Will the liability on Alphabet's credit derivatives exceed 1.86 percent of their gross notional amount at year end 2026?

Does Alphabet's Form 10-K for 2026 show a liability on its credit derivatives above 1.86% of their gross notional amount, both as of December 31, 2026?

Divide the liability shown for credit derivatives in the table of fair values of outstanding derivative instruments by the gross notional amount of credit derivatives in the table of notional amounts, both as of December 31, 2026. The answer is yes if the ratio is above 1.86%; no if it is 1.86% or less. At June 30, 2026 the same two rows gave $815 million on $43,785 million, 1.86%, and at December 31, 2025 $69 million on $16,940 million, 0.41%. The estimated backstops not yet final are read into the Result and do not decide the test.

If the source is late or silent: If the 10-K is not public on EDGAR by February 16, 2027, the test is inconclusive, and the Result says what was read and what was missing; the next reading is February 26, 2027. If the 10-K no longer shows credit derivatives as a row of their own in both tables, the test is inconclusive, and the Result says what was read and what was missing; the next reading is the same two rows in Alphabet's Form 10-Q for the quarter ending March 31, 2027, by May 15, 2027.