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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 Six Months Ended
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June 30, June 30,
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2014 2015 2014 2015
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(unaudited)
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Operating activities
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Net income $3,351 $3,931 $6,722 $7,446
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Adjustments:
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Depreciation expense and impairment of property and equipment 813 1,011 1,629 1,949
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Amortization and impairment of intangible and other assets 266 223 536 462
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Stock-based compensation expense 915 1,132 1,802 2,335
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Excess tax benefits from stock-based award activities (137) (111) (292) (216)
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Deferred income taxes (282) (221) (138) (150)
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Gain on equity interest (23) 0 (126) 0
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(Gain) loss on marketable and non-marketable investments, net (58) 17 (239) 33
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Other 41 55 91 116
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Changes in assets and liabilities, net of effects of acquisitions:
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Accounts receivable (721) (767) (454) (69)
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Income taxes, net (192) 1,123 90 1,950
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Prepaid revenue share, expenses and other assets 827 19 519 62
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Accounts payable (163) (374) 14 (398)
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Accrued expenses and other liabilities 1,011 838 (68) 237
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Accrued revenue share 2 84 (68) (121)
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Deferred revenue (23) 25 0 (34)
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Net cash provided by operating activities 5,627 6,985 10,018 13,602
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Investing activities
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Purchases of property and equipment (2,646) (2,515) (4,991) (5,442)
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Purchases of marketable securities (12,775) (20,568) (24,857) (33,126)
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Maturities and sales of marketable securities 14,199 17,197 23,605 27,586
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Purchases of non-marketable investments (299) (375) (467) (1,449)
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Cash collateral related to securities lending 934 1,036 1,713 (84)
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Investments in reverse repurchase agreements (50) 200 0 250
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Acquisitions, net of cash acquired, and purchases of intangibles and other assets (543) (78) (3,490) (142)
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Net cash used in investing activities (1,180) (5,103) (8,487) (12,407)
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Financing activities
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Net payments related to stock-based award activities (595) (511) (921) (1,004)
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Excess tax benefits from stock-based award activities 137 111 292 216
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Adjustment Payment to Class C capital stockholders 0 (47) 0 (47)
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Proceeds from issuance of debt, net of costs 2,877 3,393 6,293 6,698
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Repayments of debt (3,881) (3,396) (6,304) (6,704)
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Net cash used in financing activities (1,462) (450) (640) (841)
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Effect of exchange rate changes on cash and cash equivalents (4) 45 (9) (248)
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Net increase in cash and cash equivalents 2,981 1,477 882 106
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Cash and cash equivalents at beginning of period 16,639 16,976 18,898 18,347
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Reclassification of assets previously held for sale 0 0 (160) 0
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Cash and cash equivalents at end of period $19,620 $18,453 $19,620 $18,453