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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________________________________________________
FORM 10-Q
________________________________________________________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to _______
Commission file number: 001-37580
________________________________________________________________________________________
Alphabet Inc.
(Exact name of registrant as specified in its charter)
________________________________________________________________________________________
Delaware61-1767919
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)
1600 Amphitheatre Parkway
Mountain View, CA 94043
(Address of principal executive offices, including zip code)
(650) 253-0000
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.001 par valueGOOGLNasdaq Stock Market LLC
(Nasdaq Global Select Market)
Class C Capital Stock, $0.001 par valueGOOGNasdaq Stock Market LLC
(Nasdaq Global Select Market)
________________________________________________________________________________________
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer  Accelerated filer
Non-accelerated filer Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes     No
As of October 22, 2020, there were 300,643,829 shares of Alphabet’s Class A common stock outstanding, 45,915,231 shares of Alphabet's Class B common stock outstanding, and 329,867,212 shares of Alphabet's Class C capital stock outstanding.

1

Alphabet Inc.
Alphabet Inc.
Form 10-Q
For the Quarterly Period Ended September 30, 2020
TABLE OF CONTENTS
  Page No.
Item 1
Item 2
Item 3
Item 4
Item 1
Item 1A
Item 2
Item 6

i

Alphabet Inc.
Note About Forward-Looking Statements
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, among other things, statements regarding:
the ongoing effect of the novel coronavirus pandemic ("COVID-19"), including its macroeconomic effects on our business, operations, and financial results; and the effect of governmental lockdowns, restrictions and new regulations on our operations and processes;
the growth of our business and revenues and our expectations about the factors that influence our success and trends in our business;
the potential for declines in our revenue growth rate and operating margin;
our expectation that the shift from an offline to online world will continue to benefit our business;
our expectation that the portion of our revenues that we derive from non-advertising revenues will continue to increase and may affect our margins;
our expectation that our traffic acquisition costs ("TAC") and the associated TAC rate will fluctuate, which could affect our overall margins;
our expectation that our monetization trends will fluctuate, which could affect our revenues and margins;
fluctuations in our revenue growth, as well as the change in paid clicks and cost-per-click on Google properties and the change in impressions and cost-per-impression on Google Network Members’ properties, 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 on Google properties and impressions on Google Network Members’ properties;
our expectation that our results will be affected by our performance in international markets as users in developing economies increasingly come online;
our expectation that our foreign exchange risk management program will not fully offset our net exposure to fluctuations in foreign currency exchange rates;
the expected variability of gains and losses related to hedging activities under our foreign exchange risk management program;
the amount and timing of revenue recognition from customer contracts with commitments for performance obligations, including our estimate of the remaining amount of commitments and when we expect to recognize revenue;
fluctuations in our capital expenditures;
our plans to continue to invest in new businesses, products, services and technologies, systems, land and buildings for data centers and offices, and infrastructure, as well as to continue to invest in acquisitions;
our pace of hiring and our plans to provide competitive compensation programs;
our expectation that our cost of revenues, research and development ("R&D") expenses, sales and marketing expenses, and general and administrative expenses may increase in amount and/or may increase as a percentage of revenues and may be affected by a number of factors;
estimates of our future compensation expenses;
our expectation that our other income (expense), net ("OI&E"), will fluctuate in the future, as it is largely driven by market dynamics;
fluctuations in our effective tax rate;
seasonal fluctuations in internet usage and advertiser expenditures, underlying business trends such as traditional retail seasonality (including developments and volatility arising from COVID-19), which are likely to cause fluctuations in our quarterly results;
the sufficiency of our sources of funding;
our potential exposure in connection with pending investigations, proceedings, and other contingencies;
1

