding, and 5,671 million  shares of the Alphabet’s Class C stock outstanding.
___________________________________________
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the registrant’s Proxy Statement for the 2024  Annual Meeting of Stockholders are incorporated herein by reference in 
Part III of this Annual Report on Form 10-K to the extent stated herein. Such proxy statement will be filed with the Securities and 
Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2023 .


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Alphabet Inc.
Form 10-K
For the Fiscal Year Ended December 31, 2023  
TABLE OF CONTENTS
  Page
Note About Forward-Looking Statements 3
PART I
Item 1. Business 4
Item 1A. Risk Factors 11
Item 1B. Unresolved Staff Comments 24
Item 1C. Cybersecurity 24
Item 2. Properties 25
Item 3. Legal Proceedings 25
Item 4. Mine Safety Disclosures 25
PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases 
of Equity Securities25
Item 6. [Reserved] 28
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 29
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 45
Item 8. Financial Statements and Supplementary Data 47
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 88
Item 9A. Controls and Procedures 88
Item 9B. Other Information 89
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 89
PART III
Item 10. Directors, Executive Officers, and Corporate Governance 90
Item 11. Executive Compensation 90
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder 
Matters90
Item 13. Certain Relationships and Related Transactions, and Director Independence 90
Item 14. Principal Accountant Fees and Services 90
PART IV
Item 15. Exhibits, Financial Statement Schedules 91
Item 16. Form 10-K Summary 94
SignaturesTable of Contents Alphabet Inc.
2.


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Note About Forward-Looking Statements
This Annual Report on Form 10-K 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 ou r 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;


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•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 cha nges in regulatory 
conditions, laws, and public policies,  which could affect our business practices and financial results;Table of Contents Alphabet Inc.
3.


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•the expected timing, amount, and effect of Alphabet Inc.'s share repurchases;
•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 1 "Business;" Part I, Item 
1A "Risk Factors;" and Part II, Item 7 "Management’s Discussion and Analysis of Financial Condition and Results of 
Operations." 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 Annual Report on Form 10-K, including the risks discussed in Part I, Item 
1A "Risk Factors" and the trends discussed in Part II, Item 7 "Management's Discussion and Analysis of Financial 
Condition and Results of Operations," 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.
PART I
ITEM 1. BUSINESS
Overview


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PART I
ITEM 1. BUSINESS
Overview
As our founders Larry and Sergey wrote in the original founders' letter, "Google is not a conventional company. 
We do not intend to become one." That unconventional spirit has been a driving force throughout our history, inspiring 
us to tackle big problems and invest in moonshots . It led us to be a pioneer in the development of AI and, since 2016, 
an AI-first company. We continue this work under the leadership of Alphabet and Google CEO, Sundar Pichai.
Alphabet is a collection of businesses — the largest of which is Google. We report Google in two segments, 
Google Services  and Google Cloud, and all non-Google businesses collectively as Other Bets. Alphabet's structure is 
about helping each of our businesses prosper through strong leaders and independence. 
Access and Technology for Everyone
The Internet is one of the world’s most powerful equalizers; it propels ideas, people, and businesses large and 
small. Our mission to organize the world’s information and make it universally accessible and useful is as relevant 
today as it was when we were founded in 1998. Since then, we have evolved from a company that helps people find 
answers to a company that also helps people get things done. 
We are focused on building an even more helpful Google for everyone, and we aspire to give everyone the tools 
they need to increase their knowledge, health, happiness, and success. Google Search  helps people find information 
and make sense of the world in more natural and intuitive ways, with trillions of searches on Google every year. 
YouTube provides people with entertainment, information, and opportunities to learn something new. Google Assistant 
offers the best way to get things done seamlessly across different devices, providing intelligent help throughout a 
person's day, no matter where they are. Google Cloud helps customers solve today’s business challenges, improve 
productivity, reduce costs, and unlock new growth engines. We are continually innovating and building new products 
and features that will help our users, partners, customers, and communities and have invested more than $150 billion 
in research and development in the last five years in support of these efforts .
Making AI H elpful for Everyone
AI is a transformational technology that can bring meaningful and positive change to people and societies across


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the world, and for our business. At Google, we have been bringing AI into our products and services for more than a 
decade and making them available to our users. Our journey began in 2001, when machine learning was first 
incorporated into Google Search to suggest better spellings to users searching the web. Today, AI in our products is Table of Contents Alphabet Inc.
4.


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used by billions of people globally through features like autocomplete suggestions in Google Search; translation across 
133 languages in Google Translate; and organization, searching, and editing in Google Photos.
Large language models (LLMs) are an exciting aspect of our work in AI based on deep learning architectures, 
such as the Transformer, a neural network architecture that we introduced in 2017 that helped with language 
understanding. This led to the Bidirectional Encoder Representations from Transformers, or BERT, in 2019 that helped 
Search understand the intent of user search queries better than ever before.
Google was a company built in the cloud, and we continue to invest in our Google Cloud offerings, including 
Google Cloud Platform and Google Workspace, to help organizations stay at the forefront of AI innovation with our AI-
optimized infrastructure, mature AI platform and world-class models, and assistive agents.
We believe AI can solve some of the hardest societal, scientific and engineering challenges of our time. For 
example, in 2020, Google DeepMind’s AlphaFold system solved a 50-year-old protein folding challenge. Since then, 
we have open-sourced to the scientific community 200 million of AlphaFold’s protein structures which are used to work 
on everything from accelerating new malaria vaccines to advancing cancer drug discovery and developing plastic-
eating enzymes. As another example, AI can also have a transformative effect on climate progress by providing helpful 
information, predicting climate-related events, and optimizing climate action. Using advanced AI and geospatial 
analysis, Google Research has developed flood forecasting models that can provide early warning and real-time 
flooding information to communities and individuals. 
As AI continues to improve rapidly, we are focused on giving helpful features to our users and customers as we 
deliver on our mission to organize the world’s information and make it universally accessible and useful. With a bold 
and responsible approach, we continue to take the next steps to make this technology even more helpful for everyone.
Deliver the Most Advanced, Safe, and Responsible AI
We aim to build the most advanced, safe, and responsible AI with models that are developed, trained, and 
rigorously tested at scale powered by our continued investment in AI technical infrastructure. In December 2023, we 
launched Gemini, our most capable and general model. It was built from the ground up to be multimodal, which means


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it can generalize and seamlessly understand, operate across, and combine different types of information, including 
text, code, audio, images, and video. Our teams across Alphabet will leverage Gemini, as well as other AI models we 
have previously developed and announced, across our business to deliver the best product and service experience s 
for our use rs, advertisers, partners, customers, and developers.
We believe our approach to AI must be both bold and responsible. That means developing AI in a way that 
maximizes the positive benefits to society while addressing the challenges, guided by our AI P rinciples.  We published 
these in 2018, as one of the first companies to articulate principles that put beneficial use, users, safety, and avoidance 
of harms above business considerations. While there is natural tension between being bold and being responsible, we 
believe it is possible — and in fact critical — to embrace that tension productively.
Enable Organizations and Developers to Innovate on Google Cloud
AI is not only a powerful enabler, it is also a major platform shift. Globally, businesses from startups to large 
enterprises, and the public sector are thinking about how to drive transformation. That is why we are focused on 
making it easy and scalable for others to innovate, and grow, with AI. That means providing the most advanced 
computing infrastructure and expanding access to Google’s latest AI models that have been rigorously tested in our 
own products. Our Vertex AI platform gives developers the ability to train, tune, augment, and deploy applications using 
generative AI models and services such as Enterprise Search and Conversations. Duet AI for Google Cloud provides 
pre-packaged AI agents that assist developers to write, test, document, and operate software.
Improve Knowledge, Learning, Creativity, and Productivity
Things that we now consider routine – like spell check, mobile check deposit, or Google Search, Google 
Translate, and Google Maps – all use AI. As AI continues to improve rapidly, we are focused on giving helpful features 
to our users as we continue to deliver on our mission to organize the world’s information and make it universally 
accessible and useful.
While we have been integrating AI into our products for years, we are now embedding the power of generative AI 
to continue helping our users express themselves and get things done. For example, Duet AI in Google Workspace


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helps users write, organize, visualize, accelerate workflows, and have richer meetings. Bard allows users to 
collaborate with experimental AI with new features that include image capabilities, coding support, and app integration. 
Dream Screen, a new experimental feature in YouTube, allows for the creation of AI-generated video or image 
backgrounds to Shorts by typing an idea into a prompt.Table of Contents Alphabet Inc.
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We also know businesses of all sizes around the world rely on Google Ads to find customers and grow their 
businesses — and we make that even easier with AI. With Performance Max, advertisers simply tell us their campaign 
goals and share their creative assets, and AI will automatically produce and run a highly effective ad campaign across 
all of Google’s properties, to meet their budget. Product Studio brings the benefits of AI to businesses of all sizes, 
helping them easily create uniquely-tailored imagery featuring their products — for free. Additionally, we are 
experimenting with Search and Shopping ads that are directly integrated into the AI-powered snapshot and 
conversational mode in Search Generative Experience.
Build the Most Helpful Personal Computing Platforms and Devices
Over the years, our Pixel phones have incorporated AI compute directly into the device and built experiences on 
top of it. Our latest Pixel devices were built around AI, bringing the best AI-assistive experiences to our users, such as 
Best Take, Magic Editor, and Audio Magic Eraser. As we look ahead, we are designing our Android and Chrome 
operating systems with new AI-forward user experiences. 
Moonshots
Many companies get comfortable doing what they have always done, making only incremental changes. This 
incrementalism leads to irrelevance over time, especially in technology, where change tends to be revolutionary, not 
evolutionary. People thought we were crazy when we acquired YouTube and Android and when we launched Chrome, 
but those efforts have matured into major platforms for digital video and mobile devices and a safer, popular browser. 
Our early investments in AI started out as moonshots but are now incorporated into our core products and central to 
future developments. We continue to look toward the future and to invest for the long term , most notably for the 
application of AI to our  products and services , as well as other frontier technolog ies such as quantum computing . As 
we said in the original founders' letter, we will not shy away from high-risk, high-reward projects that we believe in, as 
they are the key to our long-term success.
Privacy and Security
We make it a priority to protect the privacy and security of our products, users, and customers, even if there are 
near-term financial consequences. We do this by continuously investing in building products that are secure by default;


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strictly upholding responsible data practices that emphasize privacy by design; and building easy-to-use settings that 
put people in control. We are continually enhancing these efforts over time, whether by enabling users to auto-delete 
their data, giving them tools, such as My Ad Center, to control their ad experience, or advancing anti-malware, anti-
phishing, and password security features.
Google
For reporting purposes Google comprises two segments: Google Services and Google Cloud.
Google Services
Serving Our Users
We have always been committed to building helpful products that can improve the lives of millions of people 
worldwide. Our product innovations are what make our services widely used, and our brand one of the most 
recognized in the world. Google Services' core products and platforms include  ads, Android, Chrome, devices, Gmail, 
Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube , with broad and growing adoption by 
users around the world.
Our products and services have come a long way since the company was founded more than 25 years ago. 
While Google Search started as a way to find web pages, organized into ten blue links, we have driven technical 
advancements and product innovations that have transformed Google Search into a dynamic, multimodal experience. 
We first expanded from traditional desktop browsers into mobile web search, making it easier to navigate on smaller 
screens. As new types of content surfaced on the internet, Universal Search made it possible to search multiple 
content types, like news, images, videos, and more, to deliver rich, relevant results. The introduction of new search 
modalities, like voice and visual search, made it easier for people to express their curiosity in natural and intuitive 
ways. We took that a step further with multisearch, which lets people search with text and images at the same time. 
Large language models like BERT and Multitask Unified Models, or MUMs, have made it possible to express more 
natural language queries, vastly improving the quality of results. Each advancement has made it easier and more 
natural for people to find what they are looking for.
This drive to make information more accessible and helpful has led us over the years to improve the discovery 
and creation of digital content both on the web and through platforms like Google Play and YouTube. People are


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reading books, and using apps. Working with content creators and partners, we continue to build new ways for people 
around the w orld to  create and find gr eat digital content.
Fueling all of these great digital experiences are extraordinary platforms and devices. That is why we continue to 
invest in platforms like our Android mobile operating system, Chrome browser, and Chrome operating system, as well 
as growing our family of devices. We see tremendous potential for devices to be helpful and make people's lives easier 
by combining the best of our AI, software, and hardware. This potential is reflected in our latest generation of devices, 
such as the new Pixel 8 and Pixel 8 Pro, and the Pixel Watch 2. Creating products and services that people rely on 
every day is a journey that we are investing in for the long-term.
How We Make Money
We have built world-class advertising technologies for advertisers, agencies, and publishers to power their digital 
marketing businesses. Our advertising solutions help millions of companies grow their businesses through our wide 
range of products across devices and formats, and we aim to ensure positive user experiences by serving the right ads 
at the right time and by building deep partnerships with brands and agencies. AI has been foundational to our 
advertising business for more than a decade. Products like Performance Max and Product Studio use the full power of 
our AI to help advertisers find untapped and incremental conversion opportunities.
Google Services generates revenues primarily by delivering both performance and brand advertising that appears 
on Google Search & other properties, YouTube, and Google Network partners' properties ("Google Network 
properties"). We continue to invest in both performance and brand advertising and seek to improve the measurability of 
advertising so advertisers understand the effectiveness of their campaigns.
•Performance advertising  creates and delivers relevant ads that users will click on leading to direct 
engagement with advertisers. Performance advertising lets our advertisers connect with users while driving 
measurable results. Our ads tools allow performance advertisers to create simple text-based ads.
•Brand advertising  helps enhance users' awareness of and affinity for advertisers' products and services, 
through videos, text, images, and other interactive ads that run across various devices. We help brand 
advertisers deliver digital videos and other types of ads to specific audiences for their brand-building marketing 
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campaigns. 
We have allocated substantial resources to stopping bad advertising practices and protecting users on the web. 
We focus on creating the best advertising experiences for our users and advertisers in many ways, including filtering 
out invalid traffic, removing billions of bad ads from our systems every year, and closely monitoring the sites, apps, and 
videos where ads appear and blocklisting them when necessary to ensure that ads do not fund bad content.
In addition, Google S ervices increasingly generates revenues from products and services beyond advertising, 
including:
•consumer subscriptions, which primarily include revenues from YouTube  services , such as YouTube TV, 
YouTube Music and Premium ,  and NFL Sunday Ticket, as well as Google One;
•platforms , which  primarily include  revenues from Google Play from the sales of apps and in-app purchases; 
and
•device s, which  primar ily include sales of the Pixel family of device s.
Google Cloud
Through our Google Cloud Platform and Google Workspace offerings, Google Cloud generates revenues 
primarily from consumption-based fees and subscriptions for infrastructure, platform, collaboration tools and other 
cloud services. Customers use five key capabilities from Google Cloud.
•AI-optimized Infrastructure:  provides open, reliable, and scalable compute, networking, and storage to 
enable customers to run workloads anywhere — on our Cloud, at the edge, or in their data centers. It can be 
used to migrate and modernize IT systems and to train and serve various types of AI models. 
•Cybersecurity:  helps customers detect, protect, and respond to a broad range of cybersecurity threats, with 
AI integrated to further strengthen  security outcomes, prioritize which threats to investigate, and identify attack 
paths, as well as accelerate resolution of cybersecurity threats. 
•Databases and Analytics:  provides a variety of different types of databases — relational, key-value, in-
memory — to store and manage data for different types of applications. Our Data Cloud also unifies data 
lakes, data warehouses, data governance, and advanced machine learning into a single platform that can 
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•Collaboration Tools:  Google Workspace and Duet AI in Google Workspace provide easy-to-use, secure 
communication and collaboration tools, including apps like Gmail, Docs, Drive, Calendar, Meet, and more. 
These tools enable secure hybrid and remote work, boosting productivity and collaboration. AI has been used 
in Google Workspace for years to improve grammar, efficiency, security, and more with features like Smart 
Reply, Smart Compose, and malware and phishing protection in Gmail.  Duet AI in Google Workspace helps 
users write, organize, visualize, accelerate workflows, and have richer meetings.
•AI Platform and Duet AI for Google Cloud:  Our Vertex AI platform gives developers the ability to train, tune, 
augment, and deploy applications using generative AI models and services such as Enterprise Search and 
Conversations. Duet AI for Google Cloud provides pre-packaged AI agents that assist developers to write, test, 
document, and operate software.
Other Bets
 Across Alphabet, we are also using technology to try to solve big problems that affect a wide variety of industries 
from improving transportation and health technology to exploring solutions to address climate change. Alphabet’s 
investment in the portfolio of Other Bets includes businesses that are at various stages of development, ranging from 
those in the R&D phase to those that are in the beginning stages of commercialization. Our goal is for them to become 
thriving, successful businesses. Other Bets operate as independent companies and some of them have their own 
boards with independent members and outside investors. While these early-stage businesses naturally come with 
considerable uncertainty, s ome of them are already generating revenue and making important strides in their 
industries.  Revenues from Other Bets are generated primarily from the sale of healthcare-related services and internet 
services.
Competition
Our business is characterized by rapid change as well as new and disruptive technologies. We face formidable 
competition in every aspect of our business, including, among others, from:
•general purpose search engines and information services;
•vertical search engines and e-commerce providers for queries related to travel, jobs, and health, which users 
may navigate directly to rather than go through Google;
•online advertising platforms and networks;
•other forms of advertising, such as billboards, magazines, newspapers, radio, and television as our advertisers


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typically advertise in multiple media, both online and offline;
•digital content and application platform providers;
•providers of enterprise cloud services;
•developers  and providers of AI products and services ;
•companies that design, manufacture, and market consumer hardware products, including businesses that 
have developed proprietary platforms;
•providers of digital video services; 
•social networks, which users may rely on for product or service referrals, rather than seeking information 
through traditional search engines;
•providers of workspace communication and connectivity products; and 
•digital assistant providers .
Competing successfully depends heavily on our ability to develop and distribute innovative products and 
technologies to the marketplace across our businesses. For example, for advertising, competing successfully depends 
on attracting and retaining:
•users, for whom other products and services are literally one click away, largely on the basis of the relevance 
of our advertising, as well as the general usefulness, security, and availability of our products and services;
•advertisers, primarily based on our ability to generate sales leads, and ultimately customers, and to deliver 
their advertisements in an efficient and effective manner across a variety of distribution channels; and
•content providers, primarily based on the quality of our advertiser base, our ability to help these partners 
generate revenues from advertising, and the terms of our agreements with them.Table of Contents Alphabet Inc.
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For additional information about competition, see Item 1A Risk Factors of this Annual Report on Form 10-K. 
Ongoing Commitment to Sustainability
We believe that every business has the opportunity and obligation to protect our planet. Sustainability is one of 
our core values at Google, and we strive to build sustainability into everything we do. We have been a leader on 
sustainability and climate change since Google’s founding more than 25 years ago. 
Our sustainability work is focused on empowering individuals to take action, working together with our partners 
and customers, and working to reduce  our carbon footprint across our operations and supply chain .
In 2020, we shared our aspiration to help individuals, cities, and other partners collectively reduce one gigaton of 
their carbon equivalent emissions annually by 2030. This is an ambitious vision that we have set to push us to 
contribute meaningfully to helping with climate solutions beyond our own operations and value chain.  
In 2021, we set an ambitious goal to achieve net-zero emissions across all of our operations and value chain, by 
2030. To accomplish this, we aim to reduce 50% of our combined Scope 1, Scope 2 (market-based), and Scope 3 
absolute emissions (versus our 2019 baseline) before 2030, and plan to invest in nature-based and technology-based 
carbon removal solutions to neutralize our remaining emissions. We have formally committed to the Science Based 
Targets initiative to seek their validation of our absolute emissions reduction  target. 
One of the key levers for reducing emissions from our operations is transitioning to clean energy.  Since 2017, we 
have matched 100% of the electricity consumption of our global operations with purchases of renewable energy on an 
annual basis. However, because of differences in the availability of renewable energy sources like solar and wind 
across the regions where we operate—and because of the variable supply of these resources—we still need to rely on 
carbon-emitting energy sources that power local grids. That is why we set a goal to run on 24/7 carbon-free energy 
(CFE) on every grid where we operate by 2030.
Achieving net-zero emissions and 24/7 CFE by 2030 are extremely ambitious goals. We also know that our path


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to net-zero emissions w ill not be easy or linear. Some of our plans may take years to deliver results, particularly where 
they involve building new large-scale infrastructure with long lead times. So as our business continues to evolve, we 
expect our emissions to rise before dropping towards our absolute emissions reduction target.
To benefit the people and places where we operate, we have set goals to replenish 120% of the freshwater 
volume we consume, on average, across our offices and data centers by 2030 and to help restore and improve the 
quality of water and health of ecosystems in the communities where we operate. 
We also aim to maximize the reuse of finite resources across our operations, products, and supply chains.  Our 
circularity principles focus on designing out waste from the start, keeping materials in use for as long as possible, and 
promoting healthy materials—for our data centers, workplaces, and products.
More information on our approach to sustainability can be found in our annual sustainability reports, including 
Google’s Environmental Report. The contents of our sustainability reports are not incorporated by reference into this 
Annual Report on Form 10-K or in any other report or document we file with the SEC. For additional information about 
risks and uncertainties applicable to our commitments to attain certain sustainability goals, see Item 1A Risk Factors of 
this Annual Report on Form 10-K.
Culture and Workforce
We are a company of curious, talented, and passionate people. We embrace collaboration and creativity, and 
encourage the iteration of ideas to address complex challenges in technology and society.
Our people are critical for our continued success, so we work hard to create an environment where employees 
can have fulfilling careers, and be happy, healthy, and productive. We offer industry-leading benefits and programs to 
take care of the diverse needs of our employees and their families, including opportunities for career growth and 
development, resources to support their financial health, and access to excellent healthcare choices. Our competitive 
compensation programs help us to attract and retain top candidates, and we will continue to invest in recruiting 
talented people to technical and non-technical roles, and rewarding them well. We provide a variety of high quality 
training and support to managers to build and strengthen their capabilities-–ranging from courses for new managers, to


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learning resources that help them provide feedback and manage performance, to coaching and individual support.
At Alphabet, we are committed to making diversity, equity, and inclusion part of everything we do and to growing a 
workforce that is representative of the users we serve. More information on Google’s approach to diversity can be 
found in our annual diversity reports, available publicly at diversity.google. The contents of our diversity reports are not 
incorporated by reference into this Annual Report on Form 10-K or in any other report or document we file with the 
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As of December 31, 2023 , Alphabet had 182,502  employees. We have work councils and statutory employee 
representation obligations in certain countries, and we are committed to supporting protected labor rights, maintaining 
an open culture, and listening to all employees. Supporting healthy and open dialogue is central to how we work, and 
we communicate information about the company through multiple internal channels to our employees.
When necessary we contract with businesses around the world to provide specialized services where we do not 
have appropriate in-house expertise or resources, often in fields that require specialized training like cafe operations, 
content moderation, customer support, and physical security. We also contract with temporary staffing agencies when 
we need to cover short-term leaves, when we have spikes in business needs, or when we need to quickly incubate 
special projects. We choose our partners and staffing agencies carefully, and review their compliance with Google’s 
Supplier Code of Conduct. We continually make improvements to promote a respectful and positive working 
environment for everyone — employees, vendors, and temporary staff alike.
Government Regulation
We are subject to numerous United States (U.S.) federal, state, and local, as well as foreign laws and regulations 
covering a wide variety of subjects, and the scope of this coverage continues to broaden with continuing new legal and 
regulatory developments in the U.S. and internationally. Like other companies in the technology industry, we face 
increasingly heightened scrutiny from both U.S. and foreign governments with respect to our compliance with laws and 
regulations. Many of these laws and regulations are evolving and their applicability and scope, as interpreted by the 
courts, remain uncertain. Particularly  with regard to AI; climate change and sustainability; competition; consumer 
protection; content moderation; data privacy and security;  news publications; and reporting on human capital and 
diversity , we have seen an increase in new and evolving laws and regulations, as well as related enforcement actions 
and investigations, being proposed and implemented in recent years by legislative and regulatory bodies around the 
world.
Our compliance with these laws and regulations may be onerous and could, individually or in the aggregate, 
increase our cost of doing business, make our products and services less useful, limit our ability to pursue certain 
business models, cause us to change our business practices, affect our competitive position relative to our peers, and/


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or otherwise harm our business, reputation, financial condition, and operating results.
For additional information about government regulation applicable to our business, see Item 1A Risk Factors; 
Trends in Our Business and Financial Effect in Part II, Item 7; and Legal Matters in Note 10  of the Notes to 
Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K.
Intellectual Property
We rely on various intellectual property laws, confidentiality procedures and contractual provisions to protect our 
proprietary technology and our brand. We have registered, and applied for the registration of, U.S. and international 
trademarks, service marks, domain names, and copyrights. We have also filed patent applications in the U.S. and 
foreign countries covering certain of our technology, and acquired patent assets to supplement our portfolio. We have 
licensed in the past, and expect that we may license in the future, certain of our rights to other parties. For additional 
information, see Item 1A Risk Factors of this Annual Report on Form 10-K.
Available Information
Our website is located at www.abc.xyz, and our investor relations website is located at www.abc.xyz/investor. 
Access to our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and our 
Proxy Statements, and any amendments to these reports, is available on our investor relations website, free of charge, 
after we file or furnish them with the SEC and they are available on the SEC's website at www.sec.gov.
We webcast via our investor relations website our earnings calls and certain events we participate in or host with 
members of the investment community. Our investor relations website also provides notifications of news or 
announcements regarding our financial performance and other items that may be material or of interest to our 
investors, including SEC filings, investor events, press and earnings releases, and blogs. We also share Google news 
and product updates on Google's Keyword blog at https://www.blog.google/, which may be of interest or material to our 
investors. Further, corporate governance information, including our certificate of incorporation, bylaws, governance 
guidelines, board committee charters, and code of conduct, is also available on our investor relations website under


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the heading "Governance." The content of our websites are not incorporated by reference into this Annual Report on 
Form 10-K or in any other report or document we file with the SEC, and any references to our websites are intended to 
be inactive textual references only.Table of Contents Alphabet Inc.
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ITEM 1A. RISK FACTORS
Our operations and financial results are subject to various risks and uncertainties, including but not limited to 
those described below, which could harm our business, reputation, financial condition, and operating results, and affect 
the trading price of our Class A and Class C stock.
Risks Specific to our Company
We generate a significant portion of our revenues from advertising. Reduced spending by advertisers, a 
loss of partners, or new and existing technologies that block ads online and/or affect our ability to customize 
ads could harm our business. 
We generated more than 75% of total  revenues from online advertising in 2023. Many of our advertisers, 
companies that distribute our products and services, digital publishers, and content providers can terminate their 
contracts with us at any time. These partners may not continue to do business with us if we do not create more value 
(such as increased numbers of users or customers, new sales leads, increased brand awareness, or more effective 
monetization) than their available alternatives. Changes to our advertising policies and data privacy practice s, such as 
our initiatives to phase out third-party cookies,  as well as changes to other companies’ advertising and/or data privacy 
practices have in the past, and may in the future, affect the advertising that we are able to provide. In addition, 
technologies have been developed that make customized ads more difficult, or that block the display of ads altogether, 
and some providers of online services have integrated these technologies that could potentially impair the availability 
and functionality of third-party digital advertising. Failing to provide superior value or deliver advertisements effectively 
and competitively could harm our business, reputation, financial condition, and operating results. 
In addition, expenditures by advertisers tend to correlate with overall economic conditions. Adverse 
macroeconomic conditions have affected, and may in the future affect, the demand for advertising, resulting in 
fluctuations in the amounts our advertisers spend on advertising, which could harm our financial condition and 
operating results. 
We face intense competition. If we do not continue to innovate and provide products and services that 
are useful to users, customers, and other partners, we may not remain competitive, which could harm our 
business, financial condition, and operating results. 
Our business environment is rapidly evolving and intensely competitive. Our businesses face changing


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Our business environment is rapidly evolving and intensely competitive. Our businesses face changing 
technologies, shifting user needs, and frequent introductions of rival products and services. To compete successfully, 
we must accurately anticipate technology developments and deliver innovative, relevant and useful products, services, 
and technologies in a timely manner. As our businesses evolve, the competitive pressure to innovate will encompass a 
wider range of products and services. We must continue to invest significant resources in technical infrastructure and 
R&D, including through acquisitions, in order to enhance our technology, products , and services . 
We have many competitors in different industries. Our current and potential domestic and international 
competitors range from large and established companies to emerging start-ups. Some competitors have longer 
operating histories and well-established relationships in various sectors. They can use their experience and resources 
in ways that could affect our competitive position, including by making acquisitions  and entering into other strategic 
arrangements ; continuing to invest heavily in technical infrastructure, R&D, and in talent;  initiating intellectual property 
and competition claims (whether or not meritorious); and continuing to compete for users, advertisers, customers, and 
content providers. Further, discrepancies in enforcement of existing laws may enable our lesser known competitors to 
aggressively interpret those laws without commensurate scrutiny, thereby affording them competitive advantages. Our 
competitors may also be able to innovate and provide products and services faster than we can or may foresee the 
need for products and services before we do. 
We are expanding our investment in AI across the entire company . This includes generative AI and continuing to 
integrate AI capabilities into our products and services. AI technology and services are highly competitive, rapidly 
evolving, and require significant investment, including development and operational costs, to meet the changing needs 
and expectations of our existing users and attract new users. Our ability to deploy certain AI technologies critical for 
our products and services and for our business strategy may depend on the availability and pricing of third-party 
equipment and technical infrastructure. Additionally, other companies may develop AI products and technologies that 
are similar or superior to our technologies or more cost-effective to deploy. Other companies may also have (or in the 
future may obtain) patents or other proprietary rights that would prevent, limit, or interfere with our ability to make, use, 
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or sell our own AI products and services.
Our financial condition and operating results may also suffer if our products and services are not responsive to the 
evolving needs and desires of our users, advertisers, publishers, customers, and content providers. As new and 
existing technologies continue to develop, competitors and new entrants may be able to offer experiences that are, or Table of Contents Alphabet Inc.
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that are seen to be, substantially similar to or better than ours. These technologies could reduce usage of our products 
and services, and force us to compete in different ways and expend significant resources to develop and operate equal 
or better products and services. Competitors’ success in providing compelling products and services or in attracting 
and retaining users, advertisers, publishers, customers, and content providers could harm our financial condition and 
operating results. 
Our ongoing investment in new businesses, products, services, and technologies  is inherently risky, and 
could divert management attention and harm our business, financial condition, and operating results. 
We have invested and expect to continue to invest in new businesses, products, services,  and technologies in a 
wide range of industries beyond online advertising. The investments that we are making across our businesses, such 
as building AI capabilities into new and existing products and services , reflect our ongoing efforts to innovate and 
provide products and services that are helpful to users, advertisers, publishers, customers, and content providers . Our 
investments ultimately  may not be commercially viable or may not result in an adequate return of capital and, in 
pursuing new strategies, we may incur unanticipated liabilities. Innovations in our products and services could also 
result in changes to user behavior and affect our revenue trends. These endeavors involve significant risks and 
uncertainties, including diversion of resources and management attention from current operations, different 
monetization models, and the use of alternative investment, governance, or compensation structures that may fail to 
adequately align incentives across the company or otherwise accomplish their objectives.
Within Google Services , we continue to invest heavily in devices , including our smartphones, home devices,  and 
wearables, which is a highly competitive market  with frequent introduction of new products and services, rapid 
adoption of technological advancements by competitors, increased market saturation in developed countries, short 
product life cycles, evolving industry standards, continual improvement in performance characteristics, and price and 
feature sensitivity on the part of consumers and businesses.  There can be no assurance we will be able to provide 
devices  that compete  effectively. 
Within Google Cloud , we devote significant resources to develop and deploy our enterprise-ready cloud services, 
including Google Cloud Platform and Google Workspace, and we are advancing our AI platforms and models to


