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Google Inc.
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CONSOLIDATED STATEMENTS OF CASH FLOWS
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(In millions)
4
5
Three Months Ended
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March 31,
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2014 2015
8
(unaudited)
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Operating activities
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Net income $3,452 $3,586
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Adjustments:
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Depreciation expense and impairment of property and equipment
 816 938
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Amortization and impairment of intangible and other assets 270 239
14
Stock-based compensation expense 887 1,203
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Excess tax benefits from stock-based award activities (155) (105)
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Deferred income taxes 144 71
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Gain on equity interest (103) 0
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Gain on sale of non-marketable investments (117) 0
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Other (14) 77
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Changes in assets and liabilities, net of effects of acquisitions:
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Accounts receivable 267 698
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Income taxes, net 201 756
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Prepaid revenue share, expenses and other assets (308) 43
24
Accounts payable 177 (24)
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Accrued expenses and other liabilities (1,079) (601)
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Accrued revenue share (70) (205)
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Deferred revenue 23 (59)
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Net cash provided by operating activities 4,391 6,617
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Investing activities
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Purchases of property and equipment (2,345) (2,927)
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Purchases of marketable securities (12,082) (12,558)
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Maturities and sales of marketable securities 9,406 10,389
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Purchases of non-marketable investments (168) (1,074)
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Cash collateral related to securities lending 779 (1,120)
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Investments in reverse repurchase agreements 50 50
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Acquisitions, net of cash acquired, and purchases of intangibles and other assets (2,947) (64)
37
Net cash used in investing activities (7,307) (7,304)
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Financing activities
39
Net payments related to stock-based award activities (326) (493)
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Excess tax benefits from stock-based award activities 155 105
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Proceeds from issuance of debt, net of costs 3,416 3,305
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Repayments of debt (2,423) (3,308)
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Net cash provided by (used in) financing activities 822 (391)
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Effect of exchange rate changes on cash and cash equivalents (5) (293)
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Net decrease in cash and cash equivalents (2,099) (1,371)
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Cash and cash equivalents at beginning of period 18,898 18,347
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Reclassification of assets previously held for sale (160) 0
48
Cash and cash equivalents at end of period $16,639 $16,976