Alphabet Inc.
the sufficiency and timing of our proposed remedies in response to the European Commission's ("EC") and others' decisions;
our expectations regarding the timing, design and implementation of our new global enterprise resource planning ("ERP") system;
the expected timing and amount of Alphabet Inc.'s share repurchases;
our long-term sustainability goals;
as well as other statements regarding our future operations, financial condition and prospects, and business strategies. Forward-looking statements may appear throughout this report and other documents we file with the Securities and Exchange Commission ("SEC"), including without limitation, the following sections: Part I, Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this Quarterly Report on Form 10-Q and Part II, Item 1A, "Risk Factors" in this Quarterly Report on Form 10-Q, as may be updated in our subsequent Quarterly Reports on Form 10-Q. Forward-looking statements generally can be identified by words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "predicts," "projects," "will be," "will continue," "may," "could," "will likely result," and similar expressions. These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties, which could cause our actual results to differ materially from those reflected in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in this Quarterly Report on Form 10-Q, and in particular, the risks discussed in Part II, Item 1A, "Risk Factors" and those discussed in other documents we file with the SEC. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.
As used herein, "Alphabet," "the company," "we," "us," "our," and similar terms include Alphabet Inc. and its subsidiaries, unless the context indicates otherwise.
"Alphabet," "Google," and other trademarks of ours appearing in this report are our property. This report contains additional trade names and trademarks of other companies. We do not intend our use or display of other companies' trade names or trademarks to imply an endorsement or sponsorship of us by such companies, or any relationship with any of these companies.

2

Alphabet Inc.
PART I.    FINANCIAL INFORMATION
ITEM 1.FINANCIAL STATEMENTS
Alphabet Inc.
CONSOLIDATED BALANCE SHEETS
(in millions, except share amounts which are reflected in thousands, and par value per share amounts)
As of
December 31, 2019
As of
September 30, 2020
(unaudited)
Assets
Current assets:
Cash and cash equivalents$18,498 $20,129 
Marketable securities101,177 112,467 
Total cash, cash equivalents, and marketable securities119,675 132,596 
Accounts receivable, net25,326 24,925 
Income taxes receivable, net2,166 588 
Inventory999 835 
Other current assets4,412 5,425 
Total current assets152,578 164,369 
Non-marketable investments13,078 14,656 
Deferred income taxes721 972 
Property and equipment, net73,646 81,636 
Operating lease assets10,941 11,946 
Intangible assets, net1,979 1,520 
Goodwill20,624 20,870 
Other non-current assets2,342 3,274 
Total assets$275,909 $299,243 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$5,561 $4,391 
Accrued compensation and benefits8,495 8,747 
Accrued expenses and other current liabilities23,067 25,631 
Accrued revenue share5,916 6,030 
Deferred revenue1,908 2,302 
Income taxes payable, net274 1,099 
Total current liabilities45,221 48,200 
Long-term debt4,554 13,902 
Deferred revenue, non-current358 454 
Income taxes payable, non-current9,885 8,616 
Deferred income taxes1,701 1,973 
Operating lease liabilities10,214 10,984 
Other long-term liabilities2,534 2,194 
Total liabilities74,467 86,323 
Contingencies (Note 10)
Stockholders’ equity:
Convertible preferred stock, $0.001 par value per share, 100,000 shares authorized; no shares issued and outstanding
0 0 
Class A and Class B common stock, and Class C capital stock and additional paid-in capital, $0.001 par value per share: 15,000,000 shares authorized (Class A 9,000,000, Class B 3,000,000, Class C 3,000,000); 688,335 (Class A 299,828, Class B 46,441, Class C 342,066) and 677,724 (Class A 300,641, Class B 45,915, Class C 331,168) shares issued and outstanding
50,552 57,307 
Accumulated other comprehensive income (loss)(1,232)46 
Retained earnings152,122 155,567 
Total stockholders’ equity201,442 212,920 
Total liabilities and stockholders’ equity$275,909 $299,243 
See accompanying notes.
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Alphabet Inc.
Alphabet Inc.
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts; unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
2019202020192020
Revenues$40,499 $46,173 $115,782 $125,629 
Costs and expenses:
Cost of revenues17,568 21,117 50,876 58,652 
Research and development6,554 6,856 18,796 20,551 
Sales and marketing4,609 4,231 12,726 12,632 
General and administrative2,591 2,756 6,722 8,221 
European Commission fines0 0 1,697 0 
Total costs and expenses31,322 34,960 90,817 100,056 
Income from operations9,177 11,213 24,965 25,573 
Other income (expense), net(549)2,146 3,956 3,820 
Income before income taxes 8,628 13,359 28,921 29,393 
Provision for income taxes1,560 2,112 5,249 4,351 
Net income$7,068 $11,247 $23,672 $25,042 
Basic net income per share of Class A and B common stock and Class C capital stock$10.20 $16.55 $34.12 $36.69 
Diluted net income per share of Class A and B common stock and Class C capital stock$10.12 $16.40 $33.83 $36.38 
See accompanying notes.
4