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support these tools and technologies. We are incurring costs to build and maintain infrastructure to support cloud 
computing services, invest in cybersecurity, and hire talent, particularly to support and scale our sales force. At the 
same time, our competitors are rapidly developing and deploying cloud-based services. Pricing and delivery models 
are competitive and constantly evolving, and we may not attain sufficient scale and profitability to achieve our business 
objectives. Further, our business with public sector customers may present additional risks, including regulatory 
compliance risks. For instance, we may be subject to government audits and cost reviews, and any failure to comply or 
any deficiencies found may expose us to legal, financial, and/or reputational risks. Evolving laws and regulations may 
require us to make new capital investments, build new products, and seek partners to deliver localized services in 
other countries, and we may not be able to meet sovereign operating requirements. 
Within Other Bets, we are investing significantly in the areas of health, life sciences, and transportation, among 
others. These investment areas face intense competition from large, experienced, and well-funded competitors, and 
our offerings, many of which involve the development of new and emerging technologies, may not be successful, or be 
able to compete effectively or operate at sufficient levels of profitability. 
In addition, new and evolving products and services, including those that use AI, raise ethical, technological, 
legal, regulatory, and other challenges, which may negatively affect our brands and demand for our products and 
services. Because all of these investment areas are inherently risky, no assurance can be given that such strategies 
and offerings will be successful or will not harm our reputation, financial condition, and operating results. 
Our revenue growth rate could decline over time , and we may experience  downward pressure on our 
operating margin in the future. 
Our revenue growth rate  could decline over time as a result of a number of factors, including changes in the 
devices and modalities used to access our products and services; changes in geographic mix; deceleration or declines 
in advertiser spending; competition; customer usage and demand for our products; decreases in our pricing of our 
products and services; ongoing product and policy changes; and shifts to lower priced products and services.  
In addition, we may experience downward pressure on our operating margin resulting from a variety of factors,


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such as an increase in the mix of lower-margin products and services, in particular from the continued expansion of our 
business into new fields, including products and services such as our devices , Google Cloud, and consumer  
subscription products, as well as significant investments in Other Bets, all of which may have margins lower than those 
we generate from advertising. In particular, margins on our device s have had, and may continue to have, an adverse 
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downward pressure on our operating margins from increasing regulations, increasing competition, and increasing costs 
for many aspects of our business. Further, certain of our costs and expenses are generally less variable in nature and 
may not correlate to changes in revenue. W e may  also not be able to execute our efforts to re-engineer our cost base 
successfully or in a timely manner. Due to these factors and the evolving nature of our business, our historical revenue 
growth rate and historical operating margin may not be indicative of our future performance. For additional information, 
see Trends in Our Business and Financial Effect and Revenues and Monetization Metrics in Part II, Item 7 of this 
Annual Report on Form 10-K. 
Our intellectual property rights are valuable, and any inability to protect them could reduce the value of 
our products, services, and brands as well as affect our ability to compete. 
Our patents, trademarks, trade secrets, copyrights, and other intellectual property rights are important assets for 
us. Various events outside of our control pose a threat to our intellectual property rights, as well as to our products, 
services, and technologies. For example, effective intellectual property protection may not be available in every country 
in which our products and services are distributed or made available through the Internet. Also, the efforts we have 
taken to protect our proprietary rights may not be sufficient or effective. Although we seek to obtain patent protection 
for our innovations, it is possible we may not be able to protect some of these innovations. Moreover, we may not have 
adequate patent or copyright protection for certain innovations that later turn out to be important. There is always the 
possibility that the scope of the protection gained will be insufficient or that an issued patent may be deemed invalid or 
unenforceable. 
We also seek to maintain certain intellectual property as trade secrets. The secrecy of such trade secrets and 
other sensitive information could be compromised, which could cause us to lose the competitive advantage resulting 
from these trade secrets. We also face risks associated with our trademarks. For example, there is a risk that the word 
“Google” could become so commonly used that it becomes synonymous with the word “search.” Some courts have 
ruled that "Google" is a protectable trademark, but it is possible that other courts, particularly those outside of the U.S.,


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may reach a different determination. If this happens, we could lose protection for this trademark, which could result in 
other people using the word “Google” to refer to their own products, thus diminishing our brand. 
Any significant impairment of our intellectual property rights could harm our business and our ability to compete. 
Also, protecting our intellectual property rights is costly and time consuming. Any increase in the unauthorized use of 
our intellectual property could make it more expensive to do business and harm our financial condition and operating 
results. 
Our business depends on strong brands, and failing to maintain and enhance our brands would hurt our 
ability to expand our base of users, advertisers, customers, content providers, and other partners. 
Our strong brands have significantly contributed to the success of our business. Maintaining and enhancing the 
brands within Google Service s, Google Cloud, and Other Bets increases our ability to enter new categories and launch 
new and innovative products and services that better serve the needs of our users, advertisers, customers, content 
providers, and other partners. Our brands have been, and may in the future be, negatively affected by a number of 
factors, including, among others, reputational issues, third-party content shared on our platforms, data privacy and 
security issues and developments, and product or technical performance failures.  For example, if we fail to respond 
appropriately to the sharing of misinformation or objectionable content on our services and/or products or objectionable 
practices by advertisers, or otherwise to adequately address user concerns, our users may lose confidence in our 
brands. 
Furthermore, failure to maintain and enhance our brands could harm our business, reputation, financial condition, 
and operating results. Our success will depend largely on our ability to remain a technology leader and continue to 
provide high-quality, trustworthy, innovative products and services that are truly useful and play a valuable role in a 
range of settings. 
We face a number of manufacturing and supply chain risks that could harm our business, financial 
condition, and operating results. 
We face a number of risks related to manufacturing and supply chain management, which could affect our ability 
to supply both our products and our services. 
We rely on contract manufacturers to manufacture or assemble our device s and servers and networking 
equipment used in our technical infrastructure, and we may supply the contract manufacturers with components to


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assemble t he device s and equipment. We also rely on other companies to participate in the  supply of components and  
distribution of our products and services. Our business could be negatively affected if we are not able to engage these 
companies with the necessary capabilities or capacity on reasonable terms, or if those we engage fail to meet their Table of Contents Alphabet Inc.
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obligations (whether due to financial difficulties or other reasons), or make adverse changes in the pricing or other 
material terms of our arrangements with them. 
We have experienced and/or may in the future experience supply shortages, price increases, quality issues, and/
or longer lead times that could negatively affect our operations, driven by raw material, component availability, 
manufacturing capacity, labor shortages, industry allocations, logistics capacity, inflation, foreign currency exchange 
rates, tariffs, sanctions and export controls, trade disputes and barriers, forced labor concerns, sustainability sourcing 
requirements, geopolitical tensions, armed conflicts, natural disasters or pandemics, the effects of climate change 
(such as sea level rise, drought, flooding, heat waves, wildfires and resultant air quality effects and power shutdowns  
associated with wildfire prevention, and increased storm severity), power loss, and significant changes in the financial 
or business condition of our suppliers. Some of the components we use in our technical infrastructure and our device s 
are available from only one or limited sources, and we may not be able to find replacement vendors on favorable terms 
in the event of a supply chain disruption. A significant supply interruption that affects us or our vendors could delay 
critical data center upgrades or expansions and delay consumer product availability . 
We may enter into long-term contracts for materials and products that commit us to significant terms and 
conditions. We may face costs for materials and products that are not consumed due to market demand, technological 
change, changed consumer preferences, quality, product recalls, and warranty issues. For instance, because certain of 
our hardware  supply contracts have volume-based pricing or minimum purchase requirements, if the volume of sales 
of our devices decreases or does not reach projected targets, we could face increased materials and manufacturing 
costs or other financial liabilities that could make our products more costly per unit to manufacture and harm our 
financial condition and operating results. Furthermore, certain of our competitors may negotiate more favorable 
contractual terms based on volume and other commitments that may provide them with competitive advantages and 
may affect our supply. 
Our device s have had, and in the future may have, quality issues resulting from design, manufacturing, or 
operations. Sometimes, these issues may be caused by components we purchase from other manufacturers or 
suppliers. If the quality of our products and services does not meet expectations or our products or services are


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defective or require a recall, it could harm our reputation, financial condition, and operating results.  
We require our suppliers and business partners to comply with laws and, where applicable, our company policies 
and practices, such as the Google Supplier Code of Conduct, regarding workplace and employment practices, data 
security, environmental compliance, and intellectual property licensing, but we do not control them or their practices. 
Violations of law or unethical business practices could result in supply chain disruptions, canceled orders, harm to key 
relationships, and damage to our reputation. Their failure to procure necessary license rights to intellectual property 
could affect our ability to sell our products or services and expose us to litigation or financial claims. 
Interruption to, interference with, or failure of our complex information technology and communications 
systems could hurt our ability to effectively provide our products and services, which could harm  our 
reputation, financial condition, and operating results. 
The availability of our products and services and fulfillment of our customer contracts depend on the continuing 
operation of our information technology and communications systems. Our systems are vulnerable to damage, 
interference, or interruption from modifications or upgrades, terrorist attacks, state-sponsored attacks, natural disasters 
or pandemics, geopolitical tensions or armed conflicts, export controls and sanctions, the effects of climate change 
(such as sea level rise, drought, flooding, heat waves, wildfires and resultant air quality effects and power shutdowns  
associated with wildfire prevention, and increased storm severity), power loss, utility outages, telecommunications 
failures, computer viruses, software bugs, ransomware attacks, supply-chain attacks, computer denial of service 
attacks, phishing schemes, or other attempts to harm or access our systems. Some of our data centers are located in 
areas with a high risk of major earthquakes or other natural disasters. Our data centers are also subject to break-ins, 
sabotage, and intentional acts of vandalism, and, in some cases, to potential disruptions resulting from problems 
experienced by facility operators or disruptions as a result of geopolitical tensions and conflicts happening in the area. 
Some of our systems are not fully redundant, and disaster recovery planning cannot account for all eventualities. The 
occurrence of a natural disaster or pandemic, closure of a facility, or other unanticipated problems affecting our data


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centers could result in lengthy interruptions in our service. In addition, our products and services are highly technical 
and complex and have contained in the past, and may contain in the future, errors or vulnerabilities, which could result 
in interruptions in or failure of our services or systems. Any of these incidents could impede or prevent us from 
effectively offering products and providing services, which could harm our reputation, financial condition, and operating 
results. 
Our international operations expose us to additional risks that could harm our business, financial 
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Our international operations are significant to our revenues and net income, and we plan to continue to grow 
internationally. International revenues accounted for approximately 53% of our consolidated revenues in 2023. In 
addition to risks described elsewhere in this section, our international operations expose us to other risks, including the 
following:
•restrictions on foreign ownership and investments, and stringent foreign exchange controls that might prevent 
us from repatriating cash earned in countries outside the U.S.;
•sanctions, import and export controls, other market access barriers, political unrest, geopolitical tensions, 
changes in regimes, or armed conflict (such as ongoing conflicts in the Middle East and Ukraine), any of which 
may affect our business continuity, increase our operating costs, limit demand for our products and services, 
limit our ability to source components or final products, or prevent or impede us from  operating in certain 
jurisdictions , complying with local laws, or offering products or services;
•longer payment cycles in some countries, increased credit risk, and higher levels of payment fraud;
•an evolving foreign policy landscape that may adversely affect our revenues and could subject us to litigation, 
new regulatory costs and challenges (including new customer requirements), uncertainty regarding regulatory 
outcomes, and other liabilities under local laws that may not offer due process or clear legal precedent;
•anti-corruption laws, such as the U.S. Foreign Corrupt Practices Act, and other local laws prohibiting certain 
payments to government officials, violations of which could result in civil and criminal penalties; and
•different employee/employer relationships, existence of works councils and differing labor practices, and other 
challenges caused by distance, language, local expertise, and cultural differences, increasing the complexity 
of doing business in multiple jurisdictions.
Because we conduct business in currencies other than U.S. dollars but report our financial results in U.S. dollars, 
we have faced, and will continue to face, exposure to fluctuations in foreign currency exchange rates. Although we 
hedge a portion of our international currency exposure, significant fluctuations in exchange rates between the U.S. 
dollar and foreign currencies  have in the past and may in the future adversely affect our revenues and earnings. 
Hedging programs are also inherently risky and could expose us to additional risks that could harm our financial 
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condition and operating results. 
We are exposed to fluctuations in the fair values of our investments and, in some instances, our financial 
statements incorporate inherently subjective valuation methodologies. 
The fair value of our debt and equity investments may in the future be, and certain investments have been in the 
past, negatively affected by liquidity, credit deterioration or losses, performance and financial results of the underlying 
entities, foreign exchange rates, changes in interest rates, including changes that may result from the implementation 
of new benchmark rates, the effect of new or changing regulations, the stock market in general, or other factors. 
We measure certain of our non-marketable equity and debt securities, certain other instruments including stock-
based compensation awards settled in the stock of  Other Bet  companies, and certain assets and liabilities acquired in 
a business combination, at fair value on a nonrecurring basis, which is inherently subjective and requires management 
judgment and estimation. All gains and losses on non-marketable equity securities are recognized in OI&E, which 
increases the volatility of our OI&E. The unrealized gains and losse s or impairments we record from fair value 
remeasurements in any particular period may differ significantly from the gains or losses we ultimately realize on such 
investments.  
As a res ult of these factors, the value of our investments could decline, which could harm our financial condition 
and operating results. 
Risks Related to our Industry 
People access our products and services through a variety of platforms and devices that continue to 
evolve with the advancement of technology and user preferences. If manufacturers and users do not widely 
adopt versions of our products and services developed for these interfaces, our business could be harmed. 
People access our products and services through a growing variety of devices such as desktop computers, 
mobile phones, smartphones, laptops and tablets, video game consoles, voice-activated speakers, wearables 
(including virtual reality and augmented reality devices), automobiles, and television-streaming devices. Our products 
and services may be less popular on some interfaces. Each manufacturer or distributor may establish unique technical 
standards for its devices, and our products and services may not be available or may only be available with limited 
functionality for our users or our advertisers on these devices as a result. Some manufacturers may also elect not to


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include our products on their devices. In addition, search queries may be undertaken via voice-activated search, apps, Table of Contents Alphabet Inc.
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social media or other platforms, which could harm our business. It is hard to predict the challenges we may encounter 
in adapting our products and services and developing competitive new products and services. We expect to continue 
to devote significant resources to creating and supporting products and services across multiple platforms and devices. 
Failing to attract and retain a substantial number of new device manufacturers, suppliers, distributors, developers, and 
users, or failing to develop products and technologies that work well on new devices and platforms, could harm our 
business, financial condition, and operating results and ability to capture future business opportunities. 
Issues in the development and use of AI may result in reputational harm and increased liability exposure. 
Our evolving AI-related efforts may give rise to risks related to harmful content, inaccuracies, discrimination, 
intellectual property infringement or misappropriation, defamation, data privacy, cybersecurity, and other issues . As a 
result of these and other challenges associated with innovative technologies, our implementation of AI systems could 
subject us to competitive harm, regulatory action, legal liability (including under new and proposed legislation and 
regulations), new applications of existing data protection, privacy, intellectual property, and other laws, and brand or 
reputational harm. 
Some uses of AI will present ethical issues and may have broad effects on society. In order to implement A I 
responsibly and minimize unintended harmful effects, we have already devoted and will continue to invest significant  
resources to develop, test, and maintain our products and services, but we may not be able to identify or resolve all AI-
related issues, deficiencies, and/or failures before they arise. Unintended consequences, uses, or customization of our 
AI tools and systems may negatively affect human rights, privacy, employment, or other social concerns, which may 
result in claims, lawsuits, brand or reputational harm, and increased regulatory scrutiny, any of which could harm our 
business, financial condition, and operating results.
Data privacy  and security concerns relating to our technology and our practices could harm our 
reputation, cause us to incur significant liability, and deter current and potential users or customers from 
using our products and services. Computer viruses, software bugs or defects, security breaches, and attacks 
on our systems could result in the improper disclosure and use of user data and interference with our users’


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and customers’ ability to use our products and services, harming our business and reputation. 
Concerns about, including the adequacy of, our practices with regard to the collection, use, governance, 
disclosure, or security of personal data or other data-privacy-related matters, even if unfounded, could harm our 
business, reputation, financial condition, and operating results. Our policies and practices may change over time as 
expectations and regulations regarding privacy and data change. 
Our products and services involve the storage, handling, and transmission of proprietary and other sensitive 
information. Software bugs, theft, misuse, defects, vulnerabilities in our products and services, and security breaches 
expose us to a risk of loss or improper use and disclosure of such information, which could result in litigation and other 
potential liabilities, including regulatory fines and penalties, as well as reputational harm. Additionally, our products 
incorporate highly technical and complex technologies, and thus our technologies and software have contained, and 
are likely in the future to contain, undetected errors, bugs, and/or vulnerabilities. We continue to add new features 
involving AI to our offerings and internal systems, and features that rely on AI may be susceptible to unanticipated 
security threats as our and the market’s understanding of AI-centric security risks and protection methods continue to 
develop. We have in the past discovered, and may in the future discover, some errors in our software code only after 
we have released the code. Systems and control failures, security breaches, failure to comply with our privacy policies, 
and/or inadvertent disclosure of user data could result in government and legal exposure, seriously harm our 
reputation, brand, and business, and impair our ability to attract and retain users or customers. Such incidents have 
occurred in the past and may continue to occur due to the scale and nature of our products and services. While there 
is no guarantee that such incidents will not cause significant damage, we expect to continue to expend significant 
resources to maintain security protections that limit the effect of bugs, theft, misuse, and security vulnerabilities or 
breaches. 
We experience cyber attacks and other attempts to gain unauthorized access to our systems on a regular basis. 
Cyber attacks continue to evolve in sophistication and volume, and inherently may be difficult to detect for long periods


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of time. We have seen, and will continue to see, industry-wide software supply chain vulnerabilities, which could affect 
our or other parties’ systems. We expect to continue to experience such incidents or vulnerabilities in the future. Our 
efforts to address undesirable activity on our platform may also increase the risk of retaliatory attack. In addition, we 
face the risk of cyber attacks by nation-states and state-sponsored actors. These attacks may target us or our 
customers, particularly our public sector customers (including federal, state, and local governments). Geopolitical 
tensions or armed conflicts, such as the ongoing conflict in the Middle East and Ukraine , may increase these risks. 
We may experience security issues, whether due to employee or insider error or malfeasance, system errors, or 
vulnerabilities in our or other parties’ systems. While we may not determine some of these issues to be material at the Table of Contents Alphabet Inc.
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time they occur and may remedy them quickly, there is no guarantee that these issues will not ultimately result in 
significant legal, financial, and reputational harm, including government inquiries, enforcement actions, litigation, and 
negative publicity. There is also no guarantee that a series of related issues may not be determined to be material at a 
later date in the aggregate, even if they may not be material individually at the time of their occurrence. Because the 
techniques used to obtain unauthorized access to, disable or degrade service provided by or otherwise sabotage 
systems change frequently and often are recognized only after being launched against a target, even taking all 
reasonable precautions, including those required by law, we have been unable in the past and may continue to be 
unable to anticipate or detect attacks or vulnerabilities or implement adequate preventative measures. 
Further, if any partners with whom we share user or other customer information fail to implement adequate data-
security practices, fail to comply with our terms and policies, or otherwise suffer a network or other security breach, our 
users’ data may be improperly accessed, used, or disclosed. If an actual or perceived breach of our or our business 
partners’ or service providers’ security occurs, the market perception of the effectiveness of our security measures 
would be harmed, we could lose users and customers, our trade secrets or those of our business partners may be 
compromised, and we may be exposed to significant legal and financial risks, including legal claims (which may 
include class-action litigation) and regulatory actions, fines, and penalties. Any of the foregoing consequences could 
harm our business, reputation, financial condition, and operating results. 
While we have dedicated significant resources to privacy and security incident response capabilities , including 
dedicated worldwide incident response teams, our response process, particularly during times of a natural disaster or 
pandemic, may not be adequate, may fail to accurately assess the severity of an incident, may not be fast enough to 
prevent or limit harm, or may fail to sufficiently remediate an incident. As a result, we may suffer significant legal, 
reputational, or financial exposure, which could harm our business, financial condition, and operating results. 
For additional information, see also our risk factor on privacy and data protection regulations under ‘Risks Related 
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to Laws, Regulations, and Policies’ below.
Our ongoing investments in safety, security, and content review will likely continue to identify abuse of 
our platforms and misuse of user data. 
In addition to our efforts to prevent and mitigate cyber attacks, we are making significant investments in safety, 
security, and review efforts to combat misuse of our services and unauthorized access to user data by third parties, 
including investigation and review of platform applications that could access the information of users of our services. 
As a result of these efforts, we have in the past discovered, and may in the future discover, incidents of unnecessary 
access to or misuse of user data or other undesirable activity by third parties. However, we may not have discovered, 
and may in the future not discover, all such incidents or activity, whether as a result of our data limitations, including 
our lack of visibility over our encrypted services, the scale of activity on our platform, or other factors, including factors 
outside of our control such as a natural disaster or pandemic, and we may learn of such incidents or activity via third 
parties. Such incidents and activities may include the use of user data or our systems in a manner inconsistent with our 
terms, contracts or policies, the existence of false or undesirable user accounts, election interference, improper ad 
purchases, activities that threaten people’s safety on- or off-line, or instances of spamming, scraping, or spreading 
disinformation. While we may not determine some of these incidents to be material at the time they occurred and we 
may remedy them quickly, there is no guarantee that these issues will not ultimately result in significant legal, financial, 
and reputational harm, including government inquiries and enforcement actions, litigation, and negative publicity. There 
is also no guarantee that a series of related issues may not be determined to be material at a later date in the 
aggregate, even if they may not be material individually at the time of their occurrence. 
We may also be unsuccessful in our efforts to enforce our policies or otherwise prevent or remediate any such 
incidents. Any of the foregoing developments may negatively affect user trust and engagement, harm our reputation 
and brands, require us to change our business practices in ways that harm our business operations, and adversely 
affect our business and financial results. Any such developments may also subject us to additional litigation and


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regulatory inquiries, which could result in monetary penalties and damages, divert management’s time and attention, 
and lead to enhanced regulatory oversight. 
Problematic content on our platforms, including low-quality user-generated content, web spam, content 
farms, and other violations of our guidelines could affect the quality of our services, which could harm our 
reputation and deter our current and potential users from using our products and services. 
We, like others in the industry, face violations of our content guidelines across our platforms, including 
sophisticated attempts by bad actors to manipulate our hosting and advertising systems to fraudulently generate 
revenues, or to otherwise generate traffic that does not represent genuine user interest or intent. While we invest 
significantly in efforts to promote high-quality and relevant results and to detect and prevent low-quality content and 
invalid traffic, we have been unable and may continue to be unable to detect and prevent all such abuses or promote Table of Contents Alphabet Inc.
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uniformly high-quality content. Increased use of AI in our offerings and internal systems may create new avenues of 
abuse for bad actors.
Many websites violate or attempt to violate our guidelines, including by seeking to inappropriately rank higher in 
search results than our search engine's assessment of their relevance and utility would rank them. Such efforts have 
affected, and may continue to affect, the quality of content on our platforms and lead them to display false, misleading, 
or undesirable content. Although English-language web spam in our search results has been reduced, and web spam 
in most other languages is limited, we expect web spammers will continue to seek inappropriate ways to improve their 
rankings. Although we continue to invest in and deploy proprietary technology to detect and prevent web spam on our 
platforms, there is no guarantee that our technology will always be successful, and our users may have negative 
experiences on our platforms if our technology fails to work as intended, which may affect our users' decisions in 
continuing to use our platforms. We also face other challenges from low-quality and irrelevant content websites, 
including content farms, which are websites that generate large quantities of low-quality content to help them improve 
their search rankings. We are continually launching algorithmic changes designed to detect and prevent abuse from 
low-quality websites, but we may not always be successful. We also face other challenges on our platforms, including 
violations of our content guidelines involving incidents such as attempted election interference, activities that threaten 
the safety and/or well-being of our users on- or off-line, and the spreading of misinformation or disinformation. 
If we fail to either detect and prevent an increase in problematic content or effectively promote high-quality 
content, it could hurt our reputation for delivering relevant information or reduce use of our platforms, harming our 
financial condition and operating results. It may also subject us to litigation and regulatory actions, which could result in 
monetary penalties and damages and divert management’s time and attention. 
Our business depends on continued and unimpeded access to the Internet by us and our users. Internet 
access providers may be able to restrict, block, degrade, or charge for access to certain of our products and 
services, which could lead to additional expenses and the loss of users and advertisers.


