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Table of Contents Alphabet Inc. and Google Inc.
66
2013, 2014, and 2015. We recognized gross realized losses of $258 million, $85 million, and $565 million for the years
ended December 31, 2013, 2014, and 2015. We reflect these gains and losses as a component of other income
(expense), net, in the accompanying Consolidated Statements of Income.
The following table summarizes the estimated fair value of our investments in marketable debt securities,
accounted for as available-for-sale securities and classified by the contractual maturity date of the securities (in millions):
As of
December 31,
2015
Due in 1 year $ 7,900
Due in 1 year through 5 years 30,141
Due in 5 years through 10 years 7,199
Due after 10 years 10,211
Total $ 55,451
The following tables present gross unrealized losses and fair values for those investments that were in an
unrealized loss position as of December 31, 2014 and 2015, 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, 2014
Less than 12 Months 12 Months or Greater Total
Fair Value Unrealized
Loss Fair Value Unrealized
Loss Fair Value Unrealized
Loss
U.S. government notes $ 4,490 $ (4) $ 0 $ 0 $ 4,490 $ (4)
U.S. government agencies 830 (1) 0 0 830 (1)
Foreign government bonds 255 (7) 43 (3) 298 (10)
Municipal securities 877 (3) 174 (3) 1,051 (6)
Corporate debt securities 5,851 (112) 225 (10) 6,076 (122)
Agency mortgage-backed
securities 609 (1) 2,168 (41) 2,777 (42)
Asset-backed securities 2,388 (4) 174 (1) 2,562 (5)
Fixed-income bond funds 347 (38) 0 0 347 (38)
Marketable equity securities 690 (64) 0 0 690 (64)
Total $ 16,337 $ (234) $ 2,784 $ (58) $ 19,121 $ (292)
As of December 31, 2015
Less than 12 Months 12 Months or Greater Total
Fair Value Unrealized
Loss Fair Value Unrealized
Loss Fair Value Unrealized
Loss
U.S. government notes $ 13,757 $ (48) $ 0 $ 0 $ 13,757 $ (48)
U.S. government agencies 864 (3) 0 0 864 (3)
Foreign government bonds 885 (18) 36 (5) 921 (23)
Municipal securities 1,116 (3) 41 (1) 1,157 (4)
Corporate debt securities 9,192 (202) 784 (76) 9,976 (278)
Agency mortgage-backed
securities 5,783 (34) 721 (23) 6,504 (57)
Asset-backed securities 2,508 (7) 386 (1) 2,894 (8)
Total $ 34,105 $ (315) $ 1,968 $ (106) $ 36,073 $ (421)
During the years ended December 31, 2013 and 2014, we did not recognize any other-than-temporary impairment
loss. During the year ended December 31, 2015, we recognized $281 million of other-than-temporary impairment
losses related to our marketable equity securities and fixed-income bond funds. Those losses are included in gains
(losses) on marketable securities, net as a component of other income (expense), net, in the accompanying
Consolidated Statements of Income. See Note 10 for further details on other income (expense), net.
Securities Lending Program