Alphabet Inc.
Alphabet Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions; unaudited)
Three Months EndedNine Months Ended
 September 30,September 30,
 2019202020192020
Net income$7,068 $11,247 $23,672 $25,042 
Other comprehensive income (loss):
Change in foreign currency translation adjustment(408)459 (326)193 
Available-for-sale investments:
Change in net unrealized gains (losses)153 (19)1,613 1,346 
Less: reclassification adjustment for net (gains) losses included in net income(39)(73)(107)(391)
Net change, net of tax benefit (expense) of $(32), $27, $(223) and $(274)
114 (92)1,506 955 
Cash flow hedges:
Change in net unrealized gains (losses)264 (48)209 244 
Less: reclassification adjustment for net (gains) losses included in net income(75)23 (249)(114)
Net change, net of tax benefit (expense) of $(46), $8, $(23) and $(38)
189 (25)(40)130 
Other comprehensive income (loss)(105)342 1,140 1,278 
Comprehensive income$6,963 $11,589 $24,812 $26,320 
See accompanying notes.
5

Alphabet Inc.
Alphabet Inc.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In millions, except share amounts which are reflected in thousands; unaudited)
 Three Months Ended September 30, 2019
 Class A and Class B
Common Stock, Class C Capital Stock and
Additional Paid-In Capital
Accumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
Total
Stockholders’
Equity
 Shares    Amount    
Balance as of June 30, 2019694,050 $47,937 $(1,091)$145,346 $192,192 
Common and capital stock issued1,616 49 49 
Stock-based compensation expense2,645 2,645 
Tax withholding related to vesting of restricted stock units and other(1,184)(1,184)
Repurchases of capital stock(4,760)(407)(5,289)(5,696)
Net income7,068 7,068 
Other comprehensive income (loss)(105)(105)
Balance as of September 30, 2019690,906 $49,040 $(1,196)$147,125 $194,969 

Nine Months Ended September 30, 2019
Class A and Class B Common Stock, Class C Capital Stock and Additional Paid-In CapitalAccumulated Other Comprehensive Income (Loss)Retained EarningsTotal Stockholders’ Equity
SharesAmount
Balance as of December 31, 2018695,556 $45,049 $(2,306)$134,885 $177,628 
Cumulative effect of accounting change(30)(4)(34)
Common and capital stock issued5,931 122 122 
Stock-based compensation expense8,215 8,215 
Tax withholding related to vesting of restricted stock units and other(3,636)(3,636)
Repurchases of capital stock(10,581)(870)(11,428)(12,298)
Sale of interest in consolidated entities160 160 
Net income23,672 23,672 
Other comprehensive income (loss)1,140 1,140 
Balance as of September 30, 2019690,906 $49,040 $(1,196)$147,125 $194,969 

 Three Months Ended September 30, 2020
 Class A and Class B
Common Stock, Class C Capital Stock and
Additional Paid-In Capital
Accumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
Total
Stockholders’
Equity
 Shares    Amount    
Balance as of June 30, 2020681,215 $55,937 $(296)$151,681 $207,322 
Common and capital stock issued1,669 15 15 
Stock-based compensation expense3,230 3,230 
Tax withholding related to vesting of restricted stock units and other(1,339)(1,339)
Repurchases of capital stock(5,160)(536)(7,361)(7,897)
Net income11,247 11,247 
Other comprehensive income (loss)342 342 
Balance as of September 30, 2020677,724 $57,307 $46 $155,567 $212,920 
6

Alphabet Inc.