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Our products and services depend on the ability of our users to access the Internet, and certain of our products 
require significant bandwidth to work effectively. Currently, this access is provided by companies that have significant 
market power in the broadband and internet access marketplace, including incumbent telephone companies, cable 
companies, mobile communications companies, and government-owned service providers. Some of these providers 
have taken, or have stated that they may take, measures that could degrade, disrupt, or increase the cost of user 
access to certain of our products by restricting or prohibiting the use of their infrastructure to support or facilitate our 
offerings, by charging increased fees to us or our users to provide our offerings, or by providing our competitors 
preferential access. Some jurisdictions have adopted regulations prohibiting certain forms of discrimination by internet 
access providers; however, substantial uncertainty exists in the U.S. and elsewhere regarding such protections. For 
example, in 2018 the U.S. Federal Communications Commission repealed net neutrality rules, which could permit 
internet access providers to restrict, block, degrade, or charge for access to certain of our products and services. In 
addition, in some jurisdictions, our products and services have been subject to government-initiated restrictions or 
blockages. These could harm existing key relationships, including with our users, customers, advertisers, and/or 
content providers, and impair our ability to attract new ones; harm our reputation; and increase costs, thereby 
negatively affecting our business. 
Risks Related to Laws, Regulations, and Policies 
We are subject to a variety of new, existing, and changing laws and regulations worldwide that could 
harm our business, and will likely be subject to an even broader scope of laws and regulations as we continue 
to expand our business. 
We are subject to numerous U.S. and foreign laws and regulations covering a wide variety of subjects, and our 
introduction of new businesses, products, services, and technologies will likely continue to subject us to additional laws 
and regulations. In recent years, governments around the world have proposed and adopted a large number of new 
laws and regulations relevant to the digital economy, particularly in the areas of data privacy and security, competition, 
environmental, social and governance (ESG) requirements, AI, and online content. The costs of compliance with these 
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measures are high and are likely to increase in the future. 
New or changing laws and regulations, or new interpretations or applications of existing laws and regulations in a 
manner inconsistent with our practices, have resulted in, and may continue to result in, less useful products and 
services, altered business practices, limited ability to pursue certain business models or offer certain products and 
services, substantial costs, and civil or criminal liability. Examples include laws and regulations regarding: 
•Competition and technology platforms’ business practices: Laws and regulations focused on large 
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settlements in the U.S., South Korea, and elsewhere that affect Google Play’s billing policies , fees, and 
business model; as well as litigation and new regulations under consideration in a range of jurisdictions.
•AI: Laws and regulations focused on the development, use, and provision of AI technologies and other digital 
products and services, which could result in monetary penalties or other regulatory actions. For example, while 
legislative text has yet to be finalized and formally approved, provisional political agreement on a proposed EU 
AI Act was reached between co-legislators in December 2023, including that specific transparency and other 
requirements would be introduced for general purpose AI systems and the models on which those systems are 
based.  In addition, the White House's Executive Order on the Safe, Secure, and Trustworthy Development and 
Use of Artificial Intelligence devises a framework for the U.S. government, among other things, to regulate 
private sector use and development of certain foundation models. 
•Data privacy, collection, and processing:  Laws and regulations further restricting the collection, processing, 
and/or sharing of user or advertising-related data, including privacy and data protection laws; laws affecting the 
processing of children's data (as discussed further below), data breach notification laws, and laws limiting data 
transfers (including data localization laws). 
•Copyright and other intellectual property : Copyright and related laws, including the EU Directive on 
Copyright in the Digital Single Market and European Economic Area transpositions, which may introduce new 
licensing regimes, increase liability with respect to content uploaded by users or  linked to from our platforms,  
or create property rights in news publications that could require payments to news agencies and publishers, 
which may result in other regulatory actions . 
•Content  moderation : Various laws covering content moderation and removal, and related disclosure 
obligations, such as the EU's Digital Services Act, Florida’s Senate Bill 7072 and Texas’ House Bill 20, and 
laws and proposed legislation in Singapore, Australia, and the United Kingdom that impose penalties for failure 
to remove certain types of content or require disclosure of information about the operation of our services and 
algorithms, which may make it harder for services like Google Search and YouTube to detect and deal with 
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low-quality, deceptive, or harmful content.
•Consumer  protection : Consumer protection laws, including the EU’s New Deal for Consumers, which could 
result in monetary penalties and create a range of new compliance obligations.
In addition, the applicability and scope of these and other laws and regulations, as interpreted by courts , 
regulators, or administrative bodies, remain uncertain and could be interpreted in ways that harm our business. For 
example, we rely on statutory safe harbors, like those set forth in the Digital Millennium Copyright Act and Section 230 
of the Communications Decency Act in the U.S. and the E-Commerce Directive in Europe, to protect against liability for 
various linking, caching, ranking, recommending, and hosting activities. Legislation or court rulings affecting these safe 
harbors may adversely affect us and may impose significant operational challenges. There are legislative proposals 
and pending litigation in the U.S., EU, and around the world that could diminish or eliminate safe harbor protection for 
websites and online platforms. Our development, use, and commercialization of AI products and services (including 
our implementation of AI in our offerings and internal systems) could subject us to regulatory action and legal liability, 
including under specific legislation regulating AI, as well as new applications of existing data protection, cybersecurity, 
privacy, intellectual property, and other laws.
We are and may continue to be subject to claims, lawsuits, regulatory and government investigations, 
enforcement actions, consent orders, and other forms of regulatory scrutiny and legal liability that could harm 
our business, reputation, financial condition, and operating results.
We are subject to claims, lawsuits, regulatory and government investigations, other proceedings, and orders 
involving competition, intellectual property, data privacy and 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, and other matters. We  are also  subject to a variety of claims including 
product warranty, product liability, and consumer protection claims related to product defects, among other litigation, 
and we may also be subject to claims involving health and safety, hazardous materials usage, other environmental 
effects, AI training, development, and commercialization , or service disruptions or failures. Claims have been brought,


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and we expect will continue to be brought, against us for defamation, negligence, breaches of contract, copyright and 
trademark infringement, unfair competition, unlawful activity, torts, privacy rights violations, fraud, or other legal 
theories based on the nature and content of information available on or via our services, the design and effect of our 
products and services, or due to our involvement in hosting, transmitting, marketing, branding, or providing access to 
content created by third parties. Table of Contents Alphabet Inc.
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For example, in December 2023, a California jury delivered a verdict in Epic Games v. Google  finding that Google 
violated antitrust laws related to Google Play's billing practices. The presiding judge will determine remedies in 2024 
and the range of potential remedies vary widely. We plan to appeal. In addition, the U.S. Department of Justice, 
various U.S. states, and other plaintiffs have filed several antitrust lawsuits about various aspects of our business, 
including our advertising technologies and practices, the operation and distribution of Google Search, and the 
operation and distribution of the Android operating system and Play Store. Other regulatory agencies in the U.S. and 
around the world, including competition enforcers, consumer protection agencies, and data protection authorities, have 
challenged and may continue to challenge our business practices and compliance with laws and regulations. We are 
cooperating with these investigations and defending litigation  or appealing decisions where appropriate.  
Various laws, regulations, investigations, enforcement lawsuits, and regulatory actions have  involved in the past , 
and may in the future 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 , including 
divestiture , and collateral related civil litigation or other adverse consequences, all of which could harm our business, 
reputation, financial condition, and operating results. 
Any of these legal proceedings could result in legal costs, diversion of management resources, negative publicity 
and other harms to our business. Estimating liabilities for our pending proceedings is a complex, fact-specific , and 
speculative process that requires significant judgment, and the amounts we are ultimately liable for may be less than or 
exceed our estimates. The resolution of one or more such proceedings has resulted in, and may in the future result in, 
additional substantial fines, penalties, injunctions, and other sanctions that could harm our business, reputation, 
financial condition, and operating results. 
For additional information about the ongoing material legal proceedings to which we are subject, see Legal 
Proceedings in Part I, Item 3 of this Annual Report on Form 10-K.
Privacy, data protection, and data usage regulations are complex and rapidly evolving areas. Any failure


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or alleged failure to comply with these laws could harm our business, reputation, financial condition, and 
operating results. 
Authorities around the world have adopted and are considering a number of legislative and regulatory proposals 
concerning data protection, data usage, and encryption of user data. Adverse legal rulings, legislation, or regulation 
have resulted in, and may continue to result in, fines and orders requiring that we change our practices, which have 
had and could continue to have an adverse effect on how we provide services, harming our business, reputation, 
financial condition, and operating results. These laws and regulations are evolving and subject to interpretation, and 
compliance obligations could cause us to incur substantial costs or harm the quality and operations of our products 
and services in ways that harm our business.  Examples of these laws include : 
•The General Data Protection Regulation and the United Kingdom General Data Protection Regulations, which 
apply to all of our activities conducted from an establishment in the EU or the United Kingdom, respectively, or 
related to products and services that we offer to EU or the United Kingdom users or customers, respectively, or 
the monitoring of their behavior in the EU or the UK, respectively.
•Various comprehensive U.S. state and foreign privacy laws, which give new data privacy rights to their 
respective residents (including, in California, a private right of action in the event of a data breach resulting 
from our failure to implement and maintain reasonable security procedures and practices) and impose 
significant obligations on controllers and processors of consumer data.
•State laws governing the processing of biometric information, such as the Illinois Biometric Information Privacy 
Act and the Texas Capture or Use of Biometric Identifier Act, which impose obligations on businesses that 
collect or disclose consumer biometric information. 
•Various federal, state, and foreign laws governing how companies provide age appropriate experiences to 
children and minors, including the collection and processing of children and minor’s data. These include the 
Children’s Online Privacy Protection Act of 1998, and the United Kingdom Age-Appropriate Design Code, all of 
which address the use and disclosure of the personal data of children and minors and impose obligations on 
online services or products directed to or likely to be accessed by children. 
•The California Internet of Things Security Law, which regulates the security of data used in connection with 
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internet-connected devices.
•The EU’s Digital Markets Act, which will require in-scope companies to obtain user consent for combining data 
across certain products and require search engines to share anonymized data with rival companies, among 
other changes. Table of Contents Alphabet Inc.
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Further, we are subject to evolving laws and regulations that dictate whether, how, and under what circumstances 
we can transfer, process and/or receive personal data, as well as ongoing enforcement actions from supervisory 
authorities related to cross-border transfers of personal data.  The validity of various data transfer mechanisms  we 
currently rely upon remains subject to legal, regulatory, and political developments in both Europe and the U.S., which 
may require us to adapt our existing arrangements.
We face, and may continue to face, intellectual property and other claims that could be costly to defend, 
result in significant damage awards or other costs (including indemnification awards), and limit our ability to 
use certain technologies. 
We, like other internet, technology, and media companies, are frequently subject to litigation based on allegations 
of infringement or other violations of intellectual property rights, including patent, copyright, trade secrets, and 
trademarks. Parties have also sought broad injunctive relief against us by filing claims in U.S. and international courts 
and the U.S. International Trade Commission (ITC) for exclusion and cease-and-desist orders. In addition, patent-
holding companies may frequently seek to generate income from patents they have obtained by bringing claims 
against us. As we continue to expand our business, the number of intellectual property claims against us has increased 
and may continue to increase as we develop and acquire new products, services, and technologies. 
Adverse results in any of these lawsuits may include awards of monetary damages, costly royalty or licensing 
agreements (if licenses are available at all), or orders limiting our ability to sell our products and services in the U.S. or 
elsewhere, including by preventing us from offering certain features, functionalities, products, or services in certain 
jurisdictions. They may also cause us to change our business practices in ways that could result in a loss of revenues 
for us and otherwise harm our business. 
Many of our agreements with our customers and partners, including certain suppliers, require us to defend 
against certain intellectual property infringement claims and in some cases indemnify them for certain intellectual 
property infringement claims against them, which could result in increased costs for defending such claims or 
significant damages if there were an adverse ruling in any such claims. Such customers and partners may also


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discontinue the use of our products, services, and technologies, as a result of injunctions or otherwise, which could 
result in loss of revenues and harm our business. Moreover, intellectual property indemnities provided to us by our 
suppliers, when obtainable, may not cover all damages and losses suffered by us and our customers arising from 
intellectual property infringement claims. Furthermore, in connection with our divestitures, we have agreed, and may in 
the future agree, to provide indemnification for certain potential liabilities, including those associated with intellectual 
property claims. Regardless of their merits, intellectual property claims are often time consuming and expensive to 
litigate or settle. To the extent such claims are successful, they could harm our business, including our product and 
service offerings, financial condition, and operating results. 
Expectations relating to ESG considerations could expose us to potential liabilities, increased costs, and 
reputational harm. 
We are subject to laws, regulations, and other measures that govern a wide range of topics, including those 
related to matters beyond our core products and services. For instance, new laws, regulations, policies, and 
international accords relating to ESG matters, including sustainability, climate change,  human capital, and diversity, are 
being developed and formalized in Europe, the U.S., and elsewhere, which may entail specific, target-driven 
frameworks and/or disclosure requirements. We have implemented robust ESG programs, adopted reporting 
frameworks and principles, and announced a number of goals and initiatives. The implementation of these goals and 
initiatives may require considerable investments, and our goals, with all of their contingencies, dependencies, and in 
certain cases, reliance on third-party verification and/or performance, are complex and ambitious,  and may change. 
We cannot guarantee that our goals and initiatives will be fully realized on the timelines we expect or at all, and 
projects that are completed as planned may not achieve the results we anticipate . Any failure, or perceived failure, by 
us to adhere to our public statements, comply fully with developing interpretations of ESG laws and regulations, or 
meet evolving and varied stakeholder expectations and standards could harm our business, reputation, financial 
condition, and operating results.
We could be subject to changes in tax rates, the adoption of new U.S. or international tax legislation, or


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exposure to additional tax liabilities. 
We are subject to a variety of taxes and tax collection obligations in the U.S. and numerous foreign jurisdictions. 
Our effective tax rates are affected by a variety of factors, including changes in the mix of earnings in jurisdictions with 
different statutory tax rates, net gains and losses on hedges and related transactions under our foreign exchange risk 
management program, changes in our stock price for shares issued as employee compensation, changes in the 
valuation of our deferred tax assets or liabilities, and the application of different provisions of tax laws or changes in tax 
laws, regulations, or accounting principles (including changes in the interpretation of existing laws). Further, if we are Table of Contents Alphabet Inc.
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unable or fail to collect taxes on behalf of customers, employees and partners as the withholding agent, we could 
become liable for taxes that are levied against third parties. 
We are subject to regular review and audit by both domestic and foreign tax authorities. As a result, we have 
received, and may in the future receive, assessments in multiple jurisdictions, on various tax-related assertions, such 
as transfer-pricing adjustments or permanent-establishment claims. Any adverse outcome of such a review or audit 
could harm our financial condition and operating results, require adverse changes to our business practices, or subject 
us to additional litigation and regulatory inquiries. In addition, the determination of our worldwide provision for income 
taxes and other tax liabilities requires significant judgment and often involves uncertainty. Although we believe our 
estimates are reasonable, the ultimate tax outcome may differ from the amounts recorded in our financial statements 
and may affect our financial results in the period or periods for which such determination is made. 
Furthermore, due to shifting economic and political conditions, tax policies, laws, or rates in various jurisdictions 
may be subject to significant changes in ways that could harm our financial condition and operating results. For 
example, various jurisdictions around the world have enacted or are considering revenue-based taxes such as digital 
services taxes and other targeted taxes, which could lead to inconsistent and potentially overlapping international tax 
regimes. The Organization for Economic Cooperation and Development (OECD) is coordinating negotiations among 
more than  140 countries with the goal of achieving consensus around substantial changes to international tax policies, 
including the implementation of a minimum global effective tax rate of 15%. O ur effective tax rate and cash tax 
payments could increase in future years as a result of these changes.
Risks Related to Ownership of our Stock 
We cannot guarantee that any share repurchase program will be fully consummated or will enhance long-
term stockholder value, and share repurchases could increase the volatility of our stock prices and could 
diminish our cash reserves. 
We engage in share repurchases of our Class A and Class C stock from time to time in accordance with 
authorizations from the Board of Directors of Alphabet. Our repurchase program does not have an expiration date and 
does not obligate Alphabet to repurchase any specific dollar amount or to acquire any specific number of shares.


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Further, our share repurchases could affect our share trading prices, increase their volatility, reduce our cash reserves 
and may be suspended or terminated at any time, which may result in a decrease in the trading prices of our stock. 
The concentration of our stock ownership limits our stockholders’ ability to influence corporate matters. 
Our Class B stock has 10 votes per share, our Class A stock has one vote per share, and our Class C stock has 
no voting rights. As of December 31, 2023, Larry Page and Sergey Brin beneficially owned approximately 86.5% of our 
outstanding Class B stock, which represented approximately  51.5%  of the voting power of our outstanding common 
stock. Through their stock ownership, Larry and Sergey have significant influence over all matters requiring 
stockholder approval, including the election of directors and significant corporate transactions, such as a merger or 
other sale of our company or our assets, for the foreseeable future. In addition, because our Class C stock carries no 
voting rights (except as required by applicable law), the issuance of the Class C stock, including in future stock-based 
acquisition transactions and to fund employee equity incentive programs, could continue Larry and Sergey’s current 
relative voting power and their ability to elect all of our directors and to determine the outcome of most matters 
submitted to a vote of our stockholders. The share repurchases made pursuant to our repurchase program may also 
affect Larry and Sergey’s relative voting power. This concentrated control limits or severely restricts other stockholders’ 
ability to influence corporate matters and we may take actions that some of our stockholders do not view as beneficial, 
which could reduce the market price of our Class A stock and our Class C stock. 
Provisions in our charter documents and under Delaware law could discourage a takeover that 
stockholders may consider favorable. 
Provisions in Alphabet’s certificate of incorporation and bylaws may have the effect of delaying or preventing a 
change of control or changes in our management. These provisions include the following: 
•Our Board of Directors has the right to elect directors to fill a vacancy created by the expansion of the Board of 
Directors or the resignation, death, or removal of a director.
•Our stockholders may not act by written consent, which makes it difficult to take certain actions without holding


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a stockholders' meeting.
•Our certificate of incorporation prohibits cumulative voting in the election of directors. This limits the ability of 
minority stockholders to elect director candidates.Table of Contents Alphabet Inc.
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•Stockholders must provide advance notice to nominate individuals for election to the Board of Directors or to 
propose matters that can be acted upon at a stockholders’ meeting. These provisions may discourage or deter 
a potential acquirer from conducting a solicitation of proxies to elect the acquirer's own slate of directors or 
otherwise attempting to obtain control of our company. 
•Our Board of Directors may issue, without stockholder approval, shares of undesignated preferred stock, 
which makes it possible for our Board of Directors to issue preferred stock with voting or other rights or 
preferences that could impede the success of any attempt to acquire us. 
As a Delaware corporation, we are also subject to certain Delaware anti-takeover provisions. Under Delaware 
law, a corporation may not engage in a business combination with any holder of 15% or more of its outstanding voting 
stock unless the holder has held the stock for three years or, among other things, the Board of Directors has approved 
the transaction. Our Board of Directors could rely on Delaware law to prevent or delay an acquisition of us. 
The trading price for our Class A stock and non-voting Class C stock may continue to be volatile. 
The trading price of our stock has at times experienced significant volatility and may continue to be volatile. In 
addition to the factors discussed in this report, the trading prices of our Class A stock and Class C stock have 
fluctuated, and may continue to fluctuate widely, in response to various factors, many of which are beyond our control, 
including, among others, the activities of our peers and changes in broader economic and political conditions around 
the world. These broad market and industry factors could harm the market price of our Class A stock and our Class C 
stock, regardless of our actual operating performance. 
General Risks 
Our operating results may fluctuate, which makes our results difficult to predict and could cause our 
results to fall short of expectations. 
Our operating results have fluctuated, and may in the future fluctuate, as a result of a number of factors, many 
outside of our control, including the cyclical nature and seasonality in our business and geopolitical events. As a result, 
comparing our operating results (including our expenses as a percentage of our revenues) on a period-to-period basis


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may not be meaningful, and our past results should not be relied on as an indication of our future performance. 
Consequently, our operating results in future quarters may fall below expectations. 
Acquisitions, joint ventures, investments, and divestitures could result in operating difficulties, dilution, 
and other consequences that could harm our business, financial condition, and operating results. 
Acquisitions, joint ventures, investments, and divestitures are important elements of our overall corporate strategy 
and use of capital, and these transactions could be material to our financial condition and operating results. We expect 
to continue to evaluate and enter into discussions regarding a wide array of such potential strategic arrangements, 
which could create unforeseen operating difficulties and expenditures. Some of the areas where we face risks include: 
•diversion of management time and focus from operating our business to challenges related to acquisitions and 
other strategic arrangements; 
•failure to obtain required approvals on a timely basis, if at all, from governmental authorities, or conditions 
placed upon approval that could, among other things, delay or prevent us from completing a transaction, or 
otherwise restrict our ability to realize the expected financial or strategic goals of a transaction;
•failure to successfully integrate the acquired operations, technologies, services, and personnel (including 
cultural integration and retention of employees) and further develop the acquired business or technology; 
•implementation of controls (or remediation of control deficiencies), procedures, and policies at the acquired 
company; 
•integration of the acquired company’s accounting and other administrative systems, and the coordination of 
product, engineering, and sales and marketing functions;
•transition of operations, users, and customers onto our existing platforms;
•in the case of foreign acquisitions, the need to integrate operations across different cultures and languages 
and to address the particular economic, currency, political, and regulatory risks associated with specific 
countries; 
•failure to accomplish commercial, strategic or financial objectives with respect to investments, joint ventures, 
and other strategic arrangements;
•failure to realize the value of investments and joint ventures due to a lack of liquidity;Table of Contents Alphabet Inc.
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•liability for activities of the acquired company before the acquisition, including patent and trademark 
infringement claims, data privacy and security issues, violations of laws, commercial disputes, tax liabilities, 
warranty claims, product liabilities, and other known and unknown liabilities; and
•litigation or other claims in connection with the acquired company, including claims from terminated 
employees, customers, former stockholders, or other third parties.
Our failure to address these risks or other problems encountered in connection with our past or future acquisitions 
and other strategic arrangements could cause us to fail to realize their anticipated benefits, incur unanticipated 
liabilities, and harm our business generally. 
Our acquisitions and other strategic arrangements could also result in dilutive issuances of our equity securities, 
the incurrence of debt, contingent liabilities, or amortization expenses, or impairment of goodwill and/or purchased 
long-lived assets, and restructuring charges, any of which could harm our financial condition and operating results. 
Also, the anticipated benefits or value of our acquisitions and other strategic arrangements may not materialize. In 
connection with our divestitures, we have agreed, and may in the future agree, to provide indemnification for certain 
potential liabilities, which could harm our financial condition and operating results. 
We rely on highly skilled personnel and, if we are unable to retain or motivate key personnel, hire 
qualified personnel, or maintain and continue to adapt our corporate culture, we may not be able to grow or 
operate effectively. 
Our performance and future success depends in large part upon the continued service of key technical leads as 
well as  members of our senior management team. For instance, Sundar Pichai is critical to the overall management of 
Alphabet and its subsidiaries and plays an important role in the development of our technology, maintaining our 
culture, and setting our strategic direction. 
Our ability to compete effectively and our future success depend  on our continuing to identify, hire, develop, 
motivate, and retain highly skilled personnel for all areas of our organization. Competition in our industry for qualified 
employees is intense, and certain of our competitors have directly targeted, and may continue to target, our 
employees. In addition, our compensation arrangements, such as our equity award programs, may not always be 
successful in attracting new employees and retaining and motivating our existing employees. Restrictive immigration


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policy and regulatory changes may also affect our ability to hire, mobilize, or retain some of our global talent. All of our 
executive officers and key employees are at-will employees, and we do not maintain any key-person life insurance 
policies.
In addition, we believe that our corporate culture fosters innovation, creativity, and teamwork. As our organization 
grows and evolves, we may need to adapt our corporate culture and work environments to ever-changing 
circumstances, such as during times of a natural disaster or pandemic, and these changes could affect our ability to 
compete effectively or have an adverse effect on our corporate culture. Under our hybrid work models, we may 
experience increased costs and/or disruption, in addition to potential effects on our ability to operate effectively and 
maintain our corporate culture. 
ITEM 1B. UNRESOLVED STAFF COMMENTS
Not applicable.
ITEM 1C.  CYBERSECURITY
We maintain a comprehensive process for identifying, assessing, and managing material risks from cybersecurity 
threats as part of our broader risk management system and processes. We obtain input, as appropriate, for our 
cybersecurity risk management program on the security industry and threat trends from multiple external experts and 
internal threat intelligence teams.  Teams of dedicated privacy, safety, and security professionals oversee cybersecurity 
risk management and mitigation, incident prevention, detection, and remediation. Leadership for these teams are 
professionals with deep cybersecurity expertise across multiple industries, including our Vice President of Privacy, 
Safety , and Security Engineering . Our executive leadership team, along with input from the above teams, are 
responsible for our overall enterprise risk management system and processes and regularly consider cybersecurity 
risks in the context of other material risks to the company.
As part of our cybersecurity risk management system, our incident management team s track and log privacy and 
security incidents across Alphabet , our vendors, and other third-party service providers to remediate and resolve any 
such incidents. Significant incidents are reviewed regularly by a cross-functional working group to determine whether 
further escalation is appropriate. Any incident assessed as  potentially being or potentially  becoming material is 
immediately escalated for further assessment, and then reported to designated members of our senior management. 
We consult with  outside counsel as appropriate, including on materiality analysis and disclosure matters , and our Table of Contents Alphabet Inc.


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senior management makes the final materiality determinations and disclosure and other compliance decisions. Our 
management  apprises Alphabet’s  independent public accounting firm of matters and any relevan t developments .
The Audit and Compliance Committe e has oversight responsibility for risk s and incidents relating to cybersecurity 
threats, including compliance with disclosure requirements, cooperation with law enforcement, and related effects on 
financial and other risks, and it reports  any f indings and recommendations, as appropriate, to the full Board for 
consideration. Senior management regularly discusses cyber risks and trends  and, should they arise, any material 
incidents with the Audit and Compliance Committee.  Internal Audit maintains a dedicated cybersecurity auditing team 
that independently  tests our cybersecurity controls.  
Our business strategy, results of operations and financial condition have not been materially affected by risks from 
cybersecurity threats, including as a result of previous ly identified cybersecurity incidents , but we cannot provide 
assurance that they will not be materially affected in the future by such risks or any future material incidents. For more 
information on our cybersecurity related risks, see Item 1A Risk Factors of this Annual Report on Form 10-K.
ITEM 2. PROPERTIES
Our headquarters are located in Mountain View, California. We own and lease office facilities and data centers 
around the world, primarily in Asia, Eu rope, and North America . We believe our existing facilities are in good condition 
and suitable for the conduct of our business.
ITEM 3. LEGAL PROCEEDINGS
For a description of our material pending legal proceedings, see Legal Matters in Note 10  of the Notes to 
Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K, which is 
incorporated herein by reference.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
PART II
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND 
ISSUER PURCHASES OF EQUITY SECURITIES
As of October 2, 2015, Alphabet Inc. became the successor issuer of Google Inc. pursuant to Rule 12g-3(a) under 
the Exchange Act. Our Class A stock has been listed on the Nasdaq Global Select Market under the symbol “GOOG”


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since August 19, 2004, and under the symbol "GOOGL" since April 3, 2014. Prior to August 19, 2004, there was no 
public market for our stock. Our Class B stock is neither listed nor traded. Our Class C stock has been listed on the 
Nasdaq Global Select Market under the symbol “GOOG” since April 3, 2014.
Holders of Record
As of December 31, 2023 , there were approximately  7,305  and 1,757  stockholders of record of our Class A stock 
and Class C stock, respectively. Because many of our shares of Class A stock and Class C stock are held by brokers 
and other institutions on behalf of stockholders, we are unable to estimate the total number of stockholders 
represented by these record holders. As of December 31, 2023 , there were approximately 59 stockholders of record of 
our Class B stock.
Dividend Policy
We have never declared or paid any cash dividend on our common or capital stock. The primary use of capital 
continues to be to invest for the long-term growth of the business. We regularly evaluate our cash and capital structure, 
including the size, pace, and form of capital return to stockholders.Table of Contents Alphabet Inc.
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Issuer Purchases of Equity Securities
The following table presents information with respect to Alphabet's repurchases of Class A and Class C stock 
during the quarter ended December 31, 2023 : 
PeriodTotal Number of 
Class A Shares 
Purchased 
(in thousands)(1)Total Number of 
Class C Shares 
Purchased 
(in thousands)(1)Average Price 
Paid per 
Class A 
Share(2)Average Price 
Paid per 
Class C 
Share(2)Total Number of 
Shares 
Purchased as 
Part of Publicly 
Announced 
Programs
(in thousands)(1)Approximate 
Dollar Value of 
Shares that May 
Yet Be Purchased 
Under the 
Program 
(in millions)
October 1 - 31  9,923  38,687 $ 134.66 $ 135.65  48,610 $ 45,736 
November 1 - 30  9,197  28,198 $ 134.53 $ 135.16  37,395 $ 40,725 
December 1 - 31  7,502  24,760 $ 135.76 $ 136.37  32,262 $ 36,347 
Total  26,622  91,645  118,267 
(1) R epurchases are being 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. For additional information related to share repurchases, s ee Note 11  of 
the Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K.
(2)Average price paid per share includes costs associated with the repurchases.Table of Contents Alphabet Inc.
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Stock Performance Graphs
The graph below matches Alphabet Inc. Class A's cumulative five-year total stockholder return on common stock 
with the cumulative total returns of the S&P 500 index, the NASDAQ Composite index, and the RDG Internet 
Composite index. The graph tracks the performance of a $100 investment in our common stock and in each index 
(with the reinvestment of all dividends) from December 31, 2018 , to December 31, 2023 . The returns shown are based 
on historical results and are not intended to suggest future performance.
COMPARISON OF CUMULATIVE 5-YEAR TOTAL RETURN*
ALPHABET INC. CLASS A COMMON STOCK
Among Alphabet Inc., the S&P 500 Index, the
NASDAQ Composite Index, and the RDG Internet Composite Index
Alphabet Inc. Class A S&P 500 NASDAQ Composite
RDG Internet Composite12/183/19 6/19 9/1912/193/20 6/20 9/2012/203/21 6/21 9/2112/213/22 6/22 9/2212/223/23 6/23 9/2312/23$0$50$100$150$200$250$300$350$400
*$100 invested on December 31, 2018 , in stock or index, including reinvestment of dividends. 
Copyright© 2024  S&P, a division of The McGraw-Hill Companies Inc. All rights reserved.Table of Contents Alphabet Inc.
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The graph below matches Alphabet Inc. Class C's cumulative five-year total stockholder return on capital stock 
with the cumulative total returns of the S&P 500 index, the NASDAQ Composite index, and the RDG Internet 
Composite index. The graph tracks the performance of a $100 investment in our Class C capital stock and in each 
index (with the reinvestment of all dividends) from December 31, 2018 , to December 31, 2023 . The returns shown are 
based on historical results and are not intended to suggest future performance.
COMPARISON OF CUMULATIVE 5-YEAR TOTAL RETURN*
ALPHABET INC. CLASS C CAPITAL STOCK
Among Alphabet Inc., the S&P 500 Index, the
NASDAQ Composite Index, and the RDG Internet Composite Index
Alphabet Inc. Class C S&P 500 NASDAQ Composite
RDG Internet Composite12/183/19 6/19 9/1912/193/20 6/20 9/2012/203/21 6/21 9/2112/213/22 6/22 9/2212/223/23 6/23 9/2312/23$0$50$100$150$200$250$300$350$400
*$100 invested on December 31, 2018 , in stock or in index, including reinvestment of dividends.
Copyright© 2024  S&P, a division of The McGraw-Hill Companies Inc. All rights reserved.
ITEM 6. [Reserved]Table of Contents Alphabet Inc.
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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF 
OPERATIONS
Please read the following discussion and analysis of our financial condition and results of operations together with 
“Note about Forward-Looking Statements,” Part I, Item 1 "Business," Part I, Item 1A "Risk Factors," and our 
consolidated financial statements and related notes included under Item 8 of this Annual Report on Form 10-K. 
The following section generally discusses 2023 results compared to 2022 results. Discussion of 2022 results 
compared to 2021  results to the extent not included in this report can be found in Item 7 of our 2022  Annual Report on 
Form 10-K .
Understanding Alphabet’s Financial Results
Alphabet is a collection of businesses — the largest of which is Google. We report Google in two segments, 
Google Services and Google Cloud; we also report all non-Google businesses collectively as Other Bets. For 
additional information on our segments, see Part I, Item 1 Business and Note 15  of the Notes to Consolidated 
Financial Statements included in Item 8 of this Annual Report on Form 10-K.
Trends in Our Business and Financial Effect
The following long-term trends have contributed to the results of our consolidated operations, and we anticipate 
that they will continue to affect our future results:
•Users' behaviors and advertising continue to shift online as the digital economy evolves .
The continuing evolution of the online world has contributed to the growth of our business and our revenues since 
inception. We expect that this evolution will continue to benefit our business and our revenues, although at a slower 
pace than we have experienced historically, in particular after the outsized growth in our advertising revenues during 
the COVID-19 pandemic. In addition, we face increasing competition for user engagement and advertisers, which may 
affect our revenues.
•Users continue to access our products and services using diverse devices and modalities, which 
allows for new advertising formats that may benefit our revenues but adversely affect our margins.
Our users are accessing our products and services via diverse devices and modalities, such as smartphones, 
wearables, connected TVs, and smart home devices , and want to be able to be connected no matter where they are or


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what they are doing. We are focused on expanding our products and services to stay in front of these trends in order to 
maintain and grow our business.
We benefit from advertising revenues generated from different channels, including mobile, and newer advertising 
formats. The margins from these channels and newer products have generally been lower than those from traditional 
desktop search. Additionally, as the market for a particular device type or modality matures, our advertising revenues 
may be affected. For example, chang ing dynamics within  the global smartphone market, such as increased market 
saturation in developed countries, can affect our mobile advertising revenues.
We expect TAC paid to our distribution partners and Google Network partners to increase as our revenues grow 
and TAC as a percentage of our advertising revenues ("TAC rate") to be affected by changes in device mix; geographic 
mix; partner agreement terms; partner mix; the percentage of queries channeled through paid access points; product 
mix; the relative revenue growth rates of advertising revenues from different channels; and revenue share terms.
We expect these trends to continue to affect our revenues and put pressure on our margins.
•As online advertising evolves, we continue to expand our product offerings, which may affect our 
monetization.
As interactions between users and advertisers change, and as online user behavior evolves, we continue to 
expand our product offerings to serve these changing needs, which may affect our monetization. For example, 
revenues from ads on YouTube and Google Play monetize at a lower rate than our traditional search ads. We also 
expect to continue to incorporate AI innovations into our products, such as AI in Searc h, that could affect our 
monetization trends.  When developing new products and services we generally focus first on user experience and then 
on monetization.
•As users in developing economies increasingly come online, our revenues from international markets 
continue to increase, and may require continued investments. In addition, movements in foreign exchange 
rates affect such revenues. Table of Contents Alphabet Inc.
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The shift to online, as well as the advent of the multi-device world, has brought opportunities outside of the U.S., 
including in emerging markets, such as India. We continue to invest heavily and develop localized versions of our 
products and advertising programs relevant to our users in these markets. This has led to a trend of increased 
revenues from emerging markets.  We expect that our results will continue to be affected by our performance in these 
markets, particularly as low-cost mobile devices become more available. This trend could affect our revenues as 
developing markets initially monetize at a lower rate than more mature markets.
International revenues represent a significant portion of our revenues and are subject to fluctuations in foreign 
currency exchange rates relative to the U.S. dollar. While we have a foreign exchange risk management program 
designed to reduce our exposure to these fluctuations, this program does not fully offset their effect on our revenues 
and earnings.
•The revenues that we derive beyond advertising  are increasing and may adversely affect our margins.
Revenues  from cloud, consumer subscriptions, platforms, and devices, which may have differing characteristics 
than our advertising revenues,  have grown over time, and we expect this trend to continue as we focus on expanding 
our products and services . The margins on these revenues vary significantly and are generally lower than the margins 
on our advertising revenues.  For example,  sales of our device s  adversely affect our consolidated margins due to 
pressures on pricing and higher cost of sales.
•As we continue to serve our users and expand our businesses, we will invest heavily  in operating and 
capital expenditures.
We continue to make significant research and development investments in areas of strategic focus as we seek to 
develop new, innovative offerings, improve our existing offerings, a nd rapidly and responsibly deploy AI  across our 
businesses. We also expect to  increase , relative to 2023 , our investmen t in our technical infrastructure, including 
servers, netw ork equipment, and data centers, to support the growth of our business and our long-term initiatives, in 
particular in support of AI products and services . In addition, acquisitions and strategic investments contribute to the 
breadth and depth of our offerings, expand our expertise in engineering and other functional areas, and build strong 
partnerships around strategic initiatives .


