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Google Inc.
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CONSOLIDATED STATEMENTS OF CASH FLOWS
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(In millions)
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Three Months Ended Twelve Months Ended
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December 31, December 31,
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2013 2014 2013 2014
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(unaudited) (unaudited)
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Operating activities
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Net income $3,376 $4,757 $12,920 $14,444
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Adjustments:
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Depreciation expense and loss on disposal of property and equipment 757 1,010 2,781 3,523
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Amortization and impairment of intangible and other assets 279 257 1,158 1,456
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Stock-based compensation expense 902 1,187 3,343 4,279
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Excess tax benefits from stock-based award activities (179) (181) (481) (648)
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Deferred income taxes (562) 394 (437) (104)
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Loss (gain) on divestiture of businesses 5 (740) (700) (740)
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Gain on equity interest 0 0 0 (126)
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Gain on sale of non-marketable equity investments 0 (20) 0 (159)
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Other 62 42 106 87
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Changes in assets and liabilities, net of effects of acquisitions:
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Accounts receivable (853) (1,151) (1,307) (1,641)
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Income taxes, net 480 (68) 401 283
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Prepaid revenue share, expenses and other assets (735) (47) (930) 459
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Accounts payable 320 549 605 436
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Accrued expenses and other liabilities 983 341 713 757
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Accrued revenue share 246 209 254 245
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Deferred revenue 157 (175) 233 (175)
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Net cash provided by operating activities 5,238 6,364 18,659 22,376
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Investing activities
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Purchases of property and equipment (2,255) (3,551) (7,358) (10,959)
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Purchases of marketable securities (13,698) (13,118) (45,444) (56,310)
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Maturities and sales of marketable securities 15,073 14,665 38,314 51,315
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Investments in non-marketable equity investments (98) (691) (569) (1,227)
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Cash collateral related to securities lending (519) (626) (299) 1,403
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Investments in reverse repurchase agreements 0 (50) 600 (775)
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Proceeds from divestiture of businesses 0 386 2,525 386
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Acquisitions, net of cash acquired, and purchases of intangibles and other assets (120) (256) (1,448) (4,888)
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Net cash used in investing activities (1,617) (3,241) (13,679) (21,055)
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Financing activities
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Net payments related to stock-based award activities (144) (521) (781) (2,069)
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Excess tax benefits from stock-based award activities 179 181 481 648
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Proceeds from issuance of debt, net of costs 2,418 2,458 10,768 11,625
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Repayments of debt (2,421) (2,462) (11,325) (11,643)
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Net cash provided by (used in) financing activities 32 (344) (857) (1,439)
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Effect of exchange rate changes on cash and cash equivalents 3 (197) (3) (433)
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Net increase (decrease) in cash and cash equivalents 3,656 2,582 4,120 (551)
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Cash and cash equivalents at beginning of period 15,242 15,605 14,778 18,898
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Reclassification of assets previously held for sale 0 160 0 0
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Cash and cash equivalents at end of period $18,898 $18,347 $18,898 $18,347