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


7

Alphabet Inc.
Alphabet Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions; unaudited)
Nine Months Ended
September 30,
20192020
Operating activities
Net income$23,672 $25,042 
Adjustments:
Depreciation and impairment of property and equipment7,774 9,366 
Amortization and impairment of intangible assets594 606 
Stock-based compensation expense8,149 9,768 
Deferred income taxes381 (280)
Gain on debt and equity securities, net(2,399)(3,055)
Other(119)875 
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable25 (1,079)
Income taxes, net210 469 
Other assets(787)(592)
Accounts payable(386)(269)
Accrued expenses and other liabilities2,927 891 
Accrued revenue share201 277 
Deferred revenue(149)428 
Net cash provided by operating activities40,093 42,447 
Investing activities
Purchases of property and equipment(17,496)(16,802)
Purchases of marketable securities(80,968)(104,932)
Maturities and sales of marketable securities74,783 97,751 
Purchases of non-marketable investments(1,499)(1,864)
Maturities and sales of non-marketable investments297 598 
Acquisitions, net of cash acquired, and purchases of intangible assets(373)(368)
Other investing activities468 125 
Net cash used in investing activities(24,788)(25,492)
Financing activities
Net payments related to stock-based award activities(3,566)(4,073)
Repurchases of capital stock(12,298)(23,245)
Proceeds from issuance of debt, net of costs317 11,761 
Repayments of debt(538)(2,043)
Proceeds from sale of interest in consolidated entities, net202 2,462 
Net cash used in financing activities(15,883)(15,138)
Effect of exchange rate changes on cash and cash equivalents(91)(186)
Net increase (decrease) in cash and cash equivalents(669)1,631 
Cash and cash equivalents at beginning of period16,701 18,498 
Cash and cash equivalents at end of period$16,032 $20,129 
See accompanying notes.
8

Alphabet Inc.
Alphabet Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1. Nature of Operations and Summary of Significant Accounting Policies
Nature of Operations
Google was incorporated in California in September 1998 and re-incorporated in the State of Delaware in August 2003. In 2015, we implemented a holding company reorganization, and as a result, Alphabet Inc. (Alphabet) became the successor issuer to Google.
We generate revenues primarily by delivering relevant, cost-effective online advertising.
Basis of Consolidation
The consolidated financial statements of Alphabet include the accounts of Alphabet and entities consolidated under the variable interest and voting models. All intercompany balances and transactions have been eliminated.
Unaudited Interim Financial Information
The Consolidated Balance Sheet as of September 30, 2020, the Consolidated Statements of Income for the three and nine months ended September 30, 2019 and 2020, the Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2019 and 2020, the Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2019 and 2020 and the Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2020 are unaudited. These unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). In our opinion, the unaudited interim consolidated financial statements include all adjustments of a normal recurring nature necessary for the fair presentation of our financial position as of September 30, 2020, our results of operations for the three and nine months ended September 30, 2019 and 2020, and our cash flows for the nine months ended September 30, 2019 and 2020. The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020.
These unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 filed with the SEC.
Use of Estimates
Preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying notes. Actual results could differ materially from these estimates. On an ongoing basis, we evaluate our estimates, including those related to the allowance for credit losses, fair values of financial instruments, non-marketable equity securities, intangible assets and goodwill, useful lives of intangible assets and property and equipment, income taxes, and contingent liabilities, among others. We base our estimates on assumptions, both historical and forward looking, that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities.
As of September 30, 2020 the impact of COVID-19 continues to unfold and the extent of the impact will depend on a number of factors, including the duration and severity of the pandemic; the uneven impact to certain industries; advances in testing, treatment and prevention; and the macroeconomic impact of government measures to contain the spread of the virus and related government stimulus measures. As a result, certain of our estimates and assumptions, including the allowance for credit losses for accounts receivable, the credit worthiness of customers entering into revenue arrangements, the valuation of non-marketable equity securities, including our impairment assessment, the fair values of our financial instruments, and income taxes, require increased judgment and carry a higher degree of variability and volatility that could result in material changes to our estimates in future periods.
Accounts Receivable
Our payment terms for accounts receivable vary by the type and location of our customer 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.
9

