Property and equipment, net, consisted of the following (in millions):


	As of December 31, 2022		As of June 30, 2023
Land and buildings	$	66,897	$	68,890
Information technology assets	66,267		71,592
Construction in progress	27,657		32,019
Leasehold improvements	10,575		11,286
Furniture and fixtures	314		338
Property and equipment, gross	171,710		184,125
Less: accumulated depreciation	(59,042)		(62,917)
Property and equipment, net	$	112,668	$	121,208

Accrued expenses and other current liabilities consisted of the following (in millions):


	As of December 31, 2022		As of June 30, 2023
European Commission fines(1)	$	9,106	$	9,446
Income taxes payable, net(2)	1,632		10,870
Accrued customer liabilities	3,619		3,498
Accrued purchases of property and equipment	3,019		3,380
Current operating lease liabilities	2,477		2,663
Other accrued expenses and current liabilities	18,013		19,443
Accrued expenses and other current liabilities	$	37,866	$	49,300

(1) While each EC decision is under appeal, the fines are included in accrued expenses and other current liabilities on our Consolidated Balance Sheets, as we provided bank guarantees (in lieu of a cash payment) for the fines. Amounts include the effects of foreign exchange and interest. See Note 9 for further details.

(2) Income taxes payable, net as of the quarter ended June 30, 2023 includes balances related to the 2023 Internal Revenue Service (IRS) payment deferral relief made available to taxpayers headquartered in designated counties in California.

Components of AOCI, net of income tax, were as follows (in millions):


	Foreign Currency Translation Adjustments		Unrealized Gains (Losses) on Available-for-Sale Investments		Unrealized Gains (Losses) on Cash Flow Hedges		Total
Balance as of December 31, 2021	$	(2,306)	$	236	$	447	$	(1,623)
Other comprehensive income (loss) before reclassifications	(1,626)		(3,404)		1,083		(3,947)
Amounts excluded from the assessment of hedge effectiveness recorded in AOCI	0		0		(54)		(54)
Amounts reclassified from AOCI	0		381		(585)		(204)
Other comprehensive income (loss)	(1,626)		(3,023)		444		(4,205)
Balance as of June 30, 2022	$	(3,932)	$	(2,787)	$	891	$	(5,828)


	Foreign Currency Translation Adjustments		Unrealized Gains (Losses) on Available-for-Sale Investments		Unrealized Gains (Losses) on Cash Flow Hedges		Total
Balance as of December 31, 2022	$	(4,142)	$	(3,477)	$	16	$	(7,603)
Other comprehensive income (loss) before reclassifications	831		296		(50)		1,077
Amounts excluded from the assessment of hedge effectiveness recorded in AOCI	0		0		127		127
Amounts reclassified from AOCI	0		490		(82)		408
Other comprehensive income (loss)	831		786		(5)		1,612
Balance as of June 30, 2023	$	(3,311)	$	(2,691)	$	11	$	(5,991)

The effects on net income of amounts reclassified from AOCI were as follows (in millions):


		Gains (Losses) Reclassified from AOCI to the Consolidated Statements of Income
		Three Months Ended				Six Months Ended
		June 30,				June 30,
AOCI Components	Location	2022		2023		2022		2023
Unrealized gains (losses) on available-for-sale investments
	Other income (expense), net	$	(299)	$	(254)	$	(489)	$	(628)
	Benefit (provision) for income taxes	66		56		108		138
	Net of income tax	(233)		(198)		(381)		(490)
Unrealized gains (losses) on cash flow hedges
Foreign exchange contracts	Revenue	400		(2)		697		86
Interest rate contracts	Other income (expense), net	1		1		3		3
	Benefit (provision) for income taxes	(65)		6		(115)		(7)
	Net of income tax	336		5		585		82
Total amount reclassified, net of income tax		$	103	$	(193)	$	204	$	(408)

Components of OI&E were as follows (in millions):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2023		2022		2023
Interest income	$	486	$	892	$	900	$	1,689
Interest expense(1)	(83)		(43)		(166)		(123)
Foreign currency exchange gain (loss), net	(260)		(268)		(333)		(478)
Gain (loss) on debt securities, net	(790)		(304)		(1,157)		(597)
Gain (loss) on equity securities, net	(251)		(205)		(1,321)		172
Performance fees	318		5		551		123
Income (loss) and impairment from equity method investments, net	(118)		(106)		(207)		(157)
Other	259		94		134		226
Other income (expense), net	$	(439)	$	65	$	(1,599)	$	855

(1)Interest expense is net of interest capitalized of $37 million and $47 million for the three months ended June 30, 2022 and 2023, respectively, and $71 million and $87 million for the six months ended June 30, 2022 and 2023, respectively.