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partnerships around strategic initiatives .
•We continue to face an evolving regulatory environment, and we are subject to claims, lawsuits, 
investigations, and other forms of potential legal liability, which could affect our business practices and 
financial results.
Changes in social, political, economic, tax, and regulatory conditions or in laws  and policies governing a wide 
range of topics and related legal matters, including investigations, lawsuits, and regulatory actions, have resulted in 
fines and caused us to change our business practices . As these global trends continue, our cost of doing business may 
increase, our ability to pursue certain business models or offer certain products or services may be limited, and we 
may need to change our business practices to comply with evolving regulatory and legal matters . Examples include t he 
antitrust complaints filed by  the U.S. Department of Justice and a number of state Attorneys General; legislative 
proposals and pending litigation in the U.S., EU, and around the world that could diminish or eliminate safe harbor 
protection for websites and online platforms; and the Digital Markets Act and Digital Services Act in Europe and various 
legislative proposals in the U.S. focused on large technology platforms. For additional information, see Item 1A Risk 
Factors and Legal Matters in Note 10  of the Notes to Consolidated Financial Statements included in Part II, Item 8 of 
this Annual Report on Form 10-K.
•Our employees are critical to our success and we expect to continue investing in them.
Our employees are among our best assets  and are critical for our continued success. We expect to continue 
hiring talented employees around the globe and to provide competitive compensation programs. For additional 
information, see Culture and Workforce in Part I, Item 1 Business of this Annual Report on Form 10-K.
Revenues and Monetization Metrics
We generate revenues by delivering relevant, cost-effective online advertising; cloud-based solutions that provide 
enterprise customers of all sizes with infrastructure and platform services as well as communication and collaboration 
tools; sales of other products and services, such as apps and in-app purchases, and devices; and fees received for 
consumer subscription-based products. For additional information on how we recognize revenue, see Note 1  of the 
Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K.


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In addition to the long-term trends and their financial effect on our business discussed above, fluctuations in our 
revenues have been, and may continue to be, affected by a combination of general factors, including:
•changes in foreign currency exchange rates;Table of Contents Alphabet Inc.
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•changes in pricing, such as those resulting from changes in fee structures, discounts, and customer incentives ;
•general economic conditions and various external dynamics, including geopolitical events,  regulations, and 
other measures and their effect on advertiser, consumer, and enterprise spending ; 
•new product and service launches; and
•seasonality.
Additionally, fluctuations in our revenues generated from advertising ("Google advertising"), revenues from other 
sources ("Google subscriptions, platforms, and devices revenues"), Google Cloud, and Other Bets revenues have 
been, and may continue to be, affected by other factors unique to each set of revenues, as described below.
Google Services
Google Services revenues consist of Google advertising as well as Google subscriptions, platforms, and devices 
revenues.
Google Advertising
Google advertising revenues are comprised of the following: 
•Google Search & other, which includes revenues generated on Google search properties (including revenues 
from traffic generated by search distribution partners who use Google.com as their default search in browsers, 
toolbars, etc.), and other Google owned and operated properties like Gmail, Google Maps, and Google Play;
•YouTube ads, which includes revenues generated on YouTube properties; and
•Google Network, which includes revenues generated on Google Network properties participating in AdMob, 
AdSense, and Google Ad Manager.
We use certain metrics to track how well traffic across various properties is monetized as it relates to our 
advertising revenues: paid clicks and cost-per-click pertain to traffic on Google Search & other properties, while 
impressions and cost-per-impression pertain to traffic on our Google Network properties.
Paid clicks represent engagement by users and include clicks on advertisements by end-users on Google search 
properties and other Google owned and operated properties including Gmail, Google Maps, and Google Play.  Cost-
per-click is defined as click-driven revenues divided by our total number of paid clicks and represents the average 
amount we charge advertisers for each engagement by users.
Impressions include impressions displayed to users on Google Network properties participating primarily in 
AdMob, AdSense, and Google Ad Manager.  Cost-per-impression is defined as impression-based and click-based 
revenues divided by our total number of impressions, and represents the average amount we charge advertisers for 
each impression displayed to users.  
As our business evolves, we periodically review, refine, and update our methodologies for monitoring, gathering,


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and counting the number of paid clicks and the number of impressions, and for identifying the revenues generated by 
the corresponding click and impression activity.
Fluctuations in our advertising revenues, as well as the change in paid clicks and cost-per-click on Google Search 
& other properties and the change in impressions and cost-per-impression on Google Network properties and the 
correlation between these items have been, and may continue to be, affected by factors in addition to the general 
factors described above, such as:
•advertiser competition for keywords;
•changes in advertising quality, formats, delivery or policy;
•changes in device mix; 
•seasonal fluctuations in internet usage, advertising expenditures, and underlying business trends, such as 
traditional retail seasonality; and
•traffic growth in emerging markets compared to more mature markets and across various verticals and 
channels.Table of Contents Alphabet Inc.
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Google Subscriptions, Platforms, and Devices
Google subscriptions, platforms, and devices revenues are comprised of the following:
•consumer subscript ions, which primarily include revenues from YouTube services, such YouTube TV, YouTube  
Music and Premium , and NFL Sunday Ticket, as well as Google One;
•platforms, which primarily include revenues from Google Play from the sales of apps and in-app purchases;
•devices, which primarily include sales of the Pixel family of devices; and
•other products and services.
Fluctuations in our Google subscriptions, platforms, and devices revenues have been, and may continue to be, 
affected by factors in addition to the general factors described above, such as changes in customer usage and 
demand, number of subscribers, and fluctuations in the timing of product launches.
Google Cloud
Google Cloud revenues are comprised of the following:
•Google Cloud Platform , which generates consumption-based fees and subscriptions for infrastructure, 
platform, and other services. These services provide access to solutions such as cybersecurity, databases, 
analytics, and AI offerings including our AI infrastructure, Vertex AI platform , and Duet AI for Google Cloud ;
•Google Workspace, which includes subscriptions for cloud-based communication and collaboration tools for 
enterprises, such as Calendar, Gmail, Docs, Drive, and Meet, with integrated features like Duet AI in Google 
Workspace; and
•other enterprise services.
Fluctuations in our Google Cloud revenues have been, and may continue to be, affected by  factors  in addition to 
the general factors described above , such as customer usage.
Other Bets
Revenues from Other Bets are generated primarily from the sale of health care- related services  and internet 
services .
Costs and Expenses 
Our cost structure has two components: cost of revenues and operating expenses. Our operating expenses 
include costs related to R&D, sales and marketing, and general and administrative functions. Certain of our costs and 
expenses, including those associated with the operation of our technical infrastructure as well as components of our 
operating expenses, are generally less variable in nature and may not correlate to changes in revenue. Additionally, 
fluctuations in compensation expenses may not directly correlate with changes in headcount, in particular due to 
annual stock-based compensation (SBC) awards  that generally vest over four years. 
Cost of Revenues


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Cost of Revenues
Cost of revenues is comprised of TAC and other costs of revenues.
•TAC includes: 
◦amounts paid to our distribution partners who make available our search access points and services. 
Our distribution partners include browser providers, mobile carriers, original equipment manufacturers, 
and software developers ; and
◦amounts paid to Google Network partners primarily for ads displayed on their properties.
•Other cost of revenues  primarily includes :
◦compensation expense related to our data centers and other operations such as content review and 
customer and product support;
◦content acquisition costs, which are payments to content providers from whom we license video and 
other content for distribution  on YouTube and Google Play  (we pay fees to these content providers 
based on revenues generated or a flat fee);
◦depreciation expense related to our technical infrastructure; and
◦inventory and other costs related to the devices  we sell.Table of Contents Alphabet Inc.
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TAC as a percentage of revenues generated from ads placed on Google Network properties are significantly 
higher than TAC as a percentage of revenues generated from ads placed on Google Search & other properties, 
because most of the advertiser revenues from ads served on Google Network properties are paid as TAC to our 
Google Network partners.
Operating Expenses
Operating expenses are generally incurred during our normal course of business, which we categorize as either 
R&D, sales and marketing, or general and administrative.
The main components of our R&D expenses are:
•compensation expenses for engineering and technical employees responsible for R&D related to our existing 
and new products and services; 
•depreciation ; and
•third-party services fees primarily relating to consulting and outsourced services in support of our engineering 
and product development efforts.
The main components of our sales and marketing expenses are:
•compensation expenses for employees engaged in sales and marketing, sales support, and certain customer 
service functions; and
•spending relating to our advertising and promotional activities in support of our products and services.
The main components of our general and administrative expenses are:
•compensation expenses for employees in finance, human resources, information technology, legal, and other 
administrative support functions; 
•expenses relating to legal matters, including certain  fines and settlements; and 
•third-party services fees, including audit, consulting, outside legal, and other outsourced administrative 
services.
Other Income (Expense), Net 
OI&E, net primarily consists of interest income (expense), the effect of foreign currency exchange gains (losses), 
net gains (losses) and impairment on our marketable and non-marketable securities, performance fees, and income 
(loss) and impairment from our equity method investments. 
For additional information, including how we account for our investments and factors that can drive fluctuations in 
the value of our investments, see Note 1  and Note 3  of the Notes to Consolidated Financial Statements included in 
Part II, Item 8 as well as Item 7A Quantitative and Qualitative Disclosures About Market Risk of this Annual Report on 
Form 10-K.
Provision for Income Taxes  
Provision for income taxes represents the estimated amount of federal, state, and foreign income taxes incurred


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in the U.S. and the many jurisdictions in which we operate. The provision includes the effect of reserve provisions and 
changes to reserves that are considered appropriate as well as the related net interest and penalties.
For additional information, including a reconciliation of the U.S. federal statutory rate to our effective tax rate, see 
Note 14  of the Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K.Table of Contents Alphabet Inc.
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Executive Overview
The following table summarizes our consolidated financial results (in millions, except for per share information 
and percentages):
Year Ended December 31,
2022 2023 $ Change % Change
Consolidated revenues $ 282,836 $ 307,394 $ 24,558  9 %
Change in consolidated constant currency revenues(1) 10 %
Cost of revenues $ 126,203 $ 133,332 $ 7,129  6 %
Operating expenses $ 81,791 $ 89,769 $ 7,978  10 %
Operating income $ 74,842 $ 84,293 $ 9,451  13 %
Operating margin  26 %  27 %  1 %
Other income (expense), net $ (3,514) $ 1,424 $ 4,938 NM
Net income $ 59,972 $ 73,795 $ 13,823  23 %
Diluted EPS $ 4.56 $ 5.80 $ 1.24  27 %
NM = Not Meaningful
(1) See "Use of Non-GAAP Constant Currency Information " below for details relating to our use of constant currency information. 
•Revenues were $307.4 billion , an increase  of 9% year over year, primarily driven by an increase  in Google 
Services revenues of $19.0 billion , or 8%, and an increase  in Google Cloud revenues of $6.8 billion , or 26%. 
•Total constant currency revenues, which exclude the effect of hedging, increased 10% year over year.
•Cost of revenues  was $133.3 billion , an increase  of 6% year over year, primarily driven by increase s in content 
acquisition costs , compensation expenses, and TAC . The increase in compensation expenses included 
charges related to employee severance associated with the reduction in our workforce . Additionally, cost of 
revenues benefited from a reduction in depreciation due to the change in estimated useful lives of our servers 
and network equipment.
•Operating expenses were $89.8 billion , an increase  of 10% year over year , primarily driven by an increase in 
compensation expenses  and charges related to our office space optimization efforts . The increase in


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compensation expenses was largely  the result of  charges related to employee severance associated with the 
reduction in our workforce  and an increase in SBC expense.  Operating  expenses benefited from  the change in 
the estimated useful lives of our servers and certain network equipment.
Other Information:
•In January 2023, we announced a reduction of our workforce , and as a result we recorded employee 
severance and related charges of $2.1 billion  for the year ended December 31, 2023. In addition, we are 
taking actions to optimize our global office space. As a result, exit charges recorded during the year ended 
December 31, 2023, were $1.8 billion . In addition to these exit charges, for the year ended December 31, 
2023, we incurred  $269 million  in accelerated rent and accelerated depreciation . For additional information, 
see Note 8  of the Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on 
Form 10-K.
•In January 2023, we completed an assessment of the useful lives of our servers and network equipment, 
resulting in a change in the estimated useful life of our servers and certain network equipment to six years. 
The effect of this change was a reduction in depreciation expense of $3.9 billion  for the year ended December 
31, 2023, recognized primarily in cost of revenues and R&D expenses. For additional information, see Note 1  
of the Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K.Table of Contents Alphabet Inc.
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•On July 21,  2023, the IRS announced a rule change allowing taxpayers to temporarily apply the regulations in 
effect prior to 2022 related to U.S. federal foreign tax credits. This announcement applies to foreign taxes paid 
or accrued in the fiscal years 2022 and 2023. A cumulative one-time adjustment applicable to  the prior period 
for this tax rule change was recorded in 2023  and is reflected in  our effective tax rate of 13.9%  for the year 
ended December 31, 2023.
•Repurchases of Class A and Class C shares were $62.2 billion  for the year ended December 31, 2023 . For 
additional information, see Note 11  of the Notes to Consolidated Financial Statements included in Item 8 of this 
Annual Report on Form 10-K.
•Operating cash flow was $101.7 billion  for the year ended December 31, 2023 .
•Capital expenditures, which primarily reflected investments in technical infrastructure, were $32.3 billion  for the 
year ended December 31, 2023 .
•As of December 31, 2023 , we had  182,502  employees.
Financial Results
Revenues
The following table presents revenues by type (in millions):
Year Ended December 31,
2022 2023
Google Search & other $ 162,450 $ 175,033 
YouTube ads  29,243  31,510 
Google Network  32,780  31,312 
Google advertising  224,473  237,855 
Google subscriptions, platforms, and devices  29,055  34,688 
Google Services total  253,528  272,543 
Google Cloud  26,280  33,088 
Other Bets  1,068  1,527 
Hedging gains (losses)  1,960  236 
Total revenues $ 282,836 $ 307,394 
Google Services
Google advertising revenues
Google Search & other
Google Search & other revenues increased  $12.6 billion  from 2022  to 2023 . The overall growth was driven by


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interrelated factors including increases in search queries resulting from growth in user adoption and usage on mobile 
device s; growth in advertiser spending; and  improvements we have made in ad formats and delivery .
YouTube ads
YouTube ads revenues increased  $2.3 billion  from 2022  to 2023 . The growth was driven by our brand and direct 
response advertising products, both of which benefited from increased spending by our advertisers.
Google Network
Google Network revenues decreased  $1.5 billion  from 2022  to 2023 , primarily driven by a decrease in Google Ad 
Manager and AdSense revenues.Table of Contents Alphabet Inc.
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Monetization Metrics
The following table presents changes in monetization metrics for Google Search & other revenues (paid clicks 
and cost-per-click) and Google Network revenues (impressions and cost-per-impression), expressed as a percentage, 
from 2022  to 2023 :
Google Search & other
Paid clicks change  7 %
Cost-per-click change  1 %
Google Network
Impressions change  (5) %
Cost-per-impression change  0 %
Changes in paid clicks and impressions are driven by a number of interrelated factors, including changes in 
advertiser spending; ongoing product and policy changes; and, as it relates to paid clicks, fluctuations in search 
queries resulting from changes in user adoption and usage, primarily  on mobile devices .
Changes in cost-per-click and cost-per-impression are driven by a number of interrelated factors including 
changes in device mix , geographic mix, advertiser spending, ongoing product and policy changes, product mix, 
property mix, and changes in foreign currency exchange rates.
Google subscriptions, platforms, and devices
Google subscriptions , platforms, a nd devices  revenues increased  $5.6 billion  from 2022  to 2023  primarily driven 
by growth in subscriptions , largely for YouTube services. The growth in YouTube services was primarily  due to an 
increase in paid subscribers.
Google subscriptions, platforms, and devices revenues increased $1.0 billion from 2021 to 2022 primarily driven 
by growth in subscription and device revenues, partially offset by a decrease in platform revenues. The growth in 
subscriptions was largely for YouTube services, primarily due to an increase in paid subscribers. The growth in device 
revenues was primarily driven by increased sales of Pixel devices. The decrease in platform revenues was primarily 
due to Google Play, driven by the fee structure changes we announced in 2021 as well as a decrease in buyer 
spending. Additionally, the overall increase in Google subscriptions, platforms, and devices revenues was adversely 
affected by the unfavorable effect of foreign currency exchange rates.
Google Cloud
Google Cloud revenues increased  $6.8 billion  from 2022  to 2023 . Growth was primarily driven by Google Cloud 
Platform followed by Google Workspace offerings. Google Cloud's infrastructure and platform services were the largest 
drivers of growth in Google Cloud Platform.
Revenues by Geography


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drivers of growth in Google Cloud Platform.
Revenues by Geography
The following table presents revenues by geography as a percentage of revenues, determined based on the 
addresses of our customers:
 Year Ended December 31,
 2022 2023
United States  48 %  47 %
EMEA  29 %  30 %
APAC  16 %  17 %
Other Americas  6 %  6 %
Hedging gains (losses)  1 %  0 %
For additional information, see Note 2  of the Notes to Consolidated Financial Statements included in Item 8 of this 
Annual Report on Form 10-K.Table of Contents Alphabet Inc.
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Use of Non-GAAP Constant Currency Information
International revenues, which represent a significant portion of our revenues, are generally transacted in multiple 
currencies and therefore are affected by fluctuations in foreign currency exchange rates.
The effect of currency exchange rates on our business is an important factor in understanding period-to-period 
comparisons. We use non-GAAP constant currency revenues ("constant currency revenues") and non-GAAP 
percentage change in constant currency revenues ("percentage change in constant currency revenues") for financial 
and operational decision-making and as a means to evaluate period-to-period comparisons. We believe the 
presentation of results on a constant currency basis in addition to U.S. Generally Accepted Accounting Principles 
(GAAP) results helps improve the ability to understand our performance, because it excludes the effects of foreign 
currency volatility that are not indicative of our core operating results.
Constant currency information compares results between periods as if exchange rates had remained constant 
period over period. We define constant currency revenues as revenues excluding the effect of foreign currency 
exchange rate movements ("FX Effect") as well as hedging activities, which are recognized at the consolidated level. 
We use constant currency revenues to determine the constant currency revenue percentage change on a year-on-year 
basis. Constant currency revenues are calculated by translating current period revenues using prior year comparable 
period exchange rates, as well as excluding any hedging effects realized in the current period.
Constant currency revenue percentage change is calculated by determining the change in current period 
revenues over prior year comparable period revenues where current period foreign currency revenues are translated 
using prior year comparable period exchange rates and hedging effects are excluded from revenues of both periods.
These results should be considered in addition to, not as a substitute for, results reported in accordance with 
GAAP. Results on a constant currency basis, as we present them, may not be comparable to similarly titled measures 
used by other companies and are not a measure of performance presented in accordance with GAAP.
The following table presents the foreign currency exchange effect on international revenues and total revenues (in 
millions, except percentages):
Year Ended December 31, 2023
% Change from Prior Period
Year Ended December 31,Less FX 
EffectConstant 
Currency 
RevenuesAs 
ReportedLess 
Hedging 
EffectLess FX 
EffectConstant 
Currency 
Revenues 2022 2023


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EffectConstant 
Currency 
Revenues 2022 2023
United States $ 134,814 $ 146,286 $ 0 $ 146,286  9 %  0 %  9 %
EMEA  82,062  91,038  460  90,578  11 %  1 %  10 %
APAC  47,024  51,514  (1,759)  53,273  10 %  (3) %  13 %
Other Americas  16,976  18,320  (654)  18,974  8 %  (4) %  12 %
Revenues, excluding hedging effect  280,876  307,158  (1,953)  309,111  9 %  (1) %  10 %
Hedging gains (losses)  1,960  236 
Total revenues(1)$ 282,836 $ 307,394 $ 309,111  9 %  0 %  (1) %  10 %
(1)Total constant currency revenues of $309.1 billion  for 2023  increased $28.2 billion  compared to $280.9 billion  in revenues, 
excluding hedging effect, for 2022 .
EMEA revenue growth was favorably affected by changes in foreign currency exchange rates, primarily due to the 
U.S. dollar weakening relative to the Euro, partially offset by the U.S. dollar strengthening relative to the Turkish lira.
APAC revenue growth was unfavorably affected by changes in foreign currency exchange rates, primarily due to 
the U.S. dollar strengthening relative to the Japanese yen.
Other Americas revenue growth was unfavorably affected by changes in foreign currency exchange rates, 
primarily due to the U.S. dollar strengthening relative to the Argentine peso.Table of Contents Alphabet Inc.
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Costs and Expenses
Cost of Revenues
The following table presents cost of revenues, including TAC (in millions, except percentages):
 Year Ended December 31,
 2021 2022 2023
TAC $ 45,566 $ 48,955 $ 50,886 
Other cost of revenues  65,373  77,248  82,446 
Total cost of revenues $ 110,939 $ 126,203 $ 133,332 
Total cost of revenues as a percentage of revenues  43 %  45 %  43 %
Cost of revenues increased  $7.1 billion  from 2022  to 2023  due to an increase  in other cost of revenues and TAC 
of $5.2 billion  and $1.9 billion , respectively.
The increase  in TAC from 2022  to 2023  was largely due to an increase in TAC paid to distribution partners, 
primarily driven by growth in revenues subject to TAC. The TAC rate decreased from 21.8%  to 21.4%  from 2022  to 
2023  primarily due to a revenue mix shift from Google Network properties to Google Search & other properties. The 
TAC rate on Google Search & other revenues and the TAC rate on Google Network revenues were both substantially 
consistent from 2022 to 2023.
The increase  in other cost of revenues from 2022  to 2023  was primarily due to increases in content acquisition 
costs, largely for YouTube, and compensation expenses, which  included $479 million  of charges related to employee 
severance associated with the reduction in our workforce . Additionally, other cost of revenues benefited from a 
reduction in depreciation expense due to the change in estimated useful lives of our servers and network equipment.
The increase  in other cost of revenues of $11.9 billion  from 2021 to 2022  was primarily due to increases in device 
costs, compensation expenses, depreciation, and equipment-related expenses.
Research and Development
The following table presents R&D expenses (in millions, except percentages):
 Year Ended December 31,
 2022 2023
Research and development expenses $ 39,500 $ 45,427


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Research and development expenses $ 39,500 $ 45,427 
Research and development expenses as a percentage of revenues  14 %  15 %
R&D expenses increased  $5.9 billion  from 2022  to 2023  primarily driven by an increase in compensation 
expenses of $2.9 billion, $870 million in charges related to our office space optimization efforts, and an increase in 
depreciation expense of $722 million. The $2.9 billion increase in compensation expenses  was largely the result of a 
4% increase in average headcount , after adjusting for roles affected by the reduction in our workforce, and an increase 
in SBC expense. Additionally, the increase in compensation expenses included  $848 million in employee severance 
charges associated with the reduction in our workforce.  The $722 million increase in depreciation expense reflected an 
offsetting benefit of the change in the estimated useful lives of our servers and network equipment.
Sales and Marketing
The following table presents sales and marketing expenses (in millions, except percentages):
 Year Ended December 31,
 2022 2023
Sales and marketing expenses $ 26,567 $ 27,917 
Sales and marketing expenses as a percentage of revenues  9 %  9 %
Sales and marketing expenses increased  $1.4 billion  from 2022  to 2023 , primarily driven by an increase in 
compensation expenses of $1.6 billion, partially offset by a decrease in advertising and promotional activities of $441 
million. The $1.6 billion increase in compensation expenses was largely the result of $497 million in employee 
severance charges associated with the reduction in our workforce in addition to a combination of other factors, none of 
which were individually significant .Table of Contents Alphabet Inc.
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General and Administrative
The following table presents general and administrative expenses (in millions, except percentages):
 Year Ended December 31,
 2022 2023
General and administrative expenses $ 15,724 $ 16,425 
General and administrative expenses as a percentage of revenues  6 %  5 %
General and administrative expenses increased  $701 million  from 2022  to 2023 , primarily driven by an increase in 
compensation expenses of $416 million, which was largely the result of $264 million in employee severance charges 
associated with the reduction in our workforce  in addition to a combination of other factors, none of which were 
individually significant . 
Segment Profitability
The following table presents segment operating income (loss) (in millions).
Year Ended December 31,
2022 2023
Operating income (loss):
Google Services $ 82,699 $ 95,858 
Google Cloud  (1,922)  1,716 
Other Bets  (4,636)  (4,095) 
Alphabet-level activities(1) (1,299)  (9,186) 
Total income from operations $ 74,842 $ 84,293 
(1)In addition to the costs included in Alphabet-level activities , hedging gains (losses) related to revenue were $2.0 billion  and 
$236 million  in 2022 and 2023 , respectively . For the year ended December 31, 2023, Alphabet-level activities include charges 
related to the reduction  in force and our office space optimization efforts  totaling  $3.9 billion . In addition, for the year ended 
December 31, 2023, we incurred $269 million  in accelerated rent and accelerated depreciation. For additional information 
relating to our workforce reduction and other initiatives, see Note 8  of the Notes to Consolidated Financial Statements included 
in Item 8 of this Annual Report on Form 10-K. For additional information relating to our segments, see Note 15  of the Notes to 
Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K.
Google Services
Google Services  operating income increased  $13.2 billion  from 2022  to 2023 . The increase in operating income


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was primarily driven by an increase in revenues, partially offset by an increase in content acquisition costs and 
compensation expenses  including  an increase in SBC expense . Additionally, operating income benefited from a 
reduction in costs driven by the change in the estimated useful lives of our servers and certain network equipment.
Google Cloud
Google Cloud operating income of $1.7 billion  for 2023  compared to an operating loss of $1.9 billion  for 2022  
represents an increase of $3.6 billion . The increase in operating income was primarily driven by an increase in 
revenues, partially offset by an increase in compensation expenses l argely driven by  headcount growth . Additionally, 
operating income benefited from a reduction in costs driven by the change in the estimated useful lives of our servers 
and certain network equipment.
Other Bets
Other Bets operating loss decreased  $541 million  from 2022  to 2023  primarily due to growth in revenues  as well 
as a reduction in valuation-based compensation liabilities related to Other Bet companies .
Other Income (Expense), Net
The following table presents OI&E, (in millions):Table of Contents Alphabet Inc.
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Year Ended December 31,
 2022 2023
Interest income $ 2,174 $ 3,865 
Interest expense  (357)  (308) 
Foreign currency exchange gain (loss), net  (654)  (1,238) 
Gain (loss) on debt securities, net  (2,064)  (1,215) 
Gain (loss) on equity securities, net  (3,455)  392 
Performance fees  798  257 
Income (loss) and impairment from equity method investments, net  (337)  (628) 
Other  381  299 
Other income (expense), net $ (3,514) $ 1,424 
OI&E, net increased $4.9 billion  from 2022 to 2023. The increase was primarily due to fluctuations in the value of 
equity securities reflecting market driven changes in the value of our marketable equity securities, investment specific  
event driven changes  in our non-marketable equity securities, and increased interest income due to interest rates. 
For additional information, see Note 7  of the Notes to Consolidated Financial Statements included in Item 8 of this 
Annual Report on Form 10-K.
Provision for Income Taxes
The following table presents provision for income taxes (in millions, except for effective tax rate):
 Year Ended December 31,
 2022 2023
Income before provision for income taxes $ 71,328 $ 85,717 
Provision for income taxes $ 11,356 $ 11,922 
Effective tax rate  15.9 %  13.9 %
In 2023, the Internal Revenue Services (IRS) issued a rule change allowing taxpayers to temporarily apply the 
regulations in effect prior to 2022 related to U.S. federal foreign tax credits, as well as a separate rule change with 
interim guidance on the capitalization and amortization of R&D expenses. A cumulative one-time adjustment applicable 
to the prior period for these tax rule changes  was recorded in 2023.
The effective tax rate decreased from 2022  to 2023 , reflecting the effect of the two tax rule changes described 
above, particularly the change related to foreign tax cred its. The effect of these tax rule changes was partially offset by