Alphabet Inc.
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 to inform adjustments to historical loss data.
For the nine months ended September 30, 2020, our assessment considered the impact of COVID-19 and estimates of expected credit and collectibility trends. Volatility in market conditions and evolving credit trends are difficult to predict and may cause variability and volatility that may have a material impact on our allowance for credit losses in future periods. The allowance for credit losses on accounts receivable was $275 million and $834 million as of December 31, 2019 and September 30, 2020, respectively.
Recently Adopted Accounting Pronouncements
In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2016-13 ("ASU 2016-13") "Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments", which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model which requires the use of forward-looking information to calculate credit loss estimates. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to certain available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes result in earlier recognition of credit losses. We adopted ASU 2016-13 using the modified retrospective approach as of January 1, 2020. The cumulative effect upon adoption was not material to our consolidated financial statements. See "Accounts Receivable" above as well as Note 3 for the effect on our consolidated financial statements.
Prior Period Reclassifications
Certain amounts in prior periods have been reclassified to conform with current period presentation. Hedging gains (losses), which were previously included in Google revenues, are now reported separately as a component of total revenues for all periods presented. See Note 2 for further details.
Note 2. Revenues
Disaggregated Revenues
The following table presents our revenues disaggregated by revenue source (in millions, unaudited). Certain amounts in prior periods have been reclassified to conform with current period presentation.
Three Months EndedNine Months Ended
September 30,September 30,
2019202020192020
Google Search & other$24,741 $26,338 $70,930 $72,159 
YouTube ads(1)
3,804 5,037 10,432 12,887 
Google properties28,545 31,375 81,362 85,046 
Google Network Members' properties5,251 5,720 15,515 15,679 
Google advertising33,796 37,095 96,877 100,725 
Google Cloud2,379 3,444 6,304 9,228 
Google other(1)
4,050 5,478 11,750 15,037 
Google revenues40,225 46,017 114,931 124,990 
Other Bets revenues155 178 487 461 
Hedging gains (losses)119 (22)364 178 
Total revenues$40,499 $46,173 $115,782 $125,629 
(1)     YouTube non-advertising revenues are included in Google other revenues.

10

Alphabet Inc.
The following table presents our revenues disaggregated by geography, based on the addresses of our customers (in millions, unaudited):
 Three Months EndedNine Months Ended
September 30,September 30,
 2019202020192020
United States$18,711 46 %$21,442 47 %$53,106 46 %$58,311 47 %
EMEA(1)
12,565 31 13,924 30 36,546 32 38,132 30 
APAC(1)
6,814 17 8,458 18 19,446 17 22,641 18 
Other Americas(1)
2,290 6 2,371 5 6,320 5 6,367 5 
Hedging gains (losses)119 (22)364 178 
Total revenues$40,499 100 %$46,173 100 %$115,782 100 %$125,629 100 %
(1)    Regions represent Europe, the Middle East, and Africa ("EMEA"); Asia-Pacific ("APAC"); and Canada and Latin America ("Other Americas").
Deferred Revenues and Remaining Performance Obligations
We record deferred revenues when cash payments are received or due in advance of our performance, including amounts which are refundable. The increase in the deferred revenue balance for the nine months ended September 30, 2020 was primarily driven by cash payments received or due in advance of satisfying our performance obligations, offset by $1.6 billion of revenues recognized that were included in the deferred revenue balance as of December 31, 2019.
Additionally, we have performance obligations associated with commitments in customer contracts, primarily related to Google Cloud, for future services that have not yet been recognized in revenue. This includes related deferred revenue currently recorded and amounts that will be invoiced in future periods. As of September 30, 2020, the amount not yet recognized in revenue from these commitments is $19.0 billion, which reflects our assessment of relevant contract terms and expectations of our customers’ intent and ability to utilize our services. This amount excludes contracts (i) with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. We expect to recognize approximately half over the next 24 months with the remaining thereafter. However, the amount and timing of revenue recognition is largely driven by customer utilization, which could impact our estimate of the remaining amount of commitments and when we expect to recognize such revenues.
Note 3. Financial Instruments
Debt Securities
We classify and account for our marketable debt securities as available-for-sale and carry these securities at fair value.
We report the unrealized gains and losses, net of taxes, as a component of stockholders' equity, except for certain unrealized gains and losses recorded in other income (expense), net, described below.
For debt securities in an unrealized loss position, we determine whether a credit loss exists. The estimate of credit loss is determined by considering available information relevant to the collectibility of the security and information about past events, current conditions, and reasonable and supportable forecasts. The allowance for credit loss is recorded as a charge to other income (expense), net, not to exceed the amount of the unrealized loss. Any excess unrealized loss greater than the credit loss at a security level is recognized in accumulated other comprehensive income ("AOCI"). We assess expected credit losses at the end of each reporting period and adjust the allowance through other income (expense), net.
For certain debt securities we have elected the fair value option for which changes in fair value are recorded in other income (expense), net. The fair value option was elected for these securities to align with the unrealized gains and losses from related derivative contracts. Unrealized net gains related to debt securities still held where we have elected the fair value option were $45 million as of September 30, 2020. As of September 30, 2020 the fair value of these debt securities was $2.3 billion. Balances as of December 31, 2019 were not material.
We classify our marketable debt securities 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.
11

Alphabet Inc.
The following tables summarize our debt securities, for which we did not elect the fair value option, by significant investment categories as of December 31, 2019 and September 30, 2020 (in millions):
 As of December 31, 2019
 Adjusted
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Cash and Cash
Equivalents
Marketable
Securities
Level 2:
Time deposits(1)
$2,294 $0 $0 $2,294 $2,294 $0 
Government bonds55,033 434 (30)55,437 4,518 50,919 
Corporate debt securities27,164 337 (3)27,498 44 27,454 
Mortgage-backed and asset-backed securities19,453 96 (41)19,508 0 19,508 
Total$103,944 $867 $(74)$104,737 $6,856 $97,881 

 As of September 30, 2020
 Adjusted
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Cash and Cash
Equivalents
Marketable
Securities
(unaudited)
Level 2:
Time deposits(1)
$2,009 $0 $0 $2,009 $2,009 $0 
Government bonds59,073 1,023 (9)60,087 1,264 58,823 
Corporate debt securities28,632 678 (20)29,290 17 29,273 
Mortgage-backed and asset-backed securities17,149 381 (13)17,517 0 17,517 
Total$106,863 $2,082 $(42)$108,903 $3,290 $105,613 
(1)The majority of our time deposits are domestic deposits.
We determine realized gains or losses on the sale or extinguishment of debt securities on a specific identification method. We recognized gross realized gains of $85 million and $127 million for the three months ended September 30, 2019 and 2020, respectively, and $250 million and $690 million for the nine months ended September 30, 2019 and 2020, respectively. We recognized gross realized losses of $36 million and $8 million for the three months ended September 30, 2019 and 2020, respectively, and $105 million and $135 million for the nine months ended September 30, 2019 and 2020, respectively. We reflect these gains and losses as a component of other income (expense), net.
The following table summarizes the estimated fair value of our investments in marketable debt securities with stated contractual maturity dates, accounted for as available-for-sale securities and classified by the contractual maturity date of the securities (in millions, unaudited):
As of
September 30, 2020
Due in 1 year or less$21,943 
Due in 1 year through 5 years67,496 
Due in 5 years through 10 years5,237 
Due after 10 years13,204 
Total$107,880 
12

Alphabet Inc.
The following tables present fair values and gross unrealized losses recorded to AOCI as of December 31, 2019 and September 30, 2020, 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, 2019
 Less than 12 Months12 Months or GreaterTotal
 Fair ValueUnrealized
Loss
Fair ValueUnrealized
Loss
Fair ValueUnrealized
Loss
Government bonds$6,752 $(20)$4,590 $(10)$11,342 $(30)
Corporate debt securities1,665 (2)978 (1)2,643 (3)
Mortgage-backed and asset-backed securities4,536 (13)2,835 (28)7,371 (41)
Total$