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changes in uncertain tax benefits  and a decrease  in the U.S. federal Foreign Derived Intangible Income tax deduction.
The OECD is coordin ating negotiations among more than 140 countries with the goal of achieving consensus 
around substantial changes to international tax policies, including the implementation of a minimum global effective tax 
rate of 15%. While various countries have implemented the legislation as of January 1, 2024, we do not expect a 
resulting material change to our income tax provision for the 2024 fiscal year. As additional jurisdictions enact such 
legislation, we expect our effective tax rate and cash tax payments could increase in f uture years. 
Financial Condition
Cash, Cash Equivalents, and Marketable Securities
As of December 31, 2023 , we had $110.9 billion  in cash, cash equivalents, and short-term marketable securities. 
Cash equivalents and marketable securities a re comprised of time deposits, money market funds, highly liquid 
government bonds, corporate debt securities, mortgage-backed and asset-backed securities, and marketable equity 
securities.
Sources, Uses of Cash and Related Trends
Our principal sources of liquidity are cash, cash equivalents, and marketable securities, as well as the cash flow 
that we generate from operations. The primary use of capital continues to be to invest for the long-term growth of the 
business. We regularly evaluate our cash and capital structure, including the size, pace, and form of capital return to 
stockholders.Table of Contents Alphabet Inc.
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The following table presents our cash flows (in millions):
 Year Ended December 31,
 2022 2023
Net cash provided by operating activities $ 91,495 $ 101,746 
Net cash used in investing activities $ (20,298) $ (27,063) 
Net cash used in financing activities $ (69,757) $ (72,093) 
Cash Provided by Operating Activities
Our largest source of cash provided by operations are advertising revenues generated by Google Search & other 
properties, Google Network properties, and YouTube properties. In Google Services, we also generate cash through 
consumer subscriptions and the sale of apps and in-app purchases and devices. In Google Cloud we generate cash 
through consumption-based fees and subscriptions for infrastructure, platform, collaboration tools, and other cloud 
services .
Our primary uses of cash from operating activities include payments to distribution and Google Network partners, 
to employees for compensation, and to content providers. Other uses  of cash from operating activities include 
payments to suppliers for devices, to tax authorities for income taxes, and other general corporate expenditures .
Net cash provided by operating activities increased  from 2022  to 2023  due to the increase in cash received from 
customers, partially offset by increase s in ca sh paid for cost of revenues and operating expenses.
Cash Used in Investing Activities
Cash provided by investing activities consists primarily of maturities and sales of investments in marketable and 
non-marketable securities. Cash used in investing activities consists primarily of purchases of marketable and non-
marketable securities, purchases of property and equipment, and payments for acquisitions.
Net cash used in investing activities increased  from 2022  to 2023  due to a decrease in maturities and sales of 
marketable securities, partially offset by a decrease in payments for acquisitions.
Cash Used in Financing Activities
Cash provided by financing activities consists primarily of proceeds from issuance of debt and proceeds from the 
sale of interes ts in consolidated entities. Cash used in financing activities consists primarily of repurchases of stock, 
net payments related to stock-based award activities, and repayments of debt.
Net cash used in financing activities increased  from 2022  to 2023  due to an increase in repurchases of stock.
Liquidity and Material Cash Requirements


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Liquidity and Material Cash Requirements
We expect existing cash, cash equivalents, short-term marketable securities, cash flows from operations and 
financing activities to continue to be sufficient to fund our operating activities and cash commitments for investing and 
financing activities for at least the next 12 months and thereafter for the foreseeable future.
Capital Expenditures and Leases
We make investments in land and buildings for data centers and offices and information technology assets 
through purchases of property and equipment and lease arrangements  to provide capacity for the growth of our 
services and products.
Capital Expenditures
Our capital investments in propert y and equipment consist primarily of the following major categories:
•technical infrastructure , which consists of our investments in servers and network equipment for computing, 
storage, and networking requirements for ongoing business activities, including AI, (collectively referred to as 
our information technology assets ) and data center land and building construction; and
•office facilities , ground-up development projects, and building improvements  (also referred to as "fit-outs").
Construction in progress consists primarily of technical infrastructure and office facilities which have not yet been 
placed in service. The time frame from date of purchase to placement in service of these assets may extend from 
months to years. For example, our data center construction projects are generally multi-year projects with multiple 
phases, where we acquire land and buildings, construct buildings, and secure and install information technology 
assets.Table of Contents Alphabet Inc.
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During the years ended December 31, 2022  and 2023 , we spent $31.5 billion  and $32.3 billion  on capital 
expenditures, respectively. We expect to increase, relative to 2023, our investment in our technical infrastructure, 
including servers, network equipment, and data centers, to support the growth of our business and our long-term 
initiatives, in particular in support of AI products and services.  Depreciation of our property and equipment commences 
when the deployment of such assets are completed and are ready for our intended use. Land is not depreciated. For 
the years ended December 31, 2022  and 2023 , our depreciation  on property and equipment were $13.5 billion  and 
$11.9 billion , respectively .  
Leases 
For the years ended December 31, 2022  and 2023 , we recognized total operating lease assets of $4.4 billion  and 
$2.9 billion , respectively. As of December 31, 2023 , the amount of total future lease payments under operating leases, 
which had a weighted average remaining lease term of eight  years, was $17.7 billion , of which $3.2 billion  is short-
term. As of December 31, 2023 , we have entered into leases that have not yet commenced with future short-term and 
long-term lease payments of  $657 million  and $3.3 billion , that are not yet recorded on our Consolidated Balance 
Sheets. These leases will commence between 2024  and 2026  with non-cancelable lease terms of one to 25 years. 
For the years ended December 31, 2022  and 2023 , our operating lease expenses (including variable lease costs) 
were $3.7 billion  and $4.5 billion , respectively. Finance lease costs  were not material for the years ended 
December 31, 2022  and 2023 . For additional information, see Note 4  of the Notes to Consolidated Financial 
Statements included in Item 8 of this Annual Report on Form 10-K.
Financing
We have a short-term debt financing program of up to $10.0 billion  through the issuance of commercial paper. Net


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proceeds from this program are used for general corporate purposes. As of December 31, 2023 , we had no 
commercial paper outstanding.
As of December 31, 2023 , we had $10.0 billion  of revolving credit facilities, $4.0 billion  expiring in April 2024  and 
$6.0 billion  expiring in April 2028 . 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 have 
been borrowed under the credit facilities.
As of December 31, 2023 , we had senior unsecured notes outstanding with a total carrying value of $12.9 billion  
with short-term and long-term future interest payments of $214 million  and $3.6 billion , respectively. For additional 
information, see Note 6  of the Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on 
Form 10-K.
We primarily utilize contract manufacturers for the assembly of our servers used in our technical infrastructure 
and devices we sell. We have agreements where we may purchase components directly from suppliers and then 
supply these components to contract manufacturers for use in the assembly of the servers and d evice s. Certain of 
these arrangements result in a portion of the cash received from and paid to the contract manufacturers to be 
presented as financing activities in the Consolidated Statements of Cash Flows included in Item 8 of this Annual 
Report on F orm 10-K.
Share Repurchase Program
During 2023  we repurchased and subsequently retired 528 million  shares for $62.2 billion .
In April 2023, the Board of Directors of Alphabet authorized the company to repurchase up to an additional $70.0 
billion of its Class A and Class C shares. As of December 31, 2023, $36.3 billion  remains available for Class A and 
Class C share repurchases.
The following table presents Class A and Class C shares repurchased and subsequently retired (in millions):
Year Ended December 31, 2022 Year Ended December 31, 2023
Shares Amount Shares Amount
Class A share repurchases 61$ 6,719 78$ 9,316


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Class C share repurchases 469  52,577 450  52,868 
Total share repurchases(1)530 $ 59,296 528 $ 62,184 
(1)         Shares repurchased include unsettled repurchases as of December 31, 2023 .
For additional information, see Note 11  of the Notes to Consolidated Financial Statements included in Item 8 of 
this Annual Report on Form 10-K.Table of Contents Alphabet Inc.
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European Commission Fines
In 2017, 2018 and 2019, the EC announced decisions that certain actions taken by Google infringed European 
competition law and imposed fines of €2.4 billion  ($2.7 billion  as of June 27, 2017 ), €4.3 billion  ($5.1 billion  as of 
June 30, 2018 ), and €1.5 billion  ($1.7 billion  as of March 20, 2019 ), respectively. On September 14, 2022, the General 
Court reduced the 2018 fine from €4.3 billion  to €4.1 billion. We subsequently filed an appeal to the European Court of 
Justice.
While each EC decision is under appeal, we included the fines in accrued expenses and other current liabilities 
on our Consolidated Balance Sheets as we provided bank guarantees (in lieu of a cash payment) for the fines. For 
additional information, see Note 10  of the Notes to Consolidated Financial Statements included in Item 8 of this Annual 
Report on Form 10-K.
Taxes
As of December 31, 2023 , we had income taxes payabl e of $4.2 billion , of which $2.1 billion  was short-term, 
related to a one-time transition tax payable incurred as a result of the U.S. Tax Cuts and Jobs Act ("Tax Act").  As 
permitted by the Tax Act, we will pay the transition tax in annual interest-free installments through 2025 . We also have 
long-term taxes payable  of $6.3 billion  primarily related to uncertain tax positions as of December 31, 2023 .
Purchase Commitments and Other Contractual Obligations
As of December 31, 2023 , we had material purchase commitments and other contractual obligations of $45.9 
billion , of which $31.6 billion  was short-term. These amounts primarily consist of p urchase orders for certain technical 
infrastructure as well as  the non-cancelable portion or the minimum cancellation fee in certain agreements related to 
commitments to purchase licenses, including content licenses, inventory and network capacity . For those agreements 
with variable terms, we do not estimate the non-cancelable obligation beyond any minimum quantities and/or pricing as


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of December 31, 2023 . In certain instances, the amount of our contractual obligations may change based on the 
expected timing of order fulfillment from our suppliers.  For more  information related to our content licenses, see Note 
10 of the Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K.
In addition, we regularly enter into multi-year, non-cancellable agreements to purchase renewable energy and 
energy attributes, such as renewable energy certificates. These agreements do not include a minimum dollar 
commitment. The amounts to be paid under these agreements are based on the actual volumes to be generated and 
are not readily determinable.
Critical Accounting Estimates
We prepare our consolidated financial statements in accordance with GAAP. In doing so, we have to make 
estimates and assumptions. Our critical accounting estimates are those estimates that involve a significant level of 
uncertainty at the time the estimate was made, and changes in them have had or are reasonably likely to have a 
material effect on our financial condition or results of operations. Accordingly, actual results could differ materially from 
our estimates. We base our estimates on past experience and other assumptions that we believe are reasonable 
under the circumstances, and we evaluate these estimates on an ongoing basis. We have reviewed our critical 
accounting estimates with the Audit and Compliance Committee of our Board of Directors.
For a summary of significant accounting policies and the effect on our financial statements, see Note 1  of the 
Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K.
Fair Value Measurements of Non-Marketable Equity Securities
We measure certain financial instruments at fair value on a nonrecurring basis, consisting primarily of our non-
marketable equity securities. These investments are accounted for under the measurement alternative method ("the 
measurement alternative") and are measured at cost, less impairment, subject to upward and downward adjustments 
resulting from observable price changes for identical or similar investments of the same issuer. These adjustments 
require quantitative assessments of the fair value of our securities, which may require the use of unobservable inputs. 
Adjustments are determined primarily based on a market approach as of the transaction date and involve the use of 
estimates using the best information available, which may include cash flow projections or other available market data .


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Non-marketable equity securities are also evaluated for impairment, based on qualitative factors including the 
companies' financial and liquidity position and access to capital resources, among others. When indicators of 
impairment exist, we prepare quantitative measurements of the fair value of our equity investments using a market 
approach or an income approach, which requires judgment and the use of unobservable inputs, including discount 
rates, investee revenues and costs, and comparable market data of private and public companies, among others. Table of Contents Alphabet Inc.
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When the quantitative remeasurements of fair value indicate an impairment exists, we write down the investment to its 
current fair value.
We also have compensation arrangements with payouts based on realized returns from certain investments, i.e. 
performance fees. We record compensation expense based on the estimated payouts on an ongoing basis, which may 
result in expense recognized before investment returns are realized and compensation is paid and may require the use 
of unobservable inputs.
Property and Equipment
We assess the reasonableness of the useful lives of our property and equipment periodically as well as when 
other changes occur, such as when there are changes to ongoing business operations, changes in the planned use 
and utilization of assets, or technological advancements, that could indicate a change in the period over which we 
expect to benefit from the assets. 
Income Taxes
We are subject to income taxes in the U.S. and foreign jurisdictions. Significant judgment is required in evaluating 
our uncertain tax positions and determining our provision for income taxes.
Recording an uncertain tax position involves various qualitative considerations, including evaluation of 
comparable and resolved tax exposures, applicability of tax laws, and likelihood of settlement. We evaluate uncertain 
tax positions periodically, considering changes in facts and circumstances, such as new regulations or recent judicial 
opinions, as well as the status of audit activities by taxing authorities. Although we believe we have adequately 
reserved for our uncertain tax positions, no assurance can be given that the final tax outcome of these matters will not 
be different. To the extent that the final tax outcome of these matters is different than the amounts recorded, such 
differences will affect the provision for income taxes and the effective tax rate in the period in which such determination 
is made.
The provision for income taxes includes the effect of reserve provisions and changes to reserves as well as the 
related net interest and penalties. In addition, we are subject to the continuous examination of our income tax returns 
by the IRS and other tax authorities which may assert assessments against us. We regularly assess the likelihood of 
adverse outcomes resulting from these examinations and assessments to determine the adequacy of our provision for 
income taxes .
Loss Contingencies
We are regularly subject to claims, lawsuits, regulatory and government investigations, other proceedings, and 
consent orders involving competition, intellectual property, privacy, data security , tax and related compliance, labor and


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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. Certain of these matters 
include speculative claims for substantial or indeterminate amounts of damages. 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 possible loss  in Note 10  of 
the Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K. 
We evaluate, on a regular basis, 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 and changes to our disclosures. Significant judgment is required to determine both the likelihood and the 
estimated amount of a loss related to such matters. Until the final resolution of such matters, there may be an 
exposure to loss in excess of the amount recorded, and such amounts could be material.
Change in Accounting Estimate
In January 2023, we completed an assessment of the useful lives of our server s and network equipment resulting 
in a change in the estimated useful life of our servers and certain network equipment to six years. This change in 
accounting estimate was effective beginning fiscal year 2023. For additional information, see Note 1  of the Notes to 
Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K .Table of Contents Alphabet Inc.
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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We are exposed to financial market risks, including changes in foreign currency exchange rates, interest rates, 
and equity investment risks. 
Foreign Currency Exchange Risk
We transact business globally in multiple currencies. International revenues, as well as costs and expenses 
denominated in foreign currencies, expose us to the risk of fluctuations in foreign currency exchange rates against the 
U.S. dollar. As discussed below, we enter into derivative instruments to hedge foreign currency risk. Principal 
currencies hedged included the Australian dollar, British pound, Canadian dollar, Euro, and Japanese yen.  For the 
purpose of analyzing foreign currency exchange risk, we considered the historical trends in foreign currency exchange 
rates and determined that it was reasonably possible that adverse changes in exchange rates of 10% could be 
experienced .
We use foreign currency forward and option contracts to offset the foreign exchange risk on assets and liabilities 
denominated in currencies other than the functional currency of the subsidiary. These forward and option contracts 
reduce, but do not entirely eliminate, the effect of foreign currency exchange rate movements on our assets and 
liabilities. The foreign currency gains and losses on these assets and liabilities are recorded in OI&E, which are offset 
by the gains and losses on the forward and option contracts.
If an adverse 10% foreign currency exchange rate change was applied to total monetary assets, liabilities, and 
commitments denominated in currencies other than the functional currencies at the balance sheet date, it would have 
resulted in an adverse effect on income before income taxes of approxima tely $136 million  and $503 million  as of 
December 31, 2022  and 2023 , respectively, after consideration of the effect of foreign exchange contracts in place for 
the years ended December 31, 2022  and 2023 .
We use foreign currency forward and option contracts, including collars (an option strategy comprised of a 
combination of purchased and written options) to protect forecasted U.S. dollar-equivalent earnings from changes in 
foreign currency exchange rates.  When the U.S. dollar strengthens, gains from foreign currency forward and option 
contacts reduce the foreign currency losses related to our earnings. When the U.S. dollar weakens, losses from foreign


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currency forward and option contracts offset the foreign currency gains related to our earnings. These hedging 
contracts reduce, but do not entirely eliminate, the effect of foreign currency exchange rate movements. We designate 
these contracts as cash flow hedges for accounting purposes. We reflect the gains or losses of foreign currency spot 
rate changes as a component of accumulated other comprehensive income (AOCI) and subsequently reclassify them 
into revenues to offset the hedged exposures as they occur. 
If the U.S. dollar weakened by 10% as of December 31, 2022  and 2023 , the amount recorded in AOCI related to 
our cash flow hedges before tax effect would have been approximately  $1.3 billion  and  $1.5 billion  lower as of 
December 31, 2022  and 2023 , respectively. The change in the value recorded in AOCI would be expected to offset a 
corresponding foreign currency change in forecasted hedged revenues when recognized.
We use foreign exchange forward contracts designated as net investment hedges to hedge the foreign currency 
risks related to investment in foreign subsidiaries. These forward contracts serve to offset the foreign currency 
translation risk from our foreign operations.
If the U.S. dollar weakened by 10%, the amount recorded in cumulative translation adjustment (CTA) within AOCI 
related to our net investment hedges before tax effect would have been approximately $903 million  and $946 million  
lower as of December 31, 2022  and 2023 , respectively. The change in value recorded in CTA would be expected to 
offset a corresponding foreign currency translation gain or loss from our investment in foreign subsidiaries.
Interest Rate Risk
Our Corporate Treasury investment strategy is to achieve a return that w ill allow us to preserve capital and 
maintain liquidity. We invest primarily in debt securities, including government bonds, corporate debt securities, 
mortgage-backed and asset-backed securities, money market and other funds, time deposits, and interest rate 
derivatives. By policy, we limit the amount of credit exposure to any one issuer. Our investments in both fixed rate and 
floating rate interest earning securities carry a degree of interest rate risk. Fixed rate securities may have their fair 
market value adversely affected due to a rise in interest rates, while floating rate securities may produce less income


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than predicted if interest rates fall. Unrealized gains or losses on our marketable debt securities are primarily due to 
interest rate fluctuations as compared to interest rates at the time of purchase. For certain fixed and variable rate debt 
securities, we have elected the fair value option for which changes in fair value are recorded in OI&E. We measure 
securities for which we have not elected the fair value option at fair value with gains and losses recorded in AOCI until 
the securities are sold, less any expected credit losses. Table of Contents Alphabet Inc.
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We use value-at-risk (VaR) analysis to determine the potential effect of fluctuations in interest rates on the value 
of our marketable debt security portfolio. The VaR is the expected loss in fair value, for a given confidence interval, for 
our investment portfolio due to adverse movements in interest rates. We use a variance/covariance VaR model with 
95% confidence interval. The estimated one-day loss in fair value of marketable debt securities as of December 31, 
2022  and 2023  are shown below (in millions):
 As of December 31,12-Month Average 
As of December 31,
 2022 2023 2022 2023
Risk category - interest rate $ 256 $ 296 $ 198 $ 271 
Actual future gains and losses associated with our marketable debt security portfolio may differ materially from the 
sensitivity analyses performed as of December 31, 2022  and 2023  due to the inherent limitations associated with 
predicting the timing and amount of changes in interest rates and our actual exposures and positions. VaR analysis is 
not intended to represent actual losses but is used as a risk estimation.
Equity Investment Risk
Our marketable and non-marketable equity securities are subject to a wide variety of market-related risks that 
could substantially reduce or increase the fair value of our holdings.
Our marketable equity securities are publicly traded stocks or funds and our non-marketable equity securities are 
investments in privately held companies, some of which are in the startup or development stages.
We record marketable equity securities not accounted for under the equity method at fair value based on readily 
determinable market values, of which publicly traded stocks and mutual funds are subject to market price volatility, and 
represent $5.2 billion  and $6.0 billion  of our investments as of December 31, 2022  and 2023 , respectively. A 
hypothetical adverse price change of 10% on our December 31, 2023  balance would decrease the fair value of 
marketable equity securities by $597 million . From time to time, we may enter into derivatives to hedge the market 
price risk on certain of our marketable equity securities.
Our non-marketable equity securities not accounted for under the equity method are adjusted to fair value for


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observable transactions for identical or similar investments of the same issuer or impairment (referred to as the 
measurement alternative). The fair value measured at the time of the observable transaction is not necessarily an 
indication of the current fair value as of the balance sheet date. These investments, especially those that are in the 
early stages, are inherently risky because the technologies or products these companies have under development are 
typically in the early phases and may never materialize, and they may experience a decline in financial condition, 
which could result in a loss of a substantial part of our investment in these companies. Valuations of our equity 
investments in private companies are inherently more complex due to the lack of readily available market data and 
observable transactions at lower valuations could result in significant losses. In addition, global economic conditions 
could result in additional volatility. The success of our investment in any private company is also typically dependent on 
the likelihood of our ability to realize appreciation in the value of investments through liquidity events such as public 
offerings, acquisitions, private sales or other market events. Changes in the valuation of non-marketable equity 
securities may not directly correlate with changes in valuation of marketable equity securities. As of December 31, 
2022  and 2023 , the carrying value of our non-marketable equity securities, which were accounted for under the 
measurement alternative, was $28.5 billion  and $28.8 billion , respectively. 
The carrying values of our equity method investments, which totaled approximately $1.7 billion  as of 
December 31, 2022  and 2023 , generally do not fluctuate based on market price changes. However, these investments 
could be impaired if the carrying value exceeds the fair value and is not expected to recover.
For additional information about our equity investments, see Note 1  and Note 3  of the Notes to Consolidated 
Financial Statements included in Item 8 of this Annual Report on Form 10-K.Table of Contents Alphabet Inc.
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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Alphabet Inc.
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
 Page
Reports of Independent Registered Public Accounting Firm  (PCAOB ID: 42) 48
Financial Statements:
Consolidated Balance Sheets 51
Consolidated Statements of Income 52
Consolidated Statements of Comprehensive Income 53
Consolidated Statements of Stockholders’ Equity 54
Consolidated Statements of Cash Flows 55
Notes to Consolidated Financial Statements 56Table of Contents Alphabet Inc.
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Stockholders and the Board of Directors of Alphabet Inc.
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Alphabet Inc. (the Company) as of December 31, 
2022  and 2023 , the related consolidated statements of income, comprehensive income, stockholders' equity and cash 
flows for each of the three years in the period ended December 31, 2023 , and the related notes and financial 
statement schedule listed in the Index at Item 15 (collectively referred to as the “consolidated financial statements”). In 
our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the 
Company at December 31, 2022  and 2023 , and the results of its operations and its cash flows for each of the three 
years in the period ended December 31, 2023 , in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United 
States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2023 , based on criteria 
established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the 
Treadway Commission (2013 framework), and our report dated January 30, 2024  expressed an unqualified opinion 
thereon.
Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an 
opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with 
the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal 
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and 
perform the audit to obtain reasonable assurance about whether the financial statements are free of material 
misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material 
misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to


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those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in 
the financial statements. Our audits also included evaluating the accounting principles used and significant estimates 
made by management, as well as evaluating the overall presentation of the financial statements. We believe that our 
audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the financial 
statements that was communicated or required to be communicated to the audit committee and that: (1) relates to 
accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, 
subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion 
on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter 
below, providing a separate opinion on the critical audit matter or on the account or disclosure to which it relates. Table of Contents Alphabet Inc.
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Loss Contingencies 
Description of 
the MatterThe Company is regularly subject to claims, lawsuits, regulatory and government investigations, 
other proceedings, and consent orders involving competition, intellectual property, data privacy and 
security, tax and related compliance, labor and employment, commercial disputes, content 
generated by its users, goods and services offered by advertisers or publishers using their 
platforms, personal injury, consumer protection, and other matters. As described in Note 10 to the 
consolidated financial statements “Commitments and contingencies” such claims, lawsuits, 
regulatory and government investigations, other proceedings, and consent orders could result in 
adverse consequences.
Significant judgment is required to determine both the likelihood, and the estimated amount, of a 
loss related to such matters. Auditing management’s accounting for and disclosure of loss 
contingencies from these matters involved challenging and subjective auditor judgment in 
assessing the Company’s evaluation of the probability of a loss, and the estimated amount or 
range of loss.
How We 
Addressed the 
Matter in Our 
AuditWe tested relevant controls over the identified risks associated with management’s accounting for 
and disclosure of these matters. This included controls over management’s assessment of the 
probability of incurrence of a loss and whether the loss or range of loss was reasonably estimable 
and the development of related disclosures.
Our audit procedures included gaining an understanding of previous rulings and the status of 
ongoing lawsuits, reviewing letters addressing the matters from internal and external legal counsel, 
meeting with internal legal counsel to discuss the allegations, and obtaining a representation letter 
from management on these matters. We also evaluated the Company’s disclosures in relation to 
these matters.
/s/ Ernst & Young LLP
We have served as the Company's auditor since 1999.
San Jose, California
January 30, 2024Table of Contents Alphabet Inc.
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Stockholders and the Board of Directors of Alphabet Inc.
Opinion on Internal Control Over Financial Reporting
We have audited Alphabet Inc.’s internal control over financial reporting as of December 31, 2023, based on criteria 
established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the 
Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Alphabet Inc. (the Company) maintained, 
in all material respects, effective internal control over financial reporting as of December 31, 2023, based on the COSO 
criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United 
States) (PCAOB), the 2023 consolidated financial statements of the Company and our report dated January 30, 2024 
expressed an unqualified opinion thereon. 
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its 
assessment of the effectiveness of internal control over financial reporting included in the accompanying 
Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the 
Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with 
the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal 
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and 
perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was 
maintained in all material respects. 
Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a 
material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on 
the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We 
believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding 
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with


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generally accepted accounting principles. A company’s internal control over financial reporting includes those policies 
and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the 
transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are 
recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting 
principles, and that receipts and expenditures of the company are being made only in accordance with authorizations 
of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely 
detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on 
the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. 
Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become 
inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may 
deteriorate.
/s/ Ernst & Young LLP
San Jose, California
January 30, 2024Table of Contents Alphabet Inc.
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Alphabet Inc.
CONSOLIDATED BALANCE SHEETS
(in millions, except par value per share amounts)
As of December 31,
2022 2023
Assets
Current assets:
Cash and cash equivalents $ 21,879 $ 24,048 
Marketable securities  91,883  86,868 
Total cash, cash equivalents, and marketable securities  113,762  110,916 
Accounts receivable, net  40,258  47,964 
Other current assets  10,775  12,650 
Total current assets  164,795  171,530 
Non-marketable securities  30,492  31,008 
Deferred income taxes  5,261  12,169 
Property and equipment, net  112,668  134,345 
Operating lease assets  14,381  14,091 
Goodwill  28,960  29,198 
Other non-current assets  8,707  10,051 
Total assets $ 365,264 $ 402,392 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 5,128 $ 7,493 
Accrued compensation and benefits  14,028  15,140 
Accrued expenses and other current liabilities  37,866  46,168 
Accrued revenue share  8,370  8,876 
Deferred revenue  3,908  4,137 
Total current liabilities  69,300  81,814 
Long-term debt  14,701  13,253 
Deferred revenue, non-current  599  911 
Income taxes payable, non-current  9,258  8,474 
Deferred income taxes  514  485 
Operating lease liabilities  12,501  12,460 
Other long-term liabilities  2,247  1,616 
Total liabilities  109,120  119,013 
Commitments and Contingencies (Note 10)
Stockholders’ equity:
Preferred stock, $0.001  par value per share, 100 shares authorized; no shares 
issued and outstanding  0  0


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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 ); 12,849  (Class A 5,964 , Class B 883, Class C 6,002 ) and 12,460  (Class A 
5,899 , Class B 870, Class C 5,691 ) shares issued and outstanding  68,184  76,534 
Accumulated other comprehensive income (loss)  (7,603)  (4,402) 
Retained earnings  195,563  211,247 
Total stockholders’ equity  256,144  283,379 
Total liabilities and stockholders’ equity $ 365,264 $ 402,392 
See accompanying notes.Table of Contents Alphabet Inc.
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Alphabet Inc.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts)
 Year Ended December 31,
 2021 2022 2023
Revenues $ 257,637 $ 282,836 $ 307,394 
Costs and expenses:
Cost of revenues  110,939  126,203  133,332 
Research and development  31,562  39,500  45,427 
Sales and marketing  22,912  26,567  27,917 
General and administrative  13,510  15,724  16,425 
Total costs and expenses  178,923  207,994  223,101 
Income from operations  78,714  74,842  84,293 
Other income (expense), net  12,020  (3,514)  1,424 
Income before income taxes  90,734  71,328  85,717 
Provision for income taxes  14,701  11,356  11,922 
Net income $ 76,033 $ 59,972 $ 73,795 
Basic net income per share of Class A, Class B, and Class C stock $ 5.69 $ 4.59 $ 5.84 
Diluted net income per share of Class A, Class B, and Class C stock $ 5.61 $ 4.56 $ 5.80 
See accompanying notes.Table of Contents Alphabet Inc.
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Alphabet Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
 Year Ended December 31,
 2021 2022 2023
Net income $ 76,033 $ 59,972 $ 73,795 
Other comprehensive income (loss):
Change in foreign currency translation adjustment  (1,442)  (1,836)  735 
Available-for-sale investments:
Change in net unrealized gains (losses)  (1,312)  (4,720)  1,344 
Less: reclassification adjustment for net (gains) losses included in 
net income  (64)  1,007  1,168 
Net change, net of income tax benefit (expense) of $394 , $1,056 , 
and $(698)  (1,376)  (3,713)  2,512 
Cash flow hedges:
Change in net unrealized gains (losses)  716  1,275  168 
Less: reclassification adjustment for net (gains) losses included in 
net income  (154)  (1,706)  (214) 
Net change, net of income tax benefit (expense) of $(122) , $110 , 
and $2  562  (431)  (46) 
Other comprehensive income (loss)  (2,256)  (5,980)  3,201 
Comprehensive income $ 73,777 $ 53,992 $ 76,996 
See accompanying notes.Table of Contents Alphabet Inc.
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Alphabet Inc.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in millions)
 Class A, Class B, Class C 
Stock and
Additional Paid-In CapitalAccumulated
Other
Comprehensive
Income (Loss)Retained
EarningsTotal
Stockholders’
Equity  Shares Amount
Balance as of December 31, 2020  13,504 $ 58,510 $ 633 $ 163,401 $ 222,544 
Stock issued  145  12  0  0  12 
Stock-based compensation expense  0  15,539  0  0  15,539 
Tax withholding related to vesting of 
restricted stock units and other  0  (10,273)  0  0  (10,273) 
Repurchases of stock  (407)  (2,324)  0  (47,950)  (50,274) 
Sale of interest in consolidated entities  0  310  0  0  310 
Net income  0  0  0  76,033  76,033 
Other comprehensive income (loss)  0  0  (2,256)  0  (2,256) 
Balance as of December 31, 2021  13,242  61,774  (1,623)  191,484  251,635 
Stock issued  137  8  0  0  8 
Stock-based compensation expense  0  19,525  0  0  19,525 
Tax withholding related to vesting of 
restricted stock units and other  0  (9,754)  0  (1)  (9,755) 
Repurchases of stock  (530)  (3,404)  0  (55,892)  (59,296) 
Sale of interest in consolidated entities  0  35  0  0  35 
Net income  0  0  0  59,972  59,972


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Other comprehensive income (loss)  0  0  (5,980)  0  (5,980) 
Balance as of December 31, 2022  12,849  68,184  (7,603)  195,563  256,144 
Stock issued  139  0  0  0  0 
Stock-based compensation expense  0  22,578  0  0  22,578 
Tax withholding related to vesting of 
restricted stock units and other  0  (10,164)  0  9  (10,155) 
Repurchases of stock  (528)  (4,064)  0  (58,120)  (62,184) 
Net income  0  0  0  73,795  73,795 
Other comprehensive income (loss)  0  0  3,201  0  3,201 
Balance as of December 31, 2023  12,460 $ 76,534 $ (4,402) $ 211,247 $ 283,379 
See accompanying notes.Table of Contents Alphabet Inc.
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Alphabet Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
 Year Ended December 31,
 2021 2022 2023
Operating activities
Net income $ 76,033 $ 59,972 $ 73,795 
Adjustments:
Depreciation of property and equipment  10,273  13,475  11,946 
Stock-based compensation expense  15,376  19,362  22,460 
Deferred income taxes  1,808  (8,081)  (7,763) 
(Gain) loss on debt and equity securities, net  (12,270)  5,519  823 
Other  1,955  3,483  4,330 
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable, net  (9,095)  (2,317)  (7,833) 
Income taxes, net  (625)  584  523 
Other assets  (1,846)  (5,046)  (2,143) 
Accounts payable  283  707  664 
Accrued expenses and other liabilities  7,304  3,915  3,937 
Accrued revenue share  1,682  (445)  482 
Deferred revenue  774  367  525 
Net cash provided by operating activities  91,652  91,495  101,746 
Investing activities
Purchases of property and equipment  (24,640)  (31,485)  (32,251) 
Purchases of marketable securities  (135,196)  (78,874)  (77,858) 
Maturities and sales of marketable securities  128,294  97,822  86,672 
Purchases of non-marketable securities  (2,838)  (2,531)  (3,027) 
Maturities and sales of non-marketable securities  934  150  947 
Acquisitions, net of cash acquired, and purchases of intangible assets  (2,618)  (6,969)  (495)


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Other investing activities  541  1,589  (1,051) 
Net cash used in investing activities  (35,523)  (20,298)  (27,063) 
Financing activities
Net payments related to stock-based award activities  (10,162)  (9,300)  (9,837) 
Repurchases of stock  (50,274)  (59,296)  (61,504) 
Proceeds from issuance of debt, net of costs  20,199  52,872  10,790 
Repayments of debt  (21,435)  (54,068)  (11,550) 
Proceeds from sale of interest in consolidated entities, net  310  35  8 
Net cash used in financing activities  (61,362)  (69,757)  (72,093) 
Effect of exchange rate changes on cash and cash equivalents  (287)  (506)  (421) 
Net increase (decrease) in cash and cash equivalents  (5,520)  934  2,169 
Cash and cash equivalents at beginning of period  26,465  20,945  21,879 
Cash and cash equivalents at end of period $ 20,945 $ 21,879 $ 24,048 
Supplemental disclosures of cash flow information
Cash paid for income taxes, net of refunds $ 13,412 $ 18,892 $ 19,164 
See accompanying notes.Table of Contents Alphabet Inc.
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Alphabet Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 1.    Summary of Significant Accounting Policies
Nature of Operations
Google was incorporate d 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 consumer 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 consolid ated 
under the variable interest and voting models. Intercompany balances and transactions have been eliminated.
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 due to uncertainties. On an ongoing basis, we evaluate our 
estimates, including those related to the allowance for credit losses; content licenses;  contingent liabilities; fair values 
of financial instruments and goodwill; income taxes; inventory; and useful lives of property and equipment,  among 
others. We base our estimates on assumptions, both historical and forward looking, that are believed to be reasonable, 
and the results of which form the basis for making judgments about the carrying values of assets and liabilities.
In January 2023, we completed an assessment of the useful lives of our servers and network equipment and 
adjusted the estimated useful life of our servers from four years  to six years  and the estimated useful life of certain 
network equipment from five years  to six years . This change in accounting estimate was effective beginning in fiscal 
year 2023. Based on the carrying value of servers and certain network equipment as of December 31, 2022, and those 
placed in service during the year ended December 31, 2023, the effect of this change in estimate was a reduction in


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depreciation expense of $3.9 billion  and an increase in net income of $3.0 billion , or $0.24  per basic and $0.24  per 
diluted share,  for the year ended December 31, 2023.
Revenue Recognition
Revenues are recognized when control of the promised goods or services is transferred to our customers, and 
the collectibility of an amount that we expect in exchange for those goods or services is probable.  Sales and other 
similar taxes are excluded from revenues. 
Advertising Revenues
We generate advertising revenues primarily by delivering advertising on:
•Google Search and other properties, including revenues from traffic generated by search distribution partners 
who use Google.com as their default search in browsers, toolbars, etc. and other Google owned and operated 
properties like Gmail, Google Maps, and Google Play;
•YouTube properties; and
•Google Network properties, including revenues from Google Network properties participating in AdMob, 
AdSense, and Google Ad Manager.
Our customers generally purchase advertising inventory through Google Ads, Google Ad Manager, Google 
Display & Video 360, and Google Marketing Platform, among others.
We offer advertising by delivering both performance and brand advertising. We recognize revenues for 
performance advertising when a user engages with the advertisement . For brand advertising, we recognize revenues 
when the ad is displayed, or a user views the ad.
For ads placed on Google Network properties, we evaluate whether we are the principal  (i.e., report revenues on 
a gross basis) or agent (i.e., report revenues on a net basis). Generally, we report advertising revenues for ads placed 
on Google Network properties on a gross basis, that is, the amounts billed to our customers are recorded as revenues, Table of Contents Alphabet Inc.
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and amounts paid to Google Network partners are recorded as cost of revenues. Where we are the principal, we 
control the advertising inventory before it is transferred to our customers. Our control is evidenced by our sole ability to 
monetize the advertising inventory before it is transferred to our customers and is further supported by us being 
primarily responsible to our customers and having a level of discretion in establishing pricing.
Google  Subscriptions, Platforms, and Device s
Google subscriptions, platforms, and devices revenues consist of revenues from:
•consumer subscriptions, which primarily include revenues from YouTube services, such YouTube TV, YouTube 
Music and Premium, and NFL Sunday Ticket, as well as Google One;
•platforms, which primarily include revenues from Google Play from the sales of apps and in-app purchases;
•devices, which primarily include sales of the Pixel family of devices; and
•other products and services.
Subscription revenues are recognized ratably over the period of the subscription, primarily monthly . We report 
revenues from Google Play app sales and in-app purchases on a net basis, because our performance obligation is to 
facilitate a transaction between app developers and end users, for which we earn a service fee. 
Google Cloud Revenues
Google Cloud revenues consist of revenues from:
•Google Cloud Platform, which generates consumption-based fees and subscriptions for infrastructure, 
platform, and other services. These services provide access to solutions such as cybersecurity, databases, 
analytics, and AI offerings including our AI infrastructure, Vertex AI platform, and Duet AI for Google Cloud;
•Google Workspace, which includes subscriptions for cloud-based communication and collaboration tools for 
enterprises, such as Calendar, Gmail, Docs, Drive, and Meet, with integrated features like Duet AI in Google 
Workspace; and
•other enterprise services.
Our cloud services are generally provided on either a consumption or subscription basis and may have contract 
terms longer than a year. Revenues related to cloud services provided on a consumption basis are recognized when 
the customer utilizes the services, based on the quantity of services consumed. Revenues related to cloud services 
provided on a subscription basis are recognized ratably over the contract term as the customer receives and 
consumes the benefits of the cloud services.
Arrangements with Multiple Performance Obligations
Our contracts with customers may include multiple performance obligations. For such arrangements, we allocate


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revenues to each performance obligation based on its relative standalone selling price. We generally determine 
standalone selling prices based on the prices charged to customers.
Customer Incentives and Credits
Certain customers receive cash-based incentives or credits, which are accounted for as variable consideration. 
We estimate these amounts based on the expected amount to be provided to customers and reduce revenues. We 
believe that there will not be significant changes to our estimates of variable consideration.
Sales Commissions
We expense sales commissions when incurred when the period of the expected benefit is one year or less. We 
recognize an asset for certain sales commissions and  amortize i f the expected benefit period is greater than one year. 
These costs are recorded within sales and marketing expenses.
Cost of Revenues
Cost of revenues consists of TAC and other costs of revenues.
•TAC includes: 
◦amounts paid to our distribution partners who make available our search access points and services. 
Our distribution partners include browser providers, mobile carriers, original equipment manufacturers, 
and software developers; and
◦amounts paid to Google Network partners primarily for ads displayed on their properties.Table of Contents Alphabet Inc.
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•Other cost of revenues includes:
◦compensation expense related to our data centers and other operations such as content review and 
customer and product support;
◦content acquisition costs, which are payments to content providers from whom we license video and 
other content for distribution on YouTube and Google Play (we pay fees to these content providers 
based on revenues generated or a flat fee);
◦depreciation expense related to our technical infrastructure; and
◦inventory and other costs related to the devices we sell.
Software Development  Costs
We expense software development costs, including costs to develop software products or the software 
component of products to be sold, leased, or marketed to external users, before technological feasibility is reached. 
Technological feasibility is typically reached shortly before the release of such products. As a result, development costs 
that meet the criteria for capitalization were not material for the periods presented.
Software development costs also include costs to develop software to be used solely to meet internal needs and 
cloud-based applications used to deliver our services. We capitalize development costs related to these software 
applications once the preliminary project stage is complete and it is probable that the project will be completed and the 
software will be used to perform the function intended. Costs capitalized for developing such software applications 
were not material for the periods presented.
Stock-based Compensation  
Stock-based compensation (SBC)  primarily consists of Alphabet restricted stock units (RSUs). RSUs are equity 
classified and measured at the fair market value of the underlying stock at the grant date. We recognize RSU expense 
using the straight-line attribution method over the requisite service period and account for forfeitures as they occur.
For RSUs, shares are issued on the vesting dates net of the applicable statutory income tax withholding to be 
paid by us on behalf of our employees. As a result, fewer shares are issued than the number of RSUs outstanding, and 
the income tax withholding is recorded as a reduction to additional paid-in capital.
Additionally, SBC includes other stock-based awards, such as performance stock units (PSUs) that include 
market conditions and awards that may be settled in cash or the stock of certain Other Bet companies . PSUs and  
certain awards granted by Other Bet companies  are equity classified and expense is recognized over the requisite


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service period. Certain awards granted by Other Bet companies are liability classified and remeasured at fair value 
through settlement. The fair value of awards granted by Other Bet companies is based on the equity valuation of the 
respective Other Bet company.
Advertising and Promotional Expenses
We expense advertising and promotional costs in the period in which they are incurred.  For the years ended 
December 31, 2021 , 2022 , and 2023 , advertising and promotional expenses totaled approximately $7.9 billion , $9.2 
billion , and $8.7 billion , respectively.
Performance Fees
Performance fees refer to compensation arrangements with payouts based on realized returns from certain 
investments. We record compensation expense based on the estimated payouts on an ongoing basis, which may 
result in expense recognized before investment returns are realized and compensation is paid and may require the use 
of unobservable inputs . Performance fees are recorded as a component of OI&E.
Fair Value Measurements 
Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a 
liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that 
is determined based on assumptions that market participants would use in pricing an asset or a liability. Assets and 
liabilities recorded at fair value are measured and classified in accordance with a three-tier fair value hierarchy based 
on the observability of the inputs available in the market used to measure fair value:
Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active 
markets.Table of Contents Alphabet Inc.
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Level 2 - Inputs that are based upon quoted prices for similar instruments in active markets, quoted prices for 
identical or similar instruments in markets that are not active, and model-based valuation techniques for which all 
significant inputs are observable in the market or can be derived from observable market data. Where applicable, 
these models project future cash flows and discount the future amounts to a present value using market-based 
observable inputs including interest rate curves, foreign exchange rates, and credit ratings.
Level 3 - Unobservable inputs that are supported by little or no market activities.
The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of 
unobservable inputs when measuring fair value. The determination of fair value involves the use of appropriate 
valuation methods and relevant inputs into valuation models.
Our financial assets and liabilities that are measured at fair value on a recurring basis include cash equivalents, 
marketable securities, derivative financial instruments, and certain non-marketable debt securities. Our financial assets 
measured at fair value on a nonrecurring basis include non-marketable equity securities. Other financial assets and 
liabilities are carried at cost with fair value disclosed, if required.
We measure certain other instruments, including SBC awards settled in the stock of O ther Bet companies, and 
certain assets and liabilities acquired in a business combination, also at fair value on a nonrecurring basis. 
Financial Instruments
Our financial instruments include cash, cash equivalents, marketable and non-marketable securities, derivative 
financial instruments and accounts receivable.
Credit Risks
We are subject to credit risk primarily from cash equivalents, marketable debt securities, derivative financial 
instruments, including foreign exchange contracts, and accounts receivable.  We manage our credit risk exposure 
through timely assessment of our counterparty creditworthiness, credit limits and use of collateral management. 
Foreign exchange contracts are transacted with various financial institutions with high credit standing. Accounts 
receivable are typically unsecured and are derived from revenues earned from customers located around the world. 
We manage our credit risk exposure by performing ongoing evaluations to determine customer credit and we limit the 
amount of credit we extend. We generally do not require collateral from our customers.
Cash Equivalents
We invest excess cash primarily in government bonds, corporate debt securities, mortgage-backed and asset-
backed securities, time deposits, and money market funds.


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backed securities, time deposits, and money market funds.
Marketable Securities
We classify all marketable debt securities that have effective maturities of three months or less from the date of 
purchase as cash equivalents and those with effective maturities of greater than three months as marketable securities 
on our Consolidated Balance Sheets. We determine the appropriate classification of our investments in marketable 
debt securities at the time of purchase and reevaluate such designation at each balance sheet date. We have 
classified and accounted for our marketable debt securities as available-for-sale. After consideration of our risk versus 
reward objectives, as well as our liquidity requirements, we may sell these debt securities prior to their effective 
maturities. As we view these securities as available to support current operations, we classify highly liquid securities 
with maturities beyond 12 months as current assets under the caption marketable securities on the Consolidated 
Balance Sheets. We carry these securities at fair value, and report the unrealized gains and losses, net of taxes, as a 
component of stockholders’ equity, except for the changes in allowance for expected credit losses, which are recorded 
in OI&E. For certain marketable debt securities we have elected the fair value option, for which changes in fair value 
are recorded in OI&E. We determine any realized gains or losses on the sale of marketable debt securities on a 
specific identification method, and we record such gains and losses as a component of OI&E .
Our investments in marketable equity securities are measured at fair value with the related gains and losses, 
including unrealized, recognized in OI&E.  We classify our marketable equity securities subject to long-term lock-up 
restrictions beyond 12 months as other non-current assets on the Consolidated Balance Sheets.
Non-Marketable Securities
Non-marketable securities primarily consist of equity securities . We account for non-marketable equity securities 
through which we exercise significant influence but do not have control over the investee under the equity method. All 
other non-marketable equity securities that we hold are primarily accounted for under the measurement alternative. 
Under the measurement alternative, the carrying value is measured at cost, less any impairment, plus or minus Table of Contents Alphabet Inc.
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changes resulting from observable price changes in orderly transactions for identical or similar investments of the 
same issuer.  Adjustments are determined primarily based on a market approach  as of the transaction date and are 
recorded as a component of OI&E.
Non-marketable securities that do not have effective contractual maturity dates are classified as other non-
current assets on the Consolidated Balance Sheets.
Derivative Financial Instruments
See Note 3  for the accounting policy pertaining to derivative financial instruments. 
Accounts Receivable
Our payment terms for accounts receivable vary by the types and locations of our customers and the products or 
services offered. The term between invoicing and when payment is due is not significant. For certain products or 
services and customers, we require payment before the products or services are delivered to the customer. 
Additionally, accounts receivable includes amounts for services performed in advance of the right to invoice the 
customer.
We maintain an allowance for credit losses for accounts receivable, which is recorded as an offset to accounts 
receivable, and changes in such are classified as general and administrative expense in the Consolidated Statements 
of Income. We assess collectibility by reviewing accounts receivable on a collective basis where similar characteristics 
exist and on an individual basis when we identify specific customers with known disputes or collectibility issues. In 
determining the amount of the allowance for credit losses, we consider historical collectibility based on past due status 
and make judgments about the creditworthiness of customers based on ongoing credit evaluations. We also consider 
customer-specific information, current market conditions, and reasonable and supportable forecasts of future economic 
conditions.
Other
Our financial instruments also include debt and equity investments in companies with which we also entered into 
commercial arrangements at or near the same time.  For these transactions, judgment is required in assessing the 
substance of the arrangements, including assessing whether the components of the arrangements should be 
accounted for as separate transactions under the applicable GAAP, and determining the value of the components of 
the arrangements, including the fair value of the investments. Additionally, if our investment in such companies 
becomes impaired, any remaining performance obligations would be reassessed and may be reduced.
Impairment of Investments
We periodically review our debt and non-marketable equity securities for impairment.


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We periodically review our debt and non-marketable equity securities for impairment. 
For debt securities in an unrealized loss position, we determine whether a credit loss exists. The credit loss is 
estimated by considering available information relevant to the collectibility of the security and information about past 
events, current conditions, and reasonable and supportable forecasts. Any credit loss is recorded as a charge to OI&E, 
not to exceed the amount of the unrealized loss. Unrealized losses other than the credit loss are recognized in AOCI. If 
we have an intent to sell, or if it is more likely than not that we will be required to sell a debt security in an unrealized 
loss position before recovery of its amortized cost basis, we will write down the security to its fair value and record the 
corresponding charge as a component of OI&E. 
For non-marketable equity securities, including equity method investments, we consider whether impairment 
indicators exist by evaluating the companies' financial and liquidity position and access to capital resources, among 
other indicators. If the assessment indicates that the investment is impaired, we write down the investment to its fair 
value by recording the corresponding charge as a component of OI&E. We prepare quantitative measurements of the 
fair value of our equity investments using a market approach or an income approach.
Inventory
Inventory consists primarily of finished goods and is stated at the lower of cost and net realizable value. Cost is 
computed using the first-in, first-out method.
Variable Interest Entities
We determine at the inception of each arrangement whether an entity in which we have made an investment or in 
which we have other variable interests is considered a variable interest entity (VIE). We consolidate VIEs when we are 
the primary beneficiary. We are the primary beneficiary of a VIE when we have the power to direct activities that most 
significantly affect the economic performance of the VIE and have the obligation to absorb the majority of their losses Table of Contents Alphabet Inc.
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or benefits. If we are not the primary beneficiary in a VIE, we account for the investment or other variable interests in a 
VIE in accordance with applicable GAAP.
Periodically, we assess whether any changes in our interest or relationship with the entity affect our determination 
of whether the entity is a VIE and, if so, whether we are the primary beneficiary. 
Property and Equipment
Property and equipment includes the following categories: land and buildings, information technology assets, 
construction in progress, leasehold improvements, and furniture and fixtures. Land and buildings include land, offices, 
data centers, and related building improvements. Information technology assets include servers and network 
equipment. Construction in progress is the construction or development of property and equipment that have not yet 
been placed in service. 
Property and equipment are stated at cost less accumulated depreciation. Depreciation is recorded using the 
straight-line method over the estimated useful lives of the assets, which we regularly evaluate. Land is not depreciated. 
We depreciate buildings over periods of seven  to 25 years . We depreciate information technology assets generally 
over a period of six years  for servers and network equipment.  We depreciate leasehold improvements over the shorter 
of the remaining lease term or the estimated useful lives of the assets. Depreciation for buildings, information 
technology assets, leasehold improvements, and furniture and fixtures commences once they are ready for our 
intended use.
Goodwill
We allocate goodwill to reporting units based on the expected benefit from the business combination. We 
evaluate our reporting units periodically, as well as when changes in our operating segments occur. For changes in 
reporting units, we reassign goodwill using a relative fair value allocation approach. We test our goodwill for 
impairment at least annually, or more frequently if events or changes in circumstances indicate that the asset may be 
impaired. Goodwill impairments were not material for the periods presented.
Leases
We determine if an arrangement is a lease at inception. Our lease agreements generally contain lease and non-
lease components. Payments under our lease arrangements are primarily fixed. Non-lease components primarily 
include payments for maintenance and utilities. We combine fixed payments for non-lease components with lease 
payments and account for them together as a single lease component which increases the amount of our lease assets 
and liabilities.


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and liabilities.
Certain lease agreements contain variable payments, which are expensed as incurred and not included in the 
lease assets and liabilities. These amounts  primarily  include  payments affected by the Consumer Price Index, and 
payments for maintenance and utilities.
Lease assets and liabilities are recognized at the present value of the future lease payments at the lease 
commencement date. The interest rate used to determine the present value of the future lease payments is our 
incremental borrowing rate, because the interest rate implicit in our leases is not readily determinable. Our incremental 
borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, 
and in economic environments where the leased asset is located. Our lease terms include periods under options to 
extend or terminate the lease when it is reasonably certain that we will exercise that option. We generally use the 
base, non-cancelable, lease term when determining the lease assets and liabilities. Lease assets also include any 
prepaid lease payments and lease incentives.
Operating lease assets and liabilities are included on our Consolidated Balance Sheets. The current portion of our 
operating lease liabilities is included in accrued expenses and other current liabilities, and the long-term portion is 
included in operating lease liabilities. Finance lease assets are included in property and equipment, net. Finance lease 
liabilities are included in accrued expenses and other current liabilities or long-term debt.
Operating lease expense (excluding variable lease costs) is recognized on a straight-line basis over the lease 
term.
Impairment of Long-Lived Assets
We review lease s, property and equipment, and intangible assets,  excluding goodwill, for impairment when 
events or changes in circumstances indicate the carrying amount may not be recoverable. The evaluation is performed 
at the lowest level of identifiable cash flows independent of other assets. We measure recoverability of these assets by 
comparing the carrying amounts to the future undiscounted cash flows that the assets or the asset group are expected Table of Contents Alphabet Inc.
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to generate. If the carrying value of the assets or asset group is not recoverable, the impairment recognized is 
measured as the amount by which the carrying value exceeds its fair value. 
Income T axes
We account for income taxes using the asset and liability method, under which we recognize the amount of taxes 
payable or refundable for the current year and deferred tax assets and liabilities for the future tax consequences of 
events that have been recognized in our financial statements or tax returns. We measure current and deferred tax 
assets and liabilities based on provisions of enacted tax law. We evaluate the likelihood of future realization  of our 
deferred tax assets based on all available evidence and establish a valuation allowance to reduce deferred tax assets 
when it is more likely than not that they will not be realized or release a valuation allowance to increase deferred tax 
assets when it is more likely than not that they will be realized. We have elected to account for the tax effects of the 
global intangible low tax Income provision as a current period expense.
We recognize the financial statement effects of a tax position when it is more likely than not that, based on 
technical merits, the position will be sustained upon examination. The tax benefits of the position recognized in the 
financial statements are then measured based on the largest amount of benefit that is greater than 50% likely to be 
realized upon settlement with a taxing authority. In addition, we recognize interest and penalties related to 
unrecognized tax benefits as a component of the income tax provision.
Business Combinations
We include the results of operations of the businesses that we acquire as of the acquisition date. We allocate the 
purchase price of the acquisitions to the assets acquired and liabilities assumed based on their estimated fair values, 
except for revenue contracts acquired, which are recognized in accordance with our revenue recognition policy. The 
excess of the purchase price over the fair values of identifiable assets and liabilities is recorded as goodwill. 
Acquisition-related expenses are recognized separately from the business combination and are expensed as incurred.
Foreign Currency
We translate the financial statements of our international subsidiaries to U.S. dollars using month-end exchange 
rates for assets and liabilities, and average rates for the annual period derived from month-end exchange rates for 
revenues, costs, and expenses. We record translation gains and losses in AOCI as a component of stockholders’


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equity. We reflect net foreign exchange transaction gains and losses resulting from the conversion of the transaction 
currency to functional currency as a component of foreign currency exchange gain (loss) in OI&E .
Recent  Accounting Pronouncements
In November 2023, the Financial Standards Accounting 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 J anuary 1, 2025, with early adoption 
permitted. W e 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.Table of Contents Alphabet Inc.
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Note 2.    Revenues  
Disaggregated Revenues
The following table presents revenues disaggregated by type (in millions):
Year Ended December 31,
2021 2022 2023
Google Search & other $ 148,951 $ 162,450 $ 175,033 
YouTube ads  28,845  29,243  31,510 
Google Network  31,701  32,780  31,312 
Google advertising  209,497  224,473  237,855 
Google subscriptions, platforms, and devices  28,032  29,055  34,688 
Google Services total  237,529  253,528  272,543 
Google Cloud  19,206  26,280  33,088 
Other Bets  753  1,068  1,527 
Hedging gains (losses)  149  1,960  236 
Total revenues $ 257,637 $ 282,836 $ 307,394 
No individual customer or groups of affiliated customers represented more than 10% of our revenues in 2021 , 
2022 , or 2023 . 
The following table presents revenues disaggregated by geography, based on the addresses of our customers (in 
millions):
Year Ended December 31,
 2021 2022 2023
United States $ 117,854  46 % $ 134,814  48 % $ 146,286  47 %
EMEA(1) 79,107  31  82,062  29  91,038  30 
APAC(1) 46,123  18  47,024  16  51,514  17 
Other Americas(1) 14,404  5  16,976  6  18,320  6 
Hedging gains (losses)  149  0  1,960  1  236  0 
Total revenues $ 257,637  100 % $ 282,836  100 % $ 307,394  100 %


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(1)Regions represent Europe, the Middle East, and Africa (EMEA); Asia-Pacific (APAC); and Canada and Latin America ("Other 
Americas").
Revenue Backlog
As of December 31, 2023 , we had $74.1 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, 2022  was $4.5 billion , of which $2.4 billion  was 
recognized as revenues for the year ended December 31, 2023 .
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 Table of Contents Alphabet Inc.
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and Level 2 in the fair value hierarchy, because we use quoted prices for identical assets in active markets or inputs 
that are based upon quoted prices for similar instruments in active markets.
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, 2022
Fair Value 
HierarchyAdjusted 
CostGross 
Unrealized 
GainsGross 
Unrealized 
Losses Fair ValueCash and 
Cash 
EquivalentsMarketable 
Securities
Fair value changes 
recorded in other 
comprehensive income
Time deposits Level 2 $ 5,297 $ 0 $ 0 $ 5,297 $ 5,293 $ 4 
Government bonds Level 2 41,036  64  (2,045)  39,055  283  38,772 
Corporate debt securities Level 2 28,578  8  (1,569)  27,017  1  27,016 
Mortgage-backed and 
asset-backed securities Level 2 16,176  5  (1,242)  14,939  0  14,939 
Total investments with 
fair value change 
reflected in other 
comprehensive 
income(1)$ 91,087 $ 77 $ (4,856) $ 86,308 $ 5,577 $ 80,731 
Fair value adjustments 
recorded in net income
Money market funds Level 1 $ 7,234 $ 7,234 $ 0 
Current marketable 
equity securities(2)Level 1
 4,013  0  4,013


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4,013  0  4,013 
Mutual funds Level 2  339  0  339 
Government bonds Level 2  1,877  440  1,437 
Corporate debt securities Level 2  3,744  65  3,679 
Mortgage-backed and 
asset-backed securitiesLevel 2
 1,686  2  1,684 
Total investments with 
fair value change 
recorded in net 
income $ 18,893 $ 7,741 $ 11,152 
Cash  0  8,561  0 
Total $ 91,087 $ 77 $ (4,856) $ 105,201 $ 21,879 $ 91,883 
(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 $803 million  as of 
December 31, 2022  is included within other non-current assets.Table of Contents Alphabet Inc.
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As of December 31, 2023
Fair Value 
HierarchyAdjusted 
CostGross 
Unrealized 
GainsGross 
Unrealized 
Losses Fair ValueCash and 
Cash 
EquivalentsMarketable 
Securities
Fair value changes 
recorded in other 
comprehensive income
Time deposits Level 2 $ 2,628 $ 0 $ 0 $ 2,628 $ 2,628 $ 0 
Government bonds Level 2  38,106  233  (679)  37,660  1,993  35,667 
Corporate debt securities Level 2  22,457  112  (637)  21,932  0  21,932 
Mortgage-backed and 
asset-backed securities Level 2 17,243  88  (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 funds Level 1 $ 6,480 $ 6,480 $ 0 
Current marketable 
equity securities(2)Level 1 4,282  0 4,282
Mutual funds Level 2 311  0 311
Government bonds Level 2 1,952  347 1,605
Corporate debt securities Level 2 3,782  91 3,691
Mortgage-backed and 
asset-backed securitiesLevel 2
2,683  0 2,683
Total investments with 
fair value change 
recorded in net 
income $ 19,490 $ 6,918 $ 12,572 
Cash  0  12,509  0 
Total $ 80,434 $ 433 $ (1,950) $ 98,407 $ 24,048 $ 86,868 
(1)Represents gross unrealized gains and losses for debt securities recorded to AOCI.


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(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.
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 because we estimate the value based on valuation methods, including 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. The fair value of non-marketable equity securities that have been remeasured due to impairment are 
classified within Level 3.
As of  December 31, 2023 , the carrying value of our non-marketable equity securities was $28.8 billion , of which 
$13.7 billion  were remeasured at fair value during the year ended December 31, 2023 , and primarily classified within 
Level 2 of the fair value hierarchy at the time of measurement. Table of Contents Alphabet Inc.
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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 December 31, 
2023
Due in one year or less $ 11,231 
Due in one year through five years  41,477 
Due in five years through 10 years  15,351 
Due after 10 years  14,216 
Total $ 82,275 
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, 2022
 Less than 12 Months 12 Months or Greater Total
 Fair ValueUnrealized
Loss Fair ValueUnrealized
Loss Fair ValueUnrealized
Loss
Government bonds $ 21,039 $ (1,004) $ 13,438 $ (1,041) $ 34,477 $ (2,045) 
Corporate debt securities  11,228  (440)  15,125  (1,052)  26,353  (1,492) 
Mortgage-backed and asset-backed 
securities  7,725  (585)  6,964  (657)  14,689  (1,242) 
Total $ 39,992 $ (2,029) $ 35,527 $ (2,750) $ 75,519 $ (4,779) 
 As of December 31, 2023
 Less than 12 Months 12 Months or Greater Total
 Fair ValueUnrealized
Loss Fair ValueUnrealized
Loss Fair ValueUnrealized
Loss
Government bonds $ 1,456 $ (22) $ 13,897 $ (657) $ 15,353 $ (679) 
Corporate debt securities  827  (5)  15,367  (592)  16,194  (597) 
Mortgage-backed and asset-backed 
securities  2,945  (26)  7,916  (608)  10,861  (634)


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Total $ 5,228 $ (53) $ 37,180 $ (1,857) $ 42,408 $ (1,910) 
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): 
Year Ended December 31,
 2021 2022 2023
Unrealized gain (loss) on fair value option debt securities $ (122) $ (557) $ 386 
Gross realized gain on debt securities  432  103  182 
Gross realized loss on debt securities  (329)  (1,588)  (1,833) 
(Increase) decrease in allowance for credit losses  (91)  (22)  50 
Total gain (loss) on debt securities recognized in other income 
(expense), net $ (110) $ (2,064) $ (1,215) Table of Contents Alphabet Inc.
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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 7  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, 2022 As of December 31, 2023
Marketable 
Equity 
SecuritiesNon-Marketable 
Equity 
Securities TotalMarketable 
Equity 
SecuritiesNon-Marketable 
Equity 
Securities Total
Total initial cost $ 5,764 $ 16,157 $ 21,921 $ 5,418 $ 17,616 $ 23,034 
Cumulative net 
gain (loss)(1) (608)  12,372  11,764  555  11,150  11,705 
Carrying value $ 5,156 $ 28,529 $ 33,685 $ 5,973 $ 28,766 $ 34,739 
(1)Non-marketable equity securities cumulative net gain (loss) is comprised of $16.8 billion  gains and $4.5 billion  losses 
(including impairments) as of December 31, 2022  and $18.1 billion  gains and $6.9 billion  losses (including impairments) as of 
December 31, 2023 .
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):
Year Ended December 31,
 2021 2022 2023
Realized net gain (loss) on equity securities sold during the 
period $ 1,196 $ (442) $ 690 
Unrealized net gain (loss) on marketable equity securities  1,335  (3,242)  790 
Unrealized net gain (loss) on non-marketable equity securities(1) 9,849  229  (1,088)


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Total gain (loss) on equity securities in other income 
(expense), net $ 12,380 $ (3,455) $ 392 
(1)Unrealized gain (loss) on non-marketable equity securities accounted for under the measurement alternative is comprised of 
$10.0 billion , $3.3 billion , and $1.8 billion  of upward adjustments as of December 31, 2021 , 2022 , and 2023 , respectively, and 
$122 million , $3.0 billion , and $2.9 billion  of downward adjustments (including impairments) as of December 31, 2021 , 2022 , 
and 2023 , 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 During the Year 
Ended December 31,
 2022 2023
Total sale price $ 1,784 $ 1,981 
Total initial cost  937  1,512 
Cumulative net gains (losses) $ 847 $ 469 
Equity  Securities Accounted for Under the Equity Method
As of December 31, 2022  and 2023 , equity securities accounted for under the equity method had a carrying value 
of approximately $1.5 billion  and $1.7 billion , respectively. Our share of gains and losses, including impairments, are


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included as a component of OI&E, in the Consolidated Statements of Income. See Note 7  for further details on OI&E.  Table of Contents Alphabet Inc.
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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 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 December 31, 2023 , the net accumulated gain on our foreign currency cash flow hedges before tax effect 
was $47 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


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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, 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 7  for further details. Table of Contents Alphabet Inc.
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The gross notional amounts of outstanding derivative instruments were as follows (in millions):
As of December 31,
2022 2023
Derivatives designated as hedging instruments:
Foreign exchange contracts
Cash flow hedges  $ 15,972 $ 18,039 
Fair value hedges $ 2,117 $ 2,065 
Net investment hedges $ 8,751 $ 9,472 
Derivatives not designated as hedging instruments:
Foreign exchange contracts $ 34,979 $ 39,722 
Other contracts $ 7,932 $ 10,818 
The fair values of outstanding derivative instruments were as follows (in millions):
 As of December 31, 2022 As of December 31, 2023
 Assets(1)Liabilities(2)Assets(1)Liabilities(2)
Derivatives designated as hedging instruments:
     Foreign exchange contracts $ 271 $ 556 $ 205 $ 242 
Derivatives not designated as hedging 
instruments:
     Foreign exchange contracts  365  207  134  156 
     Other contracts  40  47  114  47 
Total derivatives not designated as hedging 
instruments  405  254  248  203 
Total $ 676 $ 810 $ 453 $ 445 
(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):
 Year Ended December 31,
2021 2022 2023
Derivatives in cash flow hedging relationship:
Foreign exchange contracts
Amount included in the assessment of effectiveness $ 806 $ 1,699 $ 90 
Amount excluded from the assessment of 
effectiveness  48  (188)  84 
Derivatives in net investment hedging relationship:
Foreign exchange contracts
Amount included in the assessment of effectiveness  754  608  (287)


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The table below presents the gains (losses) of our derivatives on the Consolidated Statements of Income: (in 
millions):
Year Ended December 31,
2021 2022 2023
RevenuesOther 
income 
(expense), 
net RevenuesOther 
income 
(expense), 
net RevenuesOther 
income 
(expense), 
net
Total amounts in the Consolidated Statements of 
Income $ 257,637 $ 12,020 $ 282,836 $ (3,514) $ 307,394 $ 1,424 
Effect of cash flow hedges:
Foreign exchange contracts
Amount reclassified from AOCI to income $ 165 $ 0 $ 2,046 $ 0 $ 213 $ 0 
Amount excluded from the assessment of 
effectiveness (amortized)  (16)  0  (85)  0  24  0 
Effect of fair value hedges:
Foreign exchange contracts
Hedged items  0  (95)  0  (162)  0  59 
Derivatives designated as hedging 
instruments  0  95  0  163  0  (59) 
Amount excluded from the assessment of 
effectiveness  0  8  0  16  0  15 
Effect of net investment hedges:
Foreign exchange contracts
Amount excluded from the assessment of 
effectiveness  0  82  0  171  0  187 
Effect of non designated hedges:
Foreign exchange contracts  0  (860) 0 (395)  0  7 
Other contracts  0  101  0  144  0  53 
Total gains (losses) $ 149 $ (669) $ 1,961 $ (63) $ 237 $ 262 
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


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under our collateral security arrangements are included in other current assets .Table of Contents Alphabet Inc.
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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, 2022
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 
SheetsFinancial 
Instruments(1)Cash and 
Non-Cash 
Collateral 
Received or 
Pledged Net Amounts
Derivatives assets $ 760 $ (84) $ 676 $ (463) $ (132) $ 81 
Derivatives liabilities $ 894 $ (84) $ 810 $ (463) $ (28) $ 319 
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 
SheetsFinancial 
Instruments(1)Cash and 
Non-Cash 
Collateral 
Received or 
Pledged Net Amounts
Derivatives assets $ 535 $ (82) $ 453 $ (213) $ (75) $ 165 
Derivatives liabilities $ 527 $ (82) $ 445 $ (213) $ (16) $ 216 
(1) The balances as of December 31, 2022 and 2023 were related to derivatives allowed to be net settled in accordance with our 
master netting agreements.
Note 4.        Leases  
We have entered into operating lease agreements primarily for data centers, land, and offices throughout the 
world with lease periods expiring between 2024  and 2063 . 
Components of operating lease expense were as follows (in millions):
Year Ended December 31,


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Year Ended December 31,
2021 2022 2023
Operating lease cost $ 2,699 $ 2,900 $ 3,362 
Variable lease cost  726  838  1,182 
Total operating lease cost $ 3,425 $ 3,738 $ 4,544 
Supplemental information related to operating leases was as follows (in millions):
Year Ended December 31,
2021 2022 2023
Cash payments for operating leases $ 2,489 $ 2,722 $ 3,173 
New operating lease assets obtained in exchange for 
operating lease liabilities $ 2,951 $ 4,383 $ 2,877 Table of Contents Alphabet Inc.
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As of December 31, 2023 , our operating leases had a weighted average remaining lease term of 8.1 years  and a 
weighted average discount rate of 3.1% . Future lease payments under operating leases as of December 31, 2023  
were as follows (in millions):
2024 $ 3,179 
2025  2,929 
2026  2,450 
2027  1,951 
2028  1,488 
Thereafter  5,685 
Total future lease payments  17,682 
Less imputed interest  (2,431) 
Total lease liability balance $ 15,251 
As of December 31, 2023 , we have entered into leases that have not yet commenced with short-term and long-
term future lease payments of $657 million  and $3.3 billion  that are not yet recorded on our Consolidated Balance 
Sheets. These leases will commence between 2024  and 2026  with non-cancelable lease terms betwee n one and 25 
years.
Note 5.        Variable Interest Entities 
Consolidated Variable Interest Entities
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, 2022  and 2023 , assets that can only be used to settle obligations of these VIEs were $4.1 billion  
and $4.9 billion , respectively, and the liabilities for which creditors only have recourse to the VIEs were $2.6 billion  and 
$2.5 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 $3.8 billion  and $3.4 billion  as of 
December 31, 2022  and 2023 , respectively, of which $1.1 billion  is redeemable noncontrolling interest (RNCI) for both


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periods. NCI and RNCI are included within additional paid-in capital. Net loss attributable to noncontrolling interests 
was not material for an y period presented and is included within the "other" component of OI&E. See Note 7  for further 
details on OI&E.
Unconsolidated Variable Interest Entities
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 m aximum exposure  and carrying value of these unconsolidated 
VIEs were $2.8 billion  and $2.7 billion , respectively, as of December 31, 2022  and $5.7 billion  and $4.0 billion , 
respectively, as of December 31, 2023 . The difference between the maximum exposure and the carrying value relates 
primarily to future funding commitments.
Note 6.       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, 2022  and 2023 . 
Our short-term debt balance also includes the current portion of certain long-term debt.Table of Contents Alphabet Inc.
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Long-Term Debt
Total outstanding debt is summarized below (in millions, except percentages):
Effective 
Interest RateAs of December 31,
Maturity Coupon Rate 2022 2023
Debt
2014-2020 Notes issuances 2024 - 2060 0.45%  - 3.38% 0.57%  - 3.38% $ 13,000 $ 13,000 
Future finance lease payments, net and 
other (1) 2,142  1,746 
      Total debt  15,142  14,746 
Unamortized discount and debt 
issuance costs  (143)  (130) 
Less: Current portion of long-term 
notes(2) 0  (1,000) 
Less: Current portion of future finance 
lease payments, net and other current 
debt(1)(2) (298)  (363) 
       Total long-term debt $ 14,701 $ 13,253 
(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 7 for further 
details.
The notes in the table above are fixed-rate senior unsecured obligations and generally rank equally with each 
other. We may redeem the notes at any time in whole or in part at specified redemption prices. The effective interest 
rates are based on proceeds received with interest payable semi-annually.
The total estimated fair value of the outstanding notes was approximately $9.9 billion  and $10.3 billion  as of 
December 31, 2022  and December 31, 2023 , 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.
As of December 31, 2023 , the aggregate future principal payments for long-term debt, including finance lease 
liabilities, for each of the next five years and thereafter were as follows (in millions):
2024 $ 1,299 
2025 1,163
2026 2,165
2027 1,143
2028 132
Thereafter 8,960


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2028 132
Thereafter 8,960
Total $ 14,862 
Credit Facility
As of December 31, 2023 , 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 . 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, 2022  and 2023 .
Note 7.        Supplemental Financial Statement Information  
Accounts Receivable
The allowance for credit losses on accounts receivable was $754 million  and $771 million  as of December 31, 
2022  and 2023 , respectively.Table of Contents Alphabet Inc.
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Property and Equipment, Net
Property and equipment, net, consisted of the following (in millions):
As of December 31,
2022 2023
Land and buildings $ 66,897 $ 74,083 
Information technology assets  66,267  80,594 
Construction in progress  27,657  35,229 
Leasehold improvements  10,575  11,425 
Furniture and fixtures  314  472 
Property and equipment, gross  171,710  201,803 
Less: accumulated depreciation  (59,042)  (67,458) 
Property and equipment, net $ 112,668 $ 134,345 
Our technical infrastructure is comprised of information technology assets, including servers and networking 
equipment , and data center land and buildings.
Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in millions):
As of December 31,
2022 2023
European Commission fines(1)$ 9,106 $ 9,525 
Accrued purchases of property and equipment  3,019  4,679 
Accrued customer liabilities  3,619  4,140 
Current operating lease liabilities  2,477  2,791 
Income taxes payable, net  1,632  2,748 
Other accrued expenses and current liabilities  18,013  22,285 
Accrued expenses and other current liabilities $ 37,866 $ 46,168 
(1) While each 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. Se e Note 10  for further details .Table of Contents Alphabet Inc.
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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 
Hedges Total
Balance as of December 31, 2020 $ (864) $ 1,612 $ (115) $ 633 
Other comprehensive income (loss) before 
reclassifications  (1,442)  (1,312)  668  (2,086) 
Amounts excluded from the assessment of 
hedge effectiveness recorded in AOCI  0  0  48  48 
Amounts reclassified from AOCI  0  (64)  (154)  (218) 
Other comprehensive income (loss)  (1,442)  (1,376)  562  (2,256) 
Balance as of December 31, 2021  (2,306)  236  447  (1,623) 
Other comprehensive income (loss) before 
reclassifications  (1,836)  (4,720)  1,463  (5,093) 
Amounts excluded from the assessment of 
hedge effectiveness recorded in AOCI  0  0  (188)  (188) 
Amounts reclassified from AOCI  0  1,007  (1,706)  (699) 
Other comprehensive income (loss)  (1,836)  (3,713)  (431)  (5,980) 
Balance as of December 31, 2022  (4,142)  (3,477)  16  (7,603) 
Other comprehensive income (loss) before 
reclassifications  735  1,344  84  2,163 
Amounts excluded from the assessment of 
hedge effectiveness recorded in AOCI  0  0  84  84 
Amounts reclassified from AOCI  0  1,168  (214)  954


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Other comprehensive income (loss)  735  2,512  (46)  3,201 
Balance as of December 31, 2023 $ (3,407) $ (965) $ (30) $ (4,402) 
The effects on net income of amounts reclassified from AOCI were as follows (in millions):
Gains (Losses) Reclassified from AOCI to the 
Consolidated Statements of Income
Year Ended December 31,
 AOCI Components Location 2021 2022 2023
Unrealized gains (losses) on available-for-sale investments
Other income (expense), net $ 82 $ (1,291) $ (1,497) 
Benefit (provision) for income 
taxes  (18)  284  329 
Net of income tax  64  (1,007)  (1,168) 
Unrealized gains (losses) on cash flow hedges
Foreign exchange contracts Revenue  165  2,046  213 
Interest rate contracts Other income (expense), net  6  6  6 
Benefit (provision) for income 
taxes  (17)  (346)  (5) 
Net of income tax  154  1,706  214 
Total amount reclassified, net of income tax $ 218 $ 699 $ (954) Table of Contents Alphabet Inc.
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Other Income (Expense), Net 
Components of OI&E  were as follows (in millions): 
 Year Ended December 31,
 2021 2022 2023
Interest income $ 1,499 $ 2,174 $ 3,865 
Interest expense(1) (346)  (357)  (308) 
Foreign currency exchange gain (loss), net  (240)  (654)  (1,238) 
Gain (loss) on debt securities, net  (110)  (2,064)  (1,215) 
Gain (loss) on equity securities, net  12,380  (3,455)  392 
Performance fees  (1,908)  798  257 
Income (loss) and impairment from equity method investments, net  334  (337)  (628) 
Other  411  381  299 
Other income (expense), net $ 12,020 $ (3,514) $ 1,424 
(1) Interest expense is net of interest capitalized of $163 million , $128 million , and $181 million  for the years ended December 31, 
2021 , 2022 , and 2023 , respectively.
Note 8.        Workforce Reduction and Other Initiatives  
We have a company-wide effort underway to re-engineer our cost base. As part of this program, in January 2023, 
we announced a reduction of our workforce. As a result, total employee severance and related charges recorded 
during the year ended December 31, 2023 wer e $2.1 billion . Substantially all of the employees affected were no longer 
included in our headcount as of December 31, 2023.
In addition, we are taking actions to optimize our global office space.  As a result, exit charges recorded during the 
year ended December 31, 2023 , were $1.8 billion  as reflected in the table below. In addition to these exit charges, for 
the year ended December 31, 2023 , we incurred $269 million  in accelerated rent and accelerated depreciation, which 
are not included in the table below.
Severance and office space exit charges are included within our consolidated statements of income as follows (in


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millions):
Year Ended December 31, 2023
Severance 
and Related (1)Office Space Total
Cost of revenues $ 479 $ 481 $ 960 
Research and development 848  870  1,718 
Sales and marketing 497  257  754 
General and administrative 264  237  501 
Total charges $ 2,088 $ 1,845 $ 3,933 
(1)Severance includes amounts to be settled in cash, accounted for as one-time involuntary employee termination benefits, and 
SBC.
For segment reporting, the substantial majority  of these charges are included within Alphabet-level activities in our 
segment results.
For the  year ended December 31, 2023 , changes in liabilities resulting from the severance charges and related 
accruals were as follows (in millions):
Severance and 
Related
Balance as of December 31, 2022 $ 0 
Charges(1) 1,656 
Cash payments  (1,579) 
Balance as of December 31, 2023(2)$ 77 
(1)Excludes non-cash SBC of $432 million .
(2)Included in accrued compensation and benefits on the Consolidated Balance Sheets.Table of Contents Alphabet Inc.
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Note 9.        Goodwill
Changes in the carrying amount of goodwill for the years ended December 31, 2022  and 2023  were as follows 
(in millions):
Google 
Services Google Cloud Other Bets Total
Balance as of December 31, 2021 $ 19,826 $ 2,337 $ 793 $ 22,956 
Acquisitions  1,176  4,876  119  6,171 
Foreign currency translation and other adjustments  (155)  (8)  (4)  (167) 
Balance as of December 31, 2022  20,847  7,205  908  28,960 
Acquisitions  240  3  0  243 
Foreign currency translation and other adjustments  31  (9)  (27)  (5) 
Balance as of December 31, 2023 $ 21,118 $ 7,199 $ 881 $ 29,198 
Note 10.        Commitments and Contingencies  
Commitments
We have content licensing agreements with future fixed or minimum guaranteed commitments of $10.6 billion  as 
of December 31, 2023 , of which the majority is paid over  seven years  ending in the first quarter of 2030.
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


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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 December 31, 2023 , 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.Table of Contents Alphabet Inc.
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Antitrust Investigations
On November 30, 2010, the EC's Directorate General for Competition opened an investigation into various 
antitrust-related complaints against us.
On June 27, 2017, the EC announced its decision that certain actions taken by Google regarding its display and 
ranking of shopping search results and ads infringed European competition law. The EC decision imposed a €2.4 
billion  ($2.7 billion  as of June 27, 2017 ) fine. On September 11, 2017, we appealed the EC decision to the General 
Court, and on September 27, 2017, we implemented product changes to bring shopping ads into 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,


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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.
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. 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.


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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.
•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 Pla y 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 any final approval of the settlement is expected to occur in 2024. 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.Table of Contents Alphabet Inc.
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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 EU, 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.
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


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our platforms, personal injury, consumer protection, and other matters.  For example, in December 2023, a California 
jury delivered a verdict in  Epic Games v. Google  finding that Google violated antitrust laws related to Google Play's 
business. The pr esiding judge will determine remedies in 2024, and the range of potential remedies vary widely. We 
plan to appeal.  We also periodically have data incidents that we report to relevant regulators as required by law.  
These  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 14  for information regarding income tax contingencies.Table of Contents Alphabet Inc.
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Note 11.        Stockholders' Equity  
Class A and Class B Common Stock and Class C Capital Stock
Our Board of Directors has authorized three  classes of stock, Class A and Class B common stock, and Class C 
capital stock. The rights of the holders of each class of our common and capital stock are identical, except with respect 
to voting. Each share of Class A common stock is entitled to one vote per share. Each share of Class B common stock 
is entitled to 10 votes per share. Class C capital stock has no voting rights, except as required by applicable law. 
Shares of Class B common stock may be converted at any time at the option of the stockholder and automatically 
convert upon sale or transfer to Class A common stock.
Share Repurchases
In the years ended December 31, 2021 , 2022 , and 2023 , we repurchased  $50.3 billion , $59.3 billion , and 
$62.2 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 an additional 
$70.0 billion  of its Class A and Class C shares. As of December 31, 2023 , $36.3 billion  remains available for Class A 
and Class C share repurchases. 
The following table presents Class A and Class C shares repurchased and subsequently retired (in millions):
Year Ended December 31, 2022 Year Ended December 31, 2023
Shares Amount Shares Amount
Class A share repurchases 61$ 6,719 78$ 9,316 
Class C share repurchases 469  52,577 450  52,868 
Total share repurchases(1)530 $ 59,296 528 $ 62,184 
(1)         Shares repurchased include unsettled repurchases as of December 31, 2023 .
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


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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.
Note 12.        Net Income Per Share  
We compute net income per share of Class A, Class B, and Class C stock using the two-class method. Basic net 
income per share is computed using the weighted-average number of shares outstanding during the period. Diluted net 
income per share is computed using the weighted-average number of shares and the effect of potentially dilutive 
securities outstanding during the period. Potentially dilutive securities consist of RSUs and other contingently issuable 
shares. The dilutive effect of outstanding RSUs and other contingently issuable shares is reflected in diluted earnings 
per share by application of the treasury stock method. The computation of the diluted net income per share of Class A 
stock assumes the conversion of Class B stock, while the diluted net income per share of Class B stock does not 
assume the conversion of those shares.
The rights, including the liquidation and dividend rights, of the holders of our Class A, Class B, and Class C stock 
are identical, except with respect to voting. Furthermore, there are a number of safeguards built into our certificate of 
incorporation, as well as Delaware law, which preclude our Board of Directors from declaring or paying unequal per 
share dividends on our Class A, Class B, and Class C stock. Specifically, Delaware law provides that amendments to 
our certificate of incorporation which would have the effect of adversely altering the rights, powers, or preferences of a 
given class of stock must be approved by the class of stock adversely affected by the proposed amendment. In 
addition, our certificate of incorporation provides that before any such amendment may be put to a stockholder vote, it 
must be approved by the unanimous consent of our Board of Directors. As a result, the undistributed earnings for each 
year are allocated based on the contractual participation rights of the Class A, Class B, and Class C stock as if the 
earnings for the year had been distributed. As the liquidation and dividend rights are identical, the undistributed 
earnings are allocated on a proportionate basis.


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earnings are allocated on a proportionate basis. 
In the years ended December 31, 2021 , 2022 , and 2023 , the net income per share amounts are the same for 
Class A, Class B, and Class C stock because the holders of each class are entitled to equal per share dividends or 
distributions in liquidation in accordance with the Amended and Restated Certificate of Incorporation of Alphabet Inc.Table of Contents Alphabet Inc.
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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):
 Year Ended December 31,
 2021
 Class A Class B Class C
Basic net income per share:
Numerator
Allocation of undistributed earnings $ 34,200 $ 5,174 $ 36,659 
Denominator
Number of shares used in per share computation  6,006  909  6,438 
Basic net income per share $ 5.69 $ 5.69 $ 5.69 
Diluted net income per share:
Numerator
Allocation of undistributed earnings for basic computation $ 34,200 $ 5,174 $ 36,659 
Reallocation of undistributed earnings as a result of conversion of Class B to Class A 
shares  5,174  0  0 
Reallocation of undistributed earnings  (581)  (77)  581 
Allocation of undistributed earnings $ 38,793 $ 5,097 $ 37,240 
Denominator
Number of shares used in basic computation  6,006  909  6,438 
Weighted-average effect of dilutive securities
Add:
Conversion of Class B to Class A shares outstanding  909  0  0 
Restricted stock units and other contingently issuable shares  0  0  200 
Number of shares used in per share computation  6,915  909  6,638 
Diluted net income per share $ 5.61 $ 5.61 $ 5.61 
 Year Ended December 31,
 2022
 Class A Class B Class C
Basic net income per share:
Numerator
Allocation of undistributed earnings $ 27,518 $ 4,072 $ 28,382 
Denominator
Number of shares used in per share computation  5,994  887  6,182 
Basic net income per share $ 4.59 $ 4.59 $ 4.59 
Diluted net income per share:
Numerator
Allocation of undistributed earnings for basic computation $ 27,518 $ 4,072 $ 28,382


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Reallocation of undistributed earnings as a result of conversion of Class B to Class A 
shares  4,072  0  0 
Reallocation of undistributed earnings  (230)  (30)  230 
Allocation of undistributed earnings $ 31,360 $ 4,042 $ 28,612 
Denominator
Number of shares used in basic computation  5,994  887  6,182 
Weighted-average effect of dilutive securities
Add:
Conversion of Class B to Class A shares outstanding  887  0  0 
Restricted stock units and other contingently issuable shares  0  0  96 
Number of shares used in per share computation  6,881  887  6,278 
Diluted net income per share $ 4.56 $ 4.56 $ 4.56 Table of Contents Alphabet Inc.
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Year Ended December 31,
 2023
 Class A Class B Class C
Basic net income per share:
Numerator
Allocation of undistributed earnings $ 34,601 $ 5,124 $ 34,070 
Denominator
Number of shares used in per share computation  5,922  877  5,831 
Basic net income per share $ 5.84 $ 5.84 $ 5.84 
Diluted net income per share:
Numerator
Allocation of undistributed earnings for basic computation $ 34,601 $ 5,124 $ 34,070 
Reallocation of undistributed earnings as a result of conversion of Class B to Class A 
shares  5,124  0  0 
Reallocation of undistributed earnings  (287)  (37)  287 
Allocation of undistributed earnings $ 39,438 $ 5,087 $ 34,357 
Denominator
Number of shares used in basic computation  5,922  877  5,831 
Weighted-average effect of dilutive securities
Add:
Conversion of Class B to Class A shares outstanding  877  0  0 
Restricted stock units and other contingently issuable shares  0  0  92 
Number of shares used in per share computation  6,799  877  5,923 
Diluted net income per share $ 5.80 $ 5.80 $ 5.80 
Note 13.        Compensation Plans  
Stock Plans
Our stock plans include the Alphabet Amended and Restated 2021 Stock Plan ("Alphabet 2021 Stock Plan") and 
Other Bet s stock-based plans. Under our stock plans, RSUs and other types of awards may be granted. Under the 
Alphabet 2021 Stock Plan, an RSU award is an agreement to issue shares of our Class C stock at the time the award 
vests. RSUs generally vest over four years  contingent upon employment on the vesting date.
As of December 31, 2023 , there were 723 million  shares of Class C stock reserved for future issuance under the 
Alphabet 2021 Stock Plan.
Stock-Based Compensation


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Alphabet 2021 Stock Plan.
Stock-Based Compensation
For the years ended December 31, 2021 , 2022 , and 2023 , total SBC expense was $15.7 billion , $19.5 billion , and 
$22.1 billion , including amounts associated with awards we expect to settle in Alphabet stock of $15.0 billion , $18.8 
billion , and $21.7 billion , respectively.
During the year ended December 31, 2023 , total SBC expense includes $432 million  associated with workforce 
reduction costs. See Note 8  for further details.
For the years ended December 31, 2021 , 2022 , and 2023 , we recognized tax benefits on total SBC expense, 
which are reflected in the provision for income taxes in the Consolidated Statements of Income, of $3.1 billion , $3.9 
billion , and $4.5 billion , respectively.
For the years ended December 31, 2021 , 2022 , and 2023 , tax benefit realized related to awards vested or 
exercised during the period was $5.9 billion , $4.7 billion , and $5.6 billion , respectively. These amounts do not include 
the indirect effects of stock-based awards, which primarily relate to the R&D tax credit.
Stock-Based Award ActivitiesTable of Contents Alphabet Inc.
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The following table summarizes the activities for  unvested Alphabet RSUs  for the year ended December 31, 2023  
(in millions, except per share amounts):
Unvested Restricted Stock Units
     Number of    
SharesWeighted-
Average
Grant-Date
Fair Value
Unvested as of December 31, 2022  324 $ 107.98 
Granted  263 $ 97.59 
Vested  (217) $ 100.36 
Forfeited/canceled  (32) $ 106.56 
Unvested as of December 31, 2023  338 $ 104.93 
The weighted-average grant-date fair value of RSUs granted during the years ended December 31,  2021  and 
2022  was $97.46  and $127.22 , respectively. Total fair value of RSUs, as of their respective vesting dates, during the 
years ended December 31, 2021 , 2022 , and 2023 , were $28.8 billion , $23.9 billion , and $26.6 billion , respectively.
As of December 31, 2023 , there was $33.5 billion  of unrecognized compensation cost related to unvested RSUs. 
This amount is expected to be recognized over a weighted-average period of 2.5 years . 
Note 14.        Income Taxes  
Income from continuing operations before income taxes consisted of the following (in millions):
Year Ended December 31,
 2021 2022 2023
Domestic operations $ 77,016 $ 61,307 $ 73,600 
Foreign operations  13,718  10,021  12,117 
Total $ 90,734 $ 71,328 $ 85,717 
Provision for income taxes consisted of the following (in millions):
Year Ended December 31,
 2021 2022 2023
Current:
Federal and state $ 10,126 $ 17,120 $ 17,125 
Foreign  2,692  2,434  2,526 
Total  12,818  19,554  19,651 
Deferred:


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Deferred:
Federal and state  2,018  (8,052)  (7,482) 
Foreign  (135)  (146)  (247) 
Total  1,883  (8,198)  (7,729) 
Provision for income taxes $ 14,701 $ 11,356 $ 11,922 Table of Contents Alphabet Inc.
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The reconciliation of federal statutory income tax rate to our effective income tax rate was as follows:
Year Ended December 31,
 2021 2022 2023
U.S. federal statutory tax rate  21.0 %  21.0 %  21.0 %
Foreign income taxed at different rates  0.2  3.0  0.3 
Foreign-derived intangible income deduction  (2.5)  (5.4)  (4.6) 
Stock-based compensation expense  (2.5)  (1.2)  (0.8) 
Federal research credit  (1.6)  (2.2)  (1.8) 
Deferred tax asset valuation allowance  0.6  0.9  0.6 
State and local income taxes  1.0  0.8  1.0 
Effect of tax law change  0.0  0.0  (1.4) 
Other  0.0  (1.0)  (0.4) 
Effective tax rate  16.2 %  15.9 %  13.9 %
In 2022, there was an increase in the U.S. Foreign Derived Intangible Income tax deduction from the effects of 
capitalization and amortization of R&D expenses starting in 2022 as required by the 2017 Tax Cuts and Jobs Act.
In 2023, the  IRS issued a rule change allowing taxpayers to temporarily apply the regulations in effect prior to 
2022 related to U.S. federal foreign tax credits as well as a separate rule change with interim guidance on the 
capitalization and amortization of R&D expenses. A cumulative one-time adjustment applicable to the prior period for 
these tax rule changes was recorded in 2023.
Deferred Income Taxes
Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets 
and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components 
of our deferred tax assets and liabilities were as follows (in millions):
As of December 31,
2022 2023
Deferred tax assets:
Accrued employee benefits $ 955 $ 1,855


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Accrued employee benefits $ 955 $ 1,855 
Accruals and reserves not currently deductible  1,956  2,481 
Tax credits  6,002  6,609 
Net operating losses  2,557  2,965 
Operating leases  2,711  3,526 
Capitalized research and development(1) 10,381  17,757 
Other  2,289  1,951 
Total deferred tax assets  26,851  37,144 
Valuation allowance  (9,553)  (10,999) 
Total deferred tax assets net of valuation allowance  17,298  26,145 
Deferred tax liabilities:
Property and equipment, net  (6,607)  (8,189) 
Net investment gains  (2,361)  (2,405) 
Operating leases  (2,491)  (2,965) 
Other  (1,092)  (902) 
Total deferred tax liabilities  (12,551)  (14,461) 
Net deferred tax assets (liabilities) $ 4,747 $ 11,684 
(1)As required by the 2017 Tax Cuts and Jobs Act, effective January 1, 2022, our research and development expenditures were 
capitalized and amortized which resulted in substantially higher cash taxes starting in 2022 with an equal amount of deferred 
tax benefit.  
As of December 31, 2023 , our federal, state, and foreign net operating loss carryforwards for income tax 
purposes were approximately $7.1 billion , $18.6 billion , and $1.8 billion  respectively. If not utilized, the federal net Table of Contents Alphabet Inc.
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operating loss carryforwards will begin to expire in 202 4, foreign net operating loss carryforwards will begin to expire in 
2025 and the state net operating loss carryforwards will begin to expire in 2029. It is more likely than not that the 
majority of the net operating loss carryforwards will not be realized; therefore, we have recorded a valuation allowance 
against them. The net operating loss carryforwards are subject to various annual limitations under the tax laws of the 
different jurisdictions.
As of December 31, 2023 , our Federal and California research and development credit carryforwards for income 
tax purposes were approximately $600 million  and $6.3 billion , respectively. If not utilized, the Federal R&D credit will 
begin to expire in 2037 and the California R&D credit can be carried over indefinitely. We believe the majority of the 
federal tax credit and state tax credit is not likely to be realized.
As of December 31, 2023 , our investment tax credit carryforwards for state income tax purposes were 
approximately $1.0 billion  and will begin to expire in 2029. We use the flow-through method of accounting for 
investment tax credits. We believe this tax credit is not likely to be realized.
As of December 31, 2023 , we maintained a valuation allowance with respect to California deferred tax assets, 
certain federal net operating losses, certain state net operating losses and tax credits, net deferred tax assets relating 
to Other Bet companies, and certain foreign net operating losses that we believe are not likely to be realized. We 
continue to reassess the remaining valuation allowance quarterly, and if future evidence allows for a partial or full 
release of the valuation allowance, a tax benefit will be recorded accordingly. 
Uncertain Tax Positions
The following table summarizes the activity related to our gross unrecognized tax benefits (in millions):
 2021 2022 2023
Beginning gross unrecognized tax benefits $ 3,837 $ 5,158 $ 7,055 
Increases related to prior year tax positions  529  253  740 
Decreases related to prior year tax positions  (263)  (437)  (682) 
Decreases related to settlement with tax authorities  (329)  (140)  (21)


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Increases related to current year tax positions  1,384  2,221  2,346 
Ending gross unrecognized tax benefits $ 5,158 $ 7,055 $ 9,438 Year Ended December 31,
We are subject to income taxes in the U.S. and foreign jurisdictions. Significant judgment is required in evaluating 
our uncertain tax positions and determining our provision for income taxes. The total amount of gross unrecognized tax 
benefits was $5.2 billion , $7.1 billion , and $9.4 billion  as of December 31, 2021 , 2022 , and 2023 , respectively, of which 
$3.7 billion , $5.3 billion , and $7.4 billion , if recognized, would affect our effective tax rate, respectively. 
As of December 31, 2022  and 2023 , we accrued $346 million  and $622 million  in interest and penalties in 
provision for income taxes, respectively.
We file income tax returns in the U.S. federal jurisdiction and in many state and foreign jurisdictions. Our two 
major tax jurisdictions are the U.S. federal and Ireland. We are subject to the continuous examination of our income tax 
returns by the IRS and other tax authorities. The IRS is currently examining our 2016 through 2021 tax returns. We 
have also received tax assessments in multiple foreign jurisdictions asserting transfer pricing adjustments or 
permanent establishment. We continue to defend such claims as presented.
The tax years 2016 through 2022 remain subject to examination by the appropriate governmental agencies for 
Irish tax purposes. There are other ongoing audits in various other jurisdictions that are not material to our financial 
statements.
We regularly assess the likelihood of adverse outcomes resulting from these examinations to determine the 
adequacy of our provision for income taxes. We continue to monitor the progress of ongoing discussions with tax 
authorities and the effect, if any, of the expected expiration of the statute of limitations in various taxing jurisdictions.
We believe that an adequate provision has been made for any adjustments that may result from tax examinations. 
However, the outcome of tax audits cannot be predicted with certainty. If any issues addressed in our tax audits are 
resolved in a manner not consistent with management's expectations, we could be required to adjust our provision for


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income taxes in the period such resolutions occur. Although the timing of resolution, settlement, and closure of audits is 
not certain, it is reasonably possible that our unrecognized tax benefits from certain U.S. federal, state, and non U.S. 
tax positions could decrease by approximately $700 million  in the next 12 months. Positions that may be resolved 
include various U.S. and non-U.S. matters.Table of Contents Alphabet Inc.
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Note 15.        Information about Segments and Geographic Areas  
We report our segment results as Google Services, Google Cloud, and Other Bets:
•Google Services includes products and services such as ads, Android, Chrome, devices, Google Maps, 
Google Play, Search, and YouTube. Google Services generates revenues primarily from advertising;  fees 
received for consumer subscription-based products such as YouTube TV,  YouTube Music and Premium , and 
NFL Sunday Ticket; the sale of apps and in-app purchases and devices.
•Google Cloud includes infrastructure and platform services, collaboration tools, and other services for 
enterprise customers. Google Cloud generates revenues primarily from consumption-based fees and 
subscriptions received for Google Cloud Platform services, Google Workspace communication and 
collaboration tools, and other enterprise services.
•Other Bets is a combination of multiple operating segments that are not individually material. Revenues from 
Other Bets are generated primarily from the sale of health care-related services and internet services.
Revenues, certain costs, such as costs associated with content and traffic acquisition, certain engineering 
activities, and devices, as well as certain operating expenses are directly attributable to our segments. Due to the 
integrated nature of Alphabet, other costs and expenses, such as technical infrastructure and office facilities, are 
managed centrally at a consolidated level. These costs, including the associated depreciation and impairment, are 
allocated to operating segments as a service cost generally based on usage, headcount, or revenue.
Reflecting DeepMind's increasing collaboration with Google Services, Google Cloud, and Other Bets, beginning in 
the first quarter of 2023 DeepMind is reported as part of Alphabet-level activities instead of within Other Bets. 
Additionally, beginning in the first quarter of 2023, we updated and simplified our cost allocation methodologies to 
provide our business leaders with increased transparency for decision-making. Prior periods have been recast to 
conform to the current presentation.
As announced on April 20, 2023, we brought together part of Google Research (the Brain team) and DeepMind to 
significantly accelerate our progress in artificial intelligence (AI). The group, called Google DeepMind, is reported within 
Alphabet-level activities prospectively beginning in the second quarter of 2023. Previously, the Brain team was 
included within Google Services.


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included within Google Services.
Certain costs are not allocated to our segments because they represent Alphabet-level activitie s. These costs 
primarily include AI-focused shared  R&D activities, including development costs of our general AI models ; corporate 
initiatives such as our philanthropic activities; corporate shared costs such as certain finance, human resource, and 
legal costs, including certain fines and settlements. Charges associated with reductions in our workforce and office 
space during 2023 were not allocated to our segments. Additionally, hedging gains (losses) related to revenue are not 
allocated to our segments.
Our operating segments are not evaluated using asset information.
The following table presents information about our segments (in millions) :
Year Ended December 31,
2021 2022 2023
Revenues:
Google Services $ 237,529 $ 253,528 $ 272,543 
Google Cloud  19,206  26,280  33,088 
Other Bets  753  1,068  1,527 
Hedging gains (losses)  149  1,960  236 
Total revenues $ 257,637 $ 282,836 $ 307,394 
Operating income (loss):
Google Services $ 88,132 $ 82,699 $ 95,858 
Google Cloud  (2,282)  (1,922)  1,716 
Other Bets  (4,051)  (4,636)  (4,095) 
Alphabet-level activities  (3,085)  (1,299)  (9,186) 
Total income from operations $ 78,714 $ 74,842 $ 84,293 
See Note 2  for information relating to revenues by geography.Table of Contents Alphabet Inc.
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The following table presents long-lived assets by geographic area, which includes property and equipment, net 
and operating lease assets (in millions):
As of December 31,
 2022 2023
Long-lived assets:
United States $ 93,565 $ 110,053 
International  33,484  38,383 
Total long-lived assets $ 127,049 $ 148,436 Table of Contents Alphabet Inc.
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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL 
DISCLOSURE
None.
ITEM 9A. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our chief executive officer and chief financial officer, evaluated the 
effectiveness of our disclosure controls and procedures pursuant to Rule 13a-15 under the Exchange Act, as of the 
end of the period covered by this Annual Report on Form 10-K.
Based on this evaluation, our chief executive officer and chief financial officer concluded that, as of December 31, 
2023 , our disclosure controls and procedures are designed at a reasonable assurance level and are effective to 
provide reasonable assurance that information we are required to disclose in reports that we file or submit under the 
Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules 
and forms, and that such information is accumulated and communicated to our management, including our chief 
executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure.
Changes in Internal Control over Financial Reporting
There have been no changes in our internal control over financial reporting that occurred during the quarter 
ended December 31, 2023  that have materially affected, or are reasonably likely to materially affect, our internal 
control over financial reporting. 
Management’s Report on Internal Control over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial 
reporting, as defined in Rule 13a-15(f) of the Exchange Act. Our management conducted an evaluation of the 
effectiveness of our internal control over financial reporting based on the framework in Internal Control—Integrated 
Framework  issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework). 
Based on this evaluation, management concluded that our internal control over financial reporting was effective as of 
December 31, 2023 . Management reviewed the results of its assessment with our Audit and Compliance Committee. 
The effectiveness of our internal control over financial reporting as of December 31, 2023  has been audited by Ernst & 
Young LLP , an independent registered public accounting firm, as stated in its report which is included in Item 8 of this 
Annual Report on Form 10-K.


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Annual Report on Form 10-K.
Limitations on Effectiveness of Controls and Procedures
In designing and evaluating the disclosure controls and procedures, management recognizes that any controls 
and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the 
desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there 
are resource constraints and that management is required to apply its judgment in evaluating the benefits of possible 
controls and procedures relative to their costs.Table of Contents Alphabet Inc.
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ITEM 9B. OTHER INFORMATION
10b5-1 Trading Plans
During the fiscal quarter ended December 31, 2023 , the following Section 16 officer and directors adopted, 
modified or terminated  a “Rule 10b5-1 trading arrangement” (as defined in Item 408 of Regulation S-K of the Exchange 
Act):
•John Hennessy , Chair of t he Board of Directors , through the John L. Hennessy & Andrea J. Hennessy 
Revocable Trust, adopted  a new trading plan on November 1, 2023  (with the first trade under the new plan 
scheduled for February 12, 2024). The trading plan will be effective until March 12, 2025 to sell 6,664  shares of 
Class C Capital Stock and 11,336  shares of Class A Common Stock.
•Ann Mather , former member of the Board of Directors , terminated  her trading plan on October 30, 2023 , 
effective with her resignation from the Board of Directors. The trading plan previously permitted the sale of 
12,580  shares of Class C Capital Stock and would have been effective until June 2, 2024.
•Ruth M. Porat , President and Chief Investment Officer; Chief Financial Officer , adopted  a new trading plan on 
November 30, 2023  (with the first trade under the new plan scheduled for March 8, 2024). The trading plan will 
be effective until March 8, 2025 to sell all of the (net) shares of up to 82,900  (gross) Class C Capital Stock 
issued upon the vesting of her Alphabet 2021 Performance Stock Units, as adjusted based on performance 
(net shares are net of tax withholding).
There were no “non-Rule 10b5-1 trading arrangements” (as defined in Item 408 of Regulation S-K of the 
Exchange Act) adopted, modified or terminated  during the fiscal quarter ended December 31, 2023 by our directors 
and Section 16 officers. Each of the Rule 10b5-1 trading arrangements are in accordance with our Policy Against 
Insider Trading and actual sale transactions made pursuant to such trading arrangements will be disclosed publicly in


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Section 16 filings with the SEC in accordance with applicable securities laws, rules and regulations.
Required Disclosure Pursuant to Section 13(r) of the Exchange Act
As previously disclosed, Google LLC, a subsidiary of Alphabet, filed notifications with the Russian Federal 
Security Service pursuant to Russian encryption control requirements, which must be complied with prior to the import 
of covered items. The information provided pursuant to Section 13(r) of the Exchange Act in Part II, Item 5 of our 
Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 is incorporated herein by reference.
ITEM 9C.  DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not applicable.Table of Contents Alphabet Inc.
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PART III
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE
The information required by this item will be included under the caption “Directors, Executive Officers, and 
Corporate Governance” in our Proxy Statement for the 2024  Annual Meeting of Stockholders to be filed with the SEC 
within 120 days of the fiscal year ended December 31, 2023  (2024  Proxy Statement) and is incorporated herein by 
reference. The information required by this item regarding delinquent filers pursuant to Item 405 of Regulation S-K will 
be included under the caption “Delinquent Section 16(a) Reports” in the 2024  Proxy Statement and is incorporated 
herein by reference.
ITEM 11. EXECUTIVE COMPENSATION
The information required by this item will be included under the captions “Director Compensation,” “Executive 
Compensation” and “Directors, Executive Officers, and Corporate Governance—Corporate Governance and Board 
Matters—Compensation Committee Interlocks and Insider Participation” in the 2024  Proxy Statement and is 
incorporated herein by reference , except as to information disclosed therein pursuant to Item 402(v) of Regulation S-K 
relating to pay versus performance .
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED 
STOCKHOLDER MATTERS
The information required by this item will be included under the captions “Common Stock Ownership of Certain 
Beneficial Owners and Management” and “Equity Compensation Plan Information” in the 2024  Proxy Statement and is 
incorporated herein by reference.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
The information required by this item will be included under the captions “Certain Relationships and Related 
Transactions” and “Directors, Executive Officers, and Corporate Governance—Corporate Governance and Board 
Matters—Director Independence” in the 2024  Proxy Statement and is incorporated herein by reference.
ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
The information required by this item will be included under the caption “Independent Registered Public 
Accounting Firm” in the 2024  Proxy Statement and is incorporated herein by reference.Table of Contents Alphabet Inc.
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PART IV
ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
We have filed the following documents as part of this Annual Report on Form 10-K:
1. Consolidated Financial Statements
Reports of Independent Registered Public Accounting Firm 48
Financial Statements:
Consolidated Balance Sheets 51
Consolidated Statements of Income 52
Consolidated Statements of Comprehensive Income 53
Consolidated Statements of Stockholders’ Equity 54
Consolidated Statements of Cash Flows 55
Notes to Consolidated Financial Statements 56
2. Financial Statement Schedules
Schedule II: Valuation and Qualifying Accounts
The table below details the activity of the allowance for credit losses and sales credits for the years ended 
December 31, 2021 , 2022 , and 2023  (in millions):
Balance at
Beginning of Year Additions UsageBalance at
End of Year
Year ended December 31, 2021 $ 1,344 $ 2,092 $ (2,047) $ 1,389 
Year ended December 31, 2022 $ 1,389 $ 2,125 $ (2,301) $ 1,213 
Year ended December 31, 2023 $ 1,213 $ 3,115 $ (2,737) $ 1,591 
Note: Additions to the allowance for credit losses are charged to expense. Additions to the allowance for sales credits are charged against 
revenues.
All other schedules have been omitted because they are not required, not applicable, or the required information 
is otherwise included.
3. Exhibits
2.01 Agreement and Plan of Merger, dated 
October 2, 2015, by and among Google Inc., 
the Registrant and Maple Technologies Inc.Current Report on Form 8-K 
(File No. 001-37580) October 2, 2015
3.01 Amended and Restated Certificate of 
Incorporation of the RegistrantCurrent Report on Form 8-K 
(File No. 001-37580) June 3, 2022
3.02 Amended and Restated Bylaws of the 
Registrant, dated October 19, 2022Current Report on Form 8-K


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(File No. 001-37580)October 25, 2022
4.01 Specimen Class A Common Stock certificate Current Report on Form 8-K 
(File No. 001-37580)October 2, 2015
4.02 Specimen Class C Capital Stock certificate Current Report on Form 8-K 
(File No. 001-37580)October 2, 2015
4.03 Alphabet Inc. Deferred Compensation Plan Current Report on Form 8-K 
(File No. 001-37580)October 2, 2015
4.04 Transfer Restriction Agreement, dated 
October 2, 2015, between the Registrant and 
Larry Page and certain of his affiliates Current Report on Form 8-K 
(File No. 001-37580)October 2, 2015
4.05 Transfer Restriction Agreement, dated 
October 2, 2015, between the Registrant and 
Sergey Brin and certain of his affiliates Current Report on Form 8-K 
(File No. 001-37580)October 2, 2015
4.06 Joinder Agreement, dated December 31, 
2021, among the Registrant, Sergey Brin and 
certain of his affiliates  Annual Report on Form 10-K 
(File No. 001-37580)February 2, 2022Exhibit
Number DescriptionIncorporated by reference herein
Form DateTable of Contents Alphabet Inc.
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4.07 Transfer Restriction Agreement, dated 
October 2, 2015, between the Registrant and 
Eric E. Schmidt and certain of its affiliatesCurrent Report on Form 8-K 
(File No. 001-37580)October 2, 2015
4.08 Class C Undertaking, dated October 2, 2015, 
executed by the RegistrantCurrent Report on Form 8-K 
(File No. 001-37580)October 2, 2015
4.09 Indenture, dated February 12, 2016, between 
the Registrant and The Bank of New York 
Mellon Trust Company, N.A., as TrusteeRegistration Statement on 
Form S-3 
(File No. 333-209510)February 12, 2016
4.10 Registrant Registration Rights Agreement 
dated December 14, 2015Registration Statement on 
Form S-3 
(File No. 333-209518)February 12, 2016
4.11 First Supplemental Indenture, dated April 27, 
2016, between the Registrant and The Bank 
of New York Mellon Trust Company, N.A., as 
trusteeCurrent Report on Form 8-K
(File No. 001-37580)April 27, 2016
4.12 Form of the Registrant’s 3.375% Notes due 
2024 (included in Exhibit 4.11)
4.13 Form of the Registrant’s 1.998% Note due 
2026Current Report on Form 8-K 
(File No. 001-37580)August 9, 2016
4.14 Form of Global Note representing the 
Registrant’s 0.450% notes due 2025Current Report on Form 8-K 
(File No. 001-37580)August 5, 2020
4.15 Form of Global Note representing the 
Registrant’s 0.800% notes due 2027Current Report on Form 8-K 
(File No. 001-37580)August 5, 2020
4.16 Form of Global Note representing the 
Registrant’s 1.100% notes due 2030Current Report on Form 8-K


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(File No. 001-37580)August 5, 2020
4.17 Form of Global Note representing the 
Registrant’s 1.900% notes due 2040Current Report on Form 8-K 
(File No. 001-37580)August 5, 2020
4.18 Form of Global Note representing the 
Registrant’s 2.050% notes due 2050Current Report on Form 8-K 
(File No. 001-37580)August 5, 2020
4.19 Form of Global Note representing the 
Registrant’s 2.250% notes due 2060Current Report on Form 8-K 
(File No. 001-37580)August 5, 2020
4.20 Description of Registrant’s Securities Annual Report on Form 10-K 
(File No. 001-37580)February 3, 2023
10.01 u Form of Indemnification Agreement entered 
into between the Registrant, its affiliates and 
its directors and officers Current Report on Form 8-K 
(File No. 001-37580)October 2, 2015
10.02 u*Form of Offer Letter for Directors
10.03 u Offer Letter, dated March 20, 2015, between 
Ruth Porat and Google Inc., as assumed by 
the Registrant on October 2, 2015Current Report on Form 8-K 
(File No. 001-36380)March 26, 2015
10.04 u Compensation Plan Agreement, dated 
October 2, 2015, between Google Inc. and 
the RegistrantCurrent Report on Form 8-K 
(File No. 001-37580)October 2, 2015
10.05 u Director Arrangements Agreement, dated 
October 2, 2015, between Google Inc. and 
the RegistrantCurrent Report on Form 8-K 
(File No. 001-37580)October 2, 2015
10.06 u Alphabet Inc. Deferred Compensation Plan Current Report on Form 8-K 
(File No. 001-37580)October 2, 2015
10.07 u Alphabet Inc. Amended and Restated 2012


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Stock PlanCurrent Report on Form 8-K
(File No. 001-37580)June 5, 2020
10.07.1 u Alphabet Inc. Amended and Restated 2012 
Stock Plan - Form of Alphabet Restricted 
Stock Unit AgreementAnnual Report on Form 10-K
(File No. 001-37580)February 4, 2020
10.07.2 u Alphabet Inc. 2012 Stock Plan - Form of 
Alphabet Restricted Stock Unit AgreementQuarterly Report on Form 10-
Q  (File No. 001-37580)November 3, 
2016Exhibit
Number DescriptionIncorporated by reference herein
Form DateTable of Contents Alphabet Inc.
92.


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10.08 u Alphabet Inc. Amended and Restated 2021 
Stock PlanCurrent Report on Form 8-K 
(file No. 001-37580)June 3, 2022
10.08.1 u Alphabet Inc. Amended and Restated 2021 
Stock Plan - Form of Alphabet Restricted 
Stock Unit AgreementQuarterly Report on Form 10-
Q (file No. 001-37580)July 28, 2021
10.08.2 u Alphabet Inc. Amended and Restated 2021 
Stock Plan - Form of Alphabet Restricted 
Stock Unit AgreementQuarterly Report on Form 10-
Q (File No. 001-37580)July 26, 2023
10.08.3 u Alphabet Inc. Amended and Restated 2021 
Stock Plan - Form of Alphabet 2022 CEO 
Performance Stock Unit AgreementAnnual Report on Form 10-K 
(File No. 001-37580) February 3, 2023
10.08.4 u Alphabet Inc. Amended and Restated 2021 
Stock Plan - Form of Alphabet 2022 Non-
CEO Performance Stock Unit AgreementAnnual Report on Form 10-K
(File No. 001-37580)February 4, 2020
10.08.5 u Alphabet Inc. Amended and Restated 2021 
Stock Plan - Form of Alphabet 2023 Non-
CEO Performance Stock Unit AgreementQuarterly Report on Form 10-
Q (File No. 001-37580)July 26, 2023
10.09 u Alphabet Inc. Company Bonus Plan, as 
amendedAnnual Report on Form 10-K
(File No. 001-37350)February 2, 2023
21.01 * Subsidiaries of the Registrant
23.01 * Consent of Independent Registered Public 
Accounting Firm
24.01 * Power of Attorney (incorporated by reference 
to the signature page of this Annual Report 
on Form 10-K)
31.01 * Certification of Chief Executive Officer 
pursuant to Exchange Act Rules 13a-14(a) 
and 15d-14(a), as adopted pursuant to 
Section 302 of the Sarbanes-Oxley Act of 
2002


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2002
31.02 * Certification of Chief Financial Officer 
pursuant to Exchange Act Rules 13a-14(a) 
and 15d-14(a), as adopted pursuant to 
Section 302 of the Sarbanes-Oxley Act of 
2002
32.01 ‡ Certifications of Chief Executive Officer and 
Chief Financial Officer pursuant to 18 U.S.C. 
Section 1350, as adopted pursuant to 
Section 906 of the Sarbanes-Oxley Act of 
2002
97.01 * Clawback Policy
101.INS * Inline XBRL Instance Document - the 
instance document does not appear in the 
Interactive Data File because its XBRL tags 
are embedded within the Inline XBRL 
document
101.SCH * Inline XBRL Taxonomy Extension Schema 
Document
101.CAL * Inline XBRL Taxonomy Extension Calculation 
Linkbase Document
101.DEF * Inline XBRL Taxonomy Extension Definition 
Linkbase Document
101.LAB * Inline XBRL Taxonomy Extension Label 
Linkbase DocumentExhibit
Number DescriptionIncorporated by reference herein
Form DateTable of Contents Alphabet Inc.
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101.PRE * Inline XBRL Taxonomy Extension 
Presentation Linkbase Document
104 Cover Page Interactive Data File (embedded 
within the Inline XBRL document and 
contained in Exhibit 101)Exhibit
Number DescriptionIncorporated by reference herein
Form Date
_________________
u Indicates management compensatory plan, contract, or arrangement.
* Filed herewith.
‡ Furnished herewith.
ITEM 16. FORM 10-K SUMMARY
None.Table of Contents Alphabet Inc.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has 
duly caused this Annual Report on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: January 30, 2024  
 ALPHABET INC.
By: /S/    S UNDAR  PICHAI        
Sundar Pichai
Chief Executive Officer
(Principal Executive Officer of the Registrant)
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes 
and appoints Sundar Pichai and Ruth M. Porat, jointly and severally, his or her attorney-in-fact, with the power of 
substitution, for him or her in any and all capacities, to sign any amendments to this Annual Report on Form 10-K and 
to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange 
Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or his or her substitute or 
substitutes, may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Exchange Act of 1934, this Annual Report on Form 10-K has been 
signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
 
 Table of Contents Alphabet Inc.
95.


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Signature Title Date
/S/    S UNDAR  PICHAIChief Executive Officer and Director (Principal 
Executive Officer) January 30, 2024
Sundar Pichai
/S/    R UTH M. P ORAT        President and Chief Investment Officer; Chief 
Financial Officer (Principal Financial Officer) January 30, 2024
Ruth M. Porat
/S/    A MIE THUENER  O'T OOLE        Vice President, Corporate Controller and 
Principal Accounting Officer January 30, 2024
Amie Thuener O'Toole
/S/    F RANCES H. A RNOLD        Director January 30, 2024
Frances H. Arnold
/S/    S ERGEY  BRIN        Co-Founder and Director January 30, 2024
Sergey Brin
/S/   R. M ARTIN  CHAVEZ       Director January 30, 2024
R. Martin Chávez
/S/    L. J OHN DOERR        Director January 30, 2024
L. John Doerr
/S/    R OGER  W. F ERGUSON JR.       Director January 30, 2024
Roger W. Ferguson Jr.
/S/    J OHN L. H ENNESSY         Director, Chair January 30, 2024
John L. Hennessy
/S/    L ARRY  PAGE        Co-Founder and Director January 30, 2024
Larry Page
/S/    K. R AM SHRIRAM       Director January 30, 2024
K. Ram Shriram
/S/    R OBIN L. W ASHINGTON       Director January 30, 2024
Robin L. WashingtonTable of Contents Alphabet Inc